Bullish Momentum and Soaring Transactions
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Bullish Momentum and Soaring Transactions
Drivers of excitement amongst miners
Strong price action of Bitcoin and a spike in transaction fees resulted in a hashprice that miner were longing for. Hashrate continued its trend of printing record highs and difficulty followed suit with a new ATH. ASIC prices are stabilizing at historic low levels. In this week’s market analysis I elaborate on the following topics:
Bitcoin Price
Network Hashrate
Difficulty Adjustment
Transaction Fees
Hashprice
ASIC Prices
News & Must Listen Podcasts
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Bitcoin Price
Bitcoin has shown very strong price action over the last four weeks. BTC is currently taking a break after running into important resistance on the chart, the level where the market broke down last year on LUNA news. On the daily timeframe, the 100 SMA crossed the 200 SMA. The 50, 100 & 200 SMA are now aligned in a bullish way.
Network Hashrate
After reaching a record high of 478 EH/s in the first week of November, hashrate has taken a bit of a breather. Network hashrate retraced to 454 EH/s but and currently is around 461 EH/s. This is a patterns we have seen throughout the year. It looks like hashrate is continuing the sprint into the halving.
Behind-the-meter Bitcoin mining refers to setting up Bitcoin mining operations at a location where electricity is generated. There are several benefits of behind-the-meter operations, both for miners and utilities. Check out the below article to find out the benefits and challenges of behind-the-meter mining and what makes Bitcoin mining the ideal behind-the-meter load.
Difficulty Adjustment
Difficulty experienced another upwards adjustment, 3.55% on November 12th. This is the fifth upwards adjustment in a row. Network difficulty marked an new ATH of 64.68 T.
Transaction Fees
On November 8th, the transaction fees as a percentage of the block reward surged as high as 45% and averaged 27.8% for that day. This is the first significant rise in transactions since the ordinal craze in May earlier this year.
On November 12th there was a record of daily spending on ordinal inscriptions ($505,345). All time fees spent on ordinals has surpassed $70 million.
Uptime is a crucial factor for self-mining and hosting businesses. Simply because downtime means no revenue. The industry standard in hosting is an uptime of 95%. If you are able to reach a higher uptime you are able to distinguish yourself from competition. Would you like to know how to improve uptime? Make sure to check out this article:
Hashprice
Hashprice benefited from both the strong price action of Bitcoin and the spike in transaction fees. On the 8th of November hashprice reached $0.094/TH/Day. This is a level last seen briefly in May ‘23 and before that August ‘22 . Hashprice was pushed down slightly to $0.08/TH/Day. Still a solid 30+% increase over a month time.
ASIC Prices
Over the last weeks the price of ASICs has been flat. There was no immediate response to BTC price action. Models in all efficiency categories are at their lowest price point in history.
Find out how to apply underclocking in a strategic way to optimize your mining operations.
Iris Energy is betting on greening the grid with Bitcoin mining
James Hunt - 10 November 2023 (The Block)
Bitcoin mining incentivizes the decarbonization of energy markets and addresses market imbalances, according to Iris Energy’s Daniel Roberts.
Bitcoin Ordinals Trading Hits 6-Month Peak as ORDI Token Surges on Binance Listing
André Beganski - 7 November 2023 (Decrypt)
Bitcoin Ordinals transaction volume surged to its highest levels since May on Tuesday, as about $14.7 million worth of the Bitcoin-based assets traded hands, as of this writing, according to a Dune dashboard created by the pseudonymous on-chain data analyst Domo.
US Bitcoin Corp Updates on Merger with Hut 8 and Court Approval of Celsius Bankruptcy Plan
10 November 2023 (Business Wire)
U.S. Data Mining Group, Inc. US Bitcoin Corp announces two significant developments: the progression of its merger with Hut 8 Mining Corp and court approval of the Celsius restructuring plan.
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