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Bitcoin miners earned just 3.6% of record $2T market cap — Analysis

BTC miners have reaped the benefits in 2024, but their earnings are tiny compared to Bitcoin’s giant market cap.

Bitcoin (BTC) miners have earned over $70 billion since the Bitcoin network was created.

As calculated by onchain analytics resource Glassnode in an analysis released on Dec. 11, Bitcoin users have paid miners $71.49 billion.

Bitcoin at $100,000 is a lucrative opportunity for miners, but looking back over the industry’s history, surprising figures stand out.

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

CleanSpark targets 400MW Bitcoin mining capacity after acquiring GRIID

CleanSpark CEO Zach Bradford said it was a strategic move for the firm to increase its mining capacity in Tennessee. 

Bitcoin mining firm CleanSpark says it is closer to realizing its plan to build 400 megawatts of capacity in the coming years after acquiring American-based infrastructure company GRIID.

CleanSpark CEO Zach Bradford said he was pleased to announce the completion of the firm’s acquisition of GRIID Infrastructure following shareholder approval, which is a “strategic move that allows us to grow our Bitcoin mining capacity in the state of Tennessee,” in an Oct. 31 announcement.

He added that the acquisition will allow CleanSpark to build over 400 megawatts of capacity in the coming years. “Moreover, this adds significant geographic and power supply diversity through expansion in the Tennessee Valley Authority service territory, providing us with additional operational flexibility,” he said. 

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitfarms inks another 10,000 Bitcoin miner hosting agreement with Stronghold

The Bitcoin data center firm is deploying an additional 10,000 miners to Stronghold’s Scrubgrass site. 

Crypto mining firm Bitfarms has signed its second hosting agreement with United States-based Stronghold Digital Mining to expand operations at its site in Pennsylvania.

Under the terms of the hosting agreement, the Bitcoin (BTC) data center operations firm will deploy an additional 10,000 miners to Stronghold’s Scrubgrass site. The mining hardware was originally expected to be used for its Yguazu site in Paraguay.

Bitfarms CEO, Ben Gagnon, said that optimizing company assets with these rapid upgrades at Stronghold’s Pennsylvania sites “will provide significant near-term value for Bitfarms.”

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitfarms inks another 10,000 Bitcoin miner hosting agreement with Stronghold

The Bitcoin data center firm is deploying an additional 10,000 miners to Stronghold’s Scrubgrass site. 

Crypto mining firm Bitfarms has signed its second hosting agreement with United States-based Stronghold Digital Mining to expand operations at its site in Pennsylvania.

Under the terms of the hosting agreement, the Bitcoin (BTC) data center operations firm will deploy an additional 10,000 miners to Stronghold’s Scrubgrass site. The mining hardware was originally expected to be used for its Yguazu site in Paraguay.

Bitfarms CEO, Ben Gagnon, said that optimizing company assets with these rapid upgrades at Stronghold’s Pennsylvania sites “will provide significant near-term value for Bitfarms.”

Read more

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Analysts Link Bitcoin Rally to Trump’s Election Odds – Microstrategy Gains Set Stage for a Breakout

Analysts Link Bitcoin Rally to Trump’s Election Odds – Microstrategy Gains Set Stage for a BreakoutAnalysts at global research and brokerage firm Bernstein say bitcoin’s surge is fueled by Donald Trump’s rising chances in the 2024 election. They point to Microstrategy’s stock, soaring 191% this year, as a key signal of a looming market breakout. With Trump leading in key swing states, his election odds are igniting a stronger crypto […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitcoin Transfer Volumes Soar in 2024, Set to Break 2023’s Record in 2 Weeks

Bitcoin Transfer Volumes Soar in 2024, Set to Break 2023’s Record in 2 WeeksAccording to recent data, the five busiest days for bitcoin transfers on the network occurred in 2024. The all-time peak was at the end of April, with the second-highest transaction day recorded on Sept. 8. In its more than 15 years of operation, the Bitcoin network has witnessed daily transfer records grow annually for nine […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

The 5 Month Halving Hangover: Bitcoin Miners Continue to Face Revenue Struggles 

The 5 Month Halving Hangover: Bitcoin Miners Continue to Face Revenue Struggles Metrics reveal that although BTC prices climbed 6.97% in September, Bitcoin’s hashprice—the anticipated daily revenue from 1 petahash per second (PH/s)—remains ultra-low. This suggests that miners are still dealing with extremely thin profits. With just nine days left in the month, miners have already earned a hair over 62% of what they brought in during […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Glassnode Reports Rising Bitcoin Hashrate, ETF Outflows, and Lower Investor Engagement

Glassnode Reports Rising Bitcoin Hashrate, ETF Outflows, and Lower Investor EngagementGlassnode’s latest report reveals a persistent rise in Bitcoin’s hashrate despite falling revenues for miners. Concurrently, investor engagement with exchanges and trade volumes are showing a notable decline, reflecting reduced appetite for speculation. Miners Persist Amid Bitcoin Market Challenges as Investors Reduce Activity Bitcoin miners continue to demonstrate resilience, as highlighted in Glassnode’s onchain report. […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitcoin price loses traction as miner profits drop and spot BTC outflows persist

Bitcoin has lost more than 10% in the past two weeks as fear of a US recession, spot Bitcoin ETF outflows and the threat of miner capitulation grows.

Bitcoin (BTC) price dropped 10% over the 10 days ending on Sept. 3, falling from $64,190 to $57,800. This decline occurred despite the S&P 500 index being just 2% below its all-time high and gold trading only $50 away from its historical peak. While some cryptocurrency investors attribute Bitcoin’s dip to the broader macroeconomic environment, other factors are also pushing its price below $59,000.

Source: DamiDefi

Trader DamiDefi explains that Bitcoin has been influenced by recession concerns in the United States, but that trend is stabilizing as the focus shifts to “monetary policy and the US dollar’s performance.” The “bullish narrative” for Bitcoin going forward will hinge on the expectation of a “looser Federal Reserve policy, [...] such as lowering interest rates.” Essentially, traders anticipate that the US will be compelled to implement expansionary measures to stimulate the economy.

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitcoin Sets New Transaction Milestones as Top Ten Busiest Days Occurred in 2024

Bitcoin Sets New Transaction Milestones as Top Ten Busiest Days Occurred in 2024In 2024, the Bitcoin network has hit some significant milestones, including reaching an all-time high price, achieving peak hashrate and difficulty, and recording the highest onchain fees ever. On top of these metrics, the blockchain also saw its busiest transfer day in history on April 23, with 927,010 transactions confirmed in one day. Bitcoin’s High-Traffic […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January