Miners

The post US Crypto Miners Eye Middle East Amid Regulatory Crackdown appeared first on Coinpedia Fintech News The persistent regulatory crackdown in the US on crypto businesses might drive miners away as they now eye the Middle East as the next region for growth. The Biden administration’s proposed 30% tax on electricity use for digital asset mining operations could devastate the industry in the US, raising concerns among crypto miners. The CEO of an Oman crypto mining firm claims that,…

Bitcoin miners are starting to feel pinched as halved rewards become their new reality post-halving. A spike in network fees briefly eased their strain. Yet, declining transaction fees are now increasing financial pressure. Post-Halving Pressures Mount for Bitcoin Miners Amid Declining Fees Kaiko Research recently reported a surge in daily average network fees after the halving. This surge helped Bitcoin miners offset some discomfort, albeit temporarily. However, the initial user rush to the Runes protocol has cooled. According to Dune…

The post Bitcoin Miners Under Pressure: Revenue Decline and Hashrate Drop Post-Halving appeared first on Coinpedia Fintech News Bitcoin miners face heightened pressure post-halving as revenue drops abruptly. It left them underpaid by the most since March 2020. The network experienced this year’s fourth negative difficulty adjustment, with a significant drop of -5.6% in hashrate. In fact, it is the largest since November 2022. The strain on miners is this decline highlights the strain on miners, aggravated by a reduction…

The Bitcoin mining difficulty has experienced a significant decrease, the largest drop observed in the last 18 months. This change is directly tied to fluctuations in the network’s hash rate, which has dipped below 600 EH/s following the recent halving event. The adjustment, which marks a 5.7% fall in mining difficulty, brings the level down to 83.1 trillion, according to data from Bitbo. This most substantial adjustment since December 2022 reflects broader shifts within the Bitcoin mining landscape. At that…

One of America’s largest crypto mining companies, Hut 8, has reported a sharp drop in proprietary production for April, according to a company announcement on May 6. The firm reported a 36% drop in BTC mined in April compared to March. However, this was primarily due to the relocation of over 25,000 mining machines from sites in Nebraska and Texas, which were acquired by Marathon Digital Holdings. Hut 8 produced 148 BTC in April compared to 231 BTC in March,…

CryptoQuant analysts have found that Bitcoin miners have increased their selling activity in the last month amid slow demand growth for BTC. According to the latest CryptoQuant weekly report, the decrease in BTC demand is evident in low Bitcoin whale demand, fewer purchases from spot exchange-traded funds in the United States, and the Coinbase premium falling below zero. Miners Increase Selling Activity Miners have sent a large amount of BTC to spot exchanges, creating an imbalance in the market. Since…

As Bitcoin prices continue to face intense volatility after the halving, the stability of the entire crypto-mining industry could hinge on a critical support level.  Currently trading around $57,000, Bitcoin has experienced a significant drop from its March 14 all-time high of $73,750. This downturn places immense pressure on Bitcoin miners, who grapple with the effects of the latest halving event that reduced block rewards from 6.25 BTC to 3.125 BTC. Will Bitcoin Miners Capitulate Following the Halving? Despite these…

In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted to unprecedented levels, causing concerns within the mining community. Bitcoin’s Latest Halving Sends Hash Price Into Freefall As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than $50 per PH/s per…

Recent data from CryptoQuant indicates a steep decline in daily revenue for Bitcoin miners, falling to $63.6 million on Tuesday after excitement for the Runes protocol diminished. This downturn aligns with the effects of the recent Bitcoin halving event, which took place last Friday night. The event halved the issuance of new Bitcoin per block to 3.125. Consequently, new Bitcoin issuance was reduced from 900 to 450. Post-Halving Volatility: Miner Profits Plummet as Fees Drop Despite this reduction, miner revenues…