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Bitcoin miners brace for impact as halving goes live
  + stars: | 2024-04-21 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +17 min
The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.' The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining. Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC.
Persons: AUSTIN , TEXAS — Adam Sullivan, bitcoin, Sullivan, they'll, it's, Core's Sullivan, Bitdeer, Needham, Haris Basit, Basit, Cantor Fitzgerald, Greg Beard, Beard, Bitdeer's, Jason Les, Les, Fred Thiel, Capex, Thiel, Stronghold's Beard, Nic Carter, Blackrock, Bill Barhydt, Barhydt, Island's Carter isn't, Carter, CoinShares Organizations: bitcoin, CNBC, JPMorgan, Cipher, Bitdeer Technologies, Mining, Miners, Riot, Island Ventures, Circuits, Nvidia, CoreWeave, Bitcoin, HPC Locations: AUSTIN , TEXAS, Texas, bitcoin, U.S, Rockdale , Texas, Singapore, Bitcoin, Hong Kong, Abra, Europe, Dalton , Georgia, North America
Bitcoin miners are barreling toward the "halving" — a major market-making event that some fear will be a death knell to many in the industry. "We're taking a long-term bet on bitcoin and on the fact that bitcoin mining will survive and will bounce back even stronger." Texas has grown to dominate bitcoin mining partly because of support from local authorities and the operator of the Texas energy grid, ERCOT. Even during the bear market, Texas miners are building out, buying new sites and fresh fleets of hardware. The mining company was spun off from Chinese bitcoin mining giant Bitmain and went public via SPAC earlier this year.
Persons: Kevin Zhang, Jihan Wu, Bitmain, Kevin Zhang Crypto, He's, China — he's, Zhang, bitcoin, Barry Silbert's, Foundry's, , Chad Harris, ERCOT, Nic Carter, Shaun Connell, Brad Jones, Brandon Arvanaghi, Jason Les, Navarro, Les, hashrate, Morgan, Bitdeer Organizations: Foundry, Mining, CNBC, U.S, Riot, Cipher Mining, Georgia, Securities Exchange Commission, JPMorgan Chase Locations: Sweden, Republic of Georgia, China, America, Beijing, Shenzhen, Montana, North America, Texas, Wyoming, New York, United States, U.S, . Texas, Castle, Rockdale, Austin, Milam, Odessa , Texas, Minden , Nebraska, , Texas, New Hampshire, Pennsylvania, Nebraska, North Carolina , Kentucky , Oklahoma, Washington
Donell Anderson was arrested and charged in connection with the disappearance and death of Imani Roberson, Rockdale County Sheriff Eric Levett told reporters at a Saturday news conference. Donell Anderson was arrested and charged in connection with the disappearance and death of Imani Roberson. Rockdale County SheriffBy the time her body was located Friday with K-9 assistance, authorities were ready to charge her husband. Anderson has been charged with felony murder, malice murder and aggravated assault along with possession of a firearm during commission to attempt a felony, according to Rockdale County online records. The Rockdale County Public Defender’s office did not immediately respond to a request for comment.
Persons: Donell Anderson, Imani, Eric Levett, Roberson, Clarine, White, , , Levett, Anderson, Ronald Acklin, “ I’ve Organizations: CNN, Authorities, Public Locations: Georgia, Imani Roberson, Rockdale County, Atlanta, Clarine Andujar, Andujar, Conyers, Rockdale County Sheriff, Rockdale
Texas has become home to crypto mining companies due to the state's cheap electricity. When considering the more than 26 million customers on Texas' Electric Reliability Council of Texas, or ERCOT, that's an extra $69 per annual bill. Crypto mining companies needed to move elsewhere, and some rural counties in Texas welcomed these companies. "Texans have continued to experience high electric bills due to a number of factors," an ERCOT spokesperson told Insider. The spokesperson cited weather and fuel prices as the main reasons for increased electric bills.
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