EIA to survey crypto miners on energy use, Bitcoin price dropped after conference

From Investing.com

August 6, 2024 6:52:59 AM:

– Bitcoin price dropped 20% after the Bitcoin 2024 conference. BTIG highlights ecosystem expansion and growing demand for electricity. Mergers among miners post-halving noted as well.

– Mining with older models like S19 J Pro+ becomes challenging with Bitcoin price in low $50k range. Small miners may merge with larger ones. Global hash rate sees an 8% increase month-over-month.

– Riot Platforms acquires Block Mining for $125 million, gaining access to 60MW capacity in Kentucky. Cleanspark acquires GRIID expanding into Tennessee. Energy Information Administration plans to survey Bitcoin industry energy use.

– BTIG updates forecasts for Riot Platforms and Marathon Digital after 2Q24 earnings. Revenue targets for RIOT in 2024 and 2025 are $368 million and $617 million, for MARA, $613 million and $744 million. Bitcoin price estimates for 2024 and 2025 are $62,000 and $72,000.

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