Bitcoin miners cut costs, embrace AI post-halving: CoinShares
Miners including Cormint and TeraWulf are among the lowest-cost producers of Bitcoin, an important advantage amid tightening margins, CoinShares said.
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Miners including Cormint and TeraWulf are among the lowest-cost producers of Bitcoin, an important advantage amid tightening margins, CoinShares said.
Bitcoin’s upcoming price recovery will be driven by a handful of unique factors.
While both Hut 8 and Irish Energy expanded operations, they reported contrasting results in Bitcoin production efficiency.
According to CryptoQuant founder Ki Young Ju, Chinese mining pools control 55% of the network hashrate, while US mining pools control 40%.
China remains a major player in the Bitcoin mining industry despite imposing a blanket ban on cryptocurrencies in 2021
Bitcoin network difficulty, a closely related yet separate metric, is also at historically high levels and currently sits at 89.4 trillion.
August was the lowest revenue month for Bitcoin miners so far in 2024 and the worst revenue month since September last year.
Institutional spot Bitcoin ETF outflows and lowered Bitcoin miner profitability could be driving the current price drop
Bitcoin’s network difficulty rose by over 10.5% on Aug. 1, 2024, breaking a three-month-long downward streak to mark a new all-time high.
BTC price rallied as an improved regulatory outlook in the US and a series of improvements in the Bitcoin ecosystem altered investor expectations.
