Bitcoin (BTC) and cryptocurrency mining are very popular. Even after the recent halving, when miners saw their rewards cut in half, many developments tell us that mining is still gaining popularity. In this article, we cover several developments that support this view.
Blockchain company buys 17.000 bitcoin (BTC) miners
The United States-based blockchain hosting provider Core Scientific has announced that it will buy the staggering amount of 17.000 miners from Bitmain. The purchase will be made on behalf of its customers as well as for its own use.
The company will buy more than 17.000 Antminer S19’s, a popular rig among bitcoin miners in the field. This will be the largest amount of miners that a blockchain hosting provider has ever bought, says Core Scientific. The CEO of the company, Kevin Turner, said:
“Core Scientific has received and begun testing the first of Bitmain’s newest ASIC miners, and has seen material success in increasing existing hash rate to achieve a 110 TH/s ± 3%.”
According to the Chief Customer Service Officer of Core Scientific, the interest in mining in North America has seen an increase. This raise in interest is mainly due to “the stable geopolitical and regulatory environment, suitable climatic conditions, and multiple energy sources present.”
On top of that, the energy prices decreased on the continent partly as a result of the plummeting oil prices worldwide. Mining in the United States of America or Canada could, therefore, be interesting for also smaller miners:
“Importantly, with the collapse of energy pricing, the lower cost power areas in the US and Canada, are creating some unique project opportunities for miners, like Core Scientific, to consider.”
Miners revenues eye trend reversal
Another positive development can be found on the miner’s revenue charts. According to blockchain.com, the revenue spiked right before the recent halving. This probably happened due to traders buying bitcoin in anticipation of the historic event. Also, miners performed a final sprint as the rewards are cut in half during a halving event.
After the halving, the revenue that miners generated plummeted, which wasn’t unexpected. But a good sign is that trend now seems to stabilize and even turn around. Sinds May, the revenues have seen a slight uptick with a peak on June 6th of 12,5 million USD.
As a smaller miner, you might think it is hard to get into the current market. There are options that make this easier. For example, you can join a mining pool. Want to know more about mining pools? Read our blog article “How To Pick A Mining Pool.”