Antminer S21 Giveaway
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Transaction Fee Volatility
On-chain fees have found a floor of around 50 sat/vByte. While this is down from the recent highs, it is still well north of the bear market average.
In the short-to-medium term transaction fees will remain volatile. Surges in demand will send fees higher on a short-term basis, but the more steadfast demand catalysts that have entered the market will keep fees elevated from the historical bear market range of < 10 sat/vByte.
The highest fee transactions in the mempool have been processed, but the overall quantity of transactions (in terms of data) in the mempool continues to build up, with a significant amount of transactions in the 20-40 sat/vByte range.
For low-fee transactions to get included in blocks all of these transactions in the mempool will have to be included first, which appears unlikely given the current trends.
Difficulty Increases by 1.65%
Hashrate and mining difficulty has trickled up with a 1.65% increase over the weekend. This change pales in comparison to the previous adjustment of ~6.81%.
This lends itself to the idea that any miners who were previously sidelined but have been made profitable by the recent price action and high transaction fees, have plugged in their machines.
From now until the halving, difficulty will likely be a first-order derivative of the Bitcoin price. Should price move sideways, the likely path for difficulty is a gradual increase. Should price make a significant jump, difficulty may increase at a faster rate, with future adjustments more in line with the previous increase of 6.81%.
CleanSpark to Purchase up to 160,000 Bitmain S21 Miners
CleanSpark ($CLSK), the 3rd largest publicly traded Bitcoin mining company by market cap, has announced plans to purchase 60,000 Antminer S21s, with the option to purchase an additional 100,000.
Upgrading to the newest-generation hardware around the time of the Bitcoin halving has been a winning strategy during previous cycles. This move protects miners against the decreasing block subsidy, as well as provides potential upside on the appreciation of the machines themselves.
CleanSpark CEO Zachary Bradford cited ASIC appreciation as a major reason for instituting this buy, to quote him: “in the last bull market, machine prices increased by three to five times, and we expect the same to occur in future bull markets.”
Blockware Direct ASIC Pricing with Hosting
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We can help you secure all of the top ASICs currently on the market; Antminer S21s, S19 XPs, S19k Pros, and Whatsminer M50s.
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All content is for informational purposes only. This Blockware Intelligence Newsletter is of general nature and does consider or address any individual circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. You should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.