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BlackRock, the world's largest asset manager, is doubling down on <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a>. With over $8.5 trillion in assets under management, the financial behemoth is now the second-largest shareholder in four of the five top <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin </a><a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> in North America. These companies, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Blockchain, <a href="https://ultramining.com/news/marathon-digital-povyshaet-energoeffektivnost-s-pomoshhyu-majnerov-s19-xp/">Marathon Digital Holdings</a>, <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/">Cipher</a> Mining, and <a href="https://ultramining.com/news/en/terawulfs-game-changing-move-75m-investment-in-next-gen-bitcoin-miners/">TeraWulf</a>, collectively represent a market capitalization of nearly $5.5 billion. Notably, BlackRock’s stake in <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Blockchain and <a href="https://ultramining.com/news/marathon-digital-povyshaet-energoeffektivnost-s-pomoshhyu-majnerov-s19-xp/">Marathon Digital Holdings</a> alone exceeds 6%, according to <a href="https://en.cryptonomist.ch/2023/08/28/blackrock-leader-bitcoin-mining-companies/">cryptonomist</a>. 
<figure class="wp-block-image">
 <img src="https://lh3.googleusercontent.com/bSDJdRCZezaeqR0L04QW4OYp0RDwf3UtLbunXa6pn5t_TJfMPIZX-05NsOoeUKvUhPJpg-GzC1pj2YQsjdyxqb8poG_tD4-mQq1mxrvgr6v48AmAgao8TdU02sdCGXnK-Xa3LsO3Dhx9fLJBYwjjJU0" alt="">
</figure> 
Source: bitcoinnews.com 
The move comes as BlackRock positions itself as a likely candidate to receive <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">SEC</a> approval for launching the first Bitcoin collateralized ETF in the <a href="https://ultramining.com/news/en/pennsylvania-a-new-hub-for-cryptomining-ignites-environmental-concerns/">United States</a>. The company has an <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">SEC</a> approval rate of over 99%, making it a strong contender. If approved, this ETF could lead to massive purchases of Bitcoin in spot markets, thereby influencing its value. 
Interestingly, BlackRock's deepening involvement in <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a> comes at a time when smaller miners are struggling. With mining difficulty on the rise, average operating costs have soared, rendering many miners unprofitable. However, this scenario offers an advantage to large companies like BlackRock. They have the capital to weather challenging conditions and potentially see substantial long-term gains. 
BlackRock's sustained investment in <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a>, even during market downturns, suggests a bullish outlook. Last year, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Blockchain and <a href="https://ultramining.com/news/marathon-digital-povyshaet-energoeffektivnost-s-pomoshhyu-majnerov-s19-xp/">Marathon Digital Holdings</a> lost nearly 95% of their value. Despite this, BlackRock held on to its investments. This indicates a belief in the long-term profitability of <a href="https://ultramining.com/news/en/terawulf-reveals-impact-of-location-on-energy-costs-for-bitcoin-mining/">Bitcoin mining</a>, especially with the next <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> event slated for spring 2024. 
This trend doesn't just make headlines; it confirms BlackRock's calculated venture into the crypto <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a>. The firm's growing influence in this sector underlines its belief in Bitcoin's staying power and signals a seismic shift in how traditional financial giants are positioning themselves in the digital asset landscape. 
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BlackRock Bolsters Bitcoin Mining Stake, Secures Spot as Second-Largest Shareholder in Top U.S. Firms

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