The BTC price looks frail as August comes to an end, and with Bitcoin bulls out of ammo, traders are preparing for more pain.
Bitcoin revenue per terahash nears record lows as hashrate soars
As the Bitcoin network hash rate tops 414 EH/s, miners are struggling to stay afloat amid plummeting profitability.
The future of BTC mining and the Bitcoin halving
This week’s episode of Market Talks discusses the future of BTC mining and how miners can maximize profits, as well as the upcoming Bitcoin halving and its impact on the mining industry.
Nvidia’s Make-or-Break Earnings Could Be Huge for AI-Tied Crypto Tokens
Bitcoin difficulty jumps 6% to new peak as miners ignore BTC price dip
BTC price action is causing some to panic, but Bitcoin miner confidence in the network is there for all to see.
Oman launches $350M crypto mining center: Report
The mining facility comes as part of a plan to accelerate the digitalization of Oman’s economy, which is mainly dependent on oil exports.
Renewable energy Bitcoin mining company powers up in Sweden
Bitcoin mining lands another green energy data center as global powerhouse GDA sets up shop in Sweden.
Crypto Miners Are Attempting to Diversify Into Other Business Areas: JPMorgan
Miners are now offering high performance computing services to the rapidly evolving artificial intelligence market, the report said.
Gryphon Digital seeks court dismissal of Sphere 3D’s lawsuit
Gryphon Digital is requesting dismissal from a suit filed by its former partner Sphere 3D over a scam-related Bitcoin transfer. According to Gryphon, the incident was caused by Sphere’s security failures.
Tether CTO Paolo Ardoino says Bitcoin mining needs better analytical tools
Stablecoin operator Tether is building specialized Bitcoin mining software aimed at using data analytics to optimize mining operations and boost production, CTO Paolo Ardoino says.
Bitcoin mining researchers claim new tech ups winning hash chance by 260%
U.K.-based research company Quantum Blockchain Technologies has developed algorithmic search methods that boost Bitcoin mining efficiency and reward probability.
Crypto Mining Gets Its Own Lobbying Voice in Washington
Crypto miners are establishing a new voice in U.S. policy, starting up the Digital Energy Council to lobby for friendly policy as regulators and Congress are wrestling with the next steps in crypto regulation.
Perfect storm for undervalued ASICs: Blockstream plans $50M raise to buy miners
Blockstream intends to buy and store ASIC mining hardware ahead of Bitcoin’s halving in 2024.
Winds Of Change: Bitcoin Miner Riot Sees Substantial Increase In BTC Holdings
Bitcoin mining has been up by a considerable fraction this year, as the blockchain network recorded a new all-time high in hash rate in the second quarter of the year. Mining revenue is also up, as the bitcoin Bitcoin recorded a spike in transaction volume.
As a result, Riot Blockchain, one of the largest publicly traded Bitcoin mining companies in the US, has recorded an increase in operations in the second quarter. According to its 2023 second-quarter financial results, the mining company recorded a new all-time record hash while ramping up its Bitcoin mining operations.
Solid Second Quarter 2023
According to its financial report, Riot has seriously ramped up its Bitcoin mining operations. As a result, the mining company produced 1,775 BTC during the second quarter of 2023, a 27% increase compared to the 1,395 BTC it produced during that same period in 2022.
In May 2023 alone, the company produced 676 BTC at an average of 21.8 BTC per day. The average cost to mine each bitcoin was $8,389, beating Q2 2022’s average of $11,316.
Riot also witnessed an increase in mining revenue, as Bitcoin miners generated a remarkable total revenue of $2.4 billion. Although the price of Bitcoin during the quarter was 15% less than what it was in Q2 2022, Riot saw a total revenue of $76.7 million, as compared to $72.9 million in Q2 2022. Mining revenue ($49.7 million), engineering revenue ($19.3 million), data hosting revenue ($7.7 million), and power curtailment credits ($13.5 million) were also higher than in Q2 2022.
Not only has RIOT’s revenue from bitcoin mining increased, but their actual bitcoin holdings have also grown substantially. As of June 30, Riot held 7,264 BTC with the price of each BTC at $30,477.
In total, Riot finished the quarter with $408.4 million in working capital, including $289.2 million in cash on hand and $221.4 million in Bitcoin, while also reducing its net loss to $27.7 million compared to $353.6 million in Q2 2022.
Increase In Bitcoin Mining Power
Riot Blockchain also drastically increased its hash rate throughout the quarter, reaching an all-time record hash rate capacity of 10.7 EH/s. However, the company is also looking to enhance its computational power.
During the quarter, the company signed a long-term purchase agreement with MicroBT to acquire 33,280 next-generation miners. With an expanded mining fleet and facility, Riot believes it can see its hash rate grow to 20.1 EH/s by the second quarter of 2024.
Bitcoin mining is an energy-intensive process. However, Riot’s power strategy contributes to the stability of the energy grid in Texas at times of high demand by selling extra power back to the grid. At the time of writing Riot’s stock is up by 1.53% in a daily timeframe and 158.14% in the past six months.
Bitcoin Rallies Keep Getting Quickly Sold – What’s Up?
The world’s largest cryptocurrency is lacking sustained momentum, the price selling off shortly after each attempted leg higher.
Bitdeer, B. Riley Financial enter into agreement for $150M share purchase
Crypto mining firm Bitdeer reached an agreement with B. Riley Financial to sell up to $150 million of its Class A ordinary shares.
Core Scientific’s bankruptcy plan includes equity stake for Bitmain and Anchorage
If the plan is approved, Core Scientific could buy 27,000 Bitmain miners for roughly $23 million in cash and $54 million in company equity.
Futurama’s latest reboot takes aim at Bitcoin miners
The latest episode of the series, which first premiered in 1999, would have its audience believe humans (and robots) will still be mining Bitcoin in the year 3023.
Tether unveils mining software to boost efficiency and capacity
The recently introduced Tether BTC mining software’s primary aim is to enhance the efficient management of mining capacity.
Largest Crypto Miners Will Benefit Most From Capacity Growth: Bernstein
Larger miners with a low cost of production and low debt are likely to be the big beneficiaries of increased capacity, the report said.