Paper Hands Dumped ETFs, Miners Bought the Dip
Mining Economics, News & Insights
After bearish price action and ETF outflows hitting record highs, Bitcoin surged by $10,000 this Sunday but gave it all back on Monday. Seizing the opportunity, Bitdeer bought the dip, adding to its growing BTC reserves. Meanwhile, network hashrate rebounded above 800 EH/s. Hashrate Index’s published a new global heatmap which shows the U.S. holding its lead, while emerging markets like the UAE, Oman, and Paraguay continue to gain ground. In a major milestone, Braiins unveiled its first-ever Bitcoin ASIC chips after years of R&D. For premium members, we explore the record inscription fees post-halving and Core Scientific’s massive 15 EH/s order of Block’s cutting-edge 3nm ASICs. Let’s dive in!
Bitcoin Price Rollercoaster
Record ETF Outflows
Bitdeer Bought the Dip
Miner Holdings
Network Hashrate Flash Crash
Global Hashrate Heatmap
U.S. Leads, Emerging Markets Gain Ground
Braiins Unveils Its First Bitcoin ASIC Chips
Premium Members Only:
Record Daily Inscription Fees Post-Halving
Core Scientific’s 15 EH/s Order of Block 3nm ASICs
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Bitcoin Price Rollercoaster
Bitcoin saw a week of decline from $96,000 to $78,000 amid Trump’s escalating trade war against a few countries and fears about rising inflation. The drop wiped out billions in over-leveraged positions, but BTC began recovering Friday, reaching $84,000. The weekend was steady until another statement from President Trump confirmed plans for a US Crypto Reserve, boosting market sentiment to sent Bitcoin on a $10,000 surge on Sunday. Bitcoin rocketed all the way to $95,000 but dropped at the start of the week to an intra-day low of $82,450 on March 4.
From a technical perspective, Bitcoin's price is currently holding above $82,500, near the 200-day simple moving average (SMA), which serves as immediate support. Maintaining this level could strengthen BTC, but a drop below it may lead to further declines. The first key level to watch is the February 28 low of approximately $78,200.
Record ETF Outflows
The Bitcoin ETFs recorded three consecutive weeks of outflows, hitting a record $2.9 billion for the week and totalling $3.8 billion over three weeks. However, there were signs of a turnaround on Friday as U.S. spot Bitcoin ETFs ended an eight-day streak of net outflows. The impact of President Trump’s Crypto Strategic Reserve announcement on Sunday, which triggered the BTC price rebound, has yet to reflect in the flow data.
Bitdeer Bought the Dip
On February 28th, mining firm Bitdeer has acquired 50 BTC for $4 million at an average price of $81,475, bringing its total holdings to 1,039 BTC. This follows recent purchases of 50 BTC each on Feb. 23 and Feb. 25, totalling 150 BTC over the past six days, reinforcing Bitdeer’s commitment to Bitcoin accumulation.
Miner Holdings
Bitdeer joins a growing number of companies adopting Bitcoin as a treasury reserve asset. Publicly traded miners, including Marathon Digital (MARA), Riot Platforms, Hut 8, and CleanSpark, are among the largest corporate holders of BTC, collectively ranking as the sixth-largest Bitcoin holder globally. This trend highlights the evolving role of Bitcoin mining firms, not just as producers but also as strategic investors in the asset. Looking at the holdings of various public miners, Bitdeer ranks 11th.
Network Hashrate Flash Crash
After hitting a new all-time high of 856 EH/s on February 6, Bitcoin’s network hashrate saw a sharp decline, dropping 106 EH/s (12.4%) to 750 EH/s amid bearish price action. However, over the past week, hashrate has rebounded, climbing back above the 800 EH/s mark, signalling a swift recovery.
Global Hashrate Heatmap
Hashrate Index’s published a Global Hashrate Heatmap. This map provides an estimation of the geographic distribution of Bitcoin mining activity across the world. It is a weighted representation of hashrate concentration across regions, incorporating mining pool data, ASIC trading flows, and firmware adoption trends. Such a map was long due as the Cambridge Bitcoin mining map was never updated after January 2022.
U.S. Leads, Emerging Markets Gain Ground
According to the latest data, the U.S. remains the dominant player, contributing 36% of the global hashrate (288 EH/s). Russia follows with 15.6% (125 EH/s), while China ranks third at 13.8% (110 EH/s). Notably, over the past few years, the UAE, Oman, and Paraguay have surpassed Canada in hashrate, highlighting the growing influence of emerging mining hubs.
While hashprice reached a 3-month low before dipping back up to marginal economic levels for last-gen machines. Hashrate grew consistently this week and is expected to continue now that ASICs are getting released by customs stateside.
Braiins Unveils Its First Bitcoin ASIC Chips
Braiins announced that their first Bitcoin ASIC chips arrived at the company’s office in Prague. This marks a major milestone after more than 2.5 years of R&D. These test ASIC chips represent the first tangible step toward Braiins entry into Bitcoin mining hardware.
While detailed specifications are yet to be released, the arrival of these chips signals Braiins' commitment to compete in the ASIC hardware space. After releasing a mini miner last year, the company is now taking a bold step into silicon development.
The following content is exclusively for our Premium Members:
Record Daily Inscription Fees Post-Halving
Core Scientific’s 15 EH/s Order of Block 3nm ASICs
Core Scientific and CoreWeave Announce $1.2 Billion Expansion at Denton, TX Site
Compass Mining Expands with 20 MW Hydro-Cooled Bitcoin Mining Facility in North Dakota
Bitcoin Miner GDA Expands West Texas Facilities With 50 MW Deployment
Argo Seeks $40M in Convertible Bonds to Tackle Bitcoin Mining Struggles
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