A few months before the halving, digital mining becomes one of the most important centers in the cryptocurrency market.
Last week closes with very positive numbers for companies linked to the Bitcoin mining industry. The notable increase in activity on the network and the improvement in the price of the currency places miners in good reception.
Companies in the sector are enjoying an excellent prosperity thanks to the continued increase in Ordinals subscriptions. Despite the controversy with these internal Bitcoin tokens, they could be fundamental. Basically, they would make the difference between bankruptcy and survival for many medium and small mining companies.
Miners’ ASIC Purchases Accelerate While Waiting for the Halving
Large companies in the sector are in the process of securing million-dollar purchases. One of the most shocking cases reported this week was that of Riot Platforms. The firm reached an agreement with MicroBT to purchase 66,560 devices worth $290.5 million dollars. Likewise, he reached an agreement for a higher purchase.
Other large companies such as Marathon, Bitfarms and Hut 8 (recently merged with US Bitcoin Corp) also do the same. The goal is to reach the highest hashrate possible so that the May 2024 cut is as painless as possible in revenue and operating expense coverage.
Daily Income per EH/s Approaches Annual Maximums
Daily revenue per exahash per hour is approaching its annual cap at 2.53 bitcoins, equivalent to just over $110,000. This income is just below that reported during the month of May. Likewise, monthly revenues reached a new high in November and are expected to hit another annual high in December as well.
All of this increase in profits is directly related to the increase in activity on the Bitcoin network and the rally. The powerful rise of the Ordinals is one of the fundamental factors for miners to obtain the extra income necessary to increase the computing power that allows them to face the halving.
Hive Production Increased Dramatically in November
Hive Digital Technologies broke its own record for Bitcoin production during that period. According to recently collected data, the company mined a total of 276.3 bitcoins in November. This represents an increase compared to October production, which was 265.9 coins.
Consequently, this shows that the company is also taking the necessary due diligence to expand its infrastructure. With these numbers, the mining firm consolidates itself as one of the most important in its space.
Dorsey Mining Pool Refuses to Process Ordinals
The controversy with Ordinals is not only present among crypto trading enthusiasts, but also in Bitcoin mining. In that sense, the mining pool of Jack Dorsey, one of the greatest evangelists of Bitcoin, refuses to process Ordinals transactions. The latter are the controversial internal tokens of the Bitcoin network.
OCEAN, the aforementioned Dorsey pool explained its reasons through a publication by its CTO, Luke Dashjr. In it he clarifies that the reasons were the vulnerabilities discovered in the network, which were linked to the Ordinals. The latter was confirmed after the v26.0 update that was recently carried out.
DGM Blockchain Announces Millionaire Purchase of Mining Equipment
The firm secured the purchase of 4,550 devices in this series for a value of $12.1 million dollars. This equates to a price of $14 per terahash per second. The new equipment will add a total of 1.06 EH/s for the mining firm. The new equipment is expected to be delivered in March, that is, a few weeks before the halving.
By Leonardo Perez
