Bitcoin’s Mining Difficulty Rises for the First Time in 57 Days, BTC Hashrate Slipped 1.7% Lower in Q2

The mining difficulty tied to the Bitcoin network increased for the first time in 57 days, rising 1.74% higher than the last two weeks. Meanwhile, Bitcoin’s hashrate has been below average as the network’s computational power is down 1.7% lower in the second quarter than in Q1 2022. After reaching 292 exahash per second (EH/s) on June 8, Bitcoin’s hashrate today is coasting along below the 200 EH/s mark at 182 EH/s. Bitcoin’s Difficulty Increases, Making It More Difficult to Discover Block Rewards for the Next 2 Weeks Following the…

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Bitfarms Adds 18 MW of Capacity to ‘The Bunker’ — Miner’s Daily Production Taps 16.8 BTC per Day

On July 28, the bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, by adding roughly 18 megawatts (MW) of capacity to the operation. The mining facility dubbed “The Bunker,” now has approximately 3.8 exahash per second (EH/s), after the 18 MW increase boosted the computational power by 200 petahash per second (PH/s). Bitfarms Adds 18 MW to ‘The Bunker,’ Firm Says Daily Production Reaches 16.8 Bitcoin Bitfarms Ltd. (Nasdaq: BITF) has announced the company has improved The Bunker by adding 18 MW of…

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Foundry Digital Launches Logistics Arm to Advance Standards in the Cryptocurrency Mining Industry

On Thursday, Foundry Digital LLC, the mining company and subsidiary of Digital Currency Group (DCG), announced the launch of Foundry Logistics in order to advance standards in the cryptocurrency mining industry. The newly launched arm of the company plans to “bridge the gap between hardware manufacturers and buyers by providing an all-in-one solution for mining hardware deliveries.” DCG Company Foundry Launches Mining Logistics Arm Foundry, the crypto mining, staking firm, and DCG company has announced the launch of a new company venture called Foundry Logistics. The new mining logistics arm…

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Not just Bitcoin price: Factors affecting BTC miner profitability

The ongoing cryptocurrency bear market has triggered a massive decline in Bitcoin (BTC) mining profitability as BTC mining expenses outpace the price of Bitcoin. Closely tied to the drop in the BTC price, Bitcoin mining profitability has been tanking since late 2021 and reached its lowest multi-month levels in early July 2022. According to data from crypto tracking website Bitinfocharts, BTC mining profitability tumbled to as low as $0.07 per day per 1 terahash per second (THash/s) on July 1, 2022, touching the lowest level since October 2020. The decline…

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As The Merge Gets Closer, Ethereum’s Hashrate Dropped Over 26% Since the Network’s All-Time High 45 Days Ago

While a tentative date for The Merge has been pencilled in by developers, and even though it’s quite possible it could be delayed once again, Ethereum’s hashrate has dropped 26.26% during the last 45 days. 18.21% of the hashrate loss took place after June 30, as Ethereum’s global hashrate slipped from 1,190 terahash per second (TH/s) to today’s 973.27 TH/s. While Ethereum’s hashrate decreased, Ethereum Classic’s hashrate spiked 12.07% higher during the last two days, but the added terahash was way less than the hashrate that left Ethereum during the…

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Iranian Power Utility Tavanir Vows Severe Measures Against Unlicensed Crypto Miners

Iran’s state-owned power distribution company, Tavanir, has threatened harsher measures to discourage unauthorized crypto mining. These include much higher fines for those minting digital currencies with subsidized electricity and penalties for government officials involved in mining. Tavanir Raises Fines for Illegal Cryptocurrency Mining The Iran Power Generation, Transmission and Distribution Company (Tavanir) has adopted new, more severe measures to prevent crypto mining outside the law. The utility’s spokesman Mostafa Rajabi Mashhadi announced that fines for illegal activities in the sector have been increased by 400%. Quoted by the English-language Iranian…

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Report: $4B in Bitcoin Mining Loans Are in Distress — JPMorgan Analyst Says Price Pressure Stems From Miner Sales

Cryptocurrency-related lending has become a black smudge for the industry these days and according to a recent report, bitcoin’s low price has put billions in mining loans under stress. The report, which quotes the co-founder of mining company Luxor Technologies, Ethan Vera, says that roughly $4 billion in loans backed by crypto mining rigs are extremely close to running a risk of default. Analyst Says Miners ‘Are Nervous About Their Loan Books’ The price of bitcoin (BTC) is 21% lower than it was two weeks ago and the price drop…

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Iran to Shut Down Crypto Mining Farms Amid Record High Power Demand

Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced. Legal Crypto Miners in Iran to Halt Operations Again Due to Electricity Shortages Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin minting equipment from the beginning of Tir, the next month in the Iranian calendar, or Wednesday, June 22. Mostafa Rajabi Mashhadi, spokesman of the Ministry…

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Kazakhstan’s central bank ‘isn’t going to ignore’ the crypto market

While Kazakhstan’s government is catching up with the tremendous volume of crypto mining in the country by introducing new taxes and regulations, the local central bank intends to explore the possibilities that crypto offers.  On Tuesday, June 7 during the press conference the chairman of Kazakhstan’s National Bank Galymzhan Pirmatov stated that the nation aims to extract the profit from technologies the cryptocurrency market could provide. He emphasized the attractiveness of innovations and made reservations about the risks to macroeconomic stability. The official doesn’t think that the bank is late…

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US energy company opens crypto mining facility in Middle East to use stranded natural gas

As the heated up discussion around the ethical aspects of using fossil fuels in crypto mining remains one of the key topics for the industry, an unexpected partnership between a Denver-based mining company and the government of a gas-rich Middle Eastern country sets a horizon for a positive role of crypto in cutting the fossil fuels waste.  On Wednesday, June 1 Bloomberg reported that Crusoe Energy, an operator repurposing wasted fuel energy to the computational power of crypto mining, would start its work in Oman, a nation that exports 21%…

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