After two surprise declines for the past two difficulty adjustments, the network difficulty level is estimated to rise by roughly 12% tomorrow. The estimated difficulty jump comes after continued Bitcoin price rises fostered more profitable conditions for miners. 

Bitcoin miner revenue has roughly tripled compared to three months ago. Moreover, mining machines orders that were put in several months ago are currently being deployed in facilities, bringing new hashrate online.

NASDAQ-listed Chinese gaming firm to enter crypto mining. The9 Ltd announced that it will enter the crypto mining industry with investment from several former board directors of Canaan. The9 Ltd intends to raise $34 million through the issuance of Class A shares and will use the funds to establish a wholly owned subsidiary – called NBTC Limited – that will concentrate on crypto mining activities. The9 Ltd CEO Jun Zhu noted that the firm aims to deploy machines that will capture 8-10% of the Bitcoin network hashrate, 10% of Ethereum hashrate, and 10% of Grin hashrate. However, such ambitions are unrealistic given the expected funds at their disposal. To capture 8% of the approximate 150 EH/s deployed on the Bitcoin network would require roughly 109,000 Antminer S19 Pro machines. Marathon Patent Group recently purchased 70,000 Antminer S19 rigs for $170 million. Since the purchase, rig prices have further appreciated on the secondary markets.

Chinese miners are reportedly migrating to Nordic regions. Profitability has significantly increased for facilities in the region after the wettest weather in twenty years ramped up hydropower production and dropped electricity rates to near-zero. According to Philip Salter – head of operations for Genesis Mining – have been migrating to regions like Sweden to seek “political stability”. Chinese miners have recently faced obstacles with electricity shortages in Sichuan and Yunnan causing mining facilities to be shut down. In current conditions, Nordic countries offer an attractive alternative for Chinese miners who are willing to transition their machines overseas.

Marathon Patent Group and Riot Blockchain surpass $1 billion in market capitalization. Two exchange-listed mining companies have surpassed $1 billion in valuation as their share prices surge amid bullish Bitcoin mining conditions. The share price of Riot and Marathon have increased by 1,264% and 1,727% over the past year respectively. Marathon also formed an initiative for North American miners with DMG Blockchain that includes directing hashrate to a mining pool controlled by a DMG subsidiary. The mining pool, launched by Blockseer, excludes transactions that are not OFAC compliant.

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