The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]
Source link
The publicly traded bitcoin mining company Cleanspark has exercised its option to acquire 100,000 bitcoin mining machines from Bitmain. The firm initially secured the option last year, and the agreement has now been enhanced to include the latest S21 Pro model from Bitmain, which offers 15 joules per terahash (J/T). Bitmain and Cleanspark Seal Deal […]
Source link
Either gold shares rise from here or gold prices take a dive.
Source link
A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power Administration (ANDE) correspond, in part, to illegal bitcoin mining […]
Source link
Per the CEO of Hut 8, a bitcoin mining company listed on the Toronto stock exchange, major financial institutions have made inquiries to purchase bitcoin directly from the firm. Additionally, the Hut 8 executive emphasized the forthcoming halving event’s “big impact,” noting a surge in demand juxtaposed with a reduction in available bitcoins. Financial Giants […]
Source link
A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
Although the prices of crypto mining stocks and cryptocurrencies don’t always move in harmony, generally speaking, if cryptos are doing well so are the miners.
That was the dynamic this week, as the Great Crypto Rally of 2024 powered full steam ahead, and miners came along for the ride. According to data from S&P Global Market Intelligence, CleanSpark (CLSK -8.22%) rose by nearly 9% over that stretch of time, Cipher Mining (CIFR -3.38%) advanced by almost 12%, and Hut 8 (HUT 11.97%) had quite the trajectory with a gain of just under 27%.
We’re getting very close to the latest halving of Bitcoin (BTC 0.04%). For those unfamiliar, a halving is an event in which the rewards for mining a cryptocurrency are, yes, cut in half.
The main goal of a halving is to reduce the supply of a coin or token, especially in the case of Bitcoin, whose supply will eventually be capped at 21 million coins. A halving occurs with the coin every time 210,000 blocks, representing sets of transactions, are created.
Specifically, miners will receive 3.125 Bitcoin for every new block on the chain they complete, down from the current 6.25. Most likely, the halving will occur at some point in April.
As any investor of any type of asset well knows, when the supply of a desirable good, service, or investment declines, demand tends to rise. This is the basic formula behind price rises.
So it’s no surprise to learn that Bitcoin’s price climbed notably just after its three previous halvings. In the most recent one in May 2020, six months after the event Bitcoin’s price was up by 79%. One year following the halving, it traded an eye-watering 547% higher.
There are no guarantees in the world of investing, of course, and we’ve all heard the warnings that past performance is no guarantor of future success. Right now, though, Bitcoin and any asset associated with it look like very solid bets.
The rush into spot Bitcoin exchange-traded funds has cooled, but their coffers are still bulging and helping to support the elevated price levels of the coin. The U.S. and global economies are continuing to provide gusty tailwinds, with inflation becoming less of a worry seemingly every day and Federal Reserve officials still apparently determined to cut interest rates, although not immediately.
Finally, for more than a few investors, Bitcoin is not only the asset representing the crypto space; it’s the only one they’re willing to buy. It helps that investing in those spot ETFs is quick and easy.
All this very much supports the work of Bitcoin miners. As long as investors continue to believe in Bitcoin, the price of those digital earth-diggers should keep defying gravity.
Bitcoin miner Bitdeer is reportedly in discussions with private credit firms to secure $100 million in funding to expand its mining capacity. It is believed that the cryptocurrency miner has engaged a financial adviser to assist with the negotiations. Negotiations Between Bitdeer and Lenders Continue The cryptocurrency mining firm Bitdeer Technologies Group is reportedly seeking […]
Source link
The phenomenon of the Bitcoin halving is a cornerstone event in the crypto world, fundamentally altering the economic landscape for miners and investors alike. Occurring approximately every four years, this event reduces the reward for mining new Bitcoin blocks by half, a mechanism designed to control the supply of Bitcoin and mimic the scarcity-driven value preservation seen in precious metals.
As we approach the next halving in 2024, the Bitcoin community keenly focuses on its potential impacts on the market and mining operations. In this shifting environment, GoMining emerges as a noteworthy entity, offering innovative solutions to the challenges posed by the BTC halving event.
The halving event is not merely a technical milestone but a pivotal economic reset that impacts all facets of Bitcoin mining. By halving the block rewards, the event directly challenges the profitability and sustainability of mining operations, compelling miners to reassess their strategies.
Historically, each halving has led to a significant shakeout in the mining industry, with only the most efficient and strategically positioned miners able to maintain profitability in the face of reduced rewards.
In the post-halving landscape, miners face the dual challenge of decreasing rewards and potentially increasing competition as the market adjusts to the new reward structure. This environment favors mining operations that achieve the lowest operational costs, particularly in energy consumption, which is the largest variable cost in Bitcoin mining.
Meanwhile, the increase in mining difficulty, a measure of how hard it is to find a new block, is another critical factor that miners must contend with post-halving.
As the rewards decrease, maintaining the same profitability level requires more efficient hardware and access to cheaper electricity. This situation leads to a natural selection process in the mining industry, where only the most efficient operations can thrive.
GoMining presents a compelling solution for individuals across the spectrum of cryptocurrency familiarity, from seasoned mining enthusiasts to those new to the crypto world. It offers a seamless and efficient way to engage in Bitcoin mining, even in the face of the complexities introduced by post-halving scenarios. By providing an accessible platform, GoMining enables anyone to participate in mining activities and receive daily rewards without needing deep expertise in the intricacies of Bitcoin mining. This approach not only democratizes access to Bitcoin mining but also emphasizes the importance of efficiency and cost-effectiveness in a rapidly evolving space.
GoMining’s solution is built upon a unique Liquid Bitcoin Hashrate vision, introduced by the company in 2022. According to this concept, Non-Fungible Tokens (NFTs), also known as virtual miners, represent real shares of Bitcoin mining power generated by nine top-notch data centers operated by GoMining.
This model democratizes access to mining and allows users to increase their mining capacity according to their investment strategy simply by acquiring or upgrading these NFTs. This approach eliminates the need for individuals to invest in expensive mining equipment or deal with the logistical challenges of setting up and running a mining operation.
Another key aspect of the ecosystem is the GOMINING token, which operates across both Ethereum and Binance Smart Chain networks, facilitating a variety of actions, including purchasing and upgrading NFTs and managing digital assets within the platform. Users can also stake the GOMINING token to earn returns and gain voting rights, influencing platform decisions and contributing to the community’s direction.
The GoMining veTokenomics framework is designed to increase its value over time through a deflationary model, incorporating burn and mint cycles that enhance its scarcity and utility.
In anticipation of the challenges posed by the halving, GoMining is actively expanding its total hashrate and exploring innovative ways to enhance the energy efficiency of its operations further. The company’s roadmap includes significant investments in technology and infrastructure to enhance its mining capacity and maintain competitiveness in the industry.
GoMining’s operations are designed to focus on energy efficiency and sustainability. The sustainability of mining infrastructure, especially during periods of market fluctuation, is heavily influenced by electricity costs. As such, the company strategically locates its data centers in regions with low electricity costs, significantly reducing one of the largest expenses associated with mining.
GoMining NFTs, also called digital miners, exemplify strategic planning in this aspect, having secured data center locations that grant them access to the most economically priced electrical resources worldwide. With an energy cost of merely $0.05 per kWh, they stand in stark contrast to the global averages, such as $0.44 per kWh in Britain, $0.17 per kWh in the United States, and $0.08 per kWh in both China and the United Arab Emirates, based on Statista’s 2023 data.
The mining firm also uses the latest and most energy-efficient mining hardware to ensure its operations have a minimal environmental footprint while maximizing user returns. Strategic partnerships with industry-leading players like Bitmain, a BTC mining hardware manufacturer, and participation in the Bitcoin Mining Council significantly contribute to the company’s position at the cutting edge of the industry.
The future of Bitcoin mining post-halving requires innovation, efficiency, and adaptability. GoMining represents a forward-thinking solution that addresses the core challenges miners face today.
By offering an accessible, scalable, and efficient model for Bitcoin mining, GoMining provides a valuable platform for individuals and entities looking to engage in mining without the traditional barriers.
As the mining landscape evolves, GoMining’s approach could serve as a blueprint for sustainable and profitable mining operations in the era of reduced block rewards.
The post The future of Bitcoin mining post-halving, according to GoMining appeared first on CryptoSlate.
The Government of Paraguay will strengthen the measures directed to combat the illegal cryptocurrency mining operations in the country. In a recent meeting, ANDE, the National Power Administration, the Supreme Court, and the Department of Justice, agreed to deal with these crimes swiftly given the damages they cause to the Paraguayan power grid. Paraguay Prepares […]
Source link