A new week closes for the broader cryptocurrency sector with mixed news. The halving is less than two weeks away and its implications could be enormous. While expectations focus on the impact it will have on the price of BTC, the consequences will be notable in the restructuring of the mining industry.
Publicly traded Bitcoin mining company Gryphon Digital Mining reached a new milestone recently. In that sense, it became one of the first to achieve 100% energy use from clean sources. The company said it was proud of this achievement and aspires to continue on this path of environmental preservation.
The company’s achievement was certified by the auditor CarbonChain, which functions as an energy use meter. The latter certified in its report that the mining firm has so far reached 100% in renewable energy from 98% in 2023.
This is an important step by the firm and one that dismisses some of the classic accusations in the sector. With this, the mining business is moving quickly as one of the most advanced in ESG policies.
Bhutan Plans to Double its Mining Capacity
Bhutan, one of the poorest Asian countries, found in Bitcoin mining one of the supports on which its economy rests. For years, national authorities have had businesses in this industry to generate valuable resources for the State.
A few days after the halving of the largest cryptocurrency network, the government announced new plans. According to Bloomberg, the country’s national authorities hope to double its mining capacity in alliance with the Bitdeer firm.
Thus, the Kingdom of Himalaya mining site will have a doubled capacity by next year 2025. The plan aims to maintain current income after the Bitcoin halving, which will cut rewards by 50%.
Ban on Digital Mining in Paraguay
One of the most coveted locations for Bitcoin mining companies could become an inhospitable place for the industry. The hot season in the South American country is causing a hostile reaction towards the mining sector, but also towards the entire crypto environment.
According to specialized media reports, detractors of digital currencies want to prohibit the mining and also the staking of digital currencies. Some even want to go a step further by banning any expression of digital wallets of virtual currencies.
With this, one of the countries with the most energy surpluses on the continent and ideal for mining with clean energy, could become a hostile one. It should be noted that the proposal was introduced by a group of legislators and it must face a long road if it wants to become law.
IREN Increased its Profits a Few Weeks Before Halving
Less than two weeks remain until the Bitcoin halving occurs. During the last few months, large companies have embarked on a crusade to increase computing power that would allow them to stay afloat after the cut. Consequently, the revenues of those companies increased dramatically.
Thus, the increase in mining power, the fall in inflation in the US and the powerful increase in the price of BTC combined. Additionally, network commissions also rose to generate greater funds for mining firms.
One of these companies, Iris Energy Limited (IREN) managed to maintain an average of 7.1 EH/s of computing power in March. As a result, his income increased sharply during that month. According to the media, income rose by no less than 56% to $23.7 million. By the end of 2024 the company expects to reach 20 EH/s.
By Leonardo Perez
