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- In the past 24 hours, the Bitcoin mining profitability rate was at 0.0575 USD/Day for 1 THah/s.
- Kazakhstan tightens regulations for crypto miners.
There has been a steady decline in Bitcoin mining revenue and transaction fees in the past few months to $11.67 million (USD). The continuous rise in energy costs is one of the reasons for the downfall of bitcoin mining. On Tuesday morning, some of Asia’s major Bitcoin mining firms are continuously facing cash shortages.
This year is marked as unlucky for the Bitcoin mining sector. Bitcoin miners faced the worst bear markets in the past few months due to the sudden collapse of Terra, the Celsius Network affected FTX
As per Blockchain.com data, the Bitcoin hash rate was around 245 on Tuesday, down from a weekly average of 253 hash rate last week. According to CoinMarketCap, Bitcoin was trading at $16,805 at press time, down by 2.11% in a week. One of the largest Bitcoin Whales sold 280,000 BTC within 30 days, which may impact the price of Bitcoin.
Central Asian Country Tightens Regulation For Miners
Recently, the Kazakhstan government agreed to introduce a new bill on Bitcoin miners. The law “On Regulating Digital Assets In Kazakhstan”, mainly focuses on crypto mining activities. China’s ban on Bitcoin mining activities is troubling Kazak miners.
The bill on digital assets will define regulations on buying electricity used for mining crypto assets. Currently, the bill is being discussed by the Senate. If the Senate approves the bill, the president’s assent is the last hurdle before it can be enforced. Currently, most Bitcoin mining companies in the United States (35.4%), Kazakhstan (18.1%) and Russia (11.23%) are placed in second and third positions.
Ekaterina Smyshlyaeva, a member of the Committee on Economic Reform and Regional Development, said, “The bills were developed by the deputies of the Parliament as a legislative initiative in pursuance of the President’s order on the problems of regulating digital mining and its product, creating a cryptocurrency ecosystem in Kazakhstan.”
Foundry Digital LLC Plans To Buy Two Turnkey Mining Facilities From Compute North
The Digital Currency Group company Foundry is focused on crypto asset mining and staking. Recently, it agreed to purchase two turnkey mining facilities from Compute North. Foundry purchased these two facilities with a combined power capacity of 17 megawatts (MW), and there is a possibility that Foundry will acquire a third facility with a capacity of 300 MW that is under development in Granbury, Texas.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
