A recent analysis by crypto exchange Bybit has sounded the alarm on a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if demand remains at similar levels. The report predicts that reserves could be entirely depleted within the next nine months if current withdrawal rates persist — currently around 7000 BTC per day. The shortage forecast is closely tied to the anticipated halving event in 2024, which will cut the Bitcoin production on each block by half. Alex Greene, a senior analyst at Blockchain Insights, said: “The rapid depletion of Bitcoin reserves is preparing the mar ..read more

Bitcoin’s 4th halving event is scheduled to occur on April 22nd, at event block height 840,000. As each block, containing executed transactions, is mined, it is stamped with a block height, noting how many blocks have been generated before the latest one.  This way, block heights create a chronologically ordered digital ledger, granting Bitcoin its mantle of decentralized transparency and security against double-spending. This also makes it instrumental in imposing the embedded halving logic on the entire Bitcoin network, occurring every 210,000 blocks. Bitcoin halving is there as an algo ..read more

Bitfarms announced on April 12 that it completed upgrades to its Bitcoin mining facilities in two locations, bringing its total hash rate to 7 EH/s. The company installed and activated over 5,000 T21 miners at two facilities in Québec, Canada. Bitfarms installed 3,168 T21s devices at its Garlock, Québec facility, plus 1,710 T21s and 100 M53S+ hydro miners at its Farnham, Québec site. The latest upgrades improve energy efficiency by about 51%. Geoff Morphy, President and CEO of Bitfarms, emphasized the benefit of efficiency, asserting the “transformative nature of [the] upgrade plan.” He n ..read more

Institutional Bitcoin data provider Block Scholes anticipates a novel impact from next week’s Bitcoin halving on the network’s performance. The company believes that it may lead to an immediate drop in the network’s hash rate by roughly 25% within the first two weeks. The firm predicts this event will have a unique effect on the network compared to previous years, particularly in how quickly the difficulty adjusts post-halving. Eamonn Gashier, Founder and CEO of Block Scholes, highlighted that the total block reward, in terms of both Bitcoin and USD, typically rebounds to pre-halving levels mo ..read more

Bitcoin mining difficulty increased by 4% during the past day, reaching a high of 86.39 trillion hashes on April 10. This uptick is consistent with the ongoing trend witnessed since the beginning of the year, highlighting the mounting computational challenges miners face on the leading digital asset network. The increasing difficulty has occurred amid BTC’s rapid rise to more than $70,000 thanks to the bullish momentum fueled by spot exchange-traded funds and the impending halving event. Mining difficulty Bitcoin’s mining difficulty adjusts approximately every two weeks after completing 2 ..read more

Hut 8 Mining CEO Asher Genoot said the coming Bitcoin halving will be on a “different scale” in terms of impact on the mining industry. Genoot said during an interview with Bloomberg on April 2 that large scale miners must become “low-cost operators” to ensure they can survive the turbulent market conditions post-halving. He said: “My belief is to be a successful large scale miner in this ecosystem, you just have to be a low cost operator.” Genoot added that this is a core part of Hut8’s strategy as evidenced by strong balance sheet with a substantial Bitcoin reserve of approximately 9,100 B ..read more

The phenomenon of the Bitcoin halving is a cornerstone event in the crypto world, fundamentally altering the economic landscape for miners and investors alike. Occurring approximately every four years, this event reduces the reward for mining new Bitcoin blocks by half, a mechanism designed to control the supply of Bitcoin and mimic the scarcity-driven value preservation seen in precious metals.  As we approach the next halving in 2024, the Bitcoin community keenly focuses on its potential impacts on the market and mining operations. In this shifting environment, GoMining emerges as a not ..read more

As the facilitators of the network’s security and transaction verification process, Bitcoin miners significantly influence the supply of BTC in the market. This is why no market analysis can be complete without analyzing the changes in miners’ balances and activity. Firstly, changes in miner balance and activity provide insight into the sector’s economic health and operational stability. Secondly, miners’ decisions to sell or hold their BTC reflect their confidence in future value and can signal changes in market sentiment. Moreover, since miners are the primary source of new BTC entering the ..read more

Bill Ackman, a well-regarded investor and CEO of Pershing Square Capital Management, outlined a hypothetical scenario that has sparked intense debate among crypto enthusiasts, economists, and environmentalists. Ackman’s comments touched on several critical issues, including the sustainability of Bitcoin mining, its implications for global energy consumption, and the broader economic consequences of a rising reliance on cryptocurrencies. He tweeted: “A scenario: Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the ..read more

Bitcoin miner Argo Blockchain sold one of its sites to repay debt amid its declining BTC production last month. Argo sells site to repay debt In a Mar. 5 statement, the miner explained that it sold its Mirabel Facility in Quebec for $6.1 million. Following the sale, Argo allocated $4 million to settle debts owed to Galaxy Digital, effectively reducing its debt to approximately $14 million as of Feb. 29. This marks a significant 60% decrease from the initial Galaxy debt of $35 million. Argo clarified that the remainder of the proceeds from the sale were utilized to settle the outstanding mortga ..read more