Bitcoin mining
Bitcoin’s {{BTC}} Near Term Price Could be Tied to the Outcome of the U.S. Election: Jefferies
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2 months agoon
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adminWith multiple politicians, both Republican and Democrat, and former president Donald Trump in attendance at the Bitcoin Nashville conference last week, there was a political undertone to the crypto event, investment bank Jefferies said in a research report on Monday.
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Bitcoin mining
Bitcoin Mining Difficulty Hits Record 92 Trillion
Published
1 week agoon
September 12, 2024By
adminThe Bitcoin mining difficulty reached a new all-time high of 92.67 trillion on September 11. This represents a 3.04% increase over the last 24 hours and continues an upward trajectory in mining competition.
JUST IN: #Bitcoin mining difficulty hit a NEW ALL-TIME HIGH 🚀 pic.twitter.com/vhq0ClEXRW
— Bitcoin Magazine (@BitcoinMagazine) September 11, 2024
The Bitcoin difficulty chart plots the historical increases and decreases in mining difficulty over time. It measures how hard it is for miners to find a valid hash for the next block. Higher difficulty requires more computing power to mine new Bitcoin.
When combined with the Bitcoin price, difficulty helps determine miners’ profitability and return on investment. The metric soared in 2024 amid massive growth in Bitcoin’s overall hash rate and adoption.
The rising difficulty shows intensifying competition on the Bitcoin network as more miners fight for limited block rewards. This is generally constructive for network security and decentralization.
Despite rough market conditions this year, the difficulty increase displays the unprecedented demand for Bitcoin block rewards. It underlines the incredible security offered by the collective computing power of miners around the world.
The difficulty adjustment algorithm built into Bitcoin’s code dictates the pace of change in mining competition. It is programmed to find blocks approximately every 10 minutes, maintaining a steady influx of new Bitcoin over time.
This predictable Bitcoin issuance schedule makes its inflation rate easy to model and appeals to investors compared to fiat currencies subject to central bank policies.
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Bitcoin mining
Japan's Largest Power Company TEPCO is Mining Bitcoin Using Renewables
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2 weeks agoon
September 9, 2024By
adminTokyo Electric Power Company (TEPCO), Japan’s largest electricity provider, has begun mining Bitcoin through its subsidiary Agile Energy X using excess renewable energy that would otherwise be wasted, as per reports from Asahi.
With over 27 million residential and business customers, TEPCO established Agile Energy in 2022, and now they are exploring Bitcoin mining powered by surplus renewable energy. The subsidiary has installed mining rigs next to solar farms in Japan’s Gunma and Tochigi prefectures.
The initiative helps reduce wasted green energy from solar and wind farms that are forced to curtail production to avoid overloading Japan’s grid. This energy is now being diverted to generate Bitcoin.
“Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted,” said Agile Energy President Kenji Tateiwa. “If bitcoins were to provide a new source of income for similar power producers, who are being exposed to overinvestments, that would prompt more green energy to be introduced.”
The project shows how Bitcoin mining can incentivize renewable energy growth by providing producers with additional revenue streams. Tateiwa said Bitcoin profits could encourage further investment in clean energy to power the mining.
Other countries are also tapping excess renewables for Bitcoin mining, like El Salvador, which uses its geothermal energy. This dispels the myth that Bitcoin is environmentally hazardous, as much mining uses energy that would otherwise be wasted.
More and more companies and countries are figuring out how to turn waste and surplus energy into the hardest money on earth. As more renewables come online, Bitcoin mining will help reduce wasted power and emissions.
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Bitcoin mining
Bitcoin Hashrate Records New ATH Surpassing 740 EH/s
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2 weeks agoon
September 3, 2024By
adminThe Bitcoin network hash rate reached a new all-time high on September 3rd, surpassing 740 exahashes per second (EH/s). This comes even as Bitcoin prices trade below $60,000.
A higher hash rate reflects more computational resources spent processing transactions and mining new Bitcoin. This is despite Bitcoin sliding over 10% this week, which highlights the disconnect between network fundamentals and short-term pricing.
Leading mining companies such as Whatsminer and MicroBT are launching advanced machines to take advantage of the surge in hash rate. Whatsminer has introduced four new mining rigs and a forthcoming solar-powered mining container system. Meanwhile, MicroBT has rolled out its M6XS+ miners, capable of processing between 190 and 450 terahash.
Riot Platforms also purchased Block Mining for $92.5 million to enhance its hash rate and broaden its market presence. Additionally, miners are looking into AI integration and potential acquisition opportunities to address persistent identity challenges in the industry.
Bitcoin’s rising hash rate indicates strong confidence in its long-term sustainability. With significant advancements in mining technology and supportive political conditions enhancing profits, miners are rapidly expanding their infrastructure to handle transactions and secure the Bitcoin network.
While the hash rate doesn’t directly influence Bitcoin’s price, it reinforces the underlying network security. Hashrate milestones also tend to precede bullish market moves and Bitcoin’s halving events.
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