The Nasdaq-listed Bitcoin (BTC) mining company Bit Digital has announced it will issue $13.9 million in shares in exchange for mining hardware. According to a Nov. 11 announcement, Bit Digital has inked asset-purchase agreements with non-U.S. investors to issue 4,344,711 shares valued at $3.20 each in exchange for Bitcoin miners boasting a combined hash power of 1,000 petahashes per second, or 1 exahash per second. Bit Digital launched its BTC mining business in February 2020, quickly amassing 1,250 PH/s in power by October. The additional miners will nearly double Bit Digital’s operational hashing power once installed. The company also expects …

The hash power of the Bitcoin (BTC) network has jumped by roughly 30% over the past 24 hours, which, if sustained, suggests a major difficulty adjustment may soon be incoming. According to Coinwarz, Bitcoin’s hash rate currently sits at 157.5 exahashes per second, or EH/s, after briefly pushing above 160 EH/s. As of this writing, BTC hash power has increased by 42% in two days. The spike follows a sharp decline in hash power in late October, which many analysts attributed to the end of the rainy season in the Chinese mining hub of Sichuan. The province’s abundant and cheap …

Even though the Bitcoin (BTC) hash rate has experienced a sharp decline in recent weeks, the head of research at Blockchain .com, Garrick Hileman is not concerned. Blockchain .com was founded in 2011 by dissenting members of another early crypto start up — Coinbase. It was one of the first providers of Bitcoin analytics, eventually expanding its services to include a non-custodial wallet, exchange, and crypto lending platform. The company also coined the term “hash rate” as a metric that “estimates [the] number of terahashes per second the Bitcoin network is performing." The Bitcoin hash rate tends to be highly …

The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally. The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge. But after a large uptrend, the belief that BTC may pull back has begun to increase. While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely. Bitcoin was at $13,860 at the day’s peak, which marked the top of the July 2019 rally. After hitting such a …

Nevada-based cryptocurrency mining firm Marathon Patent Group has announced the purchase of 10,000 Antminer S-19 Pro ASICs as part of its plan to become the largest mining firm in North America. The publicly traded firm announced the purchase on Oct. 26, revealing plans to command an operational hash rate of 2.56 exahashes per second (EH/s) in July 2021 — equal to 1.9% of the current hashing power of the entire Bitcoin network. The firm had previously ordered 10,500 S19 Pros to bolster its existing operation of 2,560 units. With the exception of 500 miners set to arrive in November of …

Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions. On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). Kevin Zhang of mining-focused Digital Currency Group subsidiary Foundry also estimated a 20 EH/s drop, noting the seven-day average for Bitcoin’s hashrate was 132.9 EH/s while daily hash rate concurrently tagged 112.9 …

Asic Jungle has launched a beta version of what it calls “the first-ever mining hardware marketplace” for cryptocurrency mining hardware. The company's CEO Artem Bespaloff told Cointelegraph that he has created a trusted platform for second-hand mining equipment that operates without any middlemen: "[It's] the first and only online marketplace where buyers can interact directly with sellers through the platform and not have to use any brokerage services or Telegram channels (I call them 'sketchy' Telegram channels) because all sorts of things go on there. And we decided to create this ecosystem where buyers and sellers deal together between themselves." …

The decentralized finance market seems to be deflating after the DeFi summer craze when tokenized versions of Bitcoin and protocols, such as Uniswap and SushiSwap, outperformed the rest of the market. Earlier in October, the two main DeFi indices, Binance’s DeFi Composite Index and TokenSet’s DeFi Pulse Index Set lost more than 60% and 50% of their value, respectively. Meanwhile, total value locked in DeFi projects has been inching closer to its all-time high of $11.2 billion since late September. DeFi Composite Index was launched by Binance Futures in late August, and it tracks the DeFi market performance using a …

The amount of computing power on the Ethereum network is currently at an all time high following weeks of volatility in key metrics on the blockchain. According to data from on-chain analytics provider Glassnode, the Ethereum hash rate hit an all time high of more than 250 terahashes per second (TH/s) on Oct. 6, marking an 80% rise since January. Glassnode reported that a surge in the hype surrounding DeFi projects this year sparking higher gas fees may have contributed to the metric reaching an all time high. #Ethereum hash rate hits an ATH. Ethereum miners have pushed the hash …

According to the Bloomberg crypto newsletter, a key on-chain indicator suggests that Bitcoin (BTC) is currently greatly undervalued. Bitcoin active addresses, the 30-day average. Source: Glassnode. Bloomberg’s crypto analyst Mike McGlone believes that the recent all-time highs in Bitcoin’s hashrate and more importantly, the 30-day average of active Bitcoin addresses, suggests a $15,000 price level for the asset: “The Bitcoin hash rate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis …

Before the recent halving, many were prophesying a so-called “death spiral” for Bitcoin. This theory hinges on the idea that the halving of the block reward leads to an exodus of miners due to the sudden unprofitability of mining activities. As a result, the network hashrate decreases and the block time increases, meaning that miner revenue further diminishes, pushing more miners off the network. This loop would then allegedly continue until there is no one left to mine Bitcoin (BTC). Bitcoin mining difficulty. Source: Glassnode. On September 20, Bitcoin experienced one of the biggest upward mining difficulty adjustments in its …

Crypto mining operator Core Scientific is set to become the first North American cooperative repair center for major crypto mining hardware manufacturer, Bitmain. According to an announcement shared with Cointelegraph, the company will offer repair services for Bitmain’s machines. The company says that this will reduce costs associated with shipping hardware to Asia, and curtail the time it takes to fix Bitmain’s proprietary hardware. Core Scientific will also be able to perform repairs on out-of-warranty machines, with engineers certified by the Bitmain’s Ant Training Academy. Speaking with Cointelegraph, Taras Kulyk, Core Scientific’s Senior VP of Blockchain Development, highlighted China as …