Bitcoin Mining Difficulty Soars as Hashrate Surges to New ATH
The Bitcoin (BTC) network is showing impressive signs of health as the mining difficult has increased based on the recent adjustment from the protocol. According to data from crypto on-chain analytics platform Glassnode, the difficulty’s latest adjustment has placed the estimated number of hashes required to mine a block at a newAll-Time High (ATH) of 209 zettahashes (10^21).
Amid Bankruptcy, Core Scientific Signs Bitcoin Mining Hosting Contracts for Almost 18,000 Machines
Core Scientific, the largest publicly listed miner by hashrate, has signed contracts to host almost 18,000 bitcoin mining rigs with three firms as it negotiates its way through Chapter 11 bankruptcy. The contracts will bring the total number of machines the firm is hosting to about 70,000, on top of the 155,000 machines it uses to mine for itself. Core Scientific's equity has gained 887% since the start of the year, and it has 175 MW of available hosting capacity in its Denton, Texas facility, with another 915 MW in development in west Texas and Oklahoma.
Jack Dorsey's Block Snaps Up Bitcoin Mining Chip as Intel Winds Down Production
Square's fintech-payments company, Block, has purchased a large quantity of bitcoin mining chips from Intel as the chipmaker winds down production of its bitcoin mining application-specific integrated circuits (ASICs). The purchase will allow Block to bring its mining machines to market more quickly as it focuses on developing its cutting-edge 3 nanometer chips. Block plans to release its first-party mining products early next year, with the goal of improving decentralization in the Bitcoin network. The company has also announced it is working on a mining development kit to provide developers with tools to unlock innovation in bitcoin mining hardware.
Bitcoin Advocates Rally at Texas State Capitol To Oppose Bill Cutting Mining Incentives
Roughly 100 people answered the call from the crypto advocacy groups Chamber of Digital Commerce, Satoshi Action Fund, and Texas Blockchain Council to show Texas lawmakers they were against legislation targeting crypto mining firms.
Russia Is 2nd Biggest Bitcoin Miner After U.S.: Report
Russia is now the second largest Bitcoin miner after the U.S., according to a report by Russian media Kommersant. Russia’s new ranking comes amid moves by the U.S. to tax and regulate crypto mining at both state and federal levels, resulting in a less welcoming environment for the industry in the U.S.
Russia Becomes Second-Largest Bitcoin Mining Hub After US, Claims Local Miner
Russia has become the second-largest country in the world in terms of Bitcoin and cryptocurrency mining, with 1 gigawatt of power involved, according to BitRiver, a company that provides colocation services for cryptocurrency mining operations. The United States maintains its position as the leader with a mining capacity of 3-4 GW. Lack of clear regulations regarding cryptocurrencies in the United States may lead to a potential market distribution shift. The positive trend in mining capacity in Russia is attributed to the restrictions imposed on mining activities in Kazakhstan and China due to electricity shortages. Kazakhstan has signed a law on digital assets that regulates cryptocurrency mining, which will provide a sense of security for mining industry players to plan their operational and financial activities, execute major projects, draw investments, and advance related sectors of the Russian economy.
Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela
In Argentina, the peso has lost over 10% against the US dollar in the past week, reaching over 440 pesos per dollar on April 21. The cause is attributed to the perceived weakness of the Argentine government, which has not been able to control inflation. The country has $2 billion in foreign currency reserves, low compared to Brazil's $350 billion. Venezuelans and Russians are developing an alternative to SWIFT, expected to be a messaging and settlements system that frees both countries from the influence of the US dollar as a regulator of commercial transactions. Bitcoin mining in Venezuela is still paused due to the ongoing PDVSA-crypto probe, causing losses of up to $11 million monthly for farm owners and $2 million for Corpoelec.
World Economic Forum Recognizes Bitcoin Mining’s Economic and Environmental Benefits
The World Economic Forum (WEF) has shifted its stance on Bitcoin mining, recognizing the economic and environmental benefits of the industry. In a recent video, the WEF highlighted how companies like Crusoe Energy are using excess natural gas from energy operations to power data centers and crypto mining operations. This helps mitigate waste and emissions that impact the environment while providing ultra-low-cost computing infrastructure. The crypto community has reacted positively to the WEF's shift in stance, noting that mining companies have switched to renewable sources of energy, making the process more sustainable. However, Bitcoin's price has been declining due to decreased trading volume amid selloffs and Friday's expiry.
Investment Drama of Bankruptcy Claims Exchange OPNX; Intel Ends Bitcoin Mining Chip Business | Cointime Weekly Apr.16 – Apr.22
Coinbase receives license to operate in Bermuda; Gemini launches derivatives platform; EU Parliament approves crypto rules; HK court recognizes crypto as property; Hitachi establishes $300 million fund.
Sphere 3D Completes Private Placement with LDA Capital
Sphere 3D dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, announced today that it has entered into a securities purchase agreement with LDA Capital Limited ("LDA Capital") to raise up to $3 million in capital.
