Bitcoin (BTC) mining has become more decentralized and continues to diversify, a new report from Canadian wealth management company Canaccord claimed on Feb. 6. Canaccord, which tracks the blockchain and digital currency sectors along with its other financial operations, highlighted the increasingly wide distribution of Bitcoin’s hash rate over the past five years. This, the report says, represents a competitive marketplace which in turn makes the largest cryptocurrency less vulnerable to attack. Multiple mining pools currently contribute to Bitcoin network transaction processing, with that number increasing significantly since 2014. According to Canaccord’s data, in 2014, the Ghash.io pool controlled around …
Bitmain, a Chinese manufacturer of cryptocurrency mining equipment, has been forced to stop its business in China from Oct. 11 following the crypto ban imposed by local authorities. In addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies. According to Bitmain’s announcement: “From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.” While the company has yet to reveal …
Canadian bitcoin (BTC) mining company Hut 8 made almost $50 million in revenue last year but triggered total losses of almost $140 million, according to an annual earnings report released on May 6. Hut 8, which counts itself as one of the world’s largest publicly-traded cryptocurrency mining companies, saw 2018 revenue hit $49.4 million. The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) for the year was $19.3 million. Losses amounted to $136.7 million. Hut 8 currently operates 85 mining centers worldwide, with 2018’s mixed performance reflecting the fate of many mining businesses during the cryptocurrency bear market. As …
Blockchain technology company Bitfury is considering a potential Initial Public Offering (IPO), which could reportedly become the first major public listing in the crypto industry in Europe, Bloomberg reported Oct. 25. People familiar with the matter reportedly told Bloomberg that Bitfury is examining a range of options including raising debt financing or selling a minority stake. Should Bitfury go public in the following two years, its value could reach from $3 billion to $5 billion. However, the numbers could change depending on the markets and the health of the industry, purported sources told Bloomberg. Bitfury has reportedly contacted global investment …
Bitcoin mining stocks usually follow BTC’s price because it directly influences the company's earnings. These stocks were beaten down heavily in the last quarter of 2022, especially in the month of December. The downturn after FTX's collapse worsened with the bankruptcy filings of the largest U.S.-based Bitcoin mining company, Core Scientific. During this time, other mining stocks, like Marathon Digital Holdings (MARA) in the chart below, exhibited a weak correlation with Bitcoin’s price, suggesting that December’s downturn was probably overblown. The negative trend reversed at the start of 2023 as most mining stocks posted impressive gains. The Hashrate Index mining …