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On Dec. 10, 2023, Bitcoin (BTC) mining difficulty decreased by 0.96% with an average hashrate at 462.60 EH/s. The decrease in mining difficulty occurred against the backdrop of a drawdown in the Bitcoin price. On the night of December 11th, the price dropped to $40,500. This is the first reduction in mining difficulty since mid-September 2023, according to BTC.com. A change in this indicator directly affects the date of the halving, which is expected in April 2024. Source: BTC.com The last change in the indicator occurred on Nov. 26, 2023. It showed an increase of 5.07% compared to the previous value. The hash rate was 480.85 EH/s. The next change in mining difficulty will tentatively take place on Dec. 23, 2023. The forecast is a reduction of 0.12%, according to BTC.com. It is noteworthy that since mid-September, the average hashrate on the Bitcoin network has been growing almost constantly. A PlanB expert stated that this is due to ETF issuers. IMO ETFs like Bl...

Bitcoin mining analyst Jaran Mellerud said there are “better-priced opportunities” that could even out the valuation discrepancies between the mining stocks. Bitcoin (BTC) mining heavyweights Marathon Digital and Riot Platforms are among the most overvalued crypto mining companies relative to their competitors, says MinerMetrics founder and analyst Jaran Mellerud. The key metric backing Mellerud's claim is enterprise value-to-sales ratio — measuring a company's value to its sales revenue. The higher the ratio, the more overvalued a company is. The miners with the highest EV/S ratios are Cipher at 7.8, Marathon and Iris Energy each at 5.6 and Riot at 5.5, according to a Nov. 3 report by Mellerud. Mining stocks valuation in terms of EV-to-Sales ratio. Source: MinerMetrics Mellerud attributed the heavyweight’s high EV/S ratios to receiving more institutional attention from the likes of BlackRock. “These companies have historically been favored among institutional investors lik...

North American digital asset miner Hut 8 revealed that it mined 111 Bitcoin in September, or an average production rate of approximately 3.7 Bitcoin a day. This brings the total of self-mined BTC reserve s to 9,366, an 8% increase over the previous month. Growing reserves At the time of writing, Bitcoin currently sits just above $27,000, making the total reserve amount $258 million. Despite showing growth between months, the amount of Bitcoin mined is down year-over-year, although numbers are comparable to earlier this year where 147 Bitcoin were reported mined in May at the same time 179 BTC were sold. Alongside the production report, Hut 8 reports a hashrate capacity in Hut 8’s Alberta facilities as being 2.6 EH/s towards the end of the month, with production marked at 42.7 BTC/EH. You might also like: El Salvador pioneers first Bitcoin mining pool, boosting renewable energy The press release also reports that no Bitcoin was sold during the month of September, sugges...

Coinbase shares soar 15% as U.S. federal court ruling favors Grayscale’s Bitcoin ETF, signaling a transformative moment for the crypto industry. Coinbase Global Inc. shares saw a massive spike following Grayscale’s victory over the SEC, paving the way for the inaugural Bitcoin exchange-traded fund (ETF) in the United States. This is due to the fact that Coinbase is a custodial partner in several pending Bitcoin ETF applications. The exchange’s stocks rallied by over 15% since the Federal court’s ruling, while Bitcoin mining companies like Marathon Digital and Riot Platforms also recorded substantial gains, 24% and 15%, respectively. THIS JUST IN: The D.C. Circuit ruled 3-0 in favor of Grayscale and $GBTC. This is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper. Read the decision: https://t.co/ulAtcsad2G pic.twitter.com/BNZABvM7tw — Grayscale (@Grayscale) August 29, 2023 You might al...

Public Bitcoin miners sold off nearly everything they mined in 2022 but appear to have started accumulating reserves once again in what some hope is a bullish signal. Publicly listed Bitcoin (BTC) miners sold off almost 100% of all the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created "a persistent headwind" for the Bitcoin price or not. Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet which indicated that approximately 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital from Jan. 1 to Nov. 30 was sold off. BTC miners sell roughly 100% of the coins they mine The 10 public bitcoin miners detailed here mined ~40.7k BTC and sold ~40.3k in 2022 This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade pic.twitter.com/L1iI6Z07p7 — Tom Dunleavy (@dunleavy89) Decem...

Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) Mining company — avoid possible bankruptcy , report s emerged confirming the business’ inevitable fate. Core Scientific reported ly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report citing a person familiar with the company’s finances said that the Bitcoin mining company would file for Chapter 11...