Top Miners Spend $1.2 Billion In Pre-Halving Shopping Spree
The upcoming Bitcoin (BTC) halving and the recent market rebound from the 2022 bottom seem to have boosted mining companies’ capital expenditure, according to the latest Miner Weekly report by BlocksBridge Consulting.
According to TheMinerMag data cited in the report, a dozen public mining companies have made purchase orders for bitcoin mining machines totaling over 70 EH/s this year. These machine purchase commitments amount to more than $1.2 billion year-to-date, with $750 million signed over the past two months.
Chinese miner manufacturers MicroBT and Bitmain account for 56% and 42% of the total investment, respectively, with Canaan accounting for the rest.
UK Crypto Market Grew 137% in a Year, Surpassing the USA’s 107%
The UK crypto industry is growing at a faster pace than the US market, according to data presented by AltIndex.com. The UK crypto industry grossed $1.9 billion this year, a 137% increase from last year’s $800 million. In comparison, the US crypto market generated $17.9 billion in revenue, a growth rate of 107%.
Statista predicts that the UK will remain the fastest-growing among the top five crypto markets, with revenues expected to reach $3.77 billion by 2027. The US market is projected to see a 76% growth during the same period, with revenues rising to $31.6 billion.
The number of crypto users is also expected to rise in both countries, with nearly one-third of the UK population using cryptocurrencies by 2027.
Tether and Bitkub Exchange Partner to Boost Stablecoin Education in Thailand
USDT issuer Tether and Bitkub, Thailand’s largest crypto exchange, have announced a collaboration to improve blockchain literacy and foster stablecoin awareness in Thailand. The partnership will include educational courses, awareness campaigns, incentive-based learning programs, and regular live Q&A sessions.
The collaboration aims to drive understanding of USDT, the most traded stablecoin on Bitkub Exchange and within Thailand, within the region.
BingX Launches Global Broker Program to Bolster Trading Ecosystem
Crypto exchange BingX has launched the BingX Global Broker Program to enhance and diversify service offerings in the blockchain industry. The program is open to cryptocurrency brokers globally and offers them the chance to earn commissions through trading on BingX’s Perpetual Futures and Spot markets.
Brokers participating in the program will receive rewards based on trading volume and fees generated on BingX, along with additional bonuses for successful referrals. The program offers up to 55% in trading commissions, daily settlements, and other financial incentives.
Meanwhile Group Unveils First Bitcoin Private Credit Fund
Meanwhile Group’s investment manager arm, Meanwhile Advisors, has launched the Meanwhile BTC Private Credit Fund LP. The fund aims to attract institutional investors seeking access to BTC’s growth with a conservative BTC-denominated yield targeting 5% during the fund’s term.
The fund operates under a structure that ensures tax efficiency for investors by converting USD contributions into BTC immediately. This eliminates currency risk for lending activities. Fees for the fund are charged in BTC.
Hot Take: Crypto Industry Growth Continues Unabated
The latest news highlights the continued growth of the crypto industry across various sectors. Mining companies are investing billions of dollars in new machines, indicating their confidence in the future of Bitcoin. The UK crypto market is outpacing the US in terms of growth, while Tether and Bitkub are working together to boost stablecoin education in Thailand. BingX is expanding its services with a global broker program, and Meanwhile Group has unveiled a unique bitcoin private credit fund. These developments demonstrate the increasing adoption and maturation of the crypto industry worldwide.
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