TeraWulf Bitcoin production falls 21% in Q2, looks to AI expansion

August 13, 2024 Coin Telegraph

Bitcoin miner TeraWulf mined 699 Bitcoin in Q2 — a 21% year-over-year decline — but still beat analyst expectations with $35.6 million in quarterly revenue.

Bitcoin miner TeraWulf beat revenue and missed earnings expectations as it posted a 21% decline in the amount of Bitcoin it mined in the second quarter of 2024.

In an Aug. 2 second-quarter earnings report, the firm said it mined 699 Bitcoin (BTC) in the second quarter, a 21% decline year over year.

The firm reported second-quarter revenue of $35.6 million, slightly beating the consensus estimate of $35.4 million. However, it posted a quarterly loss of $0.03 per share, falling short of an estimated $0.02 loss per share.

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What happens when 1% of Bitcoin holders control 99% of BTC supply?

July 29, 2024 Coin Telegraph

Bitcoin Halving

Whales have amassed a large portion of the Bitcoin in circulation, with around 1.86% of addresses holding most of the supply.

Bitcoin first came into existence on Jan. 3, 2009 when Satoshi Nakamoto mined the genesis block, minting the first cryptocurrency. In the years since, some wallet addresses have amassed a large portion of the supply.

According to the Blockchain Council, more than 19.71 million Bitcoin (BTC) have been awarded to miners in block rewards. Nakamoto’s white paper dictates only 21 million are available, meaning most Bitcoin is already in circulation.

BitInfoCharts data shows that around 1.86% of wallet addresses — over one million — hold more than 90% of all total BTC currently in circulation. Known as whales, some of these individuals or entities hold large amounts of crypto.

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Mining company TeraWulf pays off outstanding debt early

July 9, 2024 Coin Telegraph

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The payment will allow the company to focus on scaling operations rather than keeping up with debt obligations in the post-halving environment.

On July 9, crypto mining firm TeraWulf announced it paid off its outstanding debt earlier than expected, in a final payment of $77.5 million.

Executives for TeraWulf said the debt reduction would allow the company to maximize its resources and focus on the deployment of mining infrastructure, rather than meeting burdensome debt obligations.

TeraWulf’s early debt repayment aligns with the company’s plans to maximize shareholder value through organic growth strategies. TeraWulf chief strategy officer Kerri Langlais recently told Cointelegraph that the company was not seeking aggressive expansion through mergers and acquisitions, citing increases in profit margins and operational efficiency as ways to provide sustainable shareholder returns.

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Bitcoin mining difficulty hits lowest level since March as price tops $57K

July 6, 2024 Coin Telegraph

Bitcoin mining difficulty hits lowest level since March as price tops K

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The drop in mining difficulty should spell relief for the largest mining firms.

Bitcoin mining difficulty dropped by more than 5% on July 5 to a quarterly low of 79.50 terahashes (79.5T). This marked the largest reduction since March when the difficulty briefly dipped below 80T.

Difficulty spiked between March and May, when it reached an all-time high of 88.10T before beginning a slow settling to where it currently stands as of the time of this article’s publication.

Bitcoin mining difficulty is a measure in hashrate which, basically, is a measure of how many guesses a mining machine should be expected to make before it solves the cryptographic puzzle necessary to unlock one of the remaining bitcoins.

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World’s largest Bitcoin miner didn’t sell any BTC in June

July 3, 2024 Coin Telegraph

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Marathon Digital said it aims to further strengthen its Bitcoin holdings through open-market acquisitions but may also sell to support operations in the future.

Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has not sold any of its Bitcoin holdings during the past month.

Despite Bitcoin (BTC) being in a downtrend for over a month, Marathon Digital chose to hold onto all its Bitcoin.

As of June, the company held a total of 18,536 Bitcoin worth over $1.1 billion, according to the firm’s operations report published on July 3.

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Bitcoin exchange reserve metric hits 3-year low

June 20, 2024 Coin Telegraph

bitcoin etf

Low exchange balances indicate low selling pressure and could trigger a supply shock as institutional investors continue to accumulate Bitcoin.

The Bitcoin exchange reserve, the total amount of Bitcoin available on exchanges, has dropped to a 3-year low, according to data from June 19, 2024.

Analytics from CryptoQuant revealed that there are currently 2,825,703 Bitcoin (BTC) left on exchanges. During January 2024, the Bitcoin exchange balance hovered at around 3,039,000.

Low exchange reserves, sometimes called exchange balance, indicate low selling pressure and potential supply shocks due to the relatively low supply available for purchase.

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Nicehash Partners With Marathon to Launch Custom Firmware for ASIC Bitcoin Miners

June 15, 2024 Bitcoin.com

ASIC miners

The bitcoin hashing power marketplace, Nicehash, has launched custom software for ASIC miners optimized for its mining platform. The firmware is designed to help miners drive greater efficiency from ASIC devices and increase revenue. Nicehash CEO said the collaboration with Marathon will strengthen its market position and enable miners globally to attain unparalleled efficiency and […]

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Analysts Predict BTC Hitting $200,000 Next Year and $1 Million by 2033 — ‘We Believe Bitcoin Is in a New Bull Cycle’

June 15, 2024 Bitcoin.com

Bitcoin

Global asset management firm Alliance Bernstein’s analysts predict that the price of bitcoin could soar to $200,000 by 2025, $500,000 by 2029, and an astounding $1 million by 2033. “We believe bitcoin is in a new bull cycle,” they said. Bullish Bitcoin Price Prediction Bernstein analysts Gautam Chhugani and Mahika Sapra shared their bitcoin price […]

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Bitcoin breaks 18-month hashrate uptrend: Are BTC miners capitulating?

June 14, 2024 Coin Telegraph

Bitcoin

Despite the drop in hashrate, Bitcoin miner selling isn’t correlated with the BTC price drop from $71,100 to $66,000.

Bitcoin’s hashrate has broken down from an 18-month uptrend, suggesting the start of a potential Bitcoin miner capitulation.

Following an 18-month uptrend, Bitcoin’s true hashrate fell to around 600 exahashes per second (EH/s). The hashrate is used to measure how difficult it is for miners to mine Bitcoin (BTC).

The breakdown from the uptrend could signal that some Bitcoin mining firms are selling their BTC, according to Ki Young Ju, the founder and CEO of CryptoQuant. He wrote in a June 13 X post:

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Bitcoin on Cusp of Entering Parabolic Phase of the Cycle, Says Crypto Analyst – Here’s the Timeline

May 30, 2024 The Daily Hodl

Bitcoin

A widely followed crypto analyst says that Bitcoin (BTC) is on the cusp of entering the parabolic phase of the market cycle. In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 474,000 followers on the social media platform X that it appears as if the crypto king is one weekly close away […]

The post Bitcoin on Cusp of Entering Parabolic Phase of the Cycle, Says Crypto Analyst – Here’s the Timeline appeared first on The Daily Hodl.

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