By George Ward
Bitcoin Whales Accumulate $21.6 Billion BTC
As Bitcoin’s (BTC) volatility continued into the second quarter of 2024, recent data reveals a notable trend among its largest stakeholders. According to a report from blockchain analytics platform Santiment, Bitcoin whales (holders of 100-100,000 BTC) have been actively accumulating the digital asset in the months leading up to the highly anticipated halving event scheduled for April 19.
Despite a turbulent price movement in recent weeks, Bitcoin kicked off the year with a remarkable surge, reaching an all-time high price of $73,750 in the first quarter of 2024. Moreover, this surge was accompanied by a consistent accumulation trend among BTC whales, which acquired 319,310 BTC during this period.
The report indicates that this accumulation behavior signals high confidence in Bitcoin’s profitability among major stakeholders despite its market fluctuations. Notably, a significant portion of the newly acquired tokens came from retail traders, who offloaded 105,260 BTC, worth $7.2 billion, further reinforcing the narrative of whales driving market sentiment.
The upcoming Bitcoin halving occurs every four years and is a pivotal event for the cryptocurrency ecosystem. During this event, miners’ rewards on the Bitcoin blockchain are halved, leading to increased scarcity and long-term price appreciation. The current accumulation pattern by BTC whales suggests a bullish outlook for the asset’s future valuation.
Bitcoin Maintains Dominance Amidst Market Volatility
While Bitcoin’s current price sits at $67,521, reflecting minor fluctuations in the short term, its performance over the past month and year remains impressive. With a 6.43% increase in the last month and a 142.48% year-to-date increase, Bitcoin continues to assert its dominance as the largest digital asset in the world, boasting a market cap of $1.33 trillion.
As the crypto community eagerly anticipates the upcoming halving event, all eyes remain on Bitcoin and its potential to redefine the future of decentralized finance.
Argo Blockchain Mines 103 BTC in March
In a testament to its resilience and operational efficiency, Argo Blockchain, a prominent figure in the Bitcoin mining sector, reported remarkable achievements in March. The company announced the successful mining of 103 Bitcoins this past month, equivalent to an average daily output of approximately 3.3 BTCs.
The company further disclosed that it sold its Mirabel facility and seamlessly transitioned its mining equipment to a new location in Baie Comeau, Quebec. Despite the logistical challenges involved in such a move, the relocated machines were operational at the new site by the end of March, ensuring uninterrupted mining operations.
Argo Blockchain also reported a substantial boost in revenue, with mining earnings soaring to $7 million in March, a 55% increase from the previous month’s earnings of $4.5 million. Furthermore, the company held digital assets equivalent to 26 BTCs as of the end of March, underscoring its robust position in the crypto-mining market.
Thomas Chippas, CEO of Argo Blockchain, expressed satisfaction with the company’s performance amid escalating mining difficulty and the logistical hurdle of relocating mining equipment. In anticipation of the upcoming Bitcoin halving, Chippas reaffirmed Argo’s commitment to streamlining operations to ensure sustained success and increased efficiency.
Surge In BTC Mining Difficulty
The mining difficulty of the Bitcoin network has spiked significantly in recent weeks, reflecting heightened mining activities ahead of the impending halving event. The mining difficulty, standing at 83.13 trillion as of April 5, indicates a 4.76% increase in the last 30 days and a nearly 14% surge over the previous 90 days, according to CoinWarz data. Industry experts project that the mining difficulty will reach 100 trillion in the coming months.