Here's what happened in the world of mining this week:

• Hut 8 reports 111 BTC mined in September 8% increase from MoM 📈

• CleanSpark acquires 4.4 EH/s of the new S21s 💵 

• JP Morgan initiated research on Bitcoin mining companies and discussed the halving 🏦 

• Fidelity released a report about Bitcoin 🟠 

Hut 8 Mining Reports 111 BTC Mined in September 📈 

• Hut 8 reported its production and operations update for September 2023. The company mined a total of 111 bitcoin during the month up from 103 in August.

• Notably, no Bitcoin was sold during September. Hut 8's total Bitcoin reserve as of September 30 was 9,366, with 7,269 of these being unencumbered.

• The company's installed ASIC hashrate capacity at its Alberta facilities stood at 2.6 EH/s by the end of the month.

• The production rate in September was approximately 3.7 bitcoin per day, resulting in a production efficiency of 42.7 BTC per EH.

• Hut 8 and USBTC aim to create diversified fiat revenue streams in high-performance computing, hosting, and managed infrastructure operations, addressing challenges for miners as they approach the next Bitcoin halving.

CleanSpark Boosts Bitcoin Mining Capacity with 4.4 EH/s of S21s 💨 

• CleanSpark has acquired 4.4 EH/s of the recently announced Antminer S21 bitcoin mining machines. These machines are expected to start arriving in January 2024.

• CleanSpark's mining fleet is anticipated to achieve an average efficiency of 23.5 (J/TH) once all the machines are deployed.

• The Antminer S21 boasts an impressive efficiency rating of 17.5 J/TH, making it nearly 20% more efficient than the previously top-rated bitcoin miner, the XP.

• The favorable terms of the purchase include 20% seller-based financing of the total purchase price ($12.35 million or $2.80/TH), with payment not due until 365 days after machine delivery.

• CleanSpark anticipates that these new machines will further reduce power consumption per bitcoin mined, enhancing the company's margins and supporting its energy consumption stewardship.

• Once all machines are installed and operational, CleanSpark expects to achieve an operational efficiency improvement of 17.25%, reaching 23.5 J/TH.

JPMorgan Highlights Crucial Moment for Bitcoin Mining Industry Amid ETF Prospects and Block Reward Halving 🧨 

• JPMorgan has initiated research coverage of several Bitcoin mining companies, including CleanSpark, Marathon Digital, Riot Platforms, and Cipher Mining.

• The Bitcoin mining industry is facing a crucial moment, as the approval of a spot BTC exchange-traded fund (ETF) could potentially trigger a rally.

• The industry currently boasts record hashrate but faces an impending block reward halving, which could threaten its revenues and profitability.

• JPMorgan prefers mining operators that offer the best relative value, considering factors such as existing hashrate, operational efficiency, power contracts, funded growth plans, and liquidity.

• The bank estimates the four-year block reward opportunity for Bitcoin mining to be around $20 billion at current prices.

• The looming block reward halving, expected in the second quarter of 2024, may impact profitability and lead to the decommissioning of less efficient mining computers, putting up to 20% of the network hashrate at risk.

Fidelity Digital Assets Believes That Bitcoin Is Fundamentally Different 💡 

• The report challenges the traditional approach of analyzing Bitcoin as a technology investment, emphasizing that Bitcoin's primary breakthrough was as a superior form of money rather than a payment technology.

• Traditional investors often assume that Bitcoin, as a first-mover technology, will be easily surpassed by superior alternatives or offer lower returns, but the report argues otherwise.

• Bitcoin is described as the most "secure, decentralized, sound digital money," making it fundamentally distinct from other digital assets.

• The report suggests that the success of the Bitcoin network does not hinder the success of other digital asset networks, as they can serve different needs or solve other problems.

• Bitcoin's return profile is influenced by two key factors: the global growth of the broader digital asset ecosystem and potential instability in traditional macroeconomic conditions.

• The report advises viewing Bitcoin separately from other digital assets and considers it an entry point for traditional investors seeking exposure to the sector.