How North American Bitcoin Miners Are Benefitting From China's Ban

How North American Bitcoin Miners Are Benefitting From China's Ban
фото показано с : bitcoinmagazine.com

2021-8-19 02:00

Since China cracked down on Bitcoin mining, North American miners have been stacking BTC.

The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In previous Daily Dives, we covered the mass exodus of bitcoin mining operations out of mainland China following the regulator crackdown.

In particular, we highlighted how bullish of a tailwind this was for North American miners. In "The Daily Dive #021 - North American Miners Arise As Big Winners" published on July 13, we said as follows:

“The last time there was a disconnect of this size between the production cost estimated by the energy value indicator and the price of bitcoin was in December 2017, at the peak of the cycle, when the price of bitcoin briefly touched $20,000 while estimated energy value was about $2,300, but this was due to the parabolic increase in price instead of a fall in hash rate, which is what has occurred recently.

“What we can broadly take away from this is that we are currently witnessing one of the most profitable times to mine bitcoin ever, and industry stakeholders will not let this gift go to waste.

"Some of the biggest winners of the mass mining migration: North American Miners.” - "The Daily Dive #021 - North American Miners Arise As Big Winners"

Since then, a number of North American, publicly-traded bitcoin miners have published their quarterly results, and they posted quarter-over-quarter increases in bitcoin mined across the board.

Bitfarms (BITF), mined 758 BTC over the course of the quarter compared to 598 BTC the quarter prior. Hut 8 (HUT) mined 553 BTC over the course of the quarter compared to 539 in the quarter prior. Marathon Digital Holdings (MARA) mined 654 BTC compared to 192 the quarter prior.Riot Blockchain (RIOT) mined 676 BTC over the quarter compared to 491 BTC in the quarter prior. Miner Bitcoin Wallet Balance

Since March, the total bitcoin in miners’ wallets has been on the rise and is making its way towards the 2020 high of 1,829,642 BTC. The substantial decline in hash rate that followed the intervention by the Chinese Communist Party has been a gift for all other miner industry stakeholders, due to the substantial decrease in miner difficulty.

Over the last 30 days, miners have accumulated 5,357 more BTC than they have transferred, in an increasingly-bullish trend that reduces sell pressure across the broader bitcoin market.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

North Korean Won (KPW) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 KPW

miners china bitcoin american north mining btc

miners china → Результатов: 126


Chinese Bitcoin Miners Struggling to Keep the Lights on Amid ‘Frozen Card Tide’

Chinese Bitcoin miners are experiencing difficulties in paying their electricity bills as law enforcement engages in major card freezing operations. From supply chain disruptions caused by the coronavirus lockdowns to excessive flooding during the Sichuan monsoon season, Bitcoin (BTC) miners in China are enduring a challenging 2020.

2020-11-16 16:26


Фото:

2020 Monsoon Season and Dam Stress Threatens Chinese Bitcoin Miners

Digital currency proponents have been discussing the 2020 monsoon season in East Asia and how there’s a possibility it could wreak havoc on large bitcoin mining operations located in China. Recent estimates note that China has 50% of the world’s bitcoin mining capacity but if mining facilities are taken out by heavy rainfall and flooding, […] The post 2020 Monsoon Season and Dam Stress Threatens Chinese Bitcoin Miners appeared first on Bitcoin News.

2020-7-24 03:00


Фото:

Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners

During the first week of February, a few of the top mining rig manufacturers from China revealed they were forced to postpone device shipments due to the ongoing coronavirus outbreak. Regional reports from the country now disclose that shipments will be delayed even longer and Chinese mining rig companies and second-market suppliers are feeling significant […] The post Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners appeared first on Bitcoin News.

2020-2-22 20:12


Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark

It’s no secret that the majority of Bitcoin’s miners are located in China, with the geographical centralization of this mining power being a go-to critique for the cryptocurrency’s critics. This sentiment was recently echoed by Ripple CEO Brad Garlinghouse, who explained in a recent interview with CNN’s Julia Chatterley that the heavy concentration of miners […] The post Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark appeared first on CryptoSlate.

2020-2-18 08:07