The latest Miner Weekly report by BlocksBridge Consulting sheds light on a potential resurgence of Bitcoin (BTC) infrastructure development in North America, projecting a bolstering of the network’s strength and hashrate dominance. China’s ban on Bitcoin mining in 2021 triggered a global shift in mining operations, resulting in a significant infrastructure buildout in various countries, with North America, particularly Texas, USA, emerging as a focal point.
Recent weeks have seen major mining companies unveiling ambitious site expansion plans, coinciding with the anticipation of the upcoming Bitcoin halving in April. Among the notable plans:
- Iris Energy, Riot, and Northern Data: Expect to add 580 MW of capacity in Texas in Q2, with Iris Energy’s site having an additional 500 MW available power for future expansion.
- Northern Data: Plans to fully energize a newly acquired 30 MW site in North Dakota in Q1.
- Core Scientific: Will expand by 172 MW in Texas in Q2 after emerging from Chapter 11 bankruptcy protection.
- Cipher Mining: Acquired a new Texas site with a potential capacity of 300 MW, targeting at least 135 MW to be operational by May 2026.
- Bitfarms: Aims to install 11 MW in Quebec during the second half of 2024.
- Hut 8: Successfully bid for four power plants totaling 310 MW in Canada.
Marathon Digital Holdings Eyes Acquisitions for Expansion
CEO Fred Thiel of Marathon Digital Holdings, a Bitcoin mining company, reveals plans to acquire rival Bitcoin miners and related infrastructure over the next two years. Thiel emphasizes a considerate and strategic expansion in 2024 and 2025, positioning Marathon Digital as a consolidator in the industry. Thiel believes that the approval of a US exchange-traded fund (ETF) investing directly in Bitcoin by the US Securities and Exchange Commission (SEC) would be advantageous for miners, boosting overall demand for BTC. The company’s shares have experienced a remarkable surge, surging more than 400% throughout the year.
Binance Survey Highlights User Engagement and Goals
In a survey conducted by Binance involving over 1,000 respondents, nearly half (45%) indicated earning extra income as their primary use for crypto. Of these respondents, 23% aimed to supplement their primary income, 23% to save for a home, and 21% for investing in other digital assets. Saving money (19%) and offsetting inflation (9%) were also mentioned as use cases. A significant number (76%) believed that crypto could contribute to reducing income inequality or financial disparities within society. Challenges in dealing with traditional financial systems included high fees (19%) and slow transaction times (14%).
PancakeSwap’s ‘Pancake Protectors’ Game Expansion
PancakeSwap’s player-versus-player (PvP) game, ‘Pancake Protectors,’ known for on-chain rewards, has expanded its reach to Polygon zkEVM and Base networks as of December 14. Players can now deposit and withdraw CAKE tokens, the in-game currency, on these networks. Attracting over 25,000 daily active users during peak times, Pancake Protectors incorporates elements catering to the GameFi community, CAKE collectors, Pancake Squad, and Bunnies NFT holders. The game is part of PancakeSwap’s gaming marketplace, which also features ‘Pancake Mayor,’ developed in partnership with Binary X, and ‘Pancake Protectors,’ developed in collaboration with Mobox in May 2023.
