Mining

Bitcoin miners made the lowest revenues in August since September 2023 as the network’s mining difficulty peaked at the highest it has ever been on August 31. August marked the worst month in revenues for Bitcoin miners this year and since September 2023. They mined a total of $827.56 million last month following a trend of reducing mining rewards since April’s halving event that reduced block rewards to 3.125 BTC. August’s revenues saw a 10.5% reduction from July when miners netted $927.35...

High centralization can lead to increased influence by a few entities, potentially undermining the decentralized ethos that crypto strives to uphold. However, centralization continues to be a major bone of contention in space. As such, popular project tokens – Polygon (MATIC) and Shiba Inu (SHIB) – have emerged as the leading examples of high concentration of holdings among top wallets. Centralization Concerns in MATIC and SHIB According to the data shared by Santiment,...

The Bitcoin hash price, a metric measuring miner revenue per terahash or computing power, has fallen to its lowest level ever. According to recent data, this is a sign of upcoming bullish momentum. A Quicktake by CryptoQuant analyst Woominkyu revealed that the current level of the bitcoin hash price indicates a good buying opportunity. A Buying Opportunity Woominkyu shared a chart highlighting the relationship between the price of bitcoin and the network’s hash price. The...

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Bitcoin mining firm Rhodium Enterprises has filed for voluntary bankruptcy under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas. Detailed in the filing made on August 24, the company’s problem shows that the company has debts between $50 million and $100 million and total assets of between $100 million and $500 million. The bankruptcy filing also includes six subsidiaries: Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW, and Rhodium...

Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations. According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month. Illegal Bitcoin Mining Operations Bitcoin, the leading cryptocurrency, uses a proof-of-work (PoW) consensus mechanism. This entails that transactions are added to the blockchain through the mining...

Thailand’s authorities recently raided an illegal Bitcoin mine following several weeks of power outages in a local town. The raid took place on Sunday in Ratchaburi. It is a province located west of Bangkok. They took action after numerous reports of electrical disruptions in the area. Reports by AFP reveal that the early morning raid was conducted by the Provincial Electricity Authorities together with the local police. A chief district security officer named Jamnong Chanwong mentioned that...

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Wenn alle 21 Millionen Bitcoin geschürft sind, wird das Bitcoin-Netzwerk vor eine neue Phase seiner Entwicklung treten. Der Prozess des Mining, bei dem Transaktionen verifiziert und neue Bitcoins generiert werden, wird bis dahin weitgehend durch Transaktionsgebühren statt durch Blockbelohnungen finanziert. Dies könnte einige...

Bitcoin miners facing hardships due to reduced mining rewards, finds JP Morgan. JP Morgan expects Riot and Iren stock prices to climb in the coming months. According to a recently published JP Morgan report, Bitcoin miners are struggling to keep up with the post-halving event as reduced rewards and increasing electricity costs eat through their revenues. The Bitcoin halving that occurred on April 20 cut mining rewards by half, reducing them from 6.25 BTC to 3.125 BTC. Miners have no option...