Marathon Digital Holdings has partnered with Kenya to monetize underutilized energy. Marathon chairman and CEO Fred Thiel signed the agreement with Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H, on May 24. Thiel said the deal will involve Kenya and Marathon “jointly developing technology projects.” Thiel described a partial focus on digital assets, stating that […]
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Laszlo Hanyecz is famous for spending 10,000 bitcoin on two pizzas. But his involvement with Bitcoin development goes much deeper than food purchases.
Miners’ equity funding activity is expected to be lower in the second quarter of 2024, with less than $500 million invested as of mid-May.
President Biden blocks a Chinese-backed crypto mining firm from owning land near a US military base due to national security risks.
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Nicolas Bonta, Bitfarms co-founder and chair, will take over as interim president and CEO after Geoffrey Morphy filed a lawsuit for $27 million in damages against the mining firm.
Bitcoin miner Core Scientific has posted $150 million in revenue from digital asset mining in the first quarter of 2024, boosting its gross margin to 46% from 26% in the previous year.
CleanSpark has released its first monthly unaudited Bitcoin mining and operations update since the halving. The company exceeded 17 EH/s in hashrate, mining an impressive 721 BTC with a record daily high of over 48 BTC. CEO Zach Bradford highlighted the company’s monthly gains in efficiency metrics as they deploy advanced S21 machines across their […]
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Senators Elizabeth Warren and Angus S. King, Jr. have formally addressed top Biden administration officials in a letter concerning US efforts to combat Iran’s utilization of crypto mining as a means to evade international sanctions. Addressed to Secretary of Defense Lloyd Austin, National Security Advisor Jake Sullivan, and Treasury Secretary Janet Yellen, the letter details […]
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Bitcoin miner Marathon Digital has reviewed its hash rate target for this fiscal year to 50 EH/s, according to an April 25 statement. Initially, the miner aimed to boost its mining capacity by about 46% by year-end to as high as 37 EH/s from 24.7 EH/s. However, buoyed by its recent acquisition of a 200-megawatt […]
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Soccer has the World Cup. Athletics and many other sports have the Olympics. Crypto has the halving. The milestone in the blockchain's 15-year history technically means a cut in rewards for crypto miners with each block – a feature designed to minimize inflation.
What does Bitcoin’s fourth halving mean, and why does it matter?
The five largest Bitcoin mining firms are not selling in anticipation of the Bitcoin halving, despite historical data suggesting a significant post-halving drop in BTC mining revenue.
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As the highly anticipated Bitcoin halving draws near, the mining sector faces a downturn, with stock prices plummeting despite top executives maintaining a bullish outlook. Bitcoin Miners Face Market Turbulence The imminent Bitcoin halving event, set to slash mining rewards from 900 to a 450 daily tokens, has sent shaken the mining industry. High-profile companies …
A recent analysis by crypto exchange Bybit has sounded the alarm on a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if demand remains at similar levels. The report predicts that reserves could be entirely depleted within the next nine months if current withdrawal rates persist — currently around 7000 BTC […]
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Many analysts are looking at how the cryptocurrency’s inflation rate will compare to gold’s after the halving, expected on April 19.
Bitfarms announced on April 12 that it completed upgrades to its Bitcoin mining facilities in two locations, bringing its total hash rate to 7 EH/s. The company installed and activated over 5,000 T21 miners at two facilities in Québec, Canada. Bitfarms installed 3,168 T21s devices at its Garlock, Québec facility, plus 1,710 T21s and 100 […]
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An Australian federal court agreed to a petition by markets regulator ASIC to hand over some US$41 million in digital assets invested by over 450 Australians with the mining companies to specialists from advisory and restructuring company McGrathNicol.
Bitcoin mining difficulty increased by 4% during the past day, reaching a high of 86.39 trillion hashes on April 10. This uptick is consistent with the ongoing trend witnessed since the beginning of the year, highlighting the mounting computational challenges miners face on the leading digital asset network. The increasing difficulty has occurred amid BTC’s […]
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Auradine’s previous funding round brought in $81 million and was led by Marathon Digital Holdings.
For miners to remain profitable and continue their mining operation, BTC price must rise above $80,000 post-halving.
Maximum Extractable Value (MEV), in which crypto miners reorder transactions they validate for profit, is not inherently bad, some policy experts point out.
Sphere 3D has denied reports of financial troubles by its former partner Gryphon Digital Mining, following the escalation of litigation between the Bitcoin miners.
Bitfarms holds $66 million in cash and 806 BTC in its treasury, giving it a total liquidity of $123 million.
An unidentified individual or entity who received 2,000 Bitcoin in mining rewards in 2010 has consolidated them into a single wallet.
Major mining firms expect the Bitcoin halving to reduce profitability and cause an increase in network fees, which could challenge the existence of less efficient miners.
The winds of change are blowing through the Bitcoin landscape. On March 14th, 2024, the network witnessed a monumental shift – mining difficulty skyrocketed to a record-breaking 84 trillion hashes. This unprecedented challenge coincides with another significant event on the horizon: the Bitcoin halving slated for April. Related Reading: Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon According to BTC.com, the rate has risen by nearly 5.80% since the previous modification. The mining hashrate for the original coin has also peaked, indicating that more people are now participating in the mining process. At present, the value stands at 617 EH/s. Source: BTC.com Bitcoin Mining: The Difficulty Dilemma Mining Bitcoin is no easy feat. Miners compete to solve complex cryptographic puzzles, and the difficulty of these puzzles adjusts based on the overall network hash rate. As more miners join the network, the difficulty increases to ensure a steady block production rate (roughly 1 block every 10 minutes). This recent surge in difficulty signifies an influx of new miners, likely drawn by Bitcoin’s recent price rally that saw it peak at a staggering $73,800 on the same day. The Halving Effect The upcoming halving event in April throws another variable into the equation. Every four years, the block reward for miners – the amount of Bitcoin earned for successfully mining a block – is cut in half. This economic policy is a cornerstone of Bitcoin’s design, aiming to control inflation and maintain scarcity over time. The last halving in May 2020 witnessed a significant price increase in the following months, and many analysts believe the upcoming halving will follow suit. BTCUSD weakens today and trades at $68,178: TradingView.com Here’s the logic: with the supply of new Bitcoins being halved, the existing ones become relatively more scarce, potentially driving the price up due to increased demand. A Balancing Act For Miners Despite the rising difficulty, the potential for Bitcoin’s price to appreciate after the halving could incentivize miners to weather the storm. This economic incentive is bolstered by the recent spike in mining rewards, which reached nearly $79 million This suggests that even with the increased difficulty, miners are still reaping substantial profits due to the high Bitcoin price. However, the long-term sustainability of this model is debatable. As difficulty continues to climb, the energy consumption required for mining will also rise. It raises concerns about the environmental impact of Bitcoin mining, especially considering the reliance on non-renewable energy sources in some regions. Related Reading: Number Of Ethereum Short-Term Holders Increasing – Is A Bull Rally Next? Beyond The Headlines The narrative surrounding Bitcoin’s recent surge often focuses on its price and the upcoming halving. However, there are crucial underlying factors to consider. The ever-increasing mining difficulty raises questions about the long-term viability of proof-of-work, Bitcoin’s current consensus mechanism. Alternative, more energy-efficient mechanisms are being explored, but their widespread adoption remains uncertain. Featured image from Unsplash, chart from TradingView
While some lawsuits cater to individuals who suffered losses, others claim that all shareholders who purchased stocks during the timeframe are entitled to compensation.
A closer look at the upcoming halving’s potential to usher in more sustainable mining practices.
Bitcoin miners in the United States explain how energy-efficient models will help keep operations profitable post-halving.
As the backbone of many cryptocurrencies, including Bitcoin, block rewards help maintain the security and integrity of the blockchain network.