This Week’s Five Top Bitcoin Mining News
The news includes Bitfarms and Riot settling their aggressive buyout dispute.
Mining highlights this week included the BTC network being reduced in difficulty. This makes mining activity much cheaper for corporations.
Bitfarms and Riot Platforms Reach Settlement in Bitter Dispute
In their bitter dispute over an aggressive buyout, Bitfarms and Riot Platforms have finally come to an agreement. The former did everything it could to prevent the latter from executing a hostile takeover. The boards of the two companies reached an agreement after months of maneuvering and public hostility.
Among other things, the two companies have agreed to withdraw the aggressive bid. In addition, Riot has agreed not to interfere with its competitor’s decisions until at least 2026. It should not be forgotten that Riot owns 20% of the company, which means that Riot owns 20% of the company.
Bitfarms agreed to expand its board and allow Riot to continue buying additional shares. This seems to be the end of the road for a dispute that was of no benefit to either company.
Mining Difficulty Drops Sharply
Another notable mining news this week has to do with the notable drop in network difficulty. The network difficulty for processing transaction data dropped by 4.60%, according to BTC.com.
With this, the difficulty level has dropped to 88.40 T, which is equal to the complexity limit of the 18th of July last year. The sharp drop in the network hash rate is directly related to this decrease. In other words, the profitability of the mining business is still low.
Some of the largest companies are turning to AI data service offerings. In this regard, the computing power of the network could be further affected as this shift to AI by mining companies progresses.
Core Scientific at the Top of AI Services
Broker Canaccord has made a remarkably positive assessment of Core Scientific. The mining company’s foray into the artificial intelligence arena is behind the bullish valuation. Indeed, Canaccord analysts expect Core to become an AI services leader.
Elements of great impact are the company’s steadily growing earnings performance, the shift to AI, and higher cash flow. The latter is the claim of analysts at Canaccord, as quoted by CoinDesk.
Bitdeer Completes Testing of SEAL02 Chip
Bitcoin mining company Bitdeer has announced that it has completed the testing phase of its SEAL02 chip. It has achieved an optimal efficiency level for digital mining, the company said in a statement this week. The chip achieved 13.5 joule per terahash (J/TH) energy efficiency. This achievement represents a significant step in the SEALMINER technology roadmap.
In collaboration with TSMC, the latest available technologies were used to develop the SEAL02 chip. The chip’s performance was verified by prototyping and demonstrating its effectiveness in power-saving mode.
This is a demonstration of the company’s commitment to the mining business. With this new development, there will be a significant increase in the company’s cryptocurrency production capacity.
Hut 8 Makes Progress in its Move Towards Artificial Intelligence
Another bitcoin mining company making rapid progress in AI is Hut 8. This company is known for investing heavily in both AI and mining, without skimping on resources. Indeed, the company recently reported that they were nearing the launch date for their own miner, which they built with Bitmain.
The company announced that it has deployed a total of 1,000 NVIDIA GPUs for its GPU-as-a-Service vertical business. According to the trade publication, the company is now focusing on digital mining, cloud services, and data delivery for the AI sector.
By Leonardo Perez