Monday Mining Metrics: BTC Past $53,000
Bitcoin Mining Update - 2/26/2024
BTC Reaches Highest Price Since November 2021
BTC pumped past $53,000 this morning, marking yet another 2024 high. The price of BTC has not been this high since the bull market in November 2021.
Public Bitcoin mining stocks have soared right alongside BTC. With multiple tickers posting double-digit % gains today. Anything bullish for spot BTC is even more bullish for Bitcoin miners.
When BTC rips, not only do miners' future projected cashflows increase, but so do the ASICs & BTC held on their balance sheets.
Mempool Continues to Clear
Transactions with fee rates of less than 10 sat/vByte have begun clearing into Bitcoin blocks for the first time since November 2023.
Transaction fees have historically picked up during Bitcoin bull markets, and this may be one of the last times to capitalize on low on-chain fees before that happens. This is a great time to consolidate UTXOs if you have not yet done so.
Negative Projected Difficulty Adjustment
The forecasted negative difficulty adjustment that we discussed last week is still in play. Incumbent miners will have a ~2.44% easier time mining Bitcoin during the next 2-week epoch.
After this adjustment, there will only be 3 more before the halving, slated to occur on 4/20/2024.
Blockware Intelligence Quoted in Cointelegraph Article
We believe that a large exodus of hashrate from America is unlikely as the most prolific US-based Bitcoin miners have access to low-cost power, and have been acquiring the latest-generation hardware over the past year to position themselves for the 2024 halving. Moreover, the geopolitical stability of the United States cannot be replicated elsewhere. Despite attempts from the Federal Government to pass hostile legislation towards Bitcoin miners, the sovereignty of each state, and the 10th Amendment of the Constitution, have proven successful in defending the right to use and mine Bitcoin within America.
Building a Bitcoin mining facility is a long-term investment, you are committing to the site’s location. You don’t want to build in an unstable jurisdiction and be forced to relocate down the line, which is costly. There is nowhere better in the world to mine Bitcoin than in the United States of America.Â
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