Negosyante News

November 22, 2024 3:57 am

Bitcoin Miners Prioritize Efficiency as BTC Reaches New Highs

With Bitcoin hitting record-high prices, mining companies are striving to maintain efficient operations amid evolving challenges in mining economics. According to industry leaders, factors beyond Bitcoin’s price, such as hash price—revenue earned per terahash per second—significantly impact profitability. Nick Hansen, CEO of Luxor Technology, explained that despite Bitcoin’s price surge, the hash price remains low, largely due to increased mining difficulty and fluctuating transaction fees. “Hash price currently averages around $56 per petahash per day, down from $80 before the recent 2024 halving,” Hansen noted.

Bitdeer’s Proprietary Tech Enhances Efficiency

Jeff LeBerge from Bitdeer Technologies emphasized the company’s focus on efficiency as a competitive edge. Bitdeer is investing in proprietary ASIC rigs, with its SEALMINER A1 and A2 machines expected to generate up to 18 exahashes per second (EH/s) by early 2025. The company’s diversified approach, including sales to external customers, reflects its goal to thrive regardless of Bitcoin price fluctuations.

Riot Platforms Expands Infrastructure Amid Profit Growth

Riot Platforms, Inc., a leading mining firm, reported a 65% revenue increase year-over-year despite a low hash price environment. Riot’s spokesperson shared plans to scale operations, particularly at its Corsicana facility in Texas, which will soon have 1 gigawatt (GW) of power capacity. Riot also aims to reach 100 EH/s in self-mining capacity by pursuing both organic and inorganic growth opportunities.

Core Scientific Focuses on Consolidation and Efficiency

Core Scientific is consolidating its Bitcoin mining and high-performance computing (HPC) operations to boost efficiency. The company operates close to 20 EH/s and plans to allocate 400 MW to Bitcoin mining and 800 MW to HPC. A spokesperson confirmed Core Scientific is set to deploy Block’s new 3-nanometer ASIC chips in 2025, enhancing energy efficiency and hashrate.

Policy and Regulatory Support Needed for U.S. Mining Growth

Miners in the United States face hurdles, including the need for regulatory clarity and access to capital. Riot’s Public Policy team is actively engaging with regulators, while Core Scientific anticipates a favorable environment under the new Trump administration, citing potential policy support for Bitcoin and domestic energy production.

No comment yet, add your voice below!


Add a Comment

Your email address will not be published. Required fields are marked *

Subscribe to Our Newsletter and get a free pdf:

Sign Up for negosyante news

and receive a copy of The Crypto Cheat Sheet (PDF)
and NFT Cheat Sheet for free!

* indicates required