Bitcoin and Ethereum prices have rebounded as congestion on the bitcoin blockchain has eased, with both cryptocurrencies showing signs of growth. Bitcoin is currently trading at $27,741, up 0.3%, while ether is trading at $1,853, up 0.2%.

Cipher Mining has announced the purchase of 11,000 bitcoin mining rigs from Canaan Inc. in order to boost its computing power to 7.2 EH/s when installed. The energization is expected by the end of Q3, and the miner has the potential to reach 8.2 EH/s by the end of the year. Cipher's net loss per share fell by more than half in Q1 2023 compared to the same period last year, and the miner expects an average price of $0.027 per kWh of electricity across its portfolio. Canaan saw its sales dwindle throughout the year, outcompeted by other manufacturers while the market overall was depressed. As of pre-market trading, Cipher's stock was up over 6% at $2.07.

Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased.

Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased. The current mining difficulty level is at 48T (trillions), and this change affects the miners' profitability, as less competition for the reward means increased estimated income for those still connected to the network. The current price for Bitcoin hashpower rose to 0.088 USD/TH/day, up from 0.077 USD/TH/day on May 2, indicating increased profitability for miners' operations. Recently, there has been increased interest in BRC-20 tokens, which are used to create memecoins, leading to network congestion in Bitcoin within a few days of their release, and this could be a possible factor in the hashrate drop. As a result of this high activity on the network, the fees are now making up 12.4% of the miners' revenue. Moreover, the sudden interest in tokens registered through Ordinals is responsible for the backlog of transactions that need confirmation, leading to a surge in average commissions. The current transaction fees range from 70 sat/vB to 100 sat/vB, and a transaction of 140 vB (median) would require payment of almost $4 USD to get confirmed within the first few minutes.

Presidential hopeful Robert F. Kennedy Jr. on May 3 condemned a 30% crypto mining tax proposed by the Biden administration and responded to concerns around crypto.

According to a recent Forbes report, DHL, the commercial arm of Bhutan's Royal Government, entered the Bitcoin mining industry by purchasing BTC when it was priced at $5,000. 

The world of cryptocurrencies is complicated and still mostly unregulated around the world.

Bhutan plans to establish a $500M fund to finance crypto-mining projects and related infrastructure to generate revenue and boost its economy. Jihan Wu's Bitdeer, a leading provider of cloud-based crypto mining services, is expected to collaborate on various mining projects. Singapore-based Bitdeer will serve as the overall partner of the fund, while Druk Holding & Investments will act as a strategic partner.

Everyone’s talking about the next Bitcoin Halving event. But what does the word even mean? And how is it going to affect simple folks like me and you? Let’s find out.

Bitcoin mining firm Mawson Infrastructure Group has secured a new mining site in Corning, Ohio, with plans to set up its miners at the location by Q3 2023 and raise the operation's hashpower by 1 exahash per second (EH/s). The new site will offer a starting capacity of 24 MW, with plans to expand to an additional 26 MW.