📈 Difficulty Hits ATH Amid Surging Revenue, Signaling Potential Bull Run

Bitcoin mining difficulty has surged to a record 95.67T, marking the 13th positive adjustment in 2024 and coinciding with an all-time high hashrate of 729.13 EH/s as of October 23.

Since April's Bitcoin halving, smaller miners have struggled, leading to a 15% drop in hashrate as many exited the network or sold off their BTC. Glassnode data indicates that miner balances decreased significantly from November 2023 to July 2024 but have recently stabilized, with remaining miners showing signs of accumulation. Public miners now control nearly 30% of the sector, signaling a trend toward industry consolidation.

Since the halving in April, mining revenue has consistently fallen below the 365-day simple moving average (SMA), which currently stands at $40m. Historically, whenever total miner revenue surpasses the 365-SMA, it has often signaled the onset of a Bitcoin bull run.

⛏️ In the News

• TeraWulf has upsized its convertible senior notes offering to $425m (from $325m) at a 2.75% interest rate, with proceeds for share repurchases and data center expansion, maturing in 2030.

• Core Scientific has expanded its hosting deal with CoreWeave by adding 120 MW of infrastructure, aiming to generate $8.7b over 12 years.

• BitFuFu has acquired its first physical Bitcoin mining facility in Ethiopia, an 80 MW site aimed at reducing production costs and enhancing resilience through infrastructure diversification, as it shifts from cloud-only operations.

• Northern Data is negotiating the sale of its Peak Mining unit to redirect funds into AI and high-performance computing (HPC) development, backed by its main shareholder, Tether, and considering a potential Nasdaq IPO in 2025.

• DMG Blockchain Solutions has partnered with the Malahat First Nation to develop Canada’s first Indigenous-led AI data centers, with a total capacity of 30 MW, emphasizing clean energy use and Indigenous workforce inclusion.

🥇 Solo Miner Strikes Gold with $222,455 Reward for Mining Block 867,118