Crypto Surges to 18-Week High: Bitcoin & Ether Market Dominance Increase; Bit Brother & Vespene Leverage Landfill Methane for Mining
Bitcoin and other cryptocurrencies have been on the rise in recent weeks, with the top-most crypto surging above $23,000 to reach an 18-week high.[0] According to market intelligence firm Santiment, Bitcoin’s price rise is due to a large whale tier group of addresses holding 1,000 to 10,000 BTC, which collectively accumulated 64,638 BTC ($1.46 billion) in the past 15 days.[1]
Bit Brother Limited (formerly known as Urban Tea, Inc.), a British Virgin Islands-based company, is currently involved in cryptocurrency mining in North America, and the distribution and retail of specialty tea products.[2] The company recently announced that all 1,400 of its S19J Pro cryptocurrency mining servers have been operating with a total hash rate of 140,000 TH/S in its Texas mining farm, owned by its subsidiary Bit Brother New York Inc.[3] Since then, 2.39 Bitcoin has been mined.[3]
Due to the complex, emerging, and uncertain nature of cryptocurrency mining and its accounting principles, investors are advised to consider other financial and non-financial metrics when evaluating the performance of digital assets. Also, any significant or prolonged failure in the cryptocurrency mining facilities that Bit Brother operates or services it provides, including events beyond its control, could lead to costs and disruptions and reduce the attractiveness of its facilities, harm its business reputation, and have a material adverse effect on its results of operation.[2]
The recent rally of Bitcoin and Ether has seen their market dominance increase to 41.90% and 1.20%, respectively.[4] Bitcoin is currently trading at $22,988.94, while Ether is trading at $1,638 (roughly Rs. 1.33 lakh).[5]
Meanwhile, new players in the crypto game such as Vespene and XcelPlus are leveraging landfill methane for the mass amounts of energy needed to find Bitcoin.[6] This reduces the environmental impact crypto mining uses and provides a global presence to miners.[6] Cumulus Data CEO Alex Hernandez also said that their flagship Cumulus Susquehanna data center campus is set to welcome its first tenant and commence commercial operations this year, in order to advance their mission to solve the energy ‘trilemma’.[7]
In conclusion, Bitcoin and other cryptocurrencies remain highly speculative digital assets, with no inherent value and no legal tender recognition.[2] Investors are advised to stay informed and subscribe to newsletters to keep up with the latest news.
0. “Bitcoin, Ether Continue Upward Trajectory as Most Cryptocurrencies …” www.technologyforyou.org, 24 Jan. 2023, https://www.technologyforyou.org/bitcoin-ether-continue-upward-trajectory-as-most-cryptocurrencies-record-profits-all-details/
1. “Short-bitcoin products see largest weekly inflow since July 2022 …” www.msn.com, 24 Jan. 2023, https://www.msn.com/en-us/money/markets/short-bitcoin-products-see-largest-weekly-inflow-since-july-2022-report/ar-AA16EEDi
2. “Bit Brother Limited: Bit Brother Announced 2.39 Bitcoin has been …” www.finanznachrichten.de, 24 Jan. 2023, https://www.finanznachrichten.de/nachrichten-2023-01/58124901-bit-brother-limited-bit-brother-announced-2-39-bitcoin-has-been-mined-008.htm
3. “Bit Brother Announced 2.39 Bitcoin has been Mined | Morningstar” www.morningstar.com, 24 Jan. 2023, https://www.morningstar.com/news/pr-newswire/20230123cn93800/bit-brother-announced-239-bitcoin-has-been-mined
4. “The price of bitcoin is over $23,000 for the first time ever since …” www.royalsblue.com, 24 Jan. 2023, https://www.royalsblue.com/the-price-of-bitcoin-is-over-23000-for-the-first-time-ever-since-august-thanks-to-the-whale-craze-that-is-massively-accumulating-its-assets/
5. “Bitcoin Gained 1.82% to $22988.94 at 5 p.m. ET — Data Talk” www.marketscreener.com, 24 Jan. 2023, https://www.marketscreener.com/news/latest/Bitcoin-Gained-1-82-to-22988-94-at-5-p-m-ET-Data-Talk–42794613/
6. “Bitcoin Miners Turn to Landfills to Power Quest – Recyclean” www.recyclean.in, 24 Jan. 2023, https://www.recyclean.in/wp/bitcoin-miners-turn-to-landfills-to-power-quest/
7. “Cumulus Data takes U.S. Bitcoin mining nuclear | Kitco News” www.kitco.com, 24 Jan. 2023, https://www.kitco.com/news/2023-01-23/Cumulus-Data-takes-U-S-Bitcoin-mining-nuclear.html
