Cloud-Miner BitFuFu Struggles with Rising Costs
According to Crypto News Flash, Cloud-Miner BitFuFu is taking steps towards operational efficiency amidst rising Bitcoin mining costs. In the third quarter of 2024, their average cost for mining a single Bitcoin surged to $59,452 from $25,618 in the same period last year. This increase has significantly impacted both production levels and profitability.
The company's self-mining output dropped by 34%, producing only 340 BTC compared to 515 BTC in Q3 2023. Additionally, customers using BitFuFu's cloud mining services experienced a substantial decline in Bitcoin output as well—down from 1,614 BTC to just 957 BTC this quarter. To address these challenges and explore more cost-effective solutions, BitFuFu acquired an 80 MW facility in Ethiopia aimed at reducing ongoing expenses while boosting capacity.
Marathon and Riot Achieve Record Monthly Production Post-Halving
Cointelegraph Deutschland reports that Marathon Digital Holdings and Riot Platforms have recorded their highest monthly Bitcoin production since the halving event earlier this year. Marathon mined approximately 717 Bitcoins worth around $48.8 million due partly to increasing its hash rate by over 14% during October.
This surge was also fueled by higher transaction fees contributing about five percent of the total production value, according to CEO Fred Thiel on a November 4 statement release date. Similarly, Riot managed to mint roughly 505 BTC valued at $34 million, marking a 22 percent rise month-over-month driven primarily through enhanced hashing capabilities within Corsicana Texas plant operations utilizing newly installed MicroBT miners there too!
Trump’s Plans for Cryptocurrency Sector Stir Interest
A report from decentralist.de highlights Donald Trump's potential impact on cryptocurrencies following his recent electoral victory announced November 5 presidential election results showing significant wins across key swing states like North Carolina and Georgia, securing 306 electoral votes overall, likely ensuring his presidency tenure ahead! Amongst proposed measures include firing SEC Chairman Gary Gensler known for his restrictive stance against digital assets alongside pardoning Ross Ulbricht, serving a life sentence related to Silk Road marketplace involvement.
Sources:
- Cloud-Miner BitFuFu unternimmt Schritte zur betrieblichen Effizienzsteigerung
- Bitcoin-Mining-Aktien steigen in die Höhe, da Trumps Sieg im Weißen Haus eine Krypto-Rallye auslöst.
- Marathon und Riot verzeichnen höchste monatliche BTC-Produktion seit Halving
- Das sind Trumps Pläne für Bitcoin und den Krypto-Sektor
- Neues Rekordhoch: Bitcoin durchbricht während US-Wahlnacht die 75.000-Dollar-Marke
- US-Wahl 2024: Bitcoin Kurs bereitet sich auf Volatilität vor
