Bitcoin Mining Difficulty Drops by More Than 7%, Thanks to Crypto Winter
Bitcoin mining difficulty fell by a great margin on 6 December. This was one rare instance that happened after July 2021. The drop in difficulty at block height 766,080 was 7.32% as per the data on the BTC.com mining pool.
African Bitcoin Mining Firm Gridless Raises $2 Million in Funding Round Led by Stillmark, Block Inc.
Gridless, a bitcoin mining company that is focused on rural communities in East Africa, has raised $2 million in a seed investment round led by Stillmark and Block, Inc., according to a press release sent to Bitcoin Magazine. This comes in addition to an angel round led by Factor[e].
Bitcoin Mining Difficulty Drops Most Since July 2021 as Crypto Winter Cuts Profitability
The difficulty of mining a bitcoin block fell by 7.32% today, with miners powering off machines as a brutal bear market eats into profit. The adjustment at block height 766,080 is the biggest downward change since July 2021, data from the mining pool BTC.com shows. That was when hordes of miners dropped off the network following China’s ban on the industry. The country was the world’s biggest bitcoin mining hub at the time. (Coindesk)
Bitcoin Mining Difficulty Drops Most As Crypto Winter Cuts Profitability
The difficulty of mining a bitcoin block fell by 7.32% today, with miners powering off machines as a brutal bear market eats into profit. The mining difficulty automatically adjusts according to the hashrate, or computing power, that’s online in order to keep the time it takes to mine a bitcoin block roughly stable: The more miners are working, the higher the difficulty becomes.
Bullish on Bitcoin, US Senator Ted Cruz Wants Texas To Be a Crypto Oasis
United States Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician empathized how the crypto industry can be strategic for the U.S. energy supply and technological development.
ERCOT Study Shows Bitcoin Mining Is Beneficial to the Texas Grid
The American organization that operates Texas’s electrical grid, ERCOT, has published a study that shows bitcoin mining operations are instrumental in direct response systems. The report’s researchers studied the installed generation capacity based on historical data and extreme peak load scenarios. The report indicates that bitcoin mining operations are able to curtail their operations and relieve roughly 1.7 gigawatts (GW) of energy during the Texas winter.
FTX’s Venture Arm Alameda Invested Over a Billion in Bitcoin Mining Firm
FTX and Alameda <a href="https://ambcrypto.com/heres-the-good-news-in-a-post-ftx-collapse-world/" target="_blank">breakdown</a> controversies continue to hit the spotlight in the cryptosphere. The latest revelation gives insight into Alameda’s investments. According to a <a href="https://www.bloomberg.com/news/articles/2022-12-02/alameda-bet-big-on-crypto-miner-genesis-digital-before-sector-implosion?utm_campaign=socialflow-organic&utm_medium=social&utm_source=twitter&utm_content=crypto&leadSource=uverify%20wall" target="_blank">report</a> by Bloomberg, FTX’s venture arm had high hopes for <a href="https://ambcrypto.com/will-bitcoin-mining-expansion-help-btc-recover-this-month/" target="_blank">Bitcoin mining</a> as it invested as much as $1.15 billion in Genesis Digital Assets in four funding rounds.
Sales of Bitcoin Mining Machines Surged Rapidly in Russia
A new report by Kommersant revealed that sales of Bitcoin mining machines in the country surged rapidly in the fourth quarter, a trend backed by a resurgence of demand, despite the chaotic price action of the crypto-asset.
Bitcoin Mining Revenues Fell 20% to About $472M in November
Bitcoin mining revenues fell 19.9% in November to about $472.64 million, according to <a href="https://www.theblockresearch.com/september-by-the-numbers-2-174035" target="_blank">data compiled by The Block Research</a>.
On-chain Data: Bitcoin Miner Capitulation Begins, More Pain Ahead for BTC?
Bitcoin miners have suffered the maximum during this massive price correction. On-chain data suggests that the Bitcoin miner capitulation has officially begun hinting at further pain ahead in the price of BTC. Bitcoin miner capitulation is a scenario that occurs when the Bitcoin price drops wherein it becomes difficult for some miners to hold the BTC profitably. As a result, they are forced to sell and move off the network. (coingape)
