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Quote of the Week:
Hard money is by its very nature a viral and all-conquering technology. It simply cannot be restrained from growing. Monetary history is repeatedly about harder money destroying and eventually replacing the value of easier money.
- The Fiat Standard by Saifedean Ammous
Norway plans temporary ban on power-intensive cryptocurrency mining1
Summary: "The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible," Minister for Digitalization and Public Administration Karianne Tung said in a statement. Due to the Russia-Ukraine war and oil & gas sanctions, rising electricity costs are affecting Norway’s residents.
Impact: A temporary ban may be introduced in Fall 2025. Norway currently holds .74% of the monthly hashrate share, ranking 11th of all countries.2
Streak of $100,000 is broken
Summary: Bitcoin remained steady of over $100,000 per bitcoin for 44 days. On Sunday, June 22nd in the afternoon (EST) until Monday, June 23rd in the evening, bitcoin remained below $100,000.
Impact: Since the low on Sunday night, bitcoin has rebounded ~6% to over $107,000. Price action remains strong amidst geopolitical tensions and there is room to run. On Wednesday, June 25th, “Philippe Laffont, the billionaire founder of hedge fund Coatue Management…pointed to the gold's $22 trillion market cap as justification for bitcoin's performance over the next few years, along with "the de-dollarisation of the world [and] the end of U.S. exceptionalism."“3
CleanSpark hit a milestone of 50 EH/s on aggregate for their bitcoin mining facilities. CleanSpark’s infrastructure portfolio spans more than 30 locations across Georgia, Mississippi, Tennessee, and Wyoming.4 They are now, naturally, targeting 60 EH/s.
EH/s measures the computing power behind the Bitcoin network. The higher a given company’s hashrate, the higher its chances of earning bitcoin rewards.
CLSK 0.00%↑ currently ranks #5 on the largest bitcoin miners by market cap with $3.03 B5.
By comparison, MARA Holdings currently boasts the largest hashrate at 58.3 EH/S6. MARA 0.00%↑ market capitalization of $5.37 B is the largest of all bitcoin mining companies.
In other news from this week, Cipher Mining launched an additional bitcoin mining site. “The Black Pearl site represents Cipher’s fifth operational data center dedicated to bitcoin mining.” Their centers are located throughout West Texas.
“Upon completion of the installation, Cipher’s total self-mining hashrate across all its facilities is projected to reach approximately 23.1 EH/s, up from the current 16 EH/s.”
Cipher Mining currently ranks #10 on the largest bitcoin miners by market cap. CIFR 0.00%↑’s market cap of $1.55 B is more than triple the next best (#11) FUFU 0.00%↑ at $.51 B.
Bitcoin miners continue to battle for EH/s milestones as determined by quality and quantity of their bitcoin mining facilities. The most operationally sound companies will succeed and bitcoin mining space tends towards more competition with less rewards.
The United States continues to be a haven for cheap bitcoin mining7 and gain market share relative to the world.
China made bitcoin mining illegal in 2021. From 2015 to 2020, China held 80-85% of the mining pool hashrate by country8. They are still leaders at around 45%9, but China’s ban changed the mining landscape. Bitcoin mining pools are groups of miners who combine their hashrate to mine bitcoin and then split the rewards.
Even so, two of the top three bitcoin mining pools by market share are still Chinese-owned. Chinese miners have been able avoid the ban by joining pools such as AntPool (18.63% of mining pool market share) and Via BTC (12.35%). This explains disparity between the countries with highest monthly hashrate (The Chart) and mining pool hashrate by country.
No AI was used in the writing of this newsletter.
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