Swiss hotel company Gabbani is converting excess energy from food production facilities into Bitcoin mining energy
Gabbani, a hotel company headquartered in Lugano, Switzerland, has launched a new project aimed at using excess energy from Gabbani's food production facilities to build the most advanced Bitcoin mining system. This initiative combines sustainable energy practices with cryptocurrency mining and will help elevate Lugano's position as a leading blockchain center in Europe. In addition, Gabbani has also launched the "Banettone" product, which aims to support Plan ₿, a joint initiative between the city of Lugano and Tether aimed at accelerating the use and utilization of Bitcoin technology as the basis for transforming the city's financial infrastructure.
Bitcoin Mining Company Opens 100% Renewable Energy Facility in Paraguay
Bitcoin mining company Sazmining has opened a new facility in Paraguay that will run on 100% renewable energy from the Itaipu Dam. The facility will operate customer-owned Bitcoin mining rigs on their behalf, with Sazmining taking a 15% commission for the service. The cost of energy is an important consideration for Bitcoin mining companies, and Sazmining's new facility will have mining costs of $0.047 per-kilowatt hour, substantially lower than in the United States. While Paraguay's hash rate production is currently only 0.15% of the entire Bitcoin mining network, Sazmining's President sees it as an opportunity for growth.
Pennsylvania House Representative Removes Two-Year Crypto Mining Ban from Energy Conservation Bill Amid Pressure from Trade Unions
A bill to regulate crypto mining's energy consumption in Pennsylvania has had a two-year moratorium on new and renewed permits removed, after a state representative claimed he was pressured by trade labour unions. The Cryptocurrency Energy Conservation Act was passed by the Pennsylvania House Environmental Resources and Energy Committee by a slim margin of 13-12.
Bitcoin mining difficulty increased by 6.47% to 61.03T, an increase of more than 70% from a year ago
On October 16th, according to BTC.com data, Bitcoin experienced a mining difficulty adjustment at block height 812,448, with a 6.47% increase to 61.03 T, reaching a new historical high. In addition, Bitcoin's mining difficulty has increased by about 71.4% compared to mid-October 2022.
Bitcoin Computing Power Hits Record High, Reaching 455 EH/S
Bitcoin's computing power broke the previous record on October 12, 2023. Measured by the 7-day simple moving average (SMA), it has soared to 455 exahashes per second (EH/s), which is impressive. From this perspective, on January 1, 2023, the computing power hovered around 261 EH/s. This means that in less than a year, it has leaped by 194 EH/s.
Samsung Is Already Using the 3nm Process to Manufacture Cryptocurrency Mining Chips
South Korean IC design company ADTechnology has announced that Samsung Foundry has received an order to manufacture server CPUs for an unnamed overseas company using 3nm process GAA transistor architecture. According to Samsung's product roadmap, there are at least three types of 3nm process (SF3E, SF3, SF3P) that use GAA transistor architecture.
The hash rate of large Bitcoin miners increased by an average of 13.88EH/s monthly in the third quarter
The average network hash rate of large Bitcoin mining companies in the third quarter increased significantly. Seven companies were mainly responsible for this growth, including Bitdeer, CleanSpark, Marathon Digital, Cipher, Bit Digital, Bitfarms, and HIVE. According to data from TheMinerMag, from June to September, the monthly average increase in Bitcoin hash rate for these companies was 13.88EH/s.
The data shows that the companies with the best performance in terms of computing power growth in the third quarter were Bitdeer, CleanSpark, and Marathon Digital, with increases of over 120%, 43%, and 38%, respectively.
Bitmain Pauses Employee Salary Payments and Cuts Bonuses and Incentives
Bitmain, a Bitcoin ASIC manufacturer, has reportedly halted employee salary payments for September and beyond, as well as cutting bonuses and incentives. The company allegedly has not paid remuneration due since last month and employees face a 50% cut to their base salary. Bitmain has cited a lack of net positive cash flow, particularly in new ASIC orders, as the reason for the pause in salary payments. Bitmain is one of the world's largest Bitcoin mining ASIC manufacturers, with an estimated 70% market share during its peak.
State of the Network’s Q3 2023 Mining Data Special
In this week’s State of the Network, we return with our quarterly mining data special, where we provide a close examination of the current Bitcoin mining landscape through the lens of Coin Metrics’ data. Despite a flat BTC market in the back half of Q3 as spot ETF chatter quieted, hashrate continued to accelerate throughout the quarter, recently hitting a new high of around 400 EH/s from 250 EH/s at the beginning of 2023. Hashprice conditions remain challenging, yet savvy miners continue to add operational hashrate.
Texas accounts for over 28% of all Bitcoin mining in the US, says latest hashrate map
According to Foundry USA's latest Hashrate Map, Texas accounts for more than 28% of all Bitcoin hashing power in the United States. Georgia, New York, and New Hampshire follow with 9.64%, 8.75%, and 5.33% hash rates, respectively. Texas has become a hub for crypto mining due to its cheaper energy and welcoming regulatory framework, with large mining operations moving to the state following China's crackdown on crypto mining in 2021.
