On-chain data shows the Bitcoin mining revenue has neared its yearly average, a sign that capitulation could be coming to a close for miners. Bitcoin Miner Revenue Is Now Close To Its 365-Day SMA In a new post on X, analyst James Van Straten has discussed about how the situation of the BTC miners is […]
Bitcoin miner IREN (formerly known as Iris Energy) is the latest crypto mining company looking to profit from the artificial intelligence market boom, according to its July 23 Analyst & Investor Day presentation. The planned presentation shows that the firm will launch a GPU pilot at its Childress site in Prince George. This follows the […]
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As Bitcoin mining firms turn toward the expanding field of artificial intelligence (AI), the terrain of data centers is changing underfoot. These companies are now reallocating their large resources to accommodate AI workloads, therefore ushering a new age in data infrastructure, confronted with declining returns and growing operational issues. Related Reading: Crypto Mining In Russia: […]
Hurting for revenue and profit, bitcoin miners are looking to activities outside mining bitcoin, such as hosting AI computers, to make up the difference. It's paying off, at least in their stock prices.
Could miner capitulation signal that selling pressure is easing, or could it be the death spiral that takes Bitcoin out of its decade-long run?
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The aggregate market cap of the fourteen bitcoin miners listed in the U.S. that the bank tracks rose 29% since the end of June, the report said.
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Russia's regulatory framework for Bitcoin mining could significantly impact the global crypto market and local economic activities.
The post Bitcoin mining bill advances in Russia, awaits State Duma vote in late July appeared first on Crypto Briefing.
As Bitcoin adoption grows, several nations are looking forward to establishing strategic initiatives that will provide knowledge and understanding regarding the digital asset’s nature. One of the latest nations to join the fray is America’s coastal city, the city of Santa Monica. Santa Monica Takes The Lead With Bitcoin Office On Wednesday, Santa Monica, a […]
AI's utility is more obvious to everyday people than crypto's, and AI's risks are so much greater that power consumption fears seem beside the point.
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On-chain data shows the Bitcoin Hash Ribbons are signaling that the miners are still under immense pressure as their capitulation continues. Bitcoin Hash Ribbons Are Yet To Signal End Of Miner Capitulation In a post on X, CryptoQuant community manager Maartunn has shared what the latest trend in the Bitcoin Hash Ribbons has been looking […]
Bullish divergence on the price chart, September rate cut prospects and increasing M2 supply are some catalysts that could resume the Bitcoin bull market cycle.
The drop in mining difficulty should spell relief for the largest mining firms.
Bitcoin miners are showing signs of capitulation, an event that is typically tied to a market bottom following a 13% decline over the past 30-days.
Miner revenue per exahash measures miners’ daily income relative to their contribution to the network’s hash rate, showing how much miners earn per unit of computational power they contribute. This metric is important because it reflects the profitability and economic viability of Bitcoin mining, directly influencing decisions on resource allocation, investment, and operational strategies. Given […]
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A quant has explained how a rally could be possible for Bitcoin in this third quarter of 2024 as miner selling pressure has disappeared. Bitcoin Miners Appear To Have Stopped Their Selling In a CryptoQuant Quicktake post, an analyst has talked about how the selling pressure concerns from miners have resolved recently. There are two on-chain indicators of focus here. Related Reading: Shiba Inu ‘Underbought,’ While Bitcoin ‘Overbought’ Recently: Santiment The first of these is the “Miner to Exchange Transactions,” which, as its name suggests, keeps track of the total number of transactions that are going from miner-related wallets to exchange-affiliated ones. When the value of this metric is high, it means the miners are making a high number of deposits to exchanges. Generally, the main reason why these chain validators may transfer their coins to these centralized entities is for selling-related purposes. As such, this kind of trend can have potential bearish consequences for the market. Low values of the indicator, on the other hand, could either be neutral or bullish for the asset, as they imply miners are possibly not participating in any selling through these platforms. Now, here is a chart that shows the trend in the Bitcoin Miner to Exchange Transactions over the past year or so: As is visible in the above graph, the Bitcoin Miner to Exchange Transactions had been rising between late 2023 and end of April of this year. This uptrend in the metric had taken place as the price of the cryptocurrency itself had been going through a rally. It would appear that the miners saw the rally as an exit opportunity, as they gradually upped their selling pressure as the price went towards a new all-time high (ATH). It’s also apparent, however, that since the peak in April, the indicator’s value has observed a very rapid decline. Thus, it’s possible that miners’ appetite for selling has cooled off. Exchanges aren’t the only way miners sell, however, as over-the-counter (OTC) desks are also a popular option among these chain validators. Below is a chart that shows the trend in the Total OTC Desk Balance, which is an indicator that keeps track of the non-exchange and non-miner wallets that miners send to when they want to sell. From the graph, it’s visible that the Total OTC Desk Balance had been at relatively high levels just earlier, suggesting that these entities that are likely OTC desks had been holding a large number of coins. Related Reading: Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO In the past couple of days, though, the indicator has seen a sharp decrease, potentially implying that the coins that had piled up in these wallets have now found a buyer. Thus, it would seem that miners have eased off their selling pressure on exchanges and the coins that they had been waiting to sell on OTC desks have also now been absorbed. “Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024,” notes the quant. BTC Price Bitcoin has shown some recovery over the last 24 hours as the asset’s price has now rebounded back above the $63,700 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
This metric can be used to spot relative bottom points in the market price of Bitcoin and signal potential accumulation opportunities.
The 30-year leasing agreement with the Monroe County Port Authority will provide Bitdeer with up to 570 MW of additional power capacity.
Riot is Bitfarms' largest shareholder, owning 14.9% of the firm.
An analyst explained that Bitcoin has historically seen recovery from bearish phases like the one the cryptocurrency is going through. Bitcoin Hash Ribbons Show Miner Capitulation Is Ongoing In a new post on X, analyst Willy Woo has discussed the relevance of the Bitcoin hashrate to the asset’s price recovery. The “hashrate” refers to a […]
Hashrate for Bitcoin network typically becomes flat or declines during North American summer time, industry experts say.
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Data suggests the average cost of mining Bitcoin is standing around $86,700 right now. Here’s what history suggests could happen next for BTC. Bitcoin Average Mining Cost Is Currently Notably Higher Than The Price In a new post on X, analyst Ali Martinez has talked about how the average mining cost of BTC is looking like right now. The Bitcoin network runs on a consensus mechanism based on the “proof-of-work” in which validators called the miners compete against each other using computing power to get to hash the next block on the chain. This computing power naturally has its running cost, with electricity being the most notable expense that the miners have to pay, given that it’s a perpetual cost. The incentive for spending capital on mining operations lies in the block rewards that these validators receive upon successfully adding the next block. Obviously, mining expenses are different depending on location, as electricity prices aren’t the same everywhere. As such, the chart that Ali has cited from MacroMicro uses data provided by the Cambridge University on BTC electricity consumption to find out an average value. Related Reading: Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip Below is the chart in question, which shows how the average mining cost on the Bitcoin network has changed over the past few years. As is visible in the above graph, the Bitcoin average mining cost (colored in blue) had been below the price of the cryptocurrency earlier in the year, but recently, the former’s value has spiked and has surpassed the latter’s. The reason behind this sudden increase is that there is another variable at play when calculating the average cost of mining Bitcoin: the Issuance, or the number of tokens that the miners are minting daily. In general, the block rewards stay fixed both in value and frequency, so the Issuance of the network, which is nothing else than the sum of the block rewards mined in a day, more or less remains fixed as well. Specific events, however, don’t abide by this. They are the Halvings. These periodic events that take place approximately every four years permanently slash the block rewards in half. The latest such event, the fourth ever in the cryptocurrency’s history, occurred back in April. Naturally, the Halvings mean that the cost of mining 1 BTC drastically goes up, as miners only get half as many rewards as before after doing the same amount of work. Thus, it’s not surprising that the cost of production for the coin observed a sharp increase coinciding with the latest Halving. At present, this metric stands at $86,700, meaning that according to MacroMicro’s model, the average miner would be underwater. Related Reading: Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline Based on the past trend of the indicator, Ali has identified a pattern that Bitcoin has always followed. “Historically, BTC always surges above its average mining cost!” notes the analyst. As such, if this pattern continues to hold for the current cycle as well, then it may only be a matter of time before Bitcoin surges past the $86,700 mark. BTC Price Bitcoin has gone through a drawdown of more than 5% recently, which has brought its price under the $66,000 level. Featured image from Dall-E, MacroMicro.me, chart from TradingView.com
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This week’s Crypto Biz explores the corporate battle between Riot Platforms and Bitfarms, Tether’s $1 billion budget for startups, Ripple Labs’ new custodian deal, and more.
Despite the drop in hashrate, Bitcoin miner selling isn’t correlated with the BTC price drop from $71,100 to $66,000.