{"id":4032,"date":"2024-09-20T14:50:31","date_gmt":"2024-09-20T14:50:31","guid":{"rendered":"https:\/\/bedk0.myrdbx.io\/?p=4032"},"modified":"2024-09-20T14:50:34","modified_gmt":"2024-09-20T14:50:34","slug":"mining-industry-recap-episode-3","status":"publish","type":"post","link":"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/","title":{"rendered":"Mining Industry Recap, Episode 3"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 ez-toc-wrap-right counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Network_Overview\" >Network Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Bhutan_Surpasses_El_Salvador_in_Bitcoin_Holdings_Becoming_a_Major_Global_Player_in_Crypto_Mining\" >Bhutan Surpasses El Salvador in Bitcoin Holdings, Becoming a Major Global Player in Crypto Mining<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Early_Bitcoin_Miner_Wallets_Move_Funds_After_15_Years\" >Early Bitcoin Miner Wallets Move Funds After 15 Years<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Bitcoin_Miners_Rely_Heavily_on_Block_Subsidies_as_Fees_Decline\" >Bitcoin Miners Rely Heavily on Block Subsidies as Fees Decline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Hut_8_and_Bitmain_Partner_to_Launch_Advanced_Liquid-Cooled_Bitcoin_Miner\" >Hut 8 and Bitmain Partner to Launch Advanced Liquid-Cooled Bitcoin Miner<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Bitcoin_Mining_Shutdown_in_Norway_Triggers_20_Spike_in_Electricity_Bills\" >Bitcoin Mining Shutdown in Norway Triggers 20% Spike in Electricity Bills<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Bitcoin_Mining_Thrives_in_Ukraine_Despite_War_Impacting_Power_Grid\" >Bitcoin Mining Thrives in Ukraine Despite War Impacting Power Grid<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Research_Reveals_Bitmains_Influence_Over_Bitcoin_Mining_Pools\" >Research Reveals Bitmain\u2019s Influence Over Bitcoin Mining Pools<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blog.infinity-hash.io\/tr\/mining-recap\/mining-industry-recap-episode-3\/#Bitcoin_Mining_CEOs_Predict_250K_Bitcoin_Price_by_2028_Halving\" >Bitcoin Mining CEOs Predict $250K Bitcoin Price by 2028 Halving<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Network_Overview\"><\/span>Network Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This week, the Bitcoin network experienced a contraction, with the hashrate falling by 13.14%. This is likely the result of the low Bitcoin mining profitability of the last few months, forcing some miners to shut down. The difficulty has also started correcting, with a fall of 5.12% this week. Despite these network changes, Bitcoin&#8217;s price recovered, following the 0.5% interest cut announced by the Federal Reserve. The price was up by +7.57% on Thursday, reaching $61,684, and continues rising today.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"e3eeeb\" data-has-transparency=\"false\" style=\"--dominant-color: #e3eeeb;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"631\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/recap_episode_3-1024x631.png\" alt=\"\" class=\"wp-image-4033 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/recap_episode_3-1024x631.png 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/recap_episode_3-300x185.png 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/recap_episode_3-768x474.png 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/recap_episode_3-18x12.png 18w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/recap_episode_3.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Miners&#8217; daily revenue was falling over the last week, but seems to be starting a sharp recovery now. Nevertheless, the Thursday value was still down by -12.23% with respect to last week. Transaction fees are also on the rise, which will also positively affect miners&#8217; revenue. The mempool size stayed relatively stable with a small reduction of -7.87%, dropping to 101.192 MB and indicating a partial clearing of backlogged transactions.<br><br>Meanwhile the daily Estimated transaction value has experienced a huge increase of 50.16%. This could lead to higher mempool sizes and transaction fees next week. All in all, next week could be a good one for Bitcoin miners, if these trends are maintained and no large downturn occurs. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bhutan_Surpasses_El_Salvador_in_Bitcoin_Holdings_Becoming_a_Major_Global_Player_in_Crypto_Mining\"><\/span>Bhutan Surpasses El Salvador in Bitcoin Holdings, Becoming a Major Global Player in Crypto Mining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bhutan has emerged as a significant player in the Bitcoin world, with on-chain data revealing that the Himalayan kingdom holds 13,029 BTC, valued at approximately $755 million. These holdings make Bhutan the fourth largest government Bitcoin holder, trailing only behind the United States, China, and the UK. Unlike some countries, <a href=\"https:\/\/www.arkhamintelligence.com\/announcements\/bhutan-governments-750m-btc-now-on-arkham\" rel=\"nofollow noopener\" target=\"_blank\">Bhutan\u2019s Bitcoin stash<\/a> is not related to asset seizures, but rather the result of its state-owned investment arm, Druk Holdings and Investments (DHI), mining the cryptocurrency. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"5d7e7e\" data-has-transparency=\"false\" style=\"--dominant-color: #5d7e7e;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"541\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/bhutan-1-1024x541.avif\" alt=\"\" class=\"wp-image-4035 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bhutan-1-1024x541.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bhutan-1-300x158.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bhutan-1-768x406.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bhutan-1-18x10.avif 18w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bhutan-1-jpg.avif 1331w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Bhutan\u2019s Bitcoin mining activities, which began as early as April 2019, are powered by the country&#8217;s abundant hydroelectric resources, making its operations eco-friendly. Although El Salvador&#8217;s Bitcoin strategy is better known, Bhutan holds significantly more Bitcoin than El Salvador, which holds around 5,875 BTC. <br><br>While El Salvador started purchasing Bitcoin in 2021 at much higher prices, Bhutan quietly built up its holdings through mining. Although Bhutan\u2019s BTC represents about 25% of its projected 2024 GDP, they have plans to continue expanding their mining operation. Thanks to their partnership with Bitdeer Technologies, Bhutan plans to achieve 600 megawatts of mining capacity by mid-2025.<\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/how-bhutan-quietly-acquired-twice-bitcoin-than-el-salvador\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cointelegraph.com<\/a><\/strong><br><strong>Source:\u00a0<a href=\"https:\/\/cryptoslate.com\/bhutan-fourth-largest-bitcoin-holder-among-countries-with-13029-btc-stash\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cryptoslate.com<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Early_Bitcoin_Miner_Wallets_Move_Funds_After_15_Years\"><\/span>Early Bitcoin Miner Wallets Move Funds After 15 Years<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Five Bitcoin wallets, which have remained dormant since receiving block rewards in the early days of Bitcoin\u2019s launch in 2009, have recently begun moving their funds. These wallets, each holding 50 BTC, earned as mining rewards shortly after Bitcoin\u2019s genesis block, have not seen any activity for over 15 years. The movement of these 250 BTC, now valued at approximately $15.9 million, has sparked speculation within the crypto community regarding the identity of the wallet owners. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"2b1d1b\" data-has-transparency=\"false\" style=\"--dominant-color: #2b1d1b;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"930\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/satowallet-1024x930.png\" alt=\"\" class=\"wp-image-4036 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/satowallet-1024x930.png 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/satowallet-300x273.png 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/satowallet-768x698.png 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/satowallet-13x12.png 13w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/satowallet.png 1311w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Some users have humorously suggested the possibility of someone finding an old hard drive, while others wonder if the coins could belong to the mysterious creator of Bitcoin, Satoshi Nakamoto, or early adopter Hal Finney. Given that these wallets mined Bitcoin mere weeks after the blockchain went live in January 2009, the funds likely belong to individuals involved in the very beginning of Bitcoin\u2019s development. <br><br><strong>Source:\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-wallet-moves-15-years-dormant-satoshi-nakamoto\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cointelegraph.com<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin_Miners_Rely_Heavily_on_Block_Subsidies_as_Fees_Decline\"><\/span>Bitcoin Miners Rely Heavily on Block Subsidies as Fees Decline<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bitcoin miners are increasingly reliant on block subsidies for revenue, with transaction fees contributing only a minor portion of their earnings. On September 13, of the $25.35 million in daily miner revenue, just $398,860 came from transaction fees, accounting for a mere 1.6%. This marks a significant shift from previous periods when fees made up over 40% of miner income, as the popularity of innovations like Ordinals and Runes, which once spurred on-chain activity, has diminished.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"25807f\" data-has-transparency=\"false\" style=\"--dominant-color: #25807f;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/decline-1024x683.avif\" alt=\"\" class=\"wp-image-4037 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/decline-1024x683.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/decline-300x200.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/decline-768x512.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/decline-18x12.avif 18w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/decline-jpg.avif 1500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The recent Bitcoin halving, which reduced the block reward to 3.125 BTC, has placed additional pressure on miners by further reducing their primary income source. As transaction fees dwindle, concerns are growing about the long-term sustainability of Bitcoin\u2019s security model. With block subsidies set to halve approximately every four years, some argue for changes like larger block sizes or Layer 2 solutions to increase transaction throughput and help secure the network. <\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/www.theblock.co\/post\/316661\/block-subsidy-dominates-bitcoin-miner-revenue-as-fee-income-dwindles-amid-halving-impact\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Theblock.co<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hut_8_and_Bitmain_Partner_to_Launch_Advanced_Liquid-Cooled_Bitcoin_Miner\"><\/span>Hut 8 and Bitmain Partner to Launch Advanced Liquid-Cooled Bitcoin Miner<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/hut8.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Hut 8<\/a> has expanded its partnership with <a href=\"https:\/\/www.bitmain.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Bitmain<\/a> to introduce the Antminer U3S21EXPH, an advanced ASIC miner featuring direct liquid-to-chip cooling technology. Scheduled for deployment in Q2 2025, this new model represents a significant leap in mining hardware, boasting an impressive hashrate of 860 TH\/s\u2014over three times the power of current top models. The U3S21EXPH utilizes a rack-mounted U form factor, allowing high-density deployments of up to 180 kilowatts per rack, optimized for both performance and energy efficiency.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"477f80\" data-has-transparency=\"false\" style=\"--dominant-color: #477f80;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/liquidc-1024x768.avif\" alt=\"\" class=\"wp-image-4038 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/liquidc-1024x768.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/liquidc-300x225.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/liquidc-768x576.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/liquidc-16x12.avif 16w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/liquidc-jpg.avif 1320w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This collaboration between Hut 8 and Bitmain goes beyond mere procurement, with Hut 8 contributing to both the technical and commercial aspects of the miner&#8217;s development. The partnership also includes a flexible hosting agreement, allowing Hut 8 to purchase some or all of the hosted machines within six months of activation. <\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/crypto.news\/hut-8-deepens-bitmain-partnership-with-launch-of-new-asic-miner-in-2025\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Crypto.news<\/a><\/strong><br><strong>Source:\u00a0<a href=\"https:\/\/cryptoslate.com\/bitmains-new-860th-s-liquid-cooled-bitcoin-miner-built-alongside-hut8\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cryptoslate.com<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin_Mining_Shutdown_in_Norway_Triggers_20_Spike_in_Electricity_Bills\"><\/span>Bitcoin Mining Shutdown in Norway Triggers 20% Spike in Electricity Bills<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The closure of a Bitcoin mining facility in the Norwegian town of Hadsel has caused a 20% increase in electricity bills for residents. The mining operation, run by Kryptovault, had been contributing approximately 20% of the revenue for the local power company, Noranett. Following noise complaints from locals, the municipality declined to renew the mine&#8217;s permit, forcing it to shut down. As a result, Noranett raised electricity rates to offset the revenue loss, leaving households with up to $300 more in annual energy costs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"829572\" data-has-transparency=\"false\" style=\"--dominant-color: #829572;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/electricity-1024x768.avif\" alt=\"\" class=\"wp-image-4039 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/electricity-1024x768.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/electricity-300x225.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/electricity-768x576.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/electricity-16x12.avif 16w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/electricity-jpg.avif 1078w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>While many residents were initially relieved to see the noisy mining operation closed, the price hikes have caused some to question the decision. With growing calls for restrictions on energy-intensive mining operations in Norway, further closures could exacerbate price increases for residents, potentially pushing mining businesses to relocate abroad.<\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/norway-town-hadsel-bitcoin-mining-noise-electricity-costs\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cointelegraph.com<\/a><\/strong><br><strong>Source:\u00a0<a href=\"https:\/\/bitcoinmagazine.com\/business\/bitcoin-mining-shutdown-cause-20-surge-in-electricity-bills\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bitcoinmagazine.com<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin_Mining_Thrives_in_Ukraine_Despite_War_Impacting_Power_Grid\"><\/span>Bitcoin Mining Thrives in Ukraine Despite War Impacting Power Grid<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Despite the ongoing conflict with Russia, Bitcoin mining continues to flourish in Ukraine. A recent study by OSINT agency <a href=\"https:\/\/molfar.com\/en\" rel=\"nofollow noopener\" target=\"_blank\">Molfar<\/a> revealed that miners in Ukraine consumed up to 616 MW of electricity per hour, equivalent to or surpassing the consumption of large industrial enterprises. In March 2024, miners accounted for 6.7% of the country\u2019s total electricity consumption, a figure that is notable given Ukraine\u2019s current power deficit of 9 GW. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"7d7c7f\" data-has-transparency=\"false\" style=\"--dominant-color: #7d7c7f;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/ukraine-1-1024x683.avif\" alt=\"\" class=\"wp-image-4043 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/ukraine-1-1024x683.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/ukraine-1-300x200.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/ukraine-1-768x512.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/ukraine-1-1536x1025.avif 1536w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/ukraine-1-18x12.avif 18w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/ukraine-1-jpg.avif 1619w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Although mining contributes to the electricity burden, it also offers potential economic benefits. If Ukraine can improve power generation and establish clearer regulations, mining may become a valuable post-war industry. Analysts suggest that alternative energy sources, such as solar or wind power, could mitigate the strain on the grid, making mining more sustainable. While the country faces challenges like power outages and underdeveloped legislation, the low cost of electricity and growing interest in cryptocurrencies position Ukraine as a potential global hub for crypto mining in the future.<\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/crypto.news\/how-mining-is-affecting-ukraines-electricity-system\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Crypto.news<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Research_Reveals_Bitmains_Influence_Over_Bitcoin_Mining_Pools\"><\/span>Research Reveals Bitmain\u2019s Influence Over Bitcoin Mining Pools<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Recent research by pseudonymous analysts Mononaut and 0xB10C confirms long-held suspicions about <a href=\"https:\/\/www.bitmain.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Bitmain&#8217;s<\/a> significant influence over Bitcoin mining operations. The follow-up study found that a large number of mining pools, which are supposed to operate independently, are heavily reliant on Bitmain-led templates for transaction ordering and block creation. A detailed analysis across 37% of Bitcoin\u2019s hashrate revealed that mining pools such as <a href=\"https:\/\/www.poolin.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Poolin<\/a> and <a href=\"https:\/\/pool.btc.com\/\" rel=\"nofollow noopener\" target=\"_blank\">BTC.com<\/a> show a 99% and 98% similarity, respectively, to Bitmain\u2019s AntPool. This could indicate that much of their mining work follows Bitmain\u2019s operational guidance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"2a7c82\" data-has-transparency=\"false\" style=\"--dominant-color: #2a7c82;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/power-1024x682.avif\" alt=\"\" class=\"wp-image-4040 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/power-1024x682.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/power-300x200.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/power-768x512.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/power-18x12.avif 18w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/power-jpg.avif 1124w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>While miners technically have the freedom to switch pools or create independent block templates, the study shows that many continue to rely on Bitmain\u2019s defaults out of convenience, not due to direct control. Even other pools, like Ultimus, Braiins, Binance, and Spider, display over 80% correlation to the Bitmain-led trio. While the researchers caution that this doesn\u2019t necessarily mean Bitmain controls these miners, the high level of coordination raises concerns about centralization in Bitcoin mining.<\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/protos.com\/troubling-new-bitcoin-research-into-bitmain-mining-proxies\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Protos.com<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin_Mining_CEOs_Predict_250K_Bitcoin_Price_by_2028_Halving\"><\/span>Bitcoin Mining CEOs Predict $250K Bitcoin Price by 2028 Halving<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>At the HC Wainwright Bitcoin Mining Panel on September 10, executives from leading mining companies such as <a href=\"https:\/\/www.mara.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Marathon Digital<\/a>, <a href=\"https:\/\/bitfarms.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Bitfarms<\/a>, and <a href=\"https:\/\/www.cleanspark.com\/\" rel=\"nofollow noopener\" target=\"_blank\">CleanSpark<\/a> discussed the future of Bitcoin mining and shared their predictions for Bitcoin&#8217;s price. Moderated by Anthony Scaramucci, the panelists addressed key industry challenges, including energy consumption and environmental concerns, while also providing a long-term outlook on Bitcoin\u2019s value. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"866f8c\" data-has-transparency=\"false\" style=\"--dominant-color: #866f8c;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/bedk0.myrdbx.io\/wp-content\/uploads\/bitcoinprice-1024x683.avif\" alt=\"\" class=\"wp-image-4042 not-transparent\" title=\"\" srcset=\"https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bitcoinprice-1024x683.avif 1024w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bitcoinprice-300x200.avif 300w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bitcoinprice-768x512.avif 768w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bitcoinprice-18x12.avif 18w, https:\/\/blog.infinity-hash.io\/wp-content\/uploads\/bitcoinprice-jpg.avif 1534w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The CEOs were optimistic about the future, with predictions for Bitcoin\u2019s price ranging from $100,000 to $250,000 by the next halving in 2028, if historical patterns hold. The discussion also focused on the role of Bitcoin miners in energy grid management, with Marathon Digital\u2019s CEO, Fred Thiel, highlighting how mining operations can help balance supply and demand fluctuations, potentially reducing consumer energy costs. The panelists also emphasized the growing shift toward sustainable mining, with Bit Digital\u2019s fleet being 85% carbon-free and other companies adopting energy-first approaches.<\/p>\n\n\n\n<p><strong>Source:\u00a0<a href=\"https:\/\/cryptoslate.com\/bitcoin-mining-ceos-agree-on-250k-price-target-for-2028-halving\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cryptoslate.com<\/a><\/strong><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Network Overview This week, the Bitcoin network experienced a contraction, with the hashrate falling by 13.14%. This is likely the result of the low Bitcoin mining profitability of the last few months, forcing some miners to shut down. The difficulty has also started correcting, with a fall of 5.12% this week. Despite these network changes,&#8230;<\/p>","protected":false},"author":7,"featured_media":4044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[68],"tags":[108,111,101,100,105,55,113,75,95,114,109,115,110],"class_list":["post-4032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining-recap","tag-bhutan","tag-block-subsidies","tag-cleanspark","tag-difficulty","tag-el-salvador","tag-hashrate","tag-hut-8","tag-marathon","tag-mempool","tag-norway","tag-satoshi","tag-ukraine","tag-wallet"],"taxonomy_info":{"category":[{"value":68,"label":"Mining 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