Network Overview

Over the past week, the Bitcoin network has exhibited rapid expansion, with Bitcoin finally breaking above the $100,000 level. In particular, the hashrate experienced an impressive growth of more than 20% in one week. Difficulty was adjusted upwards as well, but the difference isn’t huge so far. As for Bitcoin price, it sank back right after the break out and now it seems to be moving sideways.

Despite the price increase, miners’ daily revenue decreased from $43.71 million to $40.04 million as a result of the increased hashrate and difficulty. Both average transaction fee and mempool size rose slightly, indicating a modest increase in network congestion or demand for transaction processing. However, the total transaction value was much higher this week, which could be explained by a few very large transactions.

BitFuFu Launches Private-Label Mining Pool Amid Bitcoin’s $100K Milestone

Wall Street-based Bitcoin miner BitFuFu Inc. has unveiled its private-label mining pool, BitFuFu Pool, offering commission rates starting at 0.4%. The company plans to allocate 100% of its growing self-mining hashrate to the new pool while providing services tailored for institutional and retail clients. Additionally, as part of its growth strategy, BitFuFu secured a two-year Master Loan Agreement at a 6.5% interest rate, using its 1,664 BTC holdings as collateral. The funds will support infrastructure investments, potential acquisitions, and operational costs.

Source: Finance Magnates

BIT Mining Reaps Triple the Profits from Dogecoin Mining Compared to Bitcoin

BIT Mining has revealed that its Dogecoin (DOGE) and Litecoin (LTC) self-mining operations have been three times more profitable than its Bitcoin (BTC) mining activities. Since launching its self-mining business, the company has mined 84,485 LTC, valued at $10 million, and 227,908,250 DOGE, worth a staggering $100 million. With over 5,500 active mining machines representing 1.32% of the global hash rate for LTC, DOGE, and Belcoin (BEL), the company plans to continue focusing on these alternative cryptocurrencies.

The surge in DOGE mining profits aligns with the token’s recent price rally, driven by Elon Musk’s repeated endorsements and the proposed Department of Government Efficiency (D.O.G.E) under the incoming Trump administration. Dr. Youwei Yang, BIT Mining’s VP of Mining, attributed the gains to this regulatory optimism and growing market confidence. Following Bitcoin’s April 2024 halving, which reduced block rewards, many miners, including BIT Mining, have turned to alternative strategies like expanding into altcoin mining and repurposing infrastructure for AI applications to sustain profitability.

Source: CoinDesk

MARA Secures $850 Million in Zero-Coupon Notes, Expands Renewable Energy Operations

Wall Street’s leading Bitcoin miner, MARA Holdings, has raised $850 million through zero-coupon convertible senior notes due in 2031, marking one of the digital asset sector’s largest funding rounds this year. After accounting for discounts and fees, the company will allocate $835.1 million to bolster its Bitcoin holdings, refinance existing debt, and fund corporate initiatives. The offering features a 40% premium conversion rate and optional redemption rights beginning in 2029. The announcement sent MARA’s stock climbing by 3.3%, closing at a five-month high.

In tandem with this financial milestone, MARA has acquired a wind farm in Texas, as part of the plans to integrate Bitcoin mining with renewable energy generation. The facility, boasting 114 MW of capacity, will power a behind-the-meter data center at zero marginal energy cost. CEO Fred Thiel emphasized the acquisition as a model for sustainability, repurposing renewable resources to lower Bitcoin production costs while advancing environmental goals.

Source: Finance Magnates

Ethiopia’s Bitcoin Mining Boom: A Rising Global Player

Ethiopia is rapidly becoming a key player in Bitcoin mining, now contributing 2.5% of the global hash rate, according to Ethiopian Electric Power (EEP). Experts project this figure could double within a year, potentially placing Ethiopia among the top five Bitcoin mining nations. With 600 MW of power already being consumed by local operations, EEP estimates usage could rise to 1 gigawatt, representing up to 7% of the global hash rate by year-end. Chinese firms like Bitmain-backed BitFuFu and BIT Mining have significantly invested in the country, drawn by Ethiopia’s abundant hydropower and surplus renewable energy.

This surge reflects the government’s push to position Ethiopia as a Bitcoin mining hub. Over the past 10 months, state-owned EEP generated $55 million in revenue through partnerships with 25 mining firms. Industry leaders suggest that early adopters like Ethiopia could redefine global wealth distribution in the coming decades. With its commitment to renewable energy and substantial infrastructure investments, Ethiopia is carving out a prominent role in the global Bitcoin ecosystem.

Source: CryptoSlate

Illegal Crypto Mining Operation Uncovered at Poland’s University of Wrocław

Authorities discovered a concealed cryptocurrency mining operation at the University of Wrocław after smoke from ventilation ducts revealed the setup. The incident, which occurred in the law department’s basement, was caused by a short circuit in mining devices covertly connected to external systems via routers and drawing significant power from the university’s electrical network.

Poland’s Central Bureau for Combating Cybercrime is investigating the case, with potential charges including electricity theft. This adds to a growing trend of illegal mining setups globally, such as last year’s high-profile case involving mining equipment at Poland’s Supreme Administrative Court. As investigations continue, university officials are working to assess the financial damages.

Source: Bitcoin.com

Hive Digital Invests $60 Million in Paraguay for Bitcoin Mining Expansion

Hive Digital, a Canadian Bitcoin mining firm listed on the Toronto Stock Exchange and Nasdaq, has unveiled a $60 million investment in Paraguay. This expansion includes purchasing 13,480 Bitmain Antminer S21+ Hydros, delivering 4.3 EH/s in hashrate. Hive plans to reach a total capacity of 15 EH/s by 2025, potentially generating over $300 million in annualized revenue. The deal also positions Paraguay as a strategic partner, as it will use its Itaipu hydroelectric dam for green energy.

Paraguay’s pro-business policies and abundant renewable energy make it a crypto mining hotspot. Hive’s partnership with the government provides a unique inflation hedge by paying for energy in U.S. dollars, strengthening the nation’s financial stability.

Source: Decrypt

Argo Blockchain Secures £4.2M Lifeline Amid Shrinking Margins

Argo Blockchain, the dual-listed Bitcoin miner, has raised £4.2 million through a share subscription, bolstering its balance sheet amid challenging market conditions. The funds will be allocated to strategic initiatives, including relocating equipment from its Texas facility and expanding its high-performance computing (HPC) operations in Quebec. CEO Thomas Chippas highlighted the transition toward HPC and AI as a key growth area, aligning with a broader industry trend that could add $38 billion in value by 2027, according to VanEck research.

Despite Bitcoin nearing $100,000 and gaining 125% YTD, Argo faces steep challenges, reporting an 8% mining margin in Q3 2024, down from 58% the previous year. While major competitors like Marathon Digital and HIVE Digital also posted losses, Argo’s focus on diversification could help weather these tough market conditions.

Source: Finance Magnates

Bitcoin Miners Celebrate $1.21B November Revenue Surge Amid Rising Hashprice

Bitcoin miners enjoyed their most profitable month since April, earning $1.21 billion in November as the hashprice—the estimated value of 1 PH/s of hashpower—climbed 29.92% over the month. Beginning at $46.71 per PH/s, the hashprice peaked near $64, driven by bullish market trends and Bitcoin’s price momentum. Transaction fees contributed $38.73 million to the total, a slight dip from October’s $47.39 million, with on-chain fees averaging above $0.90 per transaction for most of the month.

November also saw the Bitcoin network’s hashrate hit a record 790 EH/s, briefly easing to 741 EH/s by month-end, slowing block times to 9 minutes and 48 seconds.

Source: Bitcoin.com

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