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This week saw a significant drop in mining difficulty, triggered by a sustained decline in hashrate over recent weeks. Coupled with Bitcoin’s price rebound, this adjustment has led to a sharp rise in mining profitability. However, on-chain activity remains subdued, resulting in minimal transaction fee revenue for miners. Compared to last week, network usage appears to have dipped even further, offsetting part of the gains from improved block rewards. A recovery in activity and higher fees could provide an additional lift to miner earnings moving forward.


Bitcoin Difficulty Drops 3.34% After Four Straight Increases

For the first time since early March, Bitcoin mining difficulty has decreased, offering miners a much-needed breather. At block height 895,104, the network’s difficulty fell 3.34%, down to 119.12 trillion. This ends an eight-week streak of rising difficulty, during which the cost of securing the network steadily climbed. Despite the drop, average block times are still lagging behind target, sitting at 10 minutes and 22 seconds.

Meanwhile, hashrate has rebounded to 885.51 EH/s, up sharply from last week’s 824 EH/s, as miners respond to improved profitability. The hashprice, the estimated daily revenue per PH/s, jumped to $50.80, continuing its climb since early April. If block times stay elevated, another downward difficulty adjustment may be on the horizon later this month.

Kaynak: news.bitcoin.com

Bitcoin Miners Urged to Use Depreciating Fiat for Costs, Hold BTC

John Glover, Chief Investment Officer at Bitcoin lending firm Ledn, advises Bitcoin miners to retain their mined BTC and use it as collateral for fiat-denominated loans to cover operational expenses like electricity and equipment. This strategy enables miners to avoid selling their Bitcoin, preserving potential profits from anticipated price surges. By holding BTC, miners can also benefit from tax deferral, capitalize on price appreciation, and generate additional income by lending out BTC held in their corporate treasuries, creating a more resilient financial model.

This approach mirrors tactics used by companies like MicroStrategy, which employ corporate debt and equity financing to acquire Bitcoin, exploiting the growing divergence between BTC’s appreciating value and the declining purchasing power of fiat currencies. As miners face increasing pressure from a rising global hashrate and geopolitical trade tensions that inflate costs, Bitcoin-backed loans offer an important lifeline.

Kaynak: Cointelegraph

Bitcoin Mining Could Bolster U.S. Energy Leadership with Regulatory Support

Bitcoin mining, the energy-intensive process securing the cryptocurrency’s blockchain, holds untapped potential to strengthen the U.S. energy sector if regulators provide clear and supportive policies. The industry’s proof-of-work mechanism, which consumes significant electricity, could drive innovation in energy infrastructure by incentivizing the use of surplus or renewable energy sources. With the U.S. already hosting a substantial share of global mining operations, new regulations could position the country as a leader in both crypto and energy markets, fostering economic growth and network resilience.

Supportive policies could attract institutional investment, enhance liquidity in crypto markets, and reinforce Bitcoin’s role as a digital reserve asset. However, lawmakers must distinguish Bitcoin from other cryptocurrencies to avoid stifling innovation with overly broad regulations. By using excess energy resources, particularly in regions like Texas, and ensuring miners receive incentives, the U.S. could secure its dominance in the global crypto economy.

Kaynak: Crypto News

Bitcoin Miners Face $40M Revenue Loss in April Amid Ongoing Decline

Bitcoin miners experienced a significant financial setback in April, with revenues dropping by $40 million compared to March, marking the fourth consecutive month of declining returns. This downturn, driven by the April 2024 Bitcoin halving that slashed block rewards by 50%, has intensified pressure on miners’ profitability. Rising mining difficulty, which hit record highs, and increasing energy costs in some U.S. states have further squeezed margins, forcing miners to contend with a highly competitive landscape where operational efficiency is critical.

Despite Bitcoin trading around $94,000, the hashprice, the daily revenue per petahash per second, hovered near a breakeven point of $50 per PH/s, barely above its August 2024 low. Miners are grappling with reduced fee income and soaring operational costs, prompting some to offload BTC to cover expenses. The industry faces consolidation risks as smaller players struggle, while larger firms like Riot Platforms reported a $296.4 million Q1 loss. Without a significant BTC price surge or fee recovery, miners may face tougher times ahead.

Kaynak: Bitcoin News

Bitcoin Mining Offers New Revenue Stream for Real Estate Development

Bitcoin mining is emerging as a transformative opportunity for real estate developers, enabling them to monetize excess energy capacity and enhance property value. By integrating mining operations into commercial or industrial properties, developers can utilize high-powered computing to generate steady income from Bitcoin rewards, particularly in regions with abundant or underutilized energy resources. This approach not only offsets energy costs but also attracts tech-focused tenants, boosting the appeal of mixed-use developments in a competitive market.

The synergy between mining and real estate hinges on site selection, such as properties near renewable energy sources or data centers, which can support the energy-intensive process. Developers like those in Texas are already capitalizing on this trend, using mining to stabilize local grids and secure long-term leases with miners. However, regulatory uncertainty and volatile BTC prices pose challenges, requiring careful planning to ensure profitability. As mining becomes more mainstream, it could redefine real estate investment models, blending digital assets with physical infrastructure for diversified revenue.

Kaynak: Bitcoin Magazine

Malaysian Police Bust Illegal Bitcoin Mining Operation Stealing $8,000 Monthly

Malaysian authorities conducted raids in the Hulu Terengganu and Marang districts, dismantling an illegal Bitcoin mining syndicate that siphoned approximately $8,342 (RM36,000) in electricity each month. The operation, uncovered through a joint effort with Tenaga Nasional Berhad’s Special Engagement Against Losses unit, involved 45 mining machines valued at $52,145 (RM225,000), which were seized from a residential site in Bukit Perpat and a commercial property in Wakaf Tapai. The syndicate tampered with electricity meters to bypass detection, contributing to Malaysia’s estimated $722 million in losses from illegal mining activities since 2018.

Bitcoin mining is legal in Malaysia, but stealing electricity is a serious offense, punishable by up to five years in prison and fines of $21,500 (RM100,000). The raids reflect a broader crackdown on energy theft across Southeast Asia, exacerbated by China’s 2021 mining ban, which pushed illicit operations into the region. No arrests were made, but investigations continue under Malaysia’s Penal Code and Electricity Supply Act.

Kaynak: Decrypt

Bitcoin Miners with HPC Ventures Lag Behind BTC for Third Consecutive Month

Bitcoin mining companies diversifying into high-performance computing (HPC) for applications like artificial intelligence have underperformed Bitcoin’s price for the third straight month in April, according to JPMorgan. Firms such as IREN, Riot Platforms, TeraWulf, and Hut 8 saw weaker stock performance compared to pure-play miners like MARA Holdings and CleanSpark, which outperformed BTC. The 6% rise in network hashrate to 872 EH/s, the second-largest monthly increase on record, coupled with a 6% drop in daily block reward revenue, squeezed mining profitability, impacting HPC-focused miners disproportionately due to their higher operational costs.

The total market capitalization of the 13 U.S.-listed miners tracked by JPMorgan grew 12% in April, reaching $16.9 billion, despite the underperformance of HPC-exposed firms. Mining economics faced pressure from increased competition, as the hashrate surge led to heightened difficulty. Greenidge Generation stood out with a 46% gain, while HPC miners struggled to balance crypto revenue with investments in data center capacity for AI.

Kaynak: CoinDesk

Phoenix Group Expands Bitcoin Mining in Ethiopia with 52 MW Boost

Phoenix Group, an Abu Dhabi-based cryptocurrency and blockchain company, has strengthened its global Bitcoin mining operations by adding 52 megawatts (MW) of capacity in Ethiopia, bringing its total in the country to 132 MW and surpassing 500 MW across five nations. The new site, powered by 90% renewable hydropower from the Grand Ethiopian Renaissance Dam, will be developed in two phases: Phase 1 will activate 20 MW with 5,300 air-cooled mining units, delivering 1.2 EH/s, while Phase 2, set for completion by Q2 2025, will add 32 MW using hydro-cooling technology, doubling the site’s hash rate to 2.4 EH/s. This expansion reinforces Phoenix’s position among the world’s top 10 miners, emphasizing sustainability and operational efficiency.

The move aligns with Ethiopia’s growing appeal as a mining hub due to its low-cost, abundant energy resources, despite concerns about the nation’s electrification goals, with nearly 60% of its population lacking electricity. Phoenix’s focus on renewable energy and vertical integration enhances its competitiveness in a challenging industry marked by rising hashrates and post-halving revenue pressures. By using Ethiopia’s hydropower, the company sets a benchmark for green mining in Africa, potentially attracting further investment.

Kaynak: Cointelegraph

Compass Mining Launches First Phase of 30 MW Bitcoin Mining Facility in Iowa

Compass Mining, a leading provider of Bitcoin mining hardware and hosting solutions, has successfully energized the first phase of its new 30-megawatt (MW) self-owned data center in Iowa, with 8 MW now operational. This milestone, part of the company’s shift toward owning and managing its infrastructure, enhances operational control and flexibility for clients, who can now deploy new machines at the “Iowa 4” site. The facility, built on a five-acre property with secured power agreements, is set to expand to full capacity by late 2025, following construction starting in Q4, and complements Compass’s 2024 expansion of nearly 50 MW across six U.S. states.

The Iowa data center strengthens Compass’s position in the competitive Bitcoin mining industry, where rising hashrates and post-halving revenue pressures challenge profitability. By reducing reliance on third-party operators, the company mitigates risks and improves service reliability, offering institutional and individual miners a better experience. CEO Paul Gosker emphasized that this move solidifies Compass’s leadership in providing accessible mining solutions.

Kaynak: Bitcoin News

Bitcoin Mining Reaches 52.4% Sustainable Energy, Surpassing Musk’s Tesla Threshold

A Cambridge University study reveals that Bitcoin mining now utilizes 52.4% sustainable energy, a significant rise from 37.6% in 2022, exceeding Elon Musk’s 50% clean energy benchmark for Tesla to resume accepting BTC payments. The Cambridge Digital Mining Industry Report, published by the Cambridge Centre for Alternative Finance, highlights that 42.6% of this energy comes from renewables like wind and hydropower, with 9.8% from nuclear sources. Natural gas has overtaken coal as the primary energy source, reflecting a shift toward lower-carbon options. Despite this milestone, Tesla has not yet reinstated Bitcoin payments, which it suspended in 2021 over environmental concerns, leaving uncertainty about Musk’s next move.

The report, based on a survey of 49 mining firms across 23 countries, including Bitfarms and Riot, covers 48% of global hashrate and estimates Bitcoin’s annual electricity consumption at 138 TWh, or 0.5% of global usage. North America leads in sustainable mining, driven by access to renewables and regulatory support.

Kaynak: The Block