Phoenix Group, a company listed on the Abu Dhabi Securities Exchange, has commissioned a 30-megawatt Bitcoin mining facility in Addis Ababa, Ethiopia. This marks the company’s latest operational site in Africa.
Bitcoin mining corporations MARA Holdings and Hut 8 reported strong third-quarter results on Tuesday, both posting sharp increases in profits and expanding their bitcoin reserves.
Japan has launched its first government-backed Bitcoin mining project in partnership with Canaan and a regional power company partially owned by the state. The initiative includes a 4.5-megawatt facility equipped with hydro-cooled Avalon mining rigs, which adjust their operations based on grid load — shutting down during peak consumption periods and resuming when renewable energy is in surplus.
Akbar Hasan Beklou stated that Iran ranks fourth globally in cryptocurrency mining thanks to heavily subsidized electricity, turning the country into a “paradise for illegal miners.”
According to a report by Riot Platforms, the cost of mining the leading cryptocurrency in 2024 amounted to $35,376 per coin. The 52% increase in global hashrate raised overall expenses, although part of the costs was offset through credit facilities.
In October, China accounted for 14.06% of global Bitcoin hashrate. The country has adopted a so-called “cypherpunk mining method” — as long as miners have access to power and hardware, underground operations continue to extract BTC while avoiding detection by authorities, according to Luxor analysts.
According to analysts at investment firm VanEck, over the past 12 months, Bitcoin miners’ total debt has surged by 500% — from $2.1 billion to $12.7 billion. The record growth is attributed to the need for heavy investment in new equipment and artificial intelligence infrastructure.
Today, wallets linked to the Chinese mining pool LuBian transferred 15,959 BTC, worth around $1.83 billion, to four different addresses. This marks the second major transfer in less than two weeks.
According to CryptoQuant, since October 9, roughly 51,000 bitcoins have been transferred from miners’ wallets to Binance. During this period, the total value of their deposits exceeded $5.6 billion in BTC.
The hashrate on the Bitcoin blockchain has once again climbed to a new all-time high of 1.2 zettahashes per second (ZH/s), before stabilizing near 1.039 ZH/s.
Google has acquired a 5.4% stake in bitcoin miner Cipher Mining as part of a multi-year $3 billion deal involving Fluidstack, a company specializing in artificial intelligence data centers.
On Friday, Bitcoin’s mining difficulty, a metric reflecting the relative complexity of adding new blocks to the ledger, reached a new all-time high of 142.3 trillion.
Mining company Hut 8 has announced the launch of four new sites in the US states of Texas, Illinois, and Louisiana.
Tech giant Google (NASDAQ:GOOGL) has become the largest shareholder of TeraWulf, increasing its stake to 14%. The company received additional shares in exchange for expanding its guarantee support under a lease deal between the miner and AI infrastructure provider Fluidstack.
The Qubic mining pool, which recently gained control over the majority of the Monero (XMR) network hashrate, now intends to carry out a 51% attack on the Dogecoin (DOGE) meme coin blockchain.
British energy company Union Jack Oil, listed on the London Stock Exchange, has announced plans to convert natural gas from its West Newton site into electricity to mine Bitcoin. This could become one of the first projects in the UK to monetize oil through crypto.
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