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A new week closes in the hectic world of cryptocurrencies, with notable price movements that revived optimism. The largest Cryptocurrency, BTC, reached the milestone of exceeding $100K for the first time in its history. Likewise, altcoins entered a bull market that could last for months. There were also important movements in the field of the Bitcoin Mining industry.
In this work, as usual, we present a review of the 5 most important news in the mining sector during the week. It is important to keep in mind that digital mining is one of the most influential sectors in the broad cryptocurrency market.
Particularly, two key elements of cryptocurrencies depend on the stability of the mining sector, such as security and supply. Although the supply of BTC is stable at 3,125 BTC every 10 minutes, the sales or retention of their stocks by mining companies have an important weight on the price.
With this in perspective, some very interesting news developed this week. If you want to be aware of the most relevant things in the Bitcoin mining industry this week, we invite you to continue reading this work.
The 5 most notable Bitcoin mining news of the week
In this new installment (number 178) of our classic mining summary, we present you the highlights of the week. Below, the news from the digital mining sector that set the tone over the last 7 days.
Major Wall Street miners reported production declines in November
Despite the improvement in productivity in the mining sector during the month of November, some large companies experienced a downturn. Particularly, 7 large mining companies listed on the stock exchange reported declines in Bitcoin production. For example, Core Scientific produced 314 BTC, reflecting a decline from 369 last month.
Six other companies also reported a production decline. These were CleanSpark, Riot Platforms, Bitfarms, Cipher Mining, TeraWulf and Marathon Digital. It is worth mentioning that these companies are among the largest in market capitalization of the entire sector.
The latter means that the decrease in production does not broadly affect the expansion capacity and plans of these companies. In fact, Marathon, as reported in the following news of this work, increased the capital for the purchase of Bitcoin in its recurring purchase strategy.
Marathon Completed Raising $850M for its Bitcoin Standard
The largest representative of the Bitcoin mining industry on the stock exchange, Marathon, successfully completed the raising of $850 million. This corresponds to the issuance of interest-free convertible notes. Thus, with a part of this capital raised through the issuance of debt, the company will increase its hoarding of BTC.
Like MicroStrategy, this company has a commitment to recurring purchases of Bitcoin for its corporate reserves. This means that they will maintain the purchase of coins regardless of the price of the token in the spot market.
The fact that a mining company, which generates new BTC, buys even more tokens, becomes something enormously positive. That means their liquidations of produced coins are minimal.
Ethiopia now has 2.5% of global digital mining hash power
Ethiopia is emerging as one of the most influential nations in the field of digital mining. According to specialized media reports, the country has 2.5% of the global hashrate of the Bitcoin mining sector. Some mining firms of Chinese origin have great responsibility in this impulse.
Consequently, firms like BitFuFu and BIT Mining come with large investments in the African country. On December 4, local miner Kal Kassa stated that the sector now occupies a significant portion of the global hashrate of this industry.
This vision is shared by experts such as Ethan Vera from the Luxor Mining firm. In any case, the country’s ability to generate cheap energy becomes a stimulus for large companies in the sector.
Illegal Bitcoin farm discovered at Polish university
The Bitcoin mining industry remains one of the most profitable businesses. The rapid return on investment is one of the most attractive elements of the sector, especially in contexts of high BTC prices. But the matter is much more favorable when mining is carried out illegally.
This was the case of an illegal farm at the University of Wroclaw in Poland. According to local authorities, the operations center was in the basement of the university. According to the report, the discovery of the mining center occurred after smoke was observed from the ventilation ducts.
Supposedly, the smoke that emerged from the basement of the law school of the aforementioned study house was caused by a short circuit. The equipment would be connected wirelessly through routers, authorities representatives stated.
Hive announces $60M expansion in Paraguay
One of the large companies in the Bitcoin mining sector, Hive Digital, announced the disbursement of $60 million to expand its operations. Particularly, the company seeks to increase its mining capacity in Paraguay with new centers powered by clean energy from the South American country’s abundant sources.
For this new project, the company purchased 13,480 new ASIC mining rigs from Bitmain valued at $60 million. In particular, the equipment is the S21 Hydros model. With the new purchase, the company consolidates itself as one of the largest in the sector.
It’s worth remembering that Hive is listed on the Toronto Stock Exchange and Nasdaq. Furthermore, in terms of market capitalization it ranks 15th, according to the specialized data portal, companiesmarketcap.com.
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