CleanSpark Inc., a prominent participant in the Bitcoin mining industry, has unveiled plans to increase its operating hash rate. The company aims to double its hash rate in preparation for the upcoming Bitcoin halving event. In light of this, the firm has revealed strategic acquisitions and expansion initiatives to enhance its mining capabilities and geographic...Read More
Chinese Bitcoin miners have set their sights on Ethiopia in a strategic move driven by the pursuit of cheap energy and favorable climates. Last spring, cargo containers near electricity substations linked to Africa’s largest hydroelectric project, the Grand Ethiopian Renaissance Dam (GERD), signaled the arrival of Chinese miners. Ethiopia Emerges as Prime Destination for Chinese...Read More
On-chain analysis by market intelligence platform CryptoQuant has found that selling pressure from Bitcoin miners has eased and remained low despite a significant decline in transaction fees. According to the firm’s latest weekly report, Bitcoin sold daily by miners currently sits around 300 BTC, significantly down from the companies’ 800 BTC daily sales in November...Read More
Bitcoin mining company Hut 8 has announced a leadership transition roughly three weeks after an activist short-selling firm published a report containing allegations against the miner’s management practices and finances. According to an official release, former CEO Jaime Leverton will be immediately succeeded by Asher Genoot, who has served as Hut 8’s president since November...Read More
Analysts at crypto exchange Bitfinex have attributed the plunge in BTC’s price to Bitcoin miners who leveraged the asset’s recent rally to make a profit. According to the latest edition of the Bitfinex Alpha report, the BTC reserves of miners have reduced significantly as they have embarked on a selling spree, seeking to provide capital...Read More
Argo Blockchain PLC, a London-based cryptocurrency miner, announced on Monday a drop in Bitcoin production for January, resulting in a 7.81% decline in its shares. The company attributed the decrease in mining output to a 20% decline in daily production compared to December, primarily driven by a 16% drop in Bitcoin-denominated hashprice. Argo Blockchain Shares...Read More
Bitcoin hash rate continues to chart astounding record highs just weeks before the fourth halving. Meanwhile, critics worry Bitcoin mining could be hazardous to the environment. That hasn’t stopped the price from soaring to a multi-year record high of $46,670, 67% of its historical all-time high price of $69,000 in November 2021. However, according to...Read More
The Biden Administration is imposing new reporting requirements on all U.S. cryptocurrency miners to disclose data related to how much electricity they consume. The so-called “Emergency Survey” marks another attempt by the U.S. government to curb the negative excesses of Bitcoin mining, which Democrats have widely criticized for polluting the environment. The Emergency Bitcoin Mining...Read More
A significant uptick in the flow of BTC from miner wallets to spot exchanges was flagged on January 29th, marking the highest volume since May 16, 2023. According to CryptoQuant’s analysis, over 4,000 BTC, equivalent to approximately $173 million, entered these exchanges, signaling substantial selling pressure. Interestingly, despite this influx, the market appears to have...Read More
According to a Matrixport Research analysis report shared with CryptoPotato on Jan. 26, Bitcoin prices may retest lower support around $36,000 to $38,000 if ETF hype fully unwinds. However, this would present buying opportunities for investors, according to Markus Thielen, Head of Research at Matrixport. “Sub-38,000, the ETF hype might be completely priced out and...Read More
Bitcoin miner Core Scientific has completed its reorganization and is coming out of Chapter 11 with an improved financial position. In the latest statement, the company said it anticipates initiating the listing of its common stock, tranche 1 warrants, and tranche 2 warrants on the Nasdaq Global Select Market under the symbols CORZ, CORZW, and...Read More
The Bitcoin hashrate has experienced a 25% drop since the weekend, raising concerns about the security of the network just ahead of the highly anticipated “halving” event. Data sourced from BTC.com reveals a decline in global hashrate estimates from approximately 600 EH/s on Friday to 450 EH/s by Tuesday. Texas Cold Weather Affects Bitcoin Hashrate...Read More
2024 kicked off with a tumultuous journey for Bitcoin, marked by the introduction of new spot ETFs on US markets. Bitcoin’s entry into traditional finance represents a historic move, but miners seem to be selling off their holdings. This development is especially significant in light of the recent fluctuations in Bitcoin’s price. According to the...Read More
Core Scientific, a provider of blockchain computing data centers and software solutions, announced that the United States Bankruptcy Court for the Southern District of Texas has confirmed the Chapter 11 plan of reorganization. With the Bankruptcy Court’s approval, Core Scientific is now set to emerge and re-list on the Nasdaq by the end of January...Read More
Bitcoin miner outflow has reached a 77-month high despite an overall positive trend in the crypto market. According to on-chain intelligence firm CryptoQuant, the ‘Miner Outflow’ metric demonstrated the outflow of Bitcoin from mining pool wallets not seen since August 2017. The outflow metric doesn’t directly monitor funds transferred from miners’ addresses to crypto exchanges,...Read More
Argo Blockchain’s Nasdaq-listed shares (ARBK) experienced an 8.38% decline after the departure of its interim CEO and COO, Seif El-Bakly. According to data from the stock exchange, the drop saw the shares plummet to $3.50, significantly reducing the firm’s market capitalization to $183.7 million. Argo Blockchain Announces El-Bakly’s Departure According to the January 8 Operation...Read More
Marathon Digital Holdings achieved its highest monthly Bitcoin mining output ever by successfully mining 1,853 BTC in December. In an update this week, Marathon said it mined 12,852 BTC, worth over $563.4 million, last year, surpassing its mining production from 4,144 BTC in 2022 by more than three times. The Bitcoin miner also raised its...Read More
Bitcoin (BTC) miners have suddenly begun offloading their BTC holdings to crypto exchanges, signaling a potential reversal of months of upward price momentum. Per a Sunday post from SignalQuant – an author for Bitcoin analytics firm CryptoQuant – paying attention to short-term miner behavior may be necessary for “wise investment.” The Meaning Of Miner Deposits...Read More
Bitcoin miners are experiencing significant gains, thanks to a surge in transaction fees that have reached their highest levels since April 2021, primarily driven by the increasing demand for Ordinals inscriptions. The positive momentum in the market throughout this year has served as a valuable recovery for miners, compensating for the challenges faced in the...Read More
Bitcoin’s hash rate reached a record-breaking 544 exahashes per second (EH/s) on December 25, marking a remarkable 130% increase since January, when it stood at 253 EH/s. The surge in hash rate coincides with Bitcoin’s price skyrocketing by over 150% in 2023. While this may seem like a positive development, it brings added challenges for...Read More
Bitcoin (BTC) miners in 2023 have collected a daily average of $2 million in transaction fee revenue, according to data from Coinmetrics. The value reportedly showcases a 400% increase compared to last year’s averages. Bitcoin Miners Revenue Increases Year Over Year According to a Dec. 23 post on X (formerly Twitter) made by Jameson Lopp,...Read More
Miners have achieved an unprecedented milestone by accumulating record-breaking daily fees amounting to $23.7 million, according to CryptoQuant’s analyst. The surge in mining revenue and fees is a direct result of the growing utilization of the Bitcoin network, particularly evident on December 16th when the fees surpassed the $23.7 million mark. This heightened fee collection...Read More
Riot Platforms is one of the leading cryptocurrency mining companies with a steady stream of income. A Well-Grounded Company The company’s strength lies in the sheer scale of operations, which allows it to drive down the cost of mining Bitcoin by virtue of its immense processing power. Although it faced a significant downturn during crypto...Read More
In a week that saw Bitcoin surging to an impressive $42,000, Tether, the company behind the world’s largest stablecoin, witnessed a substantial increase in the value of its BTC holdings, resulting in a staggering unrealized profit of over $1 billion. Since May 2023, Tether has amassed 4,083 BTC. Tether’s Bitcoin Holdings Soar According to data...Read More
Crypto fundraising in November saw a significant uptick compared to the amounts raised in prior months. Bitcoin miners took the lead this time, accounting for 90% of the deals ahead of exchanges and payments projects. Research by market intelligence platform Messari found that Bitcoin miners Northern Data and Phoenix Group raised more than half of...Read More
Northern Data – a German data center and Bitcoin mining operator – has spent another $360 million on GPUs to bolster its cloud computing services. The move signals further integration of Bitcoin miners into the AI sector where industry firms benefit from pre-existing infrastructure and economies of scale. Diving Deep Into AI Taiga Cloud –...Read More
On Nov. 28, Mummolin announced that it had raised $6.2 million in seed funding led by Jack Dorsey for its new initiative called OCEAN, which aims to decentralize Bitcoin mining. OCEAN is launching as a transparent, non-custodial Bitcoin mining pool where miners get paid directly from the coinbase transaction instead of pools controlling funds. This...Read More
AntPool – a prominent Bitcoin mining pool – has announced its decision to refund the staggering $3 million transaction fee that made headlines last week. The incident occurred when a user mistakenly submitted an 83 BTC gas fee, prompting AntPool’s risk control system to temporarily freeze the transaction during packaging. AntPool to Reimburse 83 BTC...Read More
Bitcoiners are blasting the British Broadcasting Corporation (BBC) following the outlet’s recent article discussing the blockchain network’s energy consumption. The public broadcaster cited a study claiming that every Bitcoin transaction consumes “a back yard swimming pool” worth of water, though critics say that the claim is based on “junk science.” Does Bitcoin Use Too Much...Read More
A fundamental aspect of Bitcoin’s appeal lies in its status as a form of currency resistant to censorship and immune to arbitrary regulations. The principle is that anyone with the means to cover network fees should be able to engage in transactions without requiring permission. However, a new report suggests that a major Bitcoin mining...Read More
