TeraWulf increases self-mined BTC in Q2 while Hut8 looks to USBTC merger
U.S. miner TeraWulf expanded its Bitcoin mining capacity in 2023, resulting in 70% more BTC mined in in Q2.
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Značka: hash rate
Bitcoin on-chain data shows miners offloading BTC as revenues shrink
Bitcoin miners have been selling BTC since the start of June, potentially adding further pressure to the BTC price.
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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.
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Bitcoin metrics to the moon: ATH for hash rate, daily transactions and Ordinals
While the Bitcoin hash rate briefly touches new highs, Bitcoin Ordinals are a contributing factor to daily transactions exceeding 500,000.
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Forget BTC price: The Bitcoin mining boom is quietly going parabolic
Bitcoin difficulty and hash rate stop at nothing in their quest to surge to new levels never seen before.
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BTC price heading under $30K? 5 things to know in Bitcoin this week
Bitcoin faces a battle for key BTC price support to start the week, while market participants stay optimistic about trend continuation.
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Bitcoin hash rate spikes as analysts say miners coming back online
Analysts are speculating that the Bitcoin hash rate has seen a significant spike recently as miners come back online to reap the rewards of the BTC price hike.
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Bitcoin mining revenue lowest in two years, hash rate on the decline
The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month has allowed miners to recoup losses.The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500.While the current market price of around $16,500 suggests an obvious increase in mining revenue, factors including greater mining difficulty and rising energy prices contribute to lower income in dollar terms.Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of almost 37 trillion — forcing Bitcoin miners to spend more energy and computational power to stay competitive. However, over the past three months, the hash rate of the Bitcoin network witnessed a steady decline. The hash rate stands at 225.9 exahash per second (EH/s), which fell 28.6% from its all-time of 316,7 EH/s on Oct. 31, 2022.The hash rate is a security metric that helps protect the Bitcoin network from double-spending attacks. However, considering the grand scheme of things, temporary measures taken by the community include acquiring cheaper mining hardware and resettling in jurisdictions with low energy prices.Related: Bitcoin miners look to software to help balance the Texas gridNew York City mayor Eric Adams believes that goal to make New York a crypto hub can be combined with statewide efforts to curb environmental costs related to crypto mining.“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place,” said Adams while revealing that the city will work with legislators to find a balance between the crypto industry development and legislative needs.
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Iris Energy to cut mining hardware after defaulting on $108M loan
Australian Bitcoin mining firm Iris Energy is the latest to suffer from the squeeze of the crypto bear market, losing a significant chunk of its mining power after defaulting on a loan.A filing by the firm to the U.S. Securities and Exchange Commission on Nov. 21 revealed that it has unplugged its hardware used as collateral in a $107.8 million loan as of Nov. 18.The units “produce insufficient cash flow to service their respective debt financing obligations,” the firm noted. The operation generates around $2 million in Bitcoin gross profit per month but cannot cover the $7 million in debt obligations.Iris has now reduced its capacity by around 3.6 EH/s (exahashes per second) of mining power. It stated that capacity remains at around 2.4 EH/s which includes 1.1 EH/s of hardware in operation and 1.4 EH/s of rigs in transit or pending deployment.The company stated that its “data center capacity and development pipeline are unaffected by the recent events,” and it will continue to explore opportunities to utilize its capacity. Iris is also looking at the prospect of “utilizing $75 million of prepayments already made to Bitmain in respect of an additional 7.5 EH/s of contracted miners for further self-mining.”Earlier this month, the firm was served with a default notice for $103 million. Iris Energy primarily operates Canadian BTC mining centers that run on fully renewable energy. In early August, the firm doubled its hash rate after energizing facilities in Canada.Iris Energy stock (IREN) slumped 18% on the day to trade at $1.65 in after-hours trading. It hit an all-time low on Nov. 21, down 94% from its all-time high of $24.8 when it first traded in November 2021. Related: Bitcoin miners rethink business strategies to survive long-termBitcoin miners are currently suffering a triple whammy of high hash rates and difficulty, high energy prices, and low Bitcoin prices. This is causing a lot of them to either power down their hardware or start selling the asset. On Nov. 21, Capriole Fund founder Charles Edwards observed that the current rates of miner selling had been the most aggressive in almost seven years.“If price doesn’t go up soon, we are going to see a lot of Bitcoin miners out of business,” he added.It’s a Bitcoin miner bloodbath.Most aggressive miner selling in almost 7 years now.Up 400% in just 3 weeks!If price doesn’t go up soon, we are going to see a lot of Bitcoin miners out of business. pic.twitter.com/4ePh0TIPmZ— Charles Edwards (@caprioleio) November 21, 2022That price increase is unlikely to come anytime soon. Bitcoin slumped to a new bear cycle low of $15,649 during the early hours of Asian trading on Tuesday, Nov. 22, according to CoinGecko.
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New Bitcoin Yardstick metric says $20K BTC now ‘extraordinarily cheap’
A simple but elegant Bitcoin (BTC) price metric has returned to lows from before the 2017 bull market.As noted by its creator, Charles Edwards, CEO of asset manager Capriole, the Bitcoin Yardstick is now at its second lowest level in history.Yardstick prints second-lowest reading everAs on-chain metrics converge to put in a classic macro bottom for BTC/USD, a new candidate is suggesting that Bitcoin is even more oversold than the average hodler believes.The Bitcoin Yardstick measures the ratio of Bitcoin market cap to hash rate — two fundamental metrics which, when compared to one another, offer key price insights.As Edwards explains, the lower the value, the “cheaper” Bitcoin is — more hash rate is being applied to secure low-priced coins.While he cautions that it is “not investment advice,” this has implications for would-be buyers — much of the unrealized value lies in the amount of work done to secure the Bitcoin supply during price suppression.Currently, the Bitcoin network hash rate is near all-time highs, while the price is down around 75% from its last all-time highs seen in November 2021.“Today we are seeing the second lowest reading for the Bitcoin Yardstick in all of Bitcoin’s history,” Edwards commented:“This means that on a relative basis, Bitcoin is extraordinarily cheap given the amount of energy being used on what is the most powerful computer network in the world.”Bitcoin Yardstick annotated chart. Source: Charles Edwards/ TwitterBitcoin hash rate keeps goingThe Yardstick feeds into the concept of proof-of-work (PoW), the mining algorithm of the Bitcoin network, and its ability to store and grow value over time based on productive activity. The Bitcoin Standard, the seminal book by academic Saifedean Ammous, focuses heavily on the idea.Related: Bitcoin ‘double bottom’ excites bulls as NVT signal predicts major moveThe opposite of the current scenario, meanwhile, where the price is high compared to work done, occurred during the 2013 and 2017 bull market years.In 2021, several spikes accompanied Bitcoin’s double top in April and November, respectively, but none matched the scale of the prior peaks.Bitcoin Yardstick chart. Source: GlassnodeAs Cointelegraph reported, Bitcoin miners are under considerable stress despite mushrooming hash rate as profit margins get squeezed.The summer already saw a period of miner “capitulation,” with Edwards laying out the evidence of recovery underway in August.Bitcoin hash rate chart. Source: BlockchainThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Record hash rates may see Big Oil become a major BTC mining player
Surging Bitcoin (BTC) network hash rates are causing problems for mining companies but might be rolling out the red carpet for energy giants.The Bitcoin hash rate, the amount of computing power given to the blockchain through mining, has reached another record peak. According to Blockchain.com, the metric hit an all-time high of 267 exahashes per second (EH/s) on Nov. 1 after increasing almost 60% since the beginning of the year.Commenting on the new peak, Capriole Fund founder Charles Edwards speculated that highly efficient government and oil company enterprises were entering the mining game at scale.New Bitcoin hash rate world record! 9% higher than the prior all time high set just a few days ago.I have no doubt that we have serious, highly efficient government & oil company enterprises entering the mining game at scale as we speak. pic.twitter.com/YBSswwvK59— Charles Edwards (@caprioleio) November 1, 2022He added that this was bullish and not a sign of a miner capitulation. However, in the short term, it could be considered bearish as miners sell coins to cover their expenses and remain in business.This scenario would result in a stagnation or fall in hash rate which hasn’t been seen yet, adding more weight to the premise that rigs are being deployed by other entities. “Big oil will undoubtedly become major players,” said Edwards.It appears that the big oil influence is already happening.Earlier this year, it was reported that ExxonMobil has been working with Denver-based Crusoe Energy Systems to mine Bitcoin in North Dakota. In June, reports emerged that the oil subsidiary of Russian natural gas giant Gazprom will provide energy to mining firm BitRiver.There has been an increased usage of gas flare energy, a byproduct from the oil industry that is otherwise wasted, to power Bitcoin mining. Earlier this month, Argentina’s state-owned energy company YPF stated that it would be converting residual gas flare energy into power for crypto mining.These are just a few examples of the influence that big oil is having over Bitcoin mining, and they are likely to increase going forward. Back in 2020, Cointelegraph reported that oil companies could dominate BTC mining by 2025.Related: Stranded no more? Bitcoin miners could help solve Big Oil’s gas problemFirms that rely on Bitcoin mining as their sole business and revenue source are struggling at the moment as each block becomes more competitive, energy prices skyrocket and hash price or profitability slumps.Just this week, mining giant Argo Blockchain announced a restructuring of its business strategy and details of its mining hardware selloff. Last week, Bitcoin miner Core Scientific filed forms with the United States Securities and Exchange Commission (SEC) warning of potential bankruptcy proceedings.The depressed price of Bitcoin, which is down 70% from its all-time, high is certainly not making things easier for Bitcoin miners.
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Bitcoin price due sub-$20K dip, traders warn amid claim miners ‘capitulating’
Bitcoin (BTC) climbed back to $20,500 at the Oct. 28 Wall Street open as United States equities sought a stronger finish to the week.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBets that $20,000 will fail as support increaseData from Cointelegraph Markets Pro and TradingView showed BTC/USD capitalizing on renewed optimism as markets began trading.The atmosphere was volatile after tech stocks suffered a major out-of-hours rout, with Bitcoin managing to avoid sustaining knock-on losses to the same extent.At the time of writing, the S&P 500 and Nasdaq Composite Index were both up around 1.3%.“In this current range bound phase after a prolonged downtrend,” popular trader CryptoYoddha summarized to Twitter followers. “Smart money/Institutional players aim to build up or take positions without significantly increasing the price. I’m feeling bullish.”Economist, trader and entrepreneur Alex Krueger, meanwhile, laid out a likely scenario for the days ahead. Crypto, he argued, could retest recent lows before rebounding into important news from the Federal Reserve next week.“Thinking crypto lower tomorrow together with stocks, some late Friday hedging, quiet weekend, ETH mid to low 1400s, BTC mid 19000s get bought, then ride higher with the FOMC next week,” part of a tweet read. “Uptrend remains.”Markets have quietened considerably since Bitcoin hit six-week highs, with Cointelegraph reporting on the extent of short liquidations executed as a result.Miners are the “biggest intra-Bitcoin risk” to the marketLooking at what could puncture the bullish mood outside of the macro, crypto research firm Reflexivity Research placed a special focus on miners.Related: 3 striking similarities with past Bitcoin price bottoms — But there’s a catchAfter major mining firm Core Scientific warned of liquidity problems, concerns over mining profitability in the face of an exploding hash rate continued to surface.As Cointelegraph noted, theories over why the hash rate was diverging so much from the spot price even included Russia seeking to corner the industry.“Miners remain the biggest intra-Bitcoin risk to the market in our view,” Reflexivity confirmed on the day.Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile described miners as “capitulating” — a status not seen in several months.“Meanwhile; from a technical standpoint, $BTC looks to reach long territories here,” he added about BTC price action. “Sweeping the low and should hold around $19.9K. If that doesn’t grant support, then I’m looking at $19.6K.”Data from BTC.com showed the hash rate at around 257 exahashes per second, with the difficulty due to undergo a slight decrease at the next adjustment, still nine days away.Bitcoin network fundamentals overview. Source: BTC.comThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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