Bitcoin

Post-Halving Pressure Mounts on Bitcoin Mining Economy: Report By Investing.com

Published

8 months ago

4 June, 2024

Investing.com – The network’s average monthly hashrate fell sequentially for the first time since December 2022 as the mining economy continues to be pressured by inefficient and older ASICs post-halving, according to a report from JPMorgan.

Daily mining revenue is more than 50% below pre-halving levels, which is expected to moderate hashrate growth in the near term.

Despite these challenges, May was a positive month for US-listed mining sector shares. The JPMorgan report highlights that companies reported record Q1 2024 revenues and adjusted EBITDA, even excluding mark-to-market gains on HODL balances, and increased their share of the network’s hashrate. The aggregate market capitalization of the 14 U.S.-listed miners tracked by JPMorgan rose 19% sequentially to $18.4 billion, led by a nearly 80% rally in shares of Iris Energy.

Bitcoin’s average price in May was approximately $65,200, down less than 1% from April, with the seven-day moving average coming out of the month at around $68,400, an 8% increase from April. to the April value. According to JPMorgan calculations, Bitcoin’s annualized volatility was 51% in May, consistent with the previous month’s 54%.

The network’s hashrate, an indicator of competition in the industry, declined sequentially for the first time since December 2022 as inefficient and older operators exited the network following the halving. The network’s average hashrate was 599 EH/s in May, down 26 EH/s (4%) from April and 50 EH/s from pre-halving levels. The network’s seven-day moving average hashrate at the end of the month stood at 595 EH/s, a 5% drop from the end of April, albeit a 58% year-over-year increase. Mining difficulty has also decreased by 4% compared to the end of April.

Bitcoin mining profitability hovered at record levels in May. Bitcoin miners earned an average of $49,000 per EH/s in daily block reward revenue, the lowest level on record. For context, this metric peaked at $342,000 in November 2021, when Bitcoin’s price was $60,000 and the network’s hashrate was 161 EH/s. It was around $100,000 before the halving. Transaction fees fluctuated between 3% and 10% of the block reward in May, reaching values above 100%, rising modestly from 2% to 3% in April.

The proven block reward (remaining) and four-year block reward revenue opportunity were $87.9 billion and $43.8 billion, respectively, as of May 31, both a 9% increase on compared to April 30th. 21% and 42% of the face value of the proven opportunity and four-year block reward, respectively, a modest sequential increase and above historical averages of 16% and 33%, respectively.

The group of 14 U.S.-listed Bitcoin miners tracked by JPMorgan had an aggregate market value of $18.4 billion as of May 31, up 19% for the month. The best and worst performing stocks for the month were Iris Energy Ltd (NASDAQ:), up 79% and Stronghold Digital Mining Inc (NASDAQ:), down 11%, respectively.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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