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Bitcoin’s mining difficulty fell 3.6% at 3:49 a.m. UTC on Jan. 3. The difficulty change suggests that a fraction of Bitcoin (BTC) miners withdrew from the network — most likely due to reduced mining profitability, according to the latest data from Bitrawr. Fluctuations in the price of BTC are unlikely to be the reason behind […]
Investment manager VanEck’s head of Digital Assets Research Matthew Sigel predicts Bitcoin (BTC) will hit $10,000 to $12,000 in the first quarter, which will mark the bottom of the bear market. Sigel added that prices will fall to these levels “amid a wave of miner bankruptcies.” Energy crisis renders mining unprofitable In the company statement, Sigel […]
Bitcoin mining revenue was down to $9.55 billion in 2022 from $15.3 billion in 2021 – a 37.5% decline. Since the peak of a massive rally in 2021, cryptocurrencies have lost more than $2 trillion in market cap to reach below $900 billion. There has been more than a 70% drop in Bitcoin, the world’s […]
While most of the market focuses on Bitcoin’s price volatility, a much bigger problem seems to go unnoticed. The centralization of Ethereum has been one of the hottest topics in the crypto industry since the network’s switch to Proof-of-Stake, with many critics warning about the dangers of such a high market cap cryptocurrency relying on […]
David Marcus, founder of Bitcoin (BTC) payments firm Lightspark, disappointed crypto bulls hoping for a quick crypto market recovery, as he predicted that the bear cycle will likely last through 2024. In a blog post on Dec. 30, Marcus, who was the co-creator of Meta’s scrapped crypto project Diem, wrote: “We won’t exit this “crypto […]
Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, has resigned, according to a press release on Dec. 29. Emiliano Grodzki and Nicolas Bonta founded the mining company in 2017. As reported, Grodzki will remain as a director, whereas Bonta will become board chairman. Following Grodzki’s resignation, President and Chief Operating Officer Geoffrey […]
Bitcoin (BTC) miner balances started at 1.82 million BTC at the beginning of the year. Despite peaks of capitulation and significant selloff volume, BTC miner wallets still sit at a flat 1.8 million BTC. Mining rewards held in BTC miners’ wallets saw a sharp decline starting in August, likely due to the Poolin exodus. This […]
Struggling Bitcoin (BTC) miner Argo Blockchain sold its Helios mining facility in Texas to Galaxy Digital for $65 million and also got a $35 million loan from the company as part of the deal, according to a Dec. 28 statement. Following the news, Google Finance data shows that its London shares were up by over […]
Bitcoin’s (BTC) hash rate fell 13% on Dec. 27 to 202.17 EH/s from around 240 EH/s recorded on Dec. 26. It has since recovered to 234 EH/s, as of press time. Source: Glassnode The hashrate decline is expected to lead to a 7% to 10% drop in mining difficulty. BTC’s mining difficulty is near a […]
Bitcoin’s fall from its all-time high to a low of $15,700 has been one of the most dominating narratives this year. Bitcoin lost 75% of its value since Nov. 10, 2020, and over 65% since the beginning of the year. However, a much more remarkable story than Bitcoin’s volatility is the divergence between its price […]
