The proactive efforts of major IT companies such as Intel and Block (formerly Square) to make Bitcoin (BTC) mining more efficient and accessible than now have encouraged significant adoption.
Could raise Bitcoin prices, said Global Block, a British crypto-asset broker. If you are interested in bitcoin trading then you can visit immediate-profit.de
Intel announces ultra-low-voltage Bitcoin mining ASIC.
Intel, a major semiconductor company, announced on the 18th, “Ultra-low voltage Bitcoin mining ASIC (application-specific integrated circuit)” that realizes more efficient mining. “The fact that tech companies with a market capitalization of more than $ 200 billion provide solutions for Bitcoin mining is the best proof that large companies are entering crypto assets,” said a GlobalBlock analyst.
Marcus Sotiriou said that the new machine could reduce power consumption significantly. Sotiriou said ESG (environmental, social and governance) is an important investment priority for institutional investors. He added that improving efficiency (reducing power consumption) would encourage many institutional investors to invest in crypto assets. If such a scenario is realized, it will support Bitcoin prices.
Griid Infrastructure, a crypto asset mining company scheduled to be listed on SPAC, has already signed a contract with Intel to purchase Intel’s new ASIC (mining-only machine), according to documents submitted to the SEC.
Block, open-source mining system construction
Meanwhile, block, a major US payment company, announced on the 13th that it plans to build an open-source Bitcoin mining system, aiming for “decentralization and efficiency of mining”. If this feature is integrated into the Cash App, Bitcoin payments for goods and services will increase, and Bitcoin may become more popular with the general public, Sotiliou said. “If successful, Bitcoin will dramatically increase its use cases as a means of value exchange, not just a means of storing value.
As a result, it will become much more widespread, and Bitcoin will be strong towards over $ 100,000. Bitcoin hit a record high of just under $ 69,000 last November and is now around $ 42,000. In addition, the stock prices of some mining companies have fallen by more than 50% since their peak. Bitcoin mining is on the rise.
Other companies are predicting higher hash rates.
BitOoda, a crypto asset fintech company, has a higher hash rate forecast than Luxor. BitOoda raised its year-end hash rate forecast from the previous 145 EH / s to 198 EH / s as the hash rate recovered more than expected after the ban on mining in China.
B. Riley Securities predicts that Bitcoin’s hash rate will rise to 200 EH / s in 2022 and 235 EH / s in 2023. Meanwhile, Luxor predicts that mining difficulty will rise in the fourth quarter. “Although not as dramatic as the rise seen in the second and third quarters, the difficulty will continue to rise.” The increasing difficulty is usually a headwind for miners.
Luxor’s report also predicts that the price of state-of-the-art ASICs (computers dedicated to crypto asset mining) will rise in the fourth quarter like never before. The stock price of crypto asset mining companies has risen due to the recovery of hash rates and Bitcoin prices. For example, Marathon Digital Holdings’ share price has been around 259% since the beginning of the year, Hut 8 Mining is around 242%, Riot Blockchain is around 57%, and Hive Blockchain. Technologies (Hive Blockchain Technologies) are up about 50%.
Impact of a total ban in China on Bitcoin mining:
China was an epicentre of bitcoin hub. But their government banned all domestic crypto mining last year in June. In a report, mining software maker Luxor Technologies said it is “no longer realistic” as it is expected to rise to near its highs.
This increase is about 33% from 139 EH / s on October 7, according to Glassnode. Bitcoin hash rates have recovered, and Bitcoin prices since China banned crypto assets altogether in July. For non-Chinese miners, this was an opportunity to reverse China’s dominance. “Hash rates are spread all over the world, and North America could become the new dominant hub,” the report said. “China’s historic ban provides a unique second opportunity for investors who didn’t think they could enter the mining industry,” he added.