Top Bitcoin Mining News of the Week
The shift of mining companies into the field of artificial intelligence is an aspect that is of great interest to analysts. Some reassurance was also provided by other news, such as the easing of reserve liquidation by miners.
In order to diversify their revenues and improve their financial performance, large companies are turning to AI. The huge demand for data solutions from artificial intelligence companies is enabling mining companies to increase revenues and diversify their business.
Digital Mining Industry Shifts to AI Camp
Companies in the digital mining industry continue to feel the devastating effects of the halving of the digital mining industry. The problems have been exacerbated by the halving of BTC revenues and months of stagnation in the price of the coin.
Medium and small businesses, as expected, bore the brunt of the drama and surrendered as the winter of 2022 approached. However, large companies have found a way out of this predicament thanks to AI.
Many companies like Core Scientific and others are now spending huge amounts of money to change part of their infrastructure. In this way, bitcoin mining does not seem to be the infinite source of profit it was a few years ago.
Mining Companies Selling Pressure on BTC Reserves Eases
Despite the complex moment for the mining sector, this week it was known that the selling pressure of the companies in the sector has decreased. In this sense, the data compiled by a media outlet show that in recent days the reserves of the mining companies have increased by about 62 million dollars.
Thus, in 30 days, the reserves of the miners have recovered remarkably. The latter is positive news that relieves pressure and suggests that the sector’s earnings are improving. Although the effects of April’s halving are still very much in evidence, the scenario does not seem so gloomy, at least for the time being.
Judging by the improvement in BTC’s performance in recent days, the mining sector is also expected to improve. In any case, it is too early to declare victory in a sector that has been hit hard this 2024.
Hashrate Rises on Bitcoin Price Improvement
The improvement in the bitcoin price over the past few days is now having an obvious impact on bitcoin mining. Better performance is stimulating connections and reconnections of equipment from companies that were in the process of surrendering. Thus, the rise of BTC becomes a breath of fresh air in this beleaguered industry.
In this sense, the hashrate or computing power of the sector is increasing remarkably. According to the BTC.com site, this measure is 625 EH/s, which indicates that the integration of mining equipment into the network is at a good pace in recent hours.
One element to consider is that the CrowdStrike outage did not have a major impact on the mining industry. This makes the crypto sector, in all its facets, stand out as an area that is not dependent on traditional processes.
Paraguayan Authorities Neutralize Gigantic Illegal Center
In a massive police operation, Paraguayan authorities reported the dismantling of a giant bitcoin mining farm. The center was operating illegally, which the authorities consider a serious crime against the country.
According to reports, the South American country’s security forces have dismantled around 70 illegal farms over the past 5 years. The country’s huge energy surpluses and lack of oversight attracted thousands of miners to set up illegal centers and maximize profitability. However, the situation began to spiral out of control and blackouts became frequent.
By Audy Castaneda