This Week’s Bitcoin Mining Highlights
A new week closes for the hectic world of cryptocurrencies with violent price movements from BTC downwards.
This coming week will be the last of the third halving era, which is particularly important. In a few days the expected halving will be carried out in the network of the largest virtual currency. This is a momentous event that marks the reorganization of the mining business for the next four years.
Experts Worry About Chinese Influence in US Digital Mining
Since 2021, Bitcoin mining activity has been formally banned in China. Since then, a large part of the companies that operated in that country moved to the United States. Now, within the North American country, concerns are increasing due to this fact. The permissibility of the US authorities with respect to these companies can be considered surprising.
In any case, government attempts to put pressure on the mining business are constant. However, national miners have considerable strength to prevent the industry from being strictly regulated.
Bitfarms Reaches Computing Power of 7 EH/s
One of the largest Bitcoin mining companies, Bitfarms, remains in the club of those most committed to improving its prospects. For the leadership of this group, the halving is presented as a great challenge, but at the same time as an opportunity. The pressure generated by this 50% cut in income forces firms to expand.
Consequently, for Bitfarms this became a real commitment. A few hours before the fourth halving takes place, the Argentine firm makes the connections of the new batches of equipment it receives. This week, the company announced the connection of some 5,000 new pieces of equipment in two mining centers in Canada.
With these new additions of mining machines, the firm’s hash power reaches 7 EH/s.
CleanSpark Will Increase Capacity with New ASIC Fleet
CleanSpark is another of the Bitcoin mining firms that continues working even a few hours before the halving. According to specialized media publications this week, the company has exercised a purchase option for 100,000 S21 Pro mining equipment from the Chinese manufacturer Bitmain.
With this, the company’s computing power would increase sharply this year 2024. This Friday, the firm confirmed that the new range of its hash power is 17 EH/s. Added to this is the fact that in January they announced the purchase of 60 thousand new equipment and had the option of 100 thousand additional machines.
The last batch is already a closed deal, according to the aforementioned media. Thus, the company would consolidate this year as one of the most important in this industry. Furthermore, it is emerging as one of the safe and profitable survivors of this fourth edition of the halving.
Core Scientific CEO Talks About Halving
Core Scientific seems ready to face the fourth halving. Its CEO, Adam Sullivan, expressed some of his views a few days after the cut. In a recent interview, Sullivan highlighted the challenges and opportunities that the halving represents.
He stressed that this new edition has particularities that make it very different from previous editions. Among them, he highlighted the important role that BTC spot ETFs represent in the stock market. Likewise, he spoke of a different geolocation of operations.
When the most recent halving occurred, mining was concentrated in China and now it is much more decentralized, he noted. This company went bankrupt in December 2022 in the worst part of the winter. However, with the improvement of the market it managed to pay off its debts and return.
By Audy Castaneda