As a seasoned researcher with a keen interest in both traditional finance and digital assets, I find myself constantly intrigued by the dynamic nature of Bitcoin and its mining industry. Having closely followed market trends for years, I can’t help but notice the ebb and flow of sentiment, much like the tides, yet driven by factors as diverse as geopolitical events, technological advancements, and regulatory decisions.
Jefferies, a leading investment bank, predicts that October may bring increased pessimism towards Bitcoin (BTC). Currently trading at $65,702, it’s seen a 24-hour volatility of 5.5%. With a market cap of $1.30 trillion and a 24-hour volume of $40.03 billion, some analysts are suggesting that Bitcoin mining profitability might decrease this month. This prediction follows a significant drop in the same metric compared to the previous month.
According to Jefferies’ report, analysts Jonathan Petersen and Joe Dickstein observed that during this timeframe, the typical cost of the leading cryptocurrency stayed consistent, but its hashrate experienced a 1.7% rise.
Marathon Digital Leads with 705 Bitcoin Mined
Jefferies pointed out that Bitcoin’s daily revenue per exahash decreased by approximately 2.6% compared to August’s figures. Given these statistics and the current state of the ecosystem, Petersen and Dickstein predicted that October might present some challenges since Bitcoin prices have increased only about 5%, while the network hashrate has risen by more than 11%, which counteracts that growth.
The report additionally offered information on how mining companies fared depending on their locations. In September, North American-listed mining firms extracted more Bitcoin than the preceding month. Moreover, they accounted for 22.2% of the entire network, marking a slight increase from the 19.9% seen in August. This positive trend can partly be credited to enhanced uptime among companies benefiting from lower temperatures.
Marathon Digital Holdings (NASDAQ: MARA) has mined the most Bitcoin among all mining companies, with a total of 705 Bitcoin mined by them, led by Fred Thiel. In August alone, they added over 5,000 units of Bitcoin to their holdings, bringing their total to an impressive 26,200 Bitcoin. However, it’s important to clarify that the majority of these Bitcoin units were acquired in August, not mined by the company itself.
Through its acquisition, the mining behemoth became one of the top publicly-owned Bitcoin owners. In terms of mining operations, CleanSpark (CLSK) mimicked Marathon’s steps in September by mining 493 Bitcoins. By the end of September, Marathon held the leading hashrate position within the sector.
As an analyst, I’ve been reviewing a recent Jefferies report, and it indicates that the bitcoin mining rate stands at approximately 36.9 exahashes per second (EH/s). Interestingly, the next closest competitor to this figure, apart from Marathon, is Riot Platforms (RIOT), with a mining rate of 28.2 EH/s. In summary, the investment bank seems to recognize the approaching United States presidential election and hints that the “bitcoin election,” as some are calling it, appears to be drawing to a close.
As an analyst, I anticipate that, regardless of who wins the upcoming U.S. presidential election, there is a likelihood for a gradual shift in policies that may prove beneficial to our industry.
Current Bitcoin Market Outlook
Today, the price of Bitcoin bounced back, reaching a peak of $64,834.44. This represents a 3.52% rise over the past 24 hours. This significant increase in the price of the leading cryptocurrency has sparked a 2% growth in the overall crypto market capitalization which was around $2.25 trillion at the time this was written. The optimistic market sentiment led to approximately $200 million being liquidated by short traders.
As a researcher studying Bitcoin trends, I find it crucial for the Bitcoin price to transform the resistance range, currently between $64,500 and $66,500, into a supportive level if we are to maintain bullish momentum in the future. Even seasoned trader Peter Brandt agrees that the Bitcoin price must consistently close above its July high of approximately $69,700 to dismiss potential bearish pressures that could push it down to around $48,000.
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2024-10-14 19:22