Outflow of Bitcoin From Miners at Lows Not Seen Since 2010
Miner outflows of bitcoin have dropped to decade lows, with analysts saying a hoarding mentality and a drop in issuance after the halving are responsible.
Bitcoin mining revenue dropped 23% in June to approximately $380 million.
Hut 8 says its new funding is going towards increasing the bitcoin miner's total capacity by a fifth.
Bitcoin miners, following the law of supply and demand, curtailed their supply to exchanges to the lowest level in 12 months during the second quarter.
Bitcoin volatility drops to historic lows as the cryptocurrency stays just above $9,000.
Ebang, one of the major manufacturers of bitcoin mining equipment, hopes an exchange could double total revenue by 2022.
Hong Kong-listed SMIC plans to raise $2.8 billion via an initial public offering on the Shanghai Stock Exchange, in hopes of advancing its chip making practices. The company is working with Canaan Creative to build a new crypto miner.