Despite BTC Price Slump: Bitcoin Hash Rate Reaches New All-Time High
While the Bitcoin price is weakening, the hash rate of the cryptocurrency is marking a new all-time high. At the beginning of the week, it reached 742 exahashes per second (EH/s), according to data from ycharts. The increased computational power of the network enhances security and makes it more difficult for attackers to take control of more than 50 percent of the network.
According to a report on BTC-ECHO | Bitcoin & Blockchain since 2014, the mining industry is under pressure. To keep up, miners need to acquire new equipment and consume more electricity. Since the fourth Bitcoin halving in April, the revenues of many mining companies have significantly declined, amounting to only $827.56 million in August.
Bitcoin Price Prediction for the Next Five Years
Experts predict a moderate increase in value due to growing acceptance. According to Coin Kurier, the price could rise to about $42,059 by the end of 2024; in extreme scenarios, it could even reach up to $80,357.
The year 2025 is often referred to as the "Year of Bitcoin," with potential prices of up to $1.2 million due to increasing institutional investments and technological advancements in blockchain technology.
Cipher Mining Announces August Operational Update
Cipher Mining Inc., listed on NASDAQ under CIFR, released its unaudited production and operations report for August 2024 on Wednesday, according to wallstreet:online. The company produced around ~1601 BTC last month despite significant constraints from their energy provider during a hot summer in Texas.
Additionally, Cipher qualified as a "well-known seasoned issuer," providing them with flexibility in future capital-raising activities to responsibly drive further growth, according to CEO Tyler Page. The new Shelf Registration Statement opens options for financing through debt, equity, or hybrid instruments.
LM Funding America to Present at H.C Wainwright Global Investment Conference
Bruce Rodgers, Chairman and CEO of LM Funding America Inc. (NASDAQ: LMFA), announced their participation in the H.C. Wainwright Annual Global Investment Conference from September 9th to 11th this year, according to a press release published via wallstreet:online.
Their presentation can be viewed online from Monday morning, and personal meetings between the management team and potential investors will also be made possible through the provided contact email crescendo-ir.com@lmfa.
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