Stock in Crypto Mining Firms Riot and Hive Massively Outperforms Bitcoin

The share price of Bitcoin (BTC) mining firms Riot Blockchain and Hive Blockchain has produced enormous year-to-date (YTD) gains, with stock in Riot nearly doubling while Hive tripled over 2020 so far. However, not all mining firms have fared well throughout the COVID-19 pandemic, with Canaan’s stock falling nearly 70% since early January, and both Hut 8 and DMG Blockchain seeing scant YTD gains despite experiencing significant volatility this year. Mining firms outperform Bitcoin While Bitcoin is up more than 26% from roughly $7,200 to $9,100 since the start of…

Kazakh Gov Plans to Double Its Investment in Digital Currency Mining

Kazakhstan officials revealed the nation’s digital currency development plan to experts from Russia and China at “2020 Astana Online Financial Day”. According to the China Ministry of Commerce on July 1, Kazakhstan plans to double its digital currency mining investment by the end of this year, and continues to develop its central bank digital currency. According to the report, Kazakhstan’s digital currency mining project attracted 82.6 million Tenge, which is about 20 million USD. The scale of this investment will increase by 80 million Tenge in 2020. Blockchain and CBDC…

Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital Raise

Hut 8 Mining Corp. has raised $8.3 million from the sale of 6% of its shares to investors. The Canadian bitcoin miner originally intended to raise $7.5 million from the sale, but it was oversubscribed. Totonto Stock Exchange-listed Hut 8 issued about 5.8 million “units” at a price of $1.45 each. Each unit is comprised of one common share. From this, investors have the option to buy another share for $1.80 between now and December 2021. The Alberta-based miner said funds from the offering will be used to upgrade its…

Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs

During the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June 24, to a low of $8,965 on June 27. Since then the price has increased and the price per bitcoin is back above the $9k zone but much lower than before. The lower price has affected the profits of miners hashing away to find blocks on the network. Ever since they lost 50% of the block reward on May 11, gathering profits have been tough on miners with bitcoin prices at…

Bitcoin Mining Difficulty Hasn’t Done This Since 2018 $3K BTC Bottom

Bitcoin (BTC) is looking like it did at its 2018 bear market bottom — and one fundamental is about to repeat a move which has only happened twice in its history. Analysis of Bitcoin network difficulty following its latest adjustment on June 4 reveals a key similarity to when BTC/USD traded at lows of $3,100. BTC difficulty on course for historic third This week, difficulty adjusted down by 9.3%. That followed a downward shift two weeks previously of -6%. If the next adjustment is also negative — it is currently…

Kyrgyzstan Poised to Legitimize Crypto Mining

Lawmakers in the Kyrgyz Republic are considering a bill to tax and regulate cryptocurrency mining activities.  The bill, On Amending the Tax Code of the Kyrgyz Republic, seeks to increase government revenue by establishing taxation obligations for miners, in addition to establishing clear definitions for the terms ‘virtual assets’ and ‘mining’ within the context of cryptocurrencies. If passed, the new taxation regime would comprise the first major step taken towards cryptocurrency liberalization on the part of the Kyrgyz Republic, with the country explicitly prohibiting crypto assets as a means of…

Bitcoin Mining Difficulty Drops 9% to January Levels

Bitcoin has just got easier to mine. At block height 633,024, reached on 12:30 UTC Thursday, the Bitcoin blockchain adjusted its mining difficulty to 13.7 Trillion with a 9.29% drop and reached the lowest level since January this year. According to data compiled by CoinDesk Research, today saw the eighth largest negative difficulty adjustment in Bitcoin’s history and the eighth instance of two or more consecutive negative adjustments. The Thursday adjustment also follows a 6% drop recorded on May 20, which was the network’s first difficulty change after Bitcoin’s quadrennial…

Argo’s Mining Revenue Dips After Bitcoin’s Halving

London-listed Argo reported a dip in May revenue, possibly as a result of the bitcoin halving event. Per the mining firm’s monthly operational update, monthly mining margins – revenue minus operating costs – was roughly 34% in May, down from 39% in April. Overall, the company mined 252 bitcoin (~$2.4 million at press time), down from 319 bitcoin (~$3 million) the month before. This slight dip in revenue comes straight after the bitcoin halving – which took block rewards down from 12.5 to 6.25 BTC last month. Argo says it was…