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Bitcoin mining companies on a roll.
What’s happening:
- Bitcoin mining companies had a record breaking month in December, setting a new milestone for fees generated through block discovery and transaction verification
By the numbers:
- Bitcoin mining companies saw combined revenues of $1.5 billion in the month of December
- Approximately $324M USD was collected from on-chain fees
Who is making moves:
- Marathon Digital (NASDAQ: MARA) announced they are making a new acquisition to significantly increase their total mining capacity
- Iris Energy (NASDAQ: IREN) announced they are purchasing new Bitcoin miners to be installed at their existing data centres
- Cipher Mining (NASDAQ: CIFR) announced they produced 465 Bitcoin in December
- Bitfarms (NASDAQ: BITF) announced they earned 446 Bitcoin in December
Why it matters:
- The price of Bitcoin has been pushing higher recently, driven in large part by speculation that the SEC may soon be approving the first ever United States spot ETF for Bitcoin
Going deeper:
- Many publicly listed Bitcoin mining companies have made significant advancements in powering their data centres with low cost, low emission energy sources in an effort to pull down operating costs which has further expanded both the profitability of data centres and the ability to reinvest into expanding their megawatt capacity
