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Is bitcoin mining profitable today? Bitcoin mining difficulty drops for third month in a row

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Is bitcoin mining profitable? The difficulty of mining bitcoin began to drop precipitously as the largest-capitalization cryptocurrency’s price fell below $20,000

The Bitcoin Blockchain Network (BTC) is recording a decline in the number of active miners, which is reflected in a gradual drop in complexity. According to btc.com, bitcoin’s complexity has been dropping with each recalculation since May 10, and in late July the values dropped to the level of March this year.

Despite the decline, the situation so far does not look as dramatic as during the move of miners from China in the summer of 2021. Then it took only a little more than a month to zero out the semiannual capacity. However, it is worth noting that the current decline was the first systematic drop in bitcoin mining complexity since the “cryptocurrency winter” of 2018.

The drop in bitcoin mining algorithm complexity may be the result of a capacity outage from the network. As a reminder, the media has previously repeatedly reported on large sales of bitcoin reserves by miners to cover loans.

In June, the editorial board wrote that mining centers were in danger of closing as cryptocurrency miners were having difficulty meeting their credit obligations. Luxor Technologies co-founder Ethan Vera told Bloomberg that many lenders (Bable Finance, Galaxy Digital, bankrupt Celsius Network, BlockFi, Foundry Networks) are concerned that they have made too many loans to secure the mining devices themselves. He estimates that the firms have issued $4 billion in loans in total.

It remains unclear whether the miners could reach a consensus with their lenders. However, the weekly drop in complexity may signal that bitcoin miners still seem to have to cut back on processing capacity.

Cryptocurrency

Important for Dogecoin: This Metric Jumps by Almost 100% Amid DOGE Price Rally

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TL;DR

  • Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
  • The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.

Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.

Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

DOGE Price
DOGE Price, Source: CoinGecko

Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).

Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”

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Cryptocurrency

Dogecoin (DOGE) Explodes 10% Daily, Bitcoin (BTC) Reclaims $70K (Market Watch)

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Bitcoin slumped hard yesterday and dropped below $69,000, but the bulls have taken charge since then, and the asset now stands well above $70,000.

While most alternative coins are slightly in the green, DOGE and BCH have gone on a tear with double-digit price gains overnight.

BTC Goes Above $70K

Last week was quite negative for the largest cryptocurrency, in which it fell to under $61,000 at one point and was down to $62,500 on Friday. The weekend finally saw a recovery attempt but BTC was stopped at $66,000.

It wasn’t until Monday that the asset started actually charting meaningful increases and soared to $70,000. More gains came on Tuesday and Wednesday that culminated in jumping to almost $72,000 yesterday.

However, the cryptocurrency failed to overcome that level, and the subsequent rejection pushed it south by over three grand to $68,500. The landscape now is quite different, and Bitcoin has returned to over $70,500 as the community’s anticipation for a $100,000 price tag grows stronger.

Its market capitalization has increased overnight but still stands below $1.4 trillion. Its dominance over the alts remains stagnant at just under 50% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE, BCH Go Up

Most altcoins were in a retrace mode yesterday but have managed to erase a large portion of the losses today. Binance Coin, Ripple, Toncoin, and Chainlink have increased by somewhere between 1% and 3%. Ethereum, SOL, ADA, and DOT are also in the green but in a more modest fashion.

Shiba Inu has gained over 4% overnight, but its increase is trumped by its older and larger brother – Dogecoin. DOGE has jumped by over 10% in a day and sits above $0.2.

Bitcoin Cash is the other notable gainer from the larger-cap alts. Just days ahead of its next halving, BCH has soared by 13% to over $550.

The cumulative market cap of all crypto assets has increased by about $50 billion overnight but still stands below $2.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

BlackRock CEO Remains Confident on Ethereum ETFs, Says IBIT Is The Fastest-Growing ETF

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In a recent interview on FOX Business, BlackRock CEO Larry Fink shared his insights on the potential for an Ethereum exchange-traded fund (ETF) amidst regulatory scrutiny.

Despite concerns over a possible designation of Ethereum as a security by the U.S. Securities and Exchange Commission (SEC), Fink expressed confidence in the feasibility of launching such an ETF.

SEC’s Stance on Ethereum Raises Doubts

BlackRock and several other ETF providers have submitted applications for a spot Ethereum ETF to the SEC. However, there are doubts regarding the agency’s approval of these ETFs as the May deadline approaches.

When asked about the SEC’s stance on ETH possibly being classified as a security, Fink refrained from providing detailed commentary but remained optimistic. “But I don’t think that designation is going to be too deleterious,” Fink stated, suggesting that such a designation wouldn’t necessarily hinder the creation of spot Ethereum ETFs.

It was recently disclosed that the SEC is exploring the classification of Ethereum as a security and has issued subpoenas to three companies for details regarding the Ethereum Foundation, a Swiss nonprofit important to the growth and advancement of the blockchain. This development has raised concerns about the possibility of launching an Ethereum ETF in the United States.

On the other hand, analysts in the field are sharing differing opinions. Bloomberg’s ETF experts James Seyffart and Eric Balchunas have voiced doubts, pointing to the SEC’s minimal interaction with filings as worrisome. However, Craig Salm has countered this argument, suggesting that the SEC’s lack of engagement shouldn’t necessarily signal the approval outcome.

Fink Bullish on Bitcoin

Despite these challenges, Fink remains optimistic about Ethereum’s and Bitcoin’s long-term prospects. BlackRock is not only pursuing an Ethereum ETF but also operates one of the most successful spot Bitcoin funds, the iShares Bitcoin Fund (IBIT), which has amassed over $17 billion in assets under management since its approval in January.

IBIT is the “fastest-growing ETF in the history of ETFs,” Fink stated on Fox Business. He also said he is “very bullish on the long-term viability of Bitcoin. We’re creating now a market that has more liquidity, more transparency, and I’m pleasantly surprised and would have never predicted it before we filed it that we were going to see this type of retail demand,” he added.

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