The delays are impairing the miner’s hashrate and bitcoin production.
Bitcoin mining firms keep building despite BTC mining profitability slump
Crypto mining firm CleanSpark has been aggressively expanding its fleet of mining machines this year, despite mining profitability being far from its all-time highs.
Non-Profit Organization Energy Web Starts Sustainability Registry for Bitcoin Miners
Miners will be scored on their use of clean energy and grid impact.
Crypto Miner Marathon Pledges $500K in Matching Funds to Brink for Bitcoin Development
Marathon CEO Fred Thiel tells CoinDesk in an interview that he wants to make sure development and maintenance of the open-source Bitcoin Core client software are “properly funded.”
Bitcoin’s Frenzy of Activity Pushes Average Transaction Fee Over $7, Nearly 2-Year High
The average transaction fee on Bitcoin has shot above $7, pushing total fees up nearly five-fold in two weeks– thanks to a surge in Ethereum-style “BRC-20” tokens and NFT-like “inscriptions” on the increasingly popular Ordinals project.
Bitcoin miners earned $50B from BTC block rewards, fees since 2010
They may have seen some hard times, but overall, estimates conclude that Bitcoin miners are up 37% from their activities.
Valuations and M&A Show Things Aren’t So Bad for Crypto
Two aspects of the crypto word, blockchain tech companies and exchanges and crypto miners, reveal that M&A activity is strong and that crypto-related companies have converged with the rest of tech, a sign that the digital-asset industry is maturing.
Bitcoin Miners’ Revenue From Fees Rises Suggesting Onset of Major Bull Run
The two-year Z-score for miner revenue from fees has turned positive after a long time, signaling new waves of adoption. Historically, that has marked beginnings of major bull runs.
Bitcoin Miner Marathon Digital to Restate Some Results on Accounting Issues
The disclosure comes ahead of this afternoon’s fourth quarter earnings release.
Montana’s ‘right to mine’ crypto bill moves closer to passing as law
The bill seeks to enshrine crypto miners’ rights and will still have to pass muster in the states House before its signed into law by the governor.
Cryptocurrency miners are leading the next stage of AI
A globally distributed AI network that relies on mining rigs will be difficult for governments to control, according to Dr. Ben Goertzel.
A ‘snap back’ to $20K? 5 things to know in Bitcoin this week
Bitcoin is seeing split opinions as major $25,000 resistance combines with early signs that all is not well with the BTC price rally.
$1.48B in Bitcoin options expire on Friday — Will BTC hold $22K?
BTC price has started to correct, and with $1.48 billion in Bitcoin options expiring on Jan. 27, traders are watching to see if the price holds above $22,000.
Bitcoin Mining Difficulty Sees Sharp 3.59% Drop
The bitcoin mining difficulty had adjusted upward for the majority of 2022, recording its highest correction in the same year. However, 2023 kicked off with a downtrend as the mining difficulty has begun to drop. A sharp drop in this metric recorded in the early hours of Tuesday could be the start of a trend reversal in this regard.
Bitcoin Mining Difficulty Plunges
The bitcoin mining difficulty declined suddenly on Tuesday morning during Asia hours. Data from CoinWarz shows that it had fallen almost 3.6% in a sharp downward correction. This took the mining difficulty from the 35.36T that it was trending at to 34.09T following the adjustment.
The bitcoin mining difficulty is important in the fact that it actually measures how much power is needed to verify transaction blocks on the network. The higher this figure is, the more demand it shows for the bitcoin network. And the lower it becomes, it means there are fewer miners on the network.
One factor that has had a profound effect on the mining difficulty in the last month was the blizzard that blew through the United States. As temperatures dropped dangerously low in some places, miners had to disconnect their machines to free up the energy grid. This was in a bid to leave enough energy for citizens to power their homes.
Impact Of This On BTC
The bitcoin price is still stalling despite the sharp downward correction in the mining difficulty. The digital asset is still trending in the mid-$16,000s and has refused to budge. Even the return of some momentum with the new year has not been enough to trigger a movement beyond this point.
So when looking at the broader picture with the difficulty adjustment and price, it does not look like there would be any profound effect on price. Also, miners are still seeing similar profitability in their mining operations, so there is no tipping of the scale toward sell-offs or holding.
As long as the price continues to hold up above the $16,600 level, there should be no downtrend in price. Although if it does break below this support, then $16,000 is more likely than $17,000 in the short term. Also, add in the fact that there are multiple events such as the DCG and Gemini debacle unfolding over the next month, and it becomes imperative for the cryptocurrency to hold support.
Bitcoin was changing hands at a price of $16,700 at the time of this writing. It remains the largest cryptocurrency in the sector with a market cap of $322 billion.
Chinese Communist Party official pleads guilty to helping Bitcoin miners
Xiao Yi, Communist Party Secretary of the City of Fuzhou, financially aided Bitcoin miners between 2017 and 2021.
‘Wave lower’ for all markets? 5 things to know in Bitcoin this week
BTC price hovers in a tight range, but Bitcoin analysts are predicting a grim end to the year for risk asset holders.
BTC difficulty drops by the biggest margin since 2021
Bitcoin mining difficulty has dropped by its biggest margin since July 2021 amid difficult conditions for miners.
Don’t’ believe the hype — Bitcoin price rally to $17K reflects improving sentiment
Negative newsflow continues to make headlines but BTC’s recent move above $17,000 suggests investors are finding reasons to be bullish.
Iris Energy to cut mining hardware after defaulting on $108M loan
The Australian mining firm has had to unplug hardware that was producing “insufficient cash flow” to service its “debt financing obligations.”
Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX
FTX volatility only resulted in a brief uptick in miner sales on exchanges, with the trend already returning to normal.