A new week ends in the hectic world of cryptocurrencies, with the BTC price on a positive streak. In this work, as usual, we offer you a summary of the most important Bitcoin Mining news of the week.
Among the most important points in the mining sector this week is the decrease in the difficulty of the BTC network. The latter makes mining activity much more economical for companies.
Added to these are other news of interest such as the agreement between Bitfarms and Riot in their aggressive purchasing dispute. If you want to know more about this and other news, we invite you to continue reading this classic weekly summary of specific news about the mining sector.
Top 5 Bitcoin Mining News of the Week
In this new edition (number 168) we offer you a summary of the 5 most important news about Bitcoin mining this week. Below, we present the highlights of the last 7 days in this complex crypto business.
Bitfarms and Riot reach an agreement in their bitter dispute
Companies Bitfarms and Riot Platforms have finally reached an agreement in their bitter aggressive purchasing dispute. The first of these companies did everything in its power to prevent the second from making an unfriendly purchase. After months of maneuvering and public hostilities, the management of the two firms reached an agreement.
Among the points of the agreement between both companies, the withdrawal of the aggressive purchase offer stands out. Likewise, Riot undertakes not to intervene in the decisions of the rival firm at least until 2026. It should not be lost sight of that Riot owns 20% of the shares of this company.
For its part, Bitfarms agreed to expand the board of directors and allow additional share purchases by Riot. This seems to bring to an end a dispute that was not benefiting either company.
Mining difficulty drops sharply
Another of this week’s notable news about Bitcoin mining has to do with the notable decrease in network difficulty. According to data from BTC.com, the network complexity for processing transaction data decreased by 4.60%.
With this, the difficulty drops to 88.40 T, which is equivalent to the complexity limit of July 18. This decline is directly related to the sharp drop in the network’s hash rate. In simple words, all this means that profitability within the mining business remains low.
Some of the largest companies are turning towards offering Artificial Intelligence data services. In that sense, the computing power of the Bitcoin network could be further affected as this shift towards AI by mining companies continues.
Mining difficulty on the Bitcoin network dropped considerably this week. Source: BTC.com
Core Scientific at the top of AI services
The broker Canaccord made an assessment of the Core Scientific firm, which was notably positive. The optimistic estimate for the mining company’s actions is related to its progress towards the field of artificial intelligence. In fact, Canaccord analysts believe that Core will very soon be at the top of the AI services sector.
The target price for the shares is $16, according to the financial firm’s analysis. Among the elements driving this positive estimate is the agreement with CoreWave. They claim this is a crucial step for Core’s diversification from its initial business.
The company’s steadily growing earnings performance, shift toward AI, and increased cash flow are high-impact elements. The latter is confirmed by Canaccord analysts, cited by CoinDesk.
Hut 8 advances its shift towards artificial intelligence
Another Bitcoin mining company that is advancing rapidly in the field of AI is Hut 8. This firm is characterized by investing large amounts in both fields, both AI and mining, without sparing resources. In fact, it recently reported that it was close to launching its own miner that it manufactured together with Bitmain.
Now, the firm highlights that it deployed a total of 1,000 NVIDIA GPUs for its vertical GPU-as-a-Service business. Now, the company is dedicated to digital mining, cloud services and the provision of data for the AI sector, according to specialized media.
“The launch of our GPU-as-a-service vertical further diversifies our computing layer, which now encompasses AI computing, Bitcoin mining and traditional cloud services,” said the firm’s CEO, Asher Genoot.
Bitdeer completes testing of SEAL02 chip
Bitcoin mining firm Bitdeer announced that it has begun the testing phase of its SEAL02 chip. This would have reached an optimal level of efficiency for digital mining, as stated this week in a statement. The chip achieved an energy efficiency ratio of 13.5 joules per terahash (J/TH). This result marks a significant step in the company’s SEALMINER technology roadmap.
The SEAL02 chip was developed in collaboration with TSMC, the latest technologies available. The chip’s performance was verified during prototype testing, demonstrating its effectiveness in a power-saving mode.
With this, the company demonstrates its commitment to the mining business. Its Cryptocurrency generation capacity is expected to increase considerably with this new development.
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