A new deadline of 7 days closes in the hectic world of cryptocurrencies. Since Monday, the price of BTC experienced significant variations that ended with numerous all-time highs. In the field of Bitcoin Mining, the atmosphere during the week was also dynamic.
The strong appreciation of BTC, which exceeds +104% so far this year, had a highly positive impact on the digital mining industry. As data from Trading Different shows, the average cost of production per BTC line against the coin price turned positive for the first time in months. In that sense, producing one BTC costs $76,201, while the price of the token is $90,000.
This caused profits to return to the mining sector and companies were freed from the heavy weight of negative profitability. As can be deduced, the mining sector is experiencing a revival of hope, which is expressed in some of the news in this summary. Among them, the plans of the Chinese electric car manufacturer, Kaixin, to venture into BTC mining stand out.
The 5 Bitcoin mining news of the week
In this new installment (number 175) of our traditional summary, we present you the 5 most important Bitcoin mining news of the week. If you want to know the most shocking events in the sector during the last 7 days, we invite you to continue reading this work:
1. Digital mining in Russia will face obstacles with the new regulation
Although the mining industry was legalized in the Russian Federation with the signature of President Putin in a law, that does not nullify many problems for the sector. Among them, a recent proposal from the Ministry of Energy stands out, which aims for prohibitions in some regions.
According to the TASS agency, the Ministry pursues a periodic ban on mining activity in some regions of the country. According to internal sources of that government institution, the measures would come into effect in December of this year. However, the latter is not officially confirmed.
It is prudent to ban digital currency mining in areas facing critical regulatory and fiscal parameters and regions with subsidized electricity prices during expected shortages.
Ministry of Energy of Russia.
2. Kaixin would expand into digital mining
The Chinese electric car manufacturing giant, Kaixin, has plans to enter the Bitcoin mining industry. This operations diversification strategy would aim to acquire participation in digital mining operations in the Middle East.
In a statement published this week, the company assures that it is a diversification strategy. However, they clarify that the electric car business remains the company’s main business. Despite this announcement, the board did not offer further details, given that they would still be in the evaluation phase.
Until recently, mining companies looked for alternatives outside the business due to low proactivity. Now, the panorama is beginning to change and companies from other sectors are entering the business of generating bitcoins.
3. Canaan equipment has the best performance, says Hive
Hive, one of the largest digital mining firms in the world, has full confidence in Canaan ASIC equipment. In fact, the firm announced the injection of $20 million dollars in the purchase of mining equipment from this Chinese company. The new mining machines (about 6,500 units) will replace other old and less efficient equipment, the firm highlighted in a statement.
According to Hive CEO Aydin Kilic, Avalon A1566 devices offer the best ROI in both bear and bull markets. The latter would have been reason enough for the company to prioritize the purchase of these machines instead of equipment from other manufacturers.
On the other hand, Hive also reported that the construction of its 10,000 MW mega farm in Paraguay is on track.
4. Bitcoin rise restores hashprice to June levels
The rise in the price of Bitcoin in recent weeks allowed for a hopeful revival of productivity in digital mining. Consequently, the BTC hashprice rose significantly and is already at June levels. Although it is still in a low position, at least it has already overcome the critical part that was triggered after the halving in April of this year.
Since last November 5, the Bitcoin hashprice rose a mighty 31.63%. With this, the price per PH/s increased from $43.12 to $56.77 dollars, according to the hashpriceindex.com portal.
Historically, halvings represent a hard blow against Bitcoin mining companies due to the strong cut in rewards they entail. The 2024 cut was no exception and was one of the most complex for the mining industry, given that it was accompanied by a notable stagnation in the price of Bitcoin.
Bitcoin’s Hashprice recovers thanks to the rally in the price of the largest Cryptocurrency during the first half of November. Source: Hashpriceindex.com
5. Thailand captures two miners and accuses them of the theft of $280 thousand dollars
Another interesting news related to digital mining comes from Thailand. The authorities of that country announced the capture of two people who operated the digital mining business clandestinely.
According to specialized media reports, the two people would be accused of the theft of $280,000 through the illegal use of electrical energy. The police authorities acted against the miners after receiving complaints from people who noticed security cameras installed in a supposedly abandoned place.
Illegal Bitcoin mining activities continue to rise as returns are hugely favorable. With unpaid energy and second-hand mining equipment at low prices, it becomes a lucrative business with relatively low investment.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
