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The last week of the bullish month of November ends for the dynamic digital currency market, leaving a positive sentiment. In this work, as usual, we present you a summary of the 5 most outstanding news about Bitcoin Mining in these 7 days.
It is important to take into consideration that the mining sector is fundamental to the stability of the Cryptocurrency market. In that sense, companies in this industry have the ability to balance the market through cuts or increases in their settlements for operating expenses.
Likewise, the sector is also of vital importance for network security. It should not be lost sight of that, the greater the computing power of the blockchain, the more secure it is. In any case, during this week events occurred that motivate optimism for the future of the mining sector.
If you want to be aware of the most important events of the week in the mining world, we invite you to continue reading this work.
Top 5 Bitcoin Mining News This Week
In this new installment (number 177) of our classic weekly summary, we present you the 5 news about Bitcoin mining that stood out this week. Among them, the one related to Bitmain, the largest ASIC manufacturer in the world, draws powerful attention.
1. Bitmain business in limbo over alleged ties to Huawei
Since it was discovered that a firm related to Bitmain supplied chips to the sanctioned Huawei, the situation of the ASIC manufacturer is delicate. Its management makes attempts to distance itself from this issue, but Wall Street mining companies have no intention of getting involved in problems. The latter keeps Bitman imports in limbo.
Currently, numerous shipments of equipment from China are delayed and the industry suspects they are under scrutiny by authorities. According to specialized media, the US Customs and Border Protection Office (CBP) would have the company’s shipments detained in the ports of the North American country.
It is suspected that it has to do with possible relations with Huawei, given that other companies such as MicroBT and Canaan are not experiencing delays. In fact, this last company recently managed to secure million-dollar contracts and its shares on the stock market experienced a strong boost.
2. Miners’ production reached $5 billion in 2024
Among the Bitcoin mining news that stood out the most this week was the amount of production in 2024. According to recent reports, companies in the mining industry in general produced a total of approximately $5 billion in BTC.
This data is equivalent to the 16 largest companies by market capitalization listed on the US stock exchange. The report reflects that of this amount, approximately $3.6 billion was dedicated to the purchase of mining equipment and the expansion of the infrastructure of these companies in the third quarter alone.
This is the highest growth in this property, plant and equipment sector since the first quarter of 2022. With this, you can get an idea of how little profit the industry experienced during the year, given that most of its revenue was returned to the infrastructure.
Mining industry revenue in 2024 was $5 billion. Source: Theminermag.com
3. A Canton of Switzerland wants to become the new Texas by opening up to mining
The rise of the mining business as an ESG alternative to convert renewable resources into value is increasing. In this sense, the authorities of the canton of Bern, Switzerland, approved an initiative that will study the impact of the mining business in the region.
The proposal seeks take advantage of the value-generating potential of mining to take advantage of surplus renewable energy resources. It should be noted that the study project continues despite the opposition of the Government Council. If successful, this initiative will promote mining expansion in the European country.
In this way, with political conditions of immense stability, a secure economy and a favorable climate, Bern could become a global mining epicenter similar to Texas. Although the mining business still has numerous detractors, in recent years the pressure seems to have decreased in the face of more objective data on the positive environmental impact of digital mining activity.
4. Northern Data advances in its project to sell digital mining arm
Although the productive outlook for the Bitcoin mining business improves with the rise in the price of BTC, Northern Data management thinks they should move away from that industry. Consequently, this Tether firm has plans to sell its mining arm.
The reason for this is that the company is carrying out a complete pivot project towards artificial intelligence (AI) solutions. Unlike other companies, Northern does not intend to remain in the two businesses for operational reasons.
Thus, negotiations for the sale of its mining infrastructure appear to be underway, according to Bloomberg reports. According to this portal, the company took advantage of the growth in interest in November to promote the sale of its mining arm. Thus, it would be very close to reaching a sales agreement.
5. Hut 8 Directive Will Increase Bitcoin Holdings
The strategy of storing Bitcoin does not seem to satisfy those who promote it. This shows that confidence in the currency’s price appreciation in the near future is enormous. In this way, the CEO of the mining giant Hut 8 proposed the purchase of more BTC and the response was affirmative.
According to the company’s CEO, Asher Genoot, in X, the company has 9,100 bitcoins on its balance sheets. Thus, ask through a survey: “Should we increase our reserves?”
At the time of writing this note, the voting of more than 29,713 people shows that 92.6% recommend increasing your balances in BTC. In conclusion, the mining company would be the next to enter the race of the recurring purchasing strategy between corporations, which MicroStrategy leads.
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