Bitcoin has been making headlines with its price surging toward six-figure levels, as the digital asset passed the $2 trillion market cap, reinforcing its status as the “Digital Gold” of the 21st century. The consolidation of hashrate across the network has led to price outpacing difficulty adjustments. Hashprice has climbed 63% from its record low. Meanwhile, leading companies like Hut 8 and Riot Platforms are announcing plans to raise funds to buy Bitcoin. Will the MicroStrategy playbook be the key to succes for public miners?
Six Figure BTC and $2T Market Cap
The Digital Gold of the 21st Century
Hashrate Consolidating
Price Outpacing Difficulty Adjustments
Hashprice Up 63% From Record Low
BitFuFuPool Goes Live
Centralization of Hashrate Distribution
Bitmain Launches US Production Line
Premium Members Only:
Launch of WhatsMiner M6XS++ series
Adopting MicroStrategy Playbook Key to Succes?
Hut 8 Announces new ATM- and Stock Repurchase Program.
Riot Platforms Plans $500 Million Raise
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Six Figure BTC and $2T Market Cap
November 2024 was for the Bitcoin record books. Price soared from around $67,000 to nearly $100,000, marking an incredible 49% increase. This makes November 2024 the best-performing month ever in terms of dollar growth! During the first week of December Bitcoin hit six figures following the news of President-elect Donald Trump appointing Paul Atkins to lead the SEC. Known for questioning the agency’s past cryptocurrency crackdowns, Atkins is expected to take a more favourable stance on the crypto market. Currently BTC is trading just below the $100K level, it should be no supprise that Bitcoin is taking a breather after such a massive move.
The Digital Gold of the 21st Century
Federal Reserve Chair Jerome Powell has recently referred to Bitcoin as a “digital version of gold,” a statement that has reignited debates about Bitcoin’s role as a store of value and its potential to rival traditional gold. While gold boasts a massive $15 trillion market cap at approximately $2,700 per ounce, Bitcoin’s current market capitalization stands at $2 trillion, with a valuation of around $100,00 per Bitcoin.
Bitcoin’s remarkable growth in just 15 years since its inception highlights its unique appeal in the digital age, positioning it as a disruptive force in global finance and a serious contender to gold’s status as a go-to store of value. Bitcoin hash demonstrated unparalleled growth in just 15 years since its inception. For perspective, Amazon took 29 years to break the $2 trillion mark and Apple 42 years to hit $2 trillion in 2020.
Hashrate Consolidating
The network hashrate has reached a new all-time high each month in recent months. Currently, the 7-day moving average (DMA) is just 20 EH/s shy of the ATH. With improving market conditions, it’s only a matter of time before we see another surge to record levels, potentially surpassing the 800 EH/s milestone.
Price Outpacing Difficulty Adjustments
On November 4th, network difficulty increased by 6.24%, followed by a 0.63% rise on the 18th. Another small increase of 1.59% occurred on December 2nd. During this same period, Bitcoin’s price surged by nearly 50%. During the 2021 bullmarket we have witnessed that this lag in deployment of new hashrate resulted in Bitcoin’s price increasing faster than the network’s hashrate growth. As a result, miners saw increased profitability during this period. If Bitcoin proceeds it’s bullish price action, it is likely we’ll see a similar scenario and profitable times are ahead for miners.
Hashprice Up 63% From Record Low
The first signs of this dynamic is reflected in the hashprice chart. Hashprice represents the USD a Bitcoin miner earns for each unit of computational power they contribute to the network, measured in petahashes per second (PH/s = 1,000 TH/s). It’s a crucial metric for miners, offering insight into the profitability of their operations. Hashprice reflects the combined impact of Bitcoin’s price, mining difficulty, and block rewards on the value of their hashrate. The surge in Bitcoin price has pushed hashprice back above the $60/PH/day level which is an important threshold for many miners. Currently hashprice is up 63% from the historic lows at $38/PH/day.
BitFuFuPool Goes Live
BitFuFu, a leading digital asset cloud mining service provider, launched their BitFuFuPool last week and offer fees as low as 0.4%. BitFuFu mining pool operates as a proxy for Antpool, which is owned by Bitmain. BitFuFu provides cloud mining services, and its backend often redirects mining activities through Antpool. This arrangement means miners using BitFuFu are essentially contributing their hashpower to Antpool, although the user-facing platform is BitFuFu. This kind of setup benefits both parties. BitFuFu leverages Antpool’s infrastructure, reliability, and established network. Antpool gains additional hashrate, enhancing its mining rewards and network influence.
Centralization of Hashrate Distribution
The BitFuFuPool launch solidifies Antpool’s dominance. AntPool is currently the second biggest pool averaging 21.25% of the network hashrate over the last month. The top two pools, Foundry USA and Antpool, together account for over 50% of the global hashrate. Adding F2Pool and ViaBTC, over 75% of the blocks are processed by only four actors.
While the remaining hashrate is fairly well-distributed among smaller pools, custodian consolidation and proxy pools suggest a deeper concentration of power within the mining ecosystem.
Bitmain Launches US Production Line
Bitmain announced they are launching a US production line. This is great news for North American miners because it could potentially solve for the challenges some experiences at the US border. Several ports of entry are currently holding ASICs, with some units having been detained for up to two months. Mining companies impacted by the freeze reported to Blockspace Media that U.S. Customs and Border Protection (CBP), an enforcement agency of the Department of Homeland Security, is acting on a request from the Federal Communications Commission (FCC). One company revealed that the CBP is charging a holding fee for 200 ASICs, with the bill exceeding $200,000. The freeze is related to an investigation by the U.S. Department of Commerce into Sophgo, the chip designer behind the Bitmain units, after its chips were found in a Huawei AI processor, with Huawei being under U.S. sanctions since 2019.
The following content is exclusively for our Premium Members:
Launch of WhatsMiner M6XS++ series
Adopting MicroStrategy Playbook Key to Succes?
Hut 8 Announces new ATM- and Stock Repurchase Program.
Riot Platforms Plans $500 Million Raise
