This Week’s Bitcoin Mining Industry Highlights

Bitcoin mining continues its tireless development, while competition for hashrate intensifies a few months before the halving.

This week, the Bitcoin digital mining industry experienced heightened competition for computing power just months before the halving. It is now impossible to talk about the mining business without mentioning the automatic network outage that will occur at the beginning of the second quarter of 2024.

In that sense, most of the news is directly or indirectly related to the halving. Large companies feel the pressure, especially those that did not have the strength to prepare sufficiently. The fact that rewards for miners are cut in half could mean the exit of many medium and small firms from the game.

Bitcoin Hashrate Hits New Record Above 550 EH/s

This week, Bitcoin hit a new all-time high with a hash power of 551 EH/s. This was promoted by massive connections of new equipment to the Bitcoin blockchain. The urgency to increase computing power in the face of the imminent halving generates a large wave of new connections. As we reported earlier, this hashrate growth directly leads to an increase in difficulty on the network.

A few hours ago, the most recent difficulty adjustment occurred, which also generated a historic peak. According to data from the BTC.com site, the network reached a complexity of 64.68 T with 6 consecutive increases.

Mining Firm Wins Battle in Arkansas

Arkansas authorities launched a legal battle against a Bitcoin mining company. The main argument against the company’s facilities was the noise pollution produced by Jones Digital LLC’s farm. According to local media reports, District Judge Lee P. Rudofsky ruled in favor of the mining company with a concession that protects it against Arkansas’ noise ordinance.

After the company was established, authorities announced an ordinance regarding the decibel limit in the area. However, the judge considered that this ordinance was made specifically to intimidate the company due to the lack of legal support to order its closure. Given this, the court decided to rule in favor of the mining firm.

Cornell University Proposes Bitcoin as an Engine for Renewable Energy

The most recent case in favor of the mining sector comes from Cornell University by means of a research study according to which the pioneering digital currency can actually aid in the development of clean energy. They believe that mining can lead the ESG projection for the responsible use of energy and improving conditions for the environment.

Mining Equipment at the Supreme Administrative Court of Poland

In many conservative countries, many politicians see Bitcoin mining as some kind of harmful element. Despite this, these same politicians tend to think otherwise when it comes to particular interests. A case in that direction was witnessed in Poland this week.

The case is in the prosecutor’s office in the midst of investigations to find the whereabouts of those responsible. Likewise, the aforementioned media points out that the president of the aforementioned court, after the scandal broke out, canceled services with some computer equipment maintenance companies, which makes him the prime suspect.

Bitfarms Announces Millionaire Placement with US Investors

Bitfarms announced the private placement of $60 million Canadian dollars with institutional investors in the United States. This placement would have a closing date of November 28.

According to specialized media reports, the company would use the funds to acquire more mining equipment and expand its computing power. The proximity of the halving also has this company in a race to increase its power and maintain average revenues.

By Leonardo Perez