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Network Overview
Over the past week there have been very significant shifts in key metrics for the Bitcoin network, as the market situation continues to be extremely dynamic. The network hashrate dropped by 18.53%, but seems to have recovered towards the end of the week and is approaching a new ATH. Mining difficulty remained stable, as no adjustment took place this week. All other indicators show strong growth in network usage.
Bitcoin’s price surged by 19.69%, reaching $90,538. This rally has likely fuelled increased miner revenues, showcasing how profitability increases during price upticks. Network congestion appears to have intensified as well, as evidenced by a staggering 383.52% increase in average transaction fees, now at $4.40. This spike in fees could be attributed to a surge in trading activity or large-scale movements of Bitcoin, prompting users to pay higher fees for quicker confirmations. The increased mempool size and transaction value provide clear evidence of heightened network activity.
HIVE Digital Reports 51% Annual Growth in Bitcoin Holdings
HIVE Digital has announced impressive October production results, revealing a 51% year-over-year growth in the value of its Bitcoin holdings. The mining firm produced 117 BTC in October, a modest 1% increase from the previous month, bringing its total reserves to 2,624 BTC. Executive Chairman Frank Holmes attributed this growth to the company’s prudent capital management strategy, which has effectively balanced operational expenses while minimizing shareholder dilution.
In its press release, HIVE Digital also expressed optimism about the political climate in the U.S., citing the recent election results as a potential catalyst for the digital asset industry. With expectations of a crypto-friendly administration under President Trump and a Republican Congress, the firm foresees regulatory and market policies that could positively impact Bitcoin and broader capital markets.
Source: crypto.news
Wall Street Bitcoin Miner HIVE Digital Expands with $100M Paraguay Push
HIVE Digital Technologies is making bold moves to boost its Bitcoin mining operations, securing a $100 million investment for a 100 MW facility in Paraguay and ordering 6,500 Canaan Avalon A1566 ASIC miners. This expansion aims to nearly double HIVE’s mining capacity from 5.6 EH/s to 12.5 EH/s by Q3 2025. The first 500 machines will be operational this week, with the remainder arriving by March 2025. These advanced miners promise a 10% efficiency improvement, supporting HIVE’s strategy to optimize operations amid rising mining difficulty and global hashrate.
HIVE’s 100 MW facility in Paraguay will harness green energy, with the first 30 MW coming online by Q2 2025. This project shows the company’s commitment to growth and shareholder value. Concurrently, HIVE is diversifying into AI-driven high-performance computing, generating $2.6 million in revenue last quarter. Despite industry challenges like the April Bitcoin halving, HIVE’s expansions position it as a key player in the competitive mining landscape.
Source: Finance Magnates
Thailand Cracks Down on $280K Bitcoin Mining Electricity Theft
Thai authorities have dismantled nine illegal Bitcoin mining sites in Surat Thani province, charging two individuals with stealing over $280,000 worth of electricity. The investigation began after a resident reported unusual surveillance equipment at a vacant property, leading officials to uncover an illicit mining operation. Further inspections revealed modified electricity meters used to bypass legal power consumption. This crackdown, led by the Central Investigation Bureau and the Provincial Electricity Authority, has exposed eight additional sites, as unauthorized mining is becoming a growing issue for the region.
Despite the rise in illegal activities, Thailand remains a hub for crypto innovation. The country has introduced a Digital Asset Regulatory Sandbox to foster legitimate crypto businesses, drawing praise from industry leaders for its progressive regulatory stance. With local crypto penetration at 12%, double the global average, Thailand continues to attract major players like Binance, which ranks the nation among its top 20 markets. However, authorities remain vigilant, with stringent enforcement against illicit operations.
Source: crypto.news
MARA Holdings Reports Q3 Revenue Miss, Increases Bitcoin Reserves
MARA Holdings, formerly Marathon Digital, reported third-quarter earnings with revenue of $131.6 million, falling short of the $151.6 million expected. Despite this, the company improved its financial position, reporting a smaller net loss of $0.34 per share compared to the previous quarter. MARA also bolstered its Bitcoin reserves to 26,747 BTC, mining 2,070 BTC and purchasing an additional 6,210 BTC during the quarter. Notably, 4,144 BTC were acquired using proceeds from a $300 million convertible senior notes offering at an average price of $59,500 per BTC.
The company is also expanding its operations, recently acquiring two new sites in Ohio with a combined capacity of 222 MW. MARA’s energized hash rate rose to 40.2 EH/s in October, during which it mined 717 BTC, a 2% month-over-month increase. CEO Fred Thiel emphasized the growing role of AI in mining operations, forecasting a future where Bitcoin miners collaborate with AI data centers to optimize energy use.
Source: The Block
Hut 8 Surpasses Q3 Revenue Expectations, Expands Mining and AI Operations
Hut 8 reported strong third-quarter earnings, exceeding analyst expectations with $43.7 million in revenue, compared to the projected $35.1 million. This growth was fuelled by solid performance in its crypto mining and managed services segments, which contributed $11.6 million and $20.8 million, respectively. The firm’s diversification into AI infrastructure and high-performance computing played a pivotal role in its success. Additionally, Hut 8 achieved a 33% year-over-year reduction in energy costs.
During Q3, Hut 8 mined 234 BTC, valued at $14.2 million, and held 9,106 BTC in reserve as of September 30. CEO Asher Genoot commented on the company’s strategic initiatives, including a deepened partnership with Bitmain, the launch of GPU-as-a-Service, and the conversion of a $37.9 million loan into equity. Hut 8 is set to boost its self-mining fleet, aiming for a 66% increase in hashrate to 9.3 EH/s by early 2025, with further growth to 24 EH/s expected by mid-year. The positive earnings report briefly pushed Hut 8’s stock price up 1.5% in pre-market trading.
Source: crypto.news
Bitcoin Miner Revenues Surge as Hashprice Climbs
Bitcoin miners are enjoying a significant rebound in revenues, driven by a 31.63% increase in hashprice since November 5. This metric, which represents the value of one petahash per second (PH/s) of hashing power, has risen from $43.12 to $56.76 per PH/s—the highest level since June 2024. The surge comes in the wake of Bitcoin’s fourth halving, which initially halved mining rewards and pressured miner profits. Since then, miners have bolstered the network with an additional 84.94 exahash per second (EH/s).
The favorable conditions are further supported by elevated transaction fees, currently at $4.40 per transaction. However, with a minor difficulty retarget anticipated on November 18, the landscape may shift slightly, depending on network performance. The rise in hashrate, consistently exceeding 700 EH/s, is largely fuelled by the deployment of more efficient ASIC miners from leading manufacturers like Microbt and Bitmain. These advancements enable miners to optimize energy use, maintaining profitability even as network conditions evolve.
Source: Bitcoin.com
New York Court Allows Greenidge Crypto Plant to Continue Operations
Greenidge Generation, a large-scale Bitcoin mining operation in New York’s Finger Lakes region, secured a legal victory after a state court dismissed efforts to shut it down over environmental concerns. The New York Department of Environmental Conservation (DEC) had previously denied Greenidge an air permit, citing the plant’s greenhouse gas emissions as incompatible with the state’s climate goals. However, State Supreme Court Justice Vincent M. Dinolfo ruled that the DEC failed to allow Greenidge a chance to defend itself, calling it an “interpretative error” under the law. Greenidge, which operates a former coal plant converted to natural gas, claims its facility is carbon neutral due to the purchase of carbon offsets.
Environmental groups remain vocal in their opposition, arguing that Greenidge’s operations emit large amounts of carbon dioxide and discharge heated water into Seneca Lake, harming the local ecosystem. Critics see the court’s decision as a setback for New York’s climate agenda and a worrying precedent for enforcing environmental regulations. Meanwhile, Greenidge emphasized the economic importance of its operations, highlighting local job retention.
Source: AP News
