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07.07.202111:27 Forex Analyse & Reviews: Difficulty of mining Bitcoin has fallen by 28%

Exchange Rates 07.07.2021 analysis

Marathon Digital, which is based in Montana and is one of the largest bitcoin mining companies in North America, has updated the production and rigs of miners, which showed significant progress in the production of BTC for the entire year.

In June, the company produced 265.6 new-minted bitcoins.

The Marathon mining fleet in 2021 produced 846 new bitcoins – 265.6 in June, which is more than in May. It should be noted that it produced 226.6 in May, which was a sharp increase compared to January when only 50.4 bitcoins were produced. This was announced in a press release from the company.

Marathon announced the completion of the construction of containers on which they are going to place most of the mining rigs.

According to recent reports, the company expects to expand the scope of its activities in July, August, and September, installing an additional 12,000 miners during these three months.

What would this mean for US mining?

It is possible that these results from Marathon Digital suggest an increase in mining fees for operations in the United States. The growth occurred amid the banning situation on mining of cryptocurrencies in China, which forced many miners to send their rigs abroad. Accordingly, there was an increase in production, and the United States has established itself as a popular country in this direction, as many miners are moving their enterprises to Texas.

According to reports, the difficulty of mining BTC has recently fallen by 28%. CEOs and politicians discuss cryptocurrency mining.

The negative impact of mining on the environment has been the subject of constant debate this year. This happened against the background of China's ban. Some countries have followed the example of China, namely Iran.

However, other countries have come out in support of bitcoins.

Recently, the US Senator of the state of Wyoming, Cynthia Lummis, spoke at the CNBC Financial Advisors Summit in support of bitcoins. She cited a study by the University of Cambridge, which reported that BTC mining uses about 40% of renewable energy. In view of this, they announced plans to open mining enterprises in their state.

Several company directors have commented on the impact of the Chinese mining ban as positive for the United States to move mining rigs to the country.

Exchange Rates 07.07.2021 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2021
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