This week, the Bitcoin mining industry showed important advances that project it towards a future of constant growth.
Despite this being a difficult year for the Bitcoin mining industry, it is ready to continue growing. Although it is one of the most stigmatized businesses in the world, it continues to expand and advance its ESG characteristics.
Below, the three top news of the week in the digital mining world are analyzed.
Allied Market Research: Mining Market Will Reach $5 Billion by 2032
Bitcoin mining is poised for significant growth, with a compound annual growth rate (CAGR) of 11.4% from 2023 to 2032. The latter is stated by analysts at Allied Market Research in a recent report.
Although the market has faced challenges in the past, such as the FTX crash of 2022, better times are ahead. These would come hand in hand with factors such as the growing adoption of digital currencies and the use of digital transformation technology. However, the high cost of crypto mining hardware remains a challenge for the industry, and difficulties and rising hash rates have affected miners’ profitability.
The digital mining market is currently valued at $1.8 billion and is expected to reach $5 billion by 2032, according to the aforementioned firm. Several key factors are identified that will drive this growth, such as the aforementioned increasing adoption of cryptocurrencies and digital transformation technology.
Peak Mining Agrees to Multi-Million Dollar Hardware Purchase with MicroBT
Bitcoin mining firm Peak Mining (a subsidiary of Northern Data Group) signed a contract stating that it is ready to close a $150 million deal with ASIC manufacturer MicroBT. This agreement will provide Peak Mining with a total of 7 EH/s of the latest next-generation BTC mining devices.
Consequently, the purchase includes models such as the Whatsminer M53S+ and M53S++. Additionally, Peak Mining plans to introduce large-scale liquid cooling technology with these miners. The contract with MicroBT will allow Peak Mining to significantly increase its mining capacity and prepare for future developments in that industry.
The first shipment of these liquid-cooled miners is scheduled for October 2023, with installation plans in North Dakota. Furthermore, this announcement comes shortly after MicroBT revealed its new M60 series miner. The latter has an efficiency index of 1X J/T, and will be launched in October.
Venezuelan Prison Mined Bitcoin While Licensed Companies Have Been Shut Down for Half a Year
More than half a year has passed since Venezuelan authorities announced the closure of all legally registered Bitcoin mining companies. After the corruption scandal in Sunacrip and other organizations, (billions stolen) mining companies were forced to close. Since then, many of the firms have gone bankrupt, others have left, and some remain under losses pending reopening.
However, while all those legal businesses were closed, criminals in a prison were operating a mining farm. That criminals have this type of facilities in a prison cannot happen without the State and the government finding out quickly. Despite this, the months passed and the date of the start of mining operations in the prison is unknown.
Bitcoin mining machines have a high level of power consumption. Added to this is that the trade in this equipment, new or second-hand, is controlled by the government or those close to it. In any case, all of this happened with the full knowledge of the authorities who now proceeded to dismantle the facilities.
By Audy Castaneda