Bitcoin miners
Bitcoin Hashrate Hits All-Time High as Trump Vows to Boost Industry
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2 months agoon
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adminAccording to Bitcoin Magazine Pro, the 7-day average mining hash rate for Bitcoin has hit a new all-time high, surpassing 667 exahashes per second (EH/s) on July 26th during the Bitcoin 2024 conference. This tops the previous record of 657 EH/s set on May 26th.
This new all time high comes as Donald Trump announced his plans during the conference to support and boost the Bitcoin mining industry.
Major mining firms like Whatsminer and MicroBT are rolling out new powerful machines to capitalize on the hash rate boom. Whatsminer unveiled four new mining rigs and an upcoming solar mining container system. MicroBT introduced its M6XS+ miners, which can handle 190 to 450 terahash.
Riot Platforms also acquired Block Mining for $92.5 million to expand its hash rate and market reach. Miners are exploring AI integration and acquisition opportunities to navigate ongoing identity challenges.
The boost in miners’ revenue from Bitcoin’s rising price has cooled selling pressure and stabilized network activity. Outflows from miners remained under $10,000 per day in July compared to over $20,000 in March when BTC first hit $70,000.
Overall, Bitcoin’s climbing hashrate reflects a vote of confidence in its long-term viability. With major mining innovations and favourable politics boosting revenues, miners are aggressively expanding infrastructure to process transactions and secure the Bitcoin network.
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Bitcoin Mining Stocks Will be Best BTC Proxy Bets If History Repeats
Published
2 months agoon
August 19, 2024By
adminSo far in 2024, the Bitcoin price has shown strength with most of the gains coming in the first quarter following the spot Bitcoin ETF launch. However, the Bitcoin mining stocks have given a laggard performance amid the BTC halving event putting significant pressure on the company’s revenues.
Bitcoin Mining Stocks Show Undervaluation
This year, some of the top BTC mining stocks such as Marathon Digital (NASDAQ: MARA), Riot Platforms (NASDAQ: RIOT), etc have been down 30-50% since the beginning of the year.
Crypto analytics platform ecoinometrics said that Bitcoin miner stocks had a terrible start to the year 2024, followed by a missed opportunity in Q1 following the spot Bitcoin ETF launch. During the second quarter, the BTC price has largely remained range-bound leaving the mining stocks struggling to gain momentum.
However, if history repeats, Bitcoin mining stocks can outperform BTC during the next bull run. In comparison to the previous cycles, several BTC mining stocks remain undervalued as of now.
The Bitcoin miners’ stocks have suffered a lot this year.
A terrible start to the year was followed by a missed opportunity during the Bitcoin ETFs rally in February and March. Since then, Bitcoin has been stuck in a range.
This is disappointing, considering that during… pic.twitter.com/3nJ3GoVbaf
— ecoinometrics (@ecoinometrics) August 18, 2024
“If you believe Bitcoin miners are likely to behave similarly during Bitcoin’s next parabolic phase, it’s reasonable to conclude that most of them are clearly undervalued,” noted ecoinometrics.
Top Bitcoin mining players have been consolidating their operations following the halving event in April, by buying new equipment and gearing up for future operations. Last week Marathon Digital purchased 4,144 Bitcoins through its $300 million in convertible notes.
In the past, several players have been betting on MicroStrategy stock as a proxy for Bitcoin. This also led to the launch of a leverage MicroStrategy ETF MSTX last week which saw strong trading volumes.
BTC Consolidation Ending Soon?
Over the weekend, the Bitcoin price attempted a breakout above $60,000 but failed to breach the crucial resistance. At press time, Bitcoin is trading 1.36% down at $58,549 with a market cap of $1.115 trillion.
Popular analyst Rekt Capital stated that Bitcoin is just 125 days from the halving event. Historically, the Bitcoin parabolic rally begins after 160 days from BTC halving. Thus, the BTC price breakout might come a month later by September end.
Bitcoin is ~125 days after the Halving
Bitcoin tends to breakout into the Parabolic Phase of the cycle some ~160 days after the Halving
If history repeats, Bitcoin could be just over a month away from breakout
That’s late September$BTC #Crypto #Bitcoin pic.twitter.com/iy7xmDjuso
— Rekt Capital (@rektcapital) August 18, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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