Top Five Mining News of the Week
A new 7-day term closes in the troubled world of cryptocurrencies. Since Monday, the price of BTC experienced significant swings that ended with numerous all-time highs. In the Bitcoin mining arena, the environment in the week was also dynamic.
The digital mining industry has been positively impacted by the strong appreciation of BTC, which has exceeded +104% so far this year. For the first time in months, the average production cost per BTC line turned positive against the coin price, according to data from Trading Different.
Digital Mining in Russia Is Going to Get Slammed with New Regulations
Mining has been legalized in the Russian Federation with President Vladimir Putin’s signature on a law. However, this hasn’t eliminated many problems for the industry. One of them is a recent proposal by the Ministry of Energy. It aims to ban mining in some regions.
The ministry is considering a periodic ban on mining activities in some regions of the country, according to the TASS news agency. According to the government agency’s internal sources, the measures would come into effect in December this year. However, this has not been officially confirmed.
Kaixin to Expand into Digital Mining
Kaixin plans to enter the bitcoin mining industry, according to the Chinese electric car manufacturing giant. The aim of this business diversification strategy would be the acquisition of a stake in digital mining operations in the Middle East.
The company assures that it is a diversification strategy in a statement released this week. However, they clarify that the electric car business remains the company’s core business. Despite the announcement, the board did not provide further details. They said they were still in the evaluation phase.
Canaan’s Equipment Has the Best Performance, Says Hive
Canaan ASIC equipment has the full confidence of Hive, one of the largest digital mining companies in the world. In fact, the company has announced the injection of 20 million dollars in the purchase of mining equipment from this Chinese company. As the company pointed out in a statement, the new mining equipment (about 6,500 units) will replace other old and less efficient equipment.
The Avalon A1566 machines offer the best ROI in both bear and bull markets, according to Hive CEO Aydin Kilic. The latter would have been enough of a reason for the company to give priority to the purchase of these machines instead of the equipment from other manufacturers.
Bitcoin Rise Brings Hash Price Back to June Levels
The rising price of Bitcoin in recent weeks allowed digital mining productivity to rebound. As a result, the BTC hashprice has risen significantly and is already at June levels. Although it is still in a low position, at least it has already overcome the critical part that was triggered after the halving of the price in April of this year.
Historically, halving has been a major blow to bitcoin mining companies. Halving is a major reduction in reward. The 2024 cut was no exception. It was one of the most complex for the mining industry, as it was accompanied by a notable stagnation in the price of bitcoin.
Thailand Captures Two Miners, Accuses Them of Stealing $280,000
The two people are accused of stealing $280 thousand through the illegal use of electric power, according to specialized media reports. The police authorities took action against the miners after receiving complaints from people who noticed security cameras in a supposedly deserted place.
Illegal bitcoin mining activities continue to grow. The returns are extremely high. It becomes a lucrative business with relatively low investment, with free energy and used mining equipment at low prices.
By Leonardo Perez