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Riot Platforms reported a significant, almost 50% increase in its deployed hash rate during June. The company's hash rate in Bitcoin mining rose from 14.7 exahashes per second (EH/s) to 22 EH/s. This surge enabled Riot, a prominent Bitcoin mining firm, to mine 255 Bitcoin in June. That is a nearly 20% increase from May. The boost in hash rate was attributed to completed miner installations at the Corsicana facility and utilization of additional capacity at the Rockdale Facility. CEO Jason Les described June as a "historic month" for Riot. The company exceeded its mid-year deployed hash rate target of 21.4 EH/s. Most of the new miners were energized in the final days of June. Riot retained all Bitcoin mined in June. This brought its total Bitcoin holdings to 9,334, valued at $561.6 million at current prices. The 255 Bitcoin mined in June, worth $15.3 million, represents a 45% year-on-year decrease. This reduction is due to the infamous halving event in April, which cut the block subsidy by half and thus curtailed the miners' profits. Riot now ranks as the second-largest Bitcoin miner by hash rate. It has surpassed CleanSpark and Core Scientific, both of which have reported hash rates exceeding 20 EH/s. Marathon Digital remains the leader with a hash rate of 31.5 EH/s. At least for now. Riot ambitiously aims to increase its total self-mining hash rate capacity to 31.5 EH/s by the end of 2024. We haven't heard of any Marathon Digital plans so far. In the meantime, Riot isn't going to stop even when its 'arch enemy' is defeated. The company has set an ambitious target of 100 EH/s by 2027 or shortly after. In order to achieve this goal, Riot plans to purchase additional MicroBT miners in the future.

Bitcoin mining is not that bad for our mother nature, after all. According to a recent study, Big Tech's carbon emissions continue to grow exponentially. This is largely due to the rise of generative artificial intelligence. Amazon alone now produces more carbon dioxide per year than all global Bitcoin mining. Most major U.S. tech firms began disclosing emissions in 2019. And that data is scary. Data shows Big Tech has released more CO2 since 2019 than Bitcoin has since 2014. Bitcoin's exact carbon footprint is difficult to calculate. Researchers lack comprehensive power grid data from all mining countries. However, cost estimates compared to mining activity provide feasible approximations. A United Nations University study found Bitcoin mining consumed 173.42 Terawatt hours of electricity in 2020-2021. This exceeds Pakistan's energy use, a nation of 220 million. Another study estimated Bitcoin mining produced 65.4 megatonnes of CO2 annually as of 2022. This equals Greece's entire carbon footprint. Critics argue Bitcoin's value doesn't justify its climate impact. But how does it compare to tech companies? Amazon self-reported 71.54 million metric tons of CO2 emissions in 2021. This surpasses Bitcoin's estimated 65.4 million metric tons. Google reported 14.3 million tons in 2023. Microsoft reported 15.3 million tons. Combined with Amazon, this exceeds 100 million tons annually. Apple's 15.6 million tons are not included. Direct comparisons between company reports and Bitcoin estimates aren't entirely scientific. However, Big Tech's footprint is clearly larger, even while we don't have exact numbers. And we don't know if we ever will, which is pretty sad. Assuming AI, Bitcoin, and cloud computing data centers have similar power demands, U.S. Big Tech has likely emitted more carbon since 2019 than all Bitcoin mining in history.

Bitcoin miners are shifting to other cryptocurrencies amid falling profits, reports CryptoQuant CEO Ki Young Ju. Bitcoin's hashprice has hit an all-time low. This metric indicates expected daily earnings per unit of mining power, which is a fundamental indicator of the overall efficiency of the mining business. The trend is affecting mining companies' strategies. Many are simply forced to slow equipment investments. Some are switching to alternative proof-of-work coins. These moves aim to hedge against market uncertainty. Ju states, "Bitcoin hashprice hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty." He believes this shift is temporary. Miners are not long-term bearish, in his view. They are waiting for buy-side liquidity to recover. This pattern suggests miner capitulation. Such behavior often precedes Bitcoin bull runs. Bitcoin currently trades at $60,681. Ju also sees signs of an emerging altcoin season. Ethereum's Market Value to Realized Value (MVRV) ratio is rising faster than Bitcoin's. This indicates growing interest in Ethereum relative to its on-chain fundamentals. "We're entering early altcoin season," Ju notes. "ETH MVRV is rising faster than Bitcoin (BTC) MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals." He speculates this could be an Ethereum-focused trend. Current ETF developments may drive this dynamic. Historically, Ethereum price surges often lead to broader altcoin rallies, simply put, ETH is a locomotive for other altcoins to follow, and it quite often happens exactly so. Market participants will be watching closely for potential ripple effects across the cryptocurrency sector. The situation highlights the evolving dynamics in the cryptocurrency mining industry. Miners are adapting to changing market conditions. Their strategies reflect broader trends in profitability and investor sentiment across different blockchain networks.

A newly formed association of Paraguayan cryptocurrency miners has issued a stark warning about the future of their industry. The group claims that recent energy tariff increases could lead to the sector's demise. Or simply put, Bitcoin mining in this lovely country will be over. Probably forever. The National Electricity Administration has raised electricity costs for miners by 13% to 16%. This move has sparked concern among industry participants. The Paraguayan Chamber of Digital Asset Mining stated that the price hikes will significantly impact the bitcoin mining industry. They warned that this could potentially lead to the sector's disappearance in Paraguay. The chamber expressed concern about potential revenue losses for the country. They also highlighted risks of job losses and diminished government trust. Miners argue that they face disproportionately high energy costs. "Energy is being sold to [crypto miners] at much higher prices – even up to 50% higher – than for other industries in Paraguay," they said. The mining body, comprising 12 major players, formed in June to advocate for pro-business regulation. They claim that Bitcoin mining currently generates $1.5 billion annually for the Paraguayan economy. The National Electricity Administration (ANDE) has classified some 50 mining firms as part of an "especially intensive consumption sector". The heaviest consumers in this group face monthly price increases of 16%. Tariffs for these firms have risen from USD/KW 55.88 to USD/KW 65.04. ANDE has also been cracking down on illegal crypto mining operations. The mining association argues that the government's approach contradicts its generally pro-business stance. They warn that these actions could negatively impact Paraguay's investment environment. "This situation will only project a negative image of the investment environment in Paraguay," the body stated. They added that it will significantly undermine the legal security necessary for investment, both domestic and overseas.

A long-dormant Bitcoin miner has resurfaced after 14 years of inactivity. The wallet transferred 50 BTC to Binance on June 26th. This sum is valued at approximately $3.05 million. Market intelligence firm Lookonchain reported the transaction. The miner originally acquired these tokens in July 2010. At that time, Bitcoin's price was below $1. Lookonchain shared the details on social media: "A miner wallet woke up after being dormant for 14 years and deposited 50 BTC ($3.05 million) to Binance seven hours ago. The miner earned 50 BTC from mining on July 14, 2010. Address: 1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm" This is not an isolated incident. In May, Lookonchain identified two other long-dormant wallets becoming active. These wallets had been inactive since 2013. The May reactivation involved a combined $61 million worth of Bitcoin. These investors had purchased 500 tokens for $124 each 11 years ago. Their investment yielded gains of nearly 50,000%. Bitcoin's current trading price is $61,630. This represents a slight increase over the past 24 hours. The reemergence of dormant wallets can impact market sentiment. It may signal increased selling pressure. However, it also demonstrates Bitcoin's long-term value proposition. Such events highlight the importance of blockchain analysis. They provide insights into market dynamics and investor behavior. As the cryptocurrency market matures, these patterns may become more significant. The crypto community closely watches these movements. They can potentially influence short-term price action. However, their long-term impact remains to be seen.