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BT Daily News: Could Bitcoin’s security be at risk as a result of this update? Decoding details


1. Could Bitcoin’s security be at risk as a result of this update? Decoding details

A review of numerous metrics revealed that Bitcoin mining had become less profitable and more challenging. The hashrate metric revealed that the BTC hashrate had been relatively high, particularly in October. Recent information collected from coinwarz indicated that the hashrate has increased.

Furthermore, as of 31 October, this figure stood above 285 Exahash (EH/s). This rate had been rising, which indicated that it took more energy for miners to add a new block.

The mining difficulty had also been rising, with the most recent increase being noticed around 23 October. With a rise of 17.46% over the previous 30 days, the current BTC difficulty was seen to be 36.8T. The difficulty had also grown by more than 33% during the previous 90 days.

However, a comparison of the miners’ earnings revealed a difference. In contrast to what was found with hashrate and mining difficulty, a decline was seen on the miners’ revenue chart. The disparity basically indicated that, given the current bear market, miners were losing money.

2. 87MW solar-powered bitcoin mining centre becomes operational in Texas

Renewable bitcoin mining operator Aspen Creek Digital Corporation (ACDC) has commenced operations at a Texas data centre co-located with a behind-the-meter solar project.

The 30MW centre is capable of hosting 10,000 ASIC mining machines, to be powered by the 87MW solar farm. The project will open up additional renewable power generation sources to the Electric Reliability Council of Texas (ERCOT), the organisation which operates the state’s grid.

ACDC has completed a hosting agreement with bitcoin mining company Compass Miningto host 27MW of capacity at the facility. It will be one of the largest renewable-based facilities to host Compass Mining’s equipment.

We are working hard to build the world’s leading fleet of renewably powered data centres by implementing our 3GW+ pipeline of wind, solar and battery generation by 2025,” said Alexandra DaCosta, CEO of ACDC.

3. Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash Flow Positive

Canadian Bitcoin miner Digihost (DGHI) remains debt-free and cash flow positive despite a wider downturn across the crypto mining industry, according to a press release. The Nasdaq-listed company mined 74.58 bitcoin (BTC) in October, a 78% increase compared to October last year when it mined 41.84 bitcoin.

The crypto mining industry has been thrust into uncertainty this year due to soaring energy prices and an overall crypto market downtrend. Several companies have felt the squeeze including Core Scientific (CORZ), which said that it may have to explore bankruptcy if its financial situation fails to improve.

Digihost, meanwhile, now holds approximately $2.45 million worth of bitcoin and $1.29 million of ether based on crypto prices on Oct. 31. It also holds $3.42 million in cash.

In order to remain cash flow positive, Digihost sold a portion of its bitcoin holdings in October to cover energy costs.

4. BitNile Michigan Facility Achieves Production Milestone of 500 Bitcoins Mined, and More

Las Vegas-based BitNile Holdings Inc.’s data center in Dowagiac (southeast of Benton Harbor), has achieved a Bitcoin mining production milestone of 500 Bitcoin mined to date at its Michigan data center.

I am pleased to see the progress the team has made in building up our mining capability and achieving a milestone in Bitcoin mining production,” says Milton “Todd” Ault III, executive chairman of BitNile. “The plan to grow our Bitcoin mining operations is clear, and it is rewarding to see the team achieve key milestones along the way.”

The BitNile subsidiary that runs the Dowagiac facility, Alliance Cloud Services, says it plans to launch enterprise data center services at the Michigan data center. Alliance Cloud Services has developed a diversified site, including commercial real estate for office, warehouse and distribution, a high-density computing data center focused on Bitcoin mining, and the announced enterprise data center with plans to offer hosting and colocation services for third parties.

Alliance owns and operates the 617,000-square-foot facility located in Michigan. It consists of a 100,000-square-foot data center and 517,000 square feet of improved space occupied by commercial real estate tenants. The site currently has access to approximately 28 megawatts of power and multiple telecommunications carriers with physically separate fiber entrances and geographically diverse routes.

5. Britain’s new PM is a fan of crypto. There are hopes he’ll give the industry a boost

U.K. cryptocurrency firms and investors have high hopes that new prime minister Rishi Sunak could turn around Britain’s fading crypto aspirations.

Sunak, a former Goldman Sachs analyst, has on several occasions expressed a positive attitude toward crypto. As the minister in charge of Britain’s finances, he outlined a grand plan to make the country a global crypto hub in April. That included bringing stablecoins within the regulatory parameters and getting the Royal Mint, the official U.K. coin maker, to launch a nonfungible token.

At a drinks reception organized by the venture capital firm Index Ventures in June, Sunak said he was “determined” to make the U.K. “the jurisdiction of choice for crypto and blockchain technology.”

Another way Sunak could boost crypto in the U.K. is by advancing the Bank of England’s work on exploring a central bank digital currency.

In April 2021, Sunak’s finance department launched a joint taskforce with the central bank looking into the feasibility of a token recognized as equivalent to the British pound. It’s been dubbed “Britcoin,” though it likely wouldn’t look anything like bitcoin, which is decentralized and volatile.

More than anything, crypto investors want to see Sunak give the industry some clarity. In the U.S., the government issued a framework for crypto. And the European Union has approved a sweeping set of laws governing the sector.
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