All articles tagged with #miners
Bolivian miners and protesters clashed with police in La Paz during the second week of demonstrations against President Rodrigo Paz's economic reforms, including the removal of fuel subsidies, which has led to increased fuel prices and economic concerns. The protests involve miners, teachers, and Indigenous groups opposing the reforms, which aim to attract foreign investment and implement economic changes.
Gold prices experienced their worst daily decline in 12 years, dropping over 6% after reaching a record high, with related ETFs and miners plunging around 10%, amid a strengthening US dollar and easing US-China trade tensions, despite gold's year-to-date gain of 55%.
All five miners trapped in the El Teniente copper mine in Chile after a collapse caused by a possible earthquake have been found and identified, ending a three-day rescue effort; authorities are investigating the cause and safety standards.
All five miners trapped after a collapse at Chile's El Teniente copper mine have been found dead, bringing the total death toll from the incident to six, following a seismic event that caused a significant underground cave-in. The rescue effort involved over 100 people, but unfortunately, the miners could not be saved. The mine, the world's largest underground copper mine, was temporarily shut down after the accident.
Bitcoin miners have sold off 85,503 BTC, leading to the steepest decline in miner balances this year, now at 1.95 million BTC. Despite this, Bitcoin's price remains resilient near $100,000, supported by non-mining investors. The market shows a divergence between miner activity and price trends, with Bitcoin maintaining bullish indicators. However, continued miner sell-offs could introduce volatility, especially if macroeconomic factors come into play. The situation highlights Bitcoin's market maturity and the growing influence of non-mining participants.
Interest in Bitcoin ETFs has surged, with significant inflows into newer funds like BlackRock's IBIT and Fidelity's FBTC, while Grayscale's GBTC saw outflows. Whale interest in Bitcoin has increased, potentially driving prices up, but retail investors are taking profits, which could exert downward pressure. Additionally, declining miner revenue may force miners to sell their holdings, further impacting Bitcoin's price.
Bitcoin completed its fourth halving, reducing the block rewards for miners and potentially impacting the cryptocurrency's price and miners' economics. While some expect downside in bitcoin post-halving, others believe the impact may be magnified by the emergence of spot bitcoin ETFs. The reduction in block rewards aims to maintain scarcity and control the cryptocurrency's inflation rate, while the hash rate, which has historically fallen after a halving, is expected to recover in the medium term. The immediate impact will be felt by miners, with those with access to inexpensive, reliable power sources being well positioned to navigate the post-halving market dynamics.
Bitcoin has completed its fourth halving, reducing miners' block subsidy reward from 6.25 BTC to 3.125 BTC. This event marks a new epoch for the network, with hopes of landing on the memeable date of 4/20 failing to materialize for the U.S. market. The reduction in subsidy rewards could see some miners exiting the market, potentially impacting the network's processing abilities. Transaction fees will become increasingly important for miners as the primary revenue stream, and the industry anticipates a shift in mining power and increased innovation and efficiency improvements within the sector.
According to a report by broker Benchmark, cryptocurrency miners are in a better position for the upcoming bitcoin halving due to the significant gains in bitcoin's price over the last six months. The report suggests that the impact of the halving on miners' economics could be offset by potential increases in network fees and a strong rally in bitcoin's price following the event. Additionally, the recent surge in bitcoin's price may help bail out less-efficient miners in the near-term, and the emergence of spot bitcoin exchange-traded funds (ETFs) in the U.S. could further magnify the halving's effect on the cryptocurrency's price.
Bernstein recommends buying bitcoin miners Riot Platforms and CleanSpark ahead of the halving, predicting a bullish trajectory for bitcoin after the event and maintaining a forecast of $150,000 by 2025. The broker believes that the market will reward these companies for their superior execution and leadership in self-mining hashrate, despite concerns over profitability following the halving. Bernstein expects bitcoin's bullish trajectory to resume once mining hashrates adjust to lower rewards and ETF inflows pick up, with the rollout of spot bitcoin ETFs by wirehouses and registered investment advisors continuing to provide structural demand for bitcoin.
Bitcoin miners are facing increased competition from AI data centers in places like Texas, as both industries require significant energy and land for their operations. The upcoming halving event, which will cut miners' rewards in half, has prompted them to work more efficiently to stay competitive. Despite Bitcoin's price dip, mining companies claim to be in a relatively comfortable financial position with low debt and no equipment financing pledging mining rigs.
Bitcoin miners are depleting their coin stashes, possibly to ensure the sustainability of operations in the face of the impending halving of per-block rewards from April 20. The number of bitcoin held by miners has declined to 1.794 million BTC, the lowest since early 2021, as they sell into the rising market to fund equipment upgrades and ensure long-term operational resilience. The rise in hashrate suggests that miners are preparing for the reduced rewards rate, reflecting a strategic shift in their approach compared to the previous halving cycle.
Russia has stopped the rescue operation for 13 miners trapped in the Pioneer gold mine since March 18 due to the risk of another collapse, according to mine management.
Analysts believe the approval of spot Bitcoin exchange-traded funds (ETFs) is a historic moment with substantial implications for long-term price appreciation, creating a major demand shock in the market ahead of the upcoming bitcoin halving event in April 2024. The approval is expected to offer both retail and institutional investors a familiar and regulated investment vehicle, significantly expanding access to the world’s largest cryptocurrency and leading to substantial incremental demand for Bitcoin via the newly approved spot ETFs.
European markets closed mostly lower as mining and energy stocks retreated, with the pan-European Stoxx 600 down 0.1%. Gold prices reached a record high, driven by geopolitical uncertainty, a weaker U.S. dollar, and expectations of interest rate cuts. U.S. stocks also opened lower, breaking a five-week winning streak. Executives in the cryptocurrency industry predict a new bull run, with bitcoin potentially surpassing $100,000 in 2024. Barclays strategists remain skeptical about rate cuts, while European shares nudge lower due to declines in mining and energy stocks.