Mining

Bitcoin Mining Hashrate Decline Explained

Tuesday. September 17 at 2:00 PM

1 min. read

Data indicates that the Bitcoin Mining Hashrate has dropped by nearly 10% from its recent peak. The Mining Hashrate measures the total computing power connected to the Bitcoin network by miners. This power is used to solve puzzles and compete for block rewards. A rising Hashrate suggests growth in mining activity, while a decline indicates miners finding it less profitable. The recent drop in Hashrate could be linked to BTC price fluctuations, affecting miner revenue. The fixed block subsidy in BTC value means miner income is tied to the coin's price. The Hashrate surge to an all-time high was unexpected given Bitcoin's price decline. Miners may have anticipated a price recovery, leading to the increase. However, with no significant price rebound, miners are disconnecting machines, causing the Hashrate decline. Bitcoin's current price is approximately $58,600, up by more than 6% in the past week.

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Bitcoin Mining Hashrate Decline Explained

Tuesday. September 17 at 2:00 PM

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Bitcoin Holdings in Bhutan and El Salvador

Tuesday. September 17 at 10:00 AM

Bhutan, a South Asian country, reportedly holds a significant amount of Bitcoin, surpassing even El Salvador. On Sept. 16, Arkham Intelligence identified a group of addresses in Bhutan holding 13,029 BTC, valued at around $758 million. These holdings are attributed to Bitcoin mining operations by Druk Holdings (DHI), the investment arm of the Kingdom of Bhutan. Additionally, DHI holds 656 ETH, some BNB, and Polygon. Bhutan's reported BTC holdings account for a quarter of its GDP, which is projected to reach $3 billion by 2024. In comparison, El Salvador began acquiring Bitcoin in 2021 and currently holds 5,875 BTC worth $331 million. Despite El Salvador's higher acquisition cost, it uses renewable energy for mining. Bhutan, with a population of 790,000, and El Salvador, with 6.3 million, showcase different approaches to Bitcoin mining and investment.

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Impact of Bitcoin Mining Closure on Norwegian Municipality

Sunday. September 15 at 5:00 PM

Residents of Hadsel, a Norwegian municipality, are experiencing a surge in electricity bills after a local Bitcoin mine was shut down. The closure, which accounted for 20% of the local power company's revenue, has led to increased costs for residents. The noise from the mining center had been a concern for the town's 8,236 residents. Despite initial satisfaction with the mine's closure, the average household in Hadsel could now face an additional annual cost of $235 to $280 USD. This situation highlights the role of Bitcoin mining in keeping power prices lower for the general population. The town is now exploring new projects to compensate for the reduced electricity consumption. This incident mirrors similar complaints from other Norwegian municipalities regarding Bitcoin mining facilities, showcasing the ongoing debate surrounding the industry's impact on local communities.

Mining

Bitcoin Mining CEOs Target $250k Price for 2028 Halving

Friday. September 13 at 12:00 AM

Bitcoin mining executives gathered at the HC Wainwright Bitcoin Mining Panel to discuss industry trends, challenges, and Bitcoin's future. The panel, moderated by Anthony Scaramucci, featured CEOs from top mining companies like Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings. They discussed energy consumption, market forces, and long-term outlook. Marathon Digital Holdings CEO highlighted miners' role in balancing energy grids. Bit Digital CEO mentioned their 85% carbon-free mining fleet. Bitfarms CEO emphasized strategic growth in mining. CleanSpark CEO focused on energy-first approaches. The executives predicted Bitcoin's price could reach $250,000 before the next halving. They emphasized efficiency, strategic growth, and integration with energy systems. The industry is evolving towards sustainable business models. The CFTC collaborates with other agencies to combat crypto scams. Aave sees potential growth with Coinbase's cbBTC. CryptoSlate provides comprehensive crypto news and insights.

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