Bitcoin mining accounts for 0.6% to 2.3% of U.S. electricity consumption
US Energy Information Administration (EIA) has released a report detailing the power consumption of the country's bitcoin mining industry. The report shows that the annual electricity demand of US bitcoin mining facilities ranges from 0.6% to 2.3%. According to these statistics, the electricity consumed by US bitcoin miners is enough to meet the demand of the entire state of Utah.
Russian Federation calculates potential liquidity of Bitcoin mining and scolds regulators
ARussian Federation is calculating the potential liquidity of Bitcoin mining and criticizing regulatory agencies. According to the Industrial Mining Association, large data centers used for cryptocurrency mining can provide liquidity for cross-border transactions worth more than 240 billion rubles. The First Deputy Chairman of the Russian State Duma Security and Anti-Corruption Committee stated that after several years of discussion, officials have made no progress on the issue of cryptocurrency. He believes that cryptocurrency is no longer synonymous with criminal activity.
CH4 Capital Managing Partner: The European Commission may be paving the way for a ban on BTC and BTC mining
CH4 Capital managing partner stated that while we sleep, the European Commission (through ESMA and ECB) has been creating a report planning to label Bitcoin as harmful to the environment, a threat to European energy security, and a haven for financial criminals, paving the way for the EU to ban BTC and BTC mining by 2025.
Bitdeer (NASDAQ: BTDR) Proves High Cost-Efficiency After Bitcoin Halving, according to the Report by Cantor Fitzgerald
A recent report by Cantor Fitzgerald suggests that the upcoming Bitcoin halving event will present significant challenges for the eleven largest publicly traded Bitcoin miners. However, Bitdeer, a Singapore-based mining company, is expected to maintain its profitability despite the challenges. Cantor analysts predict that Bitdeer will emerge as a potential winner due to its high cost-efficiency. Bitdeer's cost per coin is estimated to be the lowest compared to other miners at $17,744, assuming an average Bitcoin price of $40,000 and a stable hashrate. This finding highlights Bitdeer's competitive edge and potential to lead the industry post-halving.
CoinShares Mining Report: The Halving and its impact on hash rate and miners cost structures
The Bitcoin mining network has experienced meteoric growth, with an increase in hashrate of 104% in 2023. This rapid expansion raises concerns regarding its sustainability, both from an environmental standpoint and in terms of the mining network’s profitability. In this document, we aim to address both of these important issues. Our final results of the average cost of production per Bitcoin, post halving for each miner are listed below, highlighting the average cost of production is US$37,856.
Mining company Argo: Completed the placement of 38 million shares, with total proceeds of US$10 million
On January 8th, cryptocurrency mining company Argo Blockchain announced on X platform that it has completed a placement of 38 million shares, raising a total of £8 million (equivalent to $10 million USD), which will be used for operational funds, debt repayment, and other company purposes.
Shanghai Songjiang Court: The purpose of purchasing "mining" equipment is not for daily consumption and is not protected by the Consumer Rights Protection Law
The Shanghai Songjiang Court recently heard a dispute over an information network purchase and sale contract. It is reported that the plaintiff spent more than 100,000 yuan to purchase a batch of "mining" equipment, but found that some parts were actually second-hand goods, so he sued for a refund and compensation of three times the amount. After trial, the Songjiang Court believed that the premise of applying the Consumer Rights Protection Law is to purchase and use goods for daily consumption needs. In this case, Mr. Li did not purchase and use the goods for daily consumption needs, and whether he has already made a profit is not the basis for judging whether he is an ordinary consumer. Therefore, the dispute in this case does not apply to the Consumer Rights Protection Law, and the claim for "refund and compensation of three times the amount" is unfounded, and the court does not support it.
Bitcoin miners have reduced their holdings of 12,700 BTC since mid-October
Citing Glassnode data, Bitcoin miners have been continuously selling BTC since mid-October. As of December 28th, the balance of Bitcoin in miner wallets decreased by 700 BTC in 24 hours. Compared with the short-term high point on October 22nd, the balance of miners has decreased by 12,700 BTC.
Indonesian Authorities Raid Sites Suspected of Bitcoin Mining with Stolen Electricity
Over the Christmas weekend, Indonesian authorities conducted a raid on ten suspected bitcoin mining sites that were allegedly using stolen electricity from the national grid. Although Indonesia is not known for being a hub for mining, it is a fast-growing crypto adopter. Electricity theft is considered a criminal offense in Indonesia, with penalties of up to five years in prison or a fine of up to twice the value of the unpaid electricity. At the raided sites in Medan, North Sumatra, authorities found 1,314 bitcoin rigs and detained 26 individuals. The suspects allegedly stole electricity by tapping into state-owned utility poles, resulting in losses of around $100,000 to the state.
BITCOIN MINING: A PATH TO ELECTRIFYING THE WORLD
The most pressing issue today in improving quality of life for people around the planet is access to energy. Bitcoin mining can finance the build out of infrastructure to do that.
