ETH: Calm Before the Storm 🌪🌧
Are rising energy costs turning Ethereum and web3-based investments juicier?
Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, innovation-focused digital asset mining pioneers and high-performance computing infrastructure providers, mined 131 Bitcoin in the period ending March 31, 2023. They recently announced they've sold 240 Bitcoin – all of those produced in February. Are rising energy costs turning Ethereum and web3-based investments juicier?
PBN Research
Hut 8 Sells
https://hut8.io/2023/04/05/hut-8-mining-production-and-operations-update-for-march-2023/
131 Bitcoin were generated, resulting in an average production rate of approximately 4.2 Bitcoin per day.
240 Bitcoin – all of those produced in February, and part of March – were sold in March 2023.
Total Bitcoin balance held in reserve as of March 31 is 9,133.
Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the month.
Hut 8 produced 50.38 BTC/EH in March.
The difficulty level for mining Bitcoin increased by 10.67% month over month making it more difficult and expensive to mine new blocks and highlighting the growing demand and strength of the Bitcoin network.
ETH Can Hit All-time Highs this Year
The fact that ETH is currently finding decent support in the mid-$1,800s has spurred optimism that an extension of gains in the short-term toward the August 2022 highs just above $2,000 remains a strong likelihood.
ETH Adoption Stats
Some Key Numbers About Ethereum Adoption
There are 14 million ETH owners globally
There are about 10 million ETH users
About 24.4% of crypto owners hold ETH tokens globally
Ethereum ranks second after Bitcoin by market cap
Currently, the Ethereum market cap is approximately $340 billion
The daily average value of ETH transactions stands at 1.16 million for February and March 2022
The average 24h transaction volume for ETH is roughly $16 billion
Close to 112 million ETH tokens are in circulation