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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.

Selling pressure from Bitcoin miners has decreased, according to a CryptoQuant analyst. This suggests a potential upward trend for BTC. Simply put, we are finally getting ready for the next upward swing. The market is absorbing the sell-off from miners who offloaded Bitcoin to cover operational costs. Miners have been selling Bitcoin in over-the-counter transactions due to decreased profitability. The Bitcoin halving in April cut mining rewards from 6.25 to 3.125 BTC. This made older mining equipment less cost-effective. Mining activity decreased and miners needed to sell more Bitcoin to sustain operations. Large corporate mining operations initially appeared prepared for reduced revenues. However, even big players now face record-low profitability. Marathon Digital sold 1,400 BTC by June 10, compared to 390 BTC in May. CryptoQuant's data now shows less Bitcoin being transferred from miners' wallets. Continued absorption of sell-offs could boost Bitcoin's price. This may also trigger a broader market rally, but nobody can be sure about that, at least for now. The mining industry is seeing significant developments. UAE-based Bitcoin mining company Phoenix announced its $370 million IPO was oversubscribed. Phoenix Group operates in three areas: proprietary Bitcoin mining, colocation hosting, and ASIC machine distribution. It has a hashrate capacity of 13.9 EH/s. For fiscal year 2023, Phoenix projected $247 million in revenue and $172 million in EBITDA. Despite its mining focus, Phoenix's revenue relies mainly on hardware sales. In 2022, computer hardware trading contributed $720 million to revenues, 95.44% of the total. About $715 million came from distribution agreements with Bitmain and MicroBT.

Marathon Digital Holdings has initiated a pilot project in Finland. The project recycles heat from Bitcoin mining to warm a local community in the Satakunta region, which has 11,000 residents. The 2-megawatt data center began operations in May. "This pilot project in Finland is a critical step forward in our strategy to expand globally and innovate sustainably," Fred Thiel, Marathon's chairman and CEO, said. Thiel also emphasized the dual benefits of producing digital assets and heating homes. It is the company's first district heating project and its European debut. District heating involves centrally heating water and distributing it to local buildings. Finland is known for its clean energy mix. The country relies heavily on biomass for district heating. The project aims to reduce carbon emissions and operating costs by using heat from data centers. Marathon's "Heating with Hashes" report provides context for the project. "Europe's colder climate has given rise to an extensive network of district heating systems," the report states. It notes that data centers benefit from the cooler temperatures in Europe. The report highlights a unique opportunity. Data centers in the EU consume a higher share of electricity compared to the global average. These facilities generate significant heat, which can be recycled for district heating. Marathon sees this as a win-win situation. "One industry needs heat, while the other generates plenty of it," the report explains. This approach could reduce costs and waste while decreasing reliance on carbon-emitting heat sources. The project aligns with Marathon's sustainability goals. The mining company now operates twelve sites on four continents. The company has high hopes with the heating market. Marathon aims to enhance its sustainability portfolio through heat recycling. It also seeks to explore new revenue streams. These efforts align with its goal of achieving zero-cost power for digital asset computing.

Coolpad, a Chinese telecom giant, is entering the world of Bitcoin mining. Quite an unexpected move for a company that is known for cheap mobile phones and accessories. Anyway, Coolpad has just announced it will acquire 2,700 Bitcoin mining servers from Hong Kong-based JingYun Intelligent Technology. That's up to 1,504,800 TH/s of mining capacity. Coolpad is spending $13.5 million for this purchase. The rigs will be installed in a yet undisclosed locations in North America. That's pretty understandable, as Bitcoin mining is prohibited in China. The Shenzhen-based company has already made some moves into crypto space. In May, Coolpad announced a $28 million investment plan to purchase shares in some crypto asset companies, including CleanSpark, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and Hashdex Bitcoin Futures ETF. Coolpad isn't the only telecom company to enter Bitcoin mining recently. T-Mobile Deutsche Telekom will start mining Bitcoin this year. German company has been operating a Bitcoin node since 2023. This year the company launched its own Bitcoin Lightning Network nodes. And now the bigger anouncement was unveiled. Speaking at BTC Prague, Dirk Röder, head of Web3 infrastructure and solutions at Deutsche Telekom, confirmed that the communications giant will start mining Bitcoin.

Bitcoin network hashrate always declined in summer time. This year it might get even worse. Summer heatwaves can have a deep impact on Bitcoin mining. Miners have to deal with the excessive heat throughout whole year, but with global warming becoming more prominent the problem gets pretty serious. Halving that occurred earlier this year has already made its impact on miners. With their profits cut twice miners see much less profit in maintaining network's functionality. Miners have to be looking for more contemporary, energy efficient equipment. Hashrate needs to be raising all the time. Heatwaves might be a specifically harsh problem this year. As we all know, miners use extremely powerful machines (ASICs) that give off a lot of heat as a result of their computations. They can reach very high temperatures without proper cooling measures in place. So, to ensure their ASICs are safe, miners might have to resort to turning them off periodically to let them cool down. Energy consumers around them will be turning their air conditioning more frequently and that additional demand might hurt miners also. 37% of all world mining operations are located in the U.S. Most part of it - in steamy Texas. That might reflect on hashrate and create "jams" in blockchain network traffic. Faster Bitcoin transaction will require higher mining fees. Some analysts note that the hashrate has already started to come down since reaching an all-time high in March. In June it is 10% lower than it was a month earlier.