Bitcoin

The Bitcoin mining industry is on a rollercoaster ride in 2023. New interests and capital are flooding in. Traditional finance is absorbing more of this sector than ever. These factors are pushing the global distribution of Bitcoin's <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a>, according to <a href="https://hashrateindex.com/blog/hashrate-index/" rel="noopener noreferrer nofollow">hashrateindex</a>. 
In Q2-2023, the 7-day average Bitcoin hashrate climbed 7.5%. This increase, however, was less aggressive than the 35% leap witnessed in Q1. So far, the Bitcoin hashrate is almost 50% up this year. 
As a result of these changes, mining operational strategies are evolving. These strategies range from demand response and curtailment to ASIC procurement. Even <a href="https://ultramining.com/hardware/" rel="noopener noreferrer nofollow">ASIC prices</a> are beginning to stabilize, as Q2 came to a close. Signs of these changes started appearing in late June and July. 
A noteworthy point is the rise in the average USD <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a>. It went from $72/PH/day in Q1 to $77/PH/day in Q2, a 5% increase. Conversely, the average BTC hashprice fell by 15% in the same period. 
Interestingly, there has been a significant increase in block rewards from transaction fees. The average was 1.63% in 2022, but in Q2-2023 it shot up to 8.11%. This has been linked to ordinals and inscriptions. 
Public <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> have started selling more BTC each month. This trend is a first for 2023. Simultaneously, power prices are dropping since 2022. This decline has led to a fall in the average hosting costs in the US and <a href="https://ultramining.com/news/en/alberta-stanovitsya-centrom-majninga-v-kanade-2/" rel="noopener noreferrer nofollow">Canada</a>. 
However, cost-cutting seems to be the miners' survival mantra as the halving approaches. If cheaper power isn't an option, they'll have to reduce ASIC procurement costs or find other ways to generate revenue. 
In conclusion, as we traverse the second half of 2023, Bitcoin mining's face is changing. As traditional finance muscles in and hashrate distribution broadens, the future is unpredictable. 
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Bitcoin Mining Reshaping Landscape Amid Global Interest Surge

Ultramining_Eng

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