Crypto News Recap: Bitcoin Mining Revenues Hit New All-Time-High

Published March 22nd, 2021 - 08:00 GMT
Crypto News Recap: Bitcoin Mining Revenues Records New All-Time-High
According to Glassnode miners earnings have soared to $54.6 million on March 3, $57.7 million on March 10, and nearly $60 million on March 12 and those revenues were recorded in the peak days of this month alone! (Shutterstock)
Highlights
Here are the market highlights for the week.

This week in the amazing world of crypto it seems that the next undaunted wave of institutional firms interest is focused on mining, even countries are venturing into crypto mining! That’s no surprise as some Bitcoin miners have earned a record of $64 million in one day!

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What’s even more thrilling, Brazil has given the green light to Latin America's first bitcoin ETF. And the latest newcomer into NFTs is Binance exchange with a new contest #MyFirstNFT: Win A Limited Edition NFT Featuring Your Artwork! This contest that ends on March 28 invites artists, creators, and crypto creatives to share their best artwork with the theme of “The Tipping Point” using the hashtag #MyFirstNFT.

NFTs surpassed blockchain, cryptocurrency, and DeFi in Google search interest:

As crypto derivative products are gaining increasing popularity, the question on many peoples' lips has been:

As Bitcoin’s bullish run continues to rock on, miners are gaining record numbers of rewards.

According to Glassnode miners earnings have soared to $54.6 million on March 3, $57.7 million on March 10, and nearly $60 million on March 12 and those revenues were recorded in the peak days of this month alone! So it was no surprise to see the shares of bitcoin mining companies like Canaan, Riot Blockchain, Marathon Patent Group, Ebang, Hive and Hut 8 Mining skyrocketing and accelerating to all time new highs.

bitcoin_mining

Source: The Block Crypto Data

According to Nasdaq here are four crypto mining stocks worth checking out:

  • Riot Blockchain (NASDAQ:RIOT)
  • Hive Blockchain Technologies (OTCMTKS:HVBTF)
  • Hut 8 Mining Corp (OTCMKTS:HUTMF)
  • Bit Digital (NASDAQ:BTBT)

Crypto Charts: Bitcoin

Despite the good news, BTC (trading $57,835 at press time) price is struggling to find support above $60,000 level.

According to Cointelegraph analysts "Bitcoin seems to be consolidating its recent gains before starting the next trending move".

bitcoin_chart-mining

Source: coinmarketcap.com

Crypto Charts: Altcoins

crypto-mining

Source: coinmarketcap.com

Big News: Mining FOMO Rallies among Countries, Firms

  1. Japanese SBI Crypto to Open Bitcoin mining Pool for Public

SBI Crypto, a wholly-owned subsidiary of Japanese SBI Holdings, decided to open its bitcoin mining pool for both institutional and individual investors. 

SBI has been self-mining bitcoin, bitcoin cash, and bitcoin SV, since August 2017. This pool currently ranks #11 with a mining power of approximately 1.1 EH/s, according to the company’s release

  1. Pakistani Province to build pilot hydro-powered crypto mining farms

According to a report by Reuters, Khyber Pakhtunkhwa, a Pakistani province, has decided to build 2 pilot hydroelectric-powered cryptocurrency mining farms. 

“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well,” Zia Ullah Bangash, advisor to the provincial government on science and technology said.

  1. AMD Won’t Block Crypto mining on its GPUs Like Nvidia

 Unlike its rival Nvidia, the American multinational semiconductor company, AMD, said it has no intentions to limit its GPUs’ cryptocurrency-mining capabilities.

  1. US: Kentucky Legislature Okays Bills Providing Tax, Energy Incentives for Crypto Miners

The Kentucky legislature has approved 2 proposed bills that aim to attract crypto mining companies to the state by introducing energy and tax breaks mining operations. The bills now await Governor Andy Beshear final approval.

Signal Accepts Crypto Donations

Encrypted messaging app Signal announced on twitter that they are now started accepting donations in cryptocurrency.

Brazil Approves Latin America's first bitcoin ETF 

Brazil, the largest economy in Latin America, has approved the continent’s first bitcoin exchange-traded fund (ETF). 

This newest ETF, dubbed QBTC11, which was launched by QR Asset Management will be listed on the country's main stock exchange B3. Beside QBTC11, there are only 3 bitcoin ETF approved around the world by the Canadian authorities. The US regulatory body SEC has 4 ETF applications pending for review.

Visa Teams up with Crypto.com

Visa, the multinational credit card giant, announced a new partnership with Hong Kong-based Crypto.com to expand payment cards to Australia. Crypto.com, which has acquired a financial service license in Australia, offers cryptocurrency exchange, payments that is now available in 31 countries including the U.S, Canada, Europe and in the Asia-Pacific region.

UAE Gives Crypto Businesses the green light to Set up in Dubai’s New Free Zone

As Albawaba reported, Dubai has opened its arms wide open to embrace crypto firms who mull operating, issuing, listing, and trading crypto assets. With a new agreement, Dubai is way closer to become the first city fully powered by blockchain. Also, Dubai Free Zone is officially the First UAE government entity to provide a fully regulatory framework for cryptocurrency.

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Events to Keep An Eye On:

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Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.


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