A new week closes in the hectic world of cryptocurrencies with a strong dose of volatility. Thus, the price of BTC fell from $73,500 to the current $68,250 per coin. All this climate that occurred during the week had a noticeable impact on the Bitcoin Mining sector, where proactivity decreased.
In this work, as usual, we present you a summary of the 5 most important news of the week in the digital mining sector. Despite this, in general terms the sector’s income experienced some improvement. The latter is related to the rise in the price of BTC and the increase in transaction fees.
Other news of interest in this industry also attracted attention. Among them is the one related to the plans to boost productivity by CleanSpark. As you can see, the dynamics within the mining sector are maintained despite the bad times it has been going through for months.
If you want to know this and other news from the world of digital mining, we invite you to continue reading this work.
Top 5 Bitcoin Mining News This Week
In this new edition (number 173) of our summary, we present you the most important things about Bitcoin mining during the week. These are the news that stood out on the covers of the main news portals.
Mining profitability fell for the fourth month in a row, according to JPMorgan
According to the US bank, JPMorgan Chase, the profitability of digital mining decreased in October. This is the fourth consecutive month of decline in profits for mining companies. The bank, cited by CoinDesk, highlights that the gross profit of the daily block reward fell to the lowest point recorded recently.
In this way, the miners’ profit in October fell on average to $41,800 per EH/s, that is, 1% less compared to September. For its part, earnings from commission fees rose to 60% of the reward for each block of transactions.
All of this occurred while the Bitcoin network hashrate and block processing difficulty reached new records. Thus, the average monthly hash rate in October was 702 EH/s.
CleanSpark seeks to improve efficiency through cooling
The Bitcoin mining company, CleanSpark, starred in another of the important news in the sector during the week. In that sense, the company’s management is ready to carry out a new plan to boost the efficiency of its mining operations through cooling.
In this way, some 3,800 mining machines produced by Canaan would operate using the liquid cooling technique. This consists of submerging the ASICs in dielectric oil. This provides enormous advantages, since it extends the useful life of the equipment by keeping it cool. Likewise, it improves energy consumption by a significant percentage.
Canaan CEO Nangeng Zhang said his teams fit perfectly with CleanSpark’s new strategy. In this case, it is the Avalon A1566I.
Bitfarms and Stronghold signed a new agreement involving 10,000 mining equipment
The mining companies, Bitfarms and Stronghold, reached a new hosting agreement that includes about 10,000 ASIC devices. This is the second agreement with similar characteristics signed by these companies. According to Bitfarms management, this agreement will allow notable progress in the company’s valuation in the short term.
The company’s 10,000 ASICs will be deployed at Stronghold’s Scrubgrass site. It was expected that they would be located on the Paraguay farm, but evidently plans changed.
Vertically integrating our operations with Stronghold’s existing power generation infrastructure reduces capital expenditure requirements and allows us to have greater control over our energy costs, said Bitfarms CEO Ben Gagnon.
Riot cuts its hashrate growth expectations
During the third quarter of 2024, Bitcoin mining firm Riot Platforms experienced net losses of $154.4 million. This equates to a drop of $0.54 per share, compared to $0.44 in the same period last year.
Meanwhile, production was 1,104 bitcoins, in line with the 1,106 BTC in the third quarter of 2023. Thus, profits were $84.8 million, of which $67.5 million corresponded to BTC mining activity.
Meanwhile, the company expects a growth in mining capacity of 34.9 EH/s by the end of the year. This contrasts with the previous expectation, which pegged computing power by the end of 2024 at 36.3 EH/s. Similarly, the goal for 2025 also dropped from 56.6 EH/s to 46.7 EH/s, as reported by The Block.
Russian authorities pursue growing home-based mining
Bitcoin mining from home is one of the businesses that is booming in the Russian Federation. The latter is due to numerous factors such as low temperatures and low energy costs for homes in the Eurasian country. However, national authorities do not seem very comfortable with the rise of this practice.
Consequently, together with the law that legalizes mining in industrial terms, they carry out a campaign to neutralize private mining. Although there have been some arrests and dismantling of infrastructure, certain modalities are difficult to neutralize.
For example, in Siberia, some miners carry out operations in vehicles. Basically, they assemble the rigs in vans, which they move to various sites when they suspect they are under investigation.
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