Ethan Vera News

Trump made the pledge in a post on his Truth Social account in June after meeting at Mar-a-Lago with a group of executives from crypto miners, the companies whose massive, high-tech data centers do the work that facilitates transactions on the blockchain in exchange for compensation paid in Bitcoin or other cryptocurrencies. The gathering was a key juncture in Trump's transformation from a crypto skeptic to one of the industry's strongest allies. «It is a Trump-like comment but it is definitely not in reality,» said Ethan Vera, chief operating officer at Seattle-based Luxor Technology, which provides software and services to miners.

Bitcoin miner stocks are outpacing the price of Bitcoin, which hit its highest level since 2021 as the cryptocurrency goes mainstream with the recent approval of a Bitcoin Exchange-Traded Fund (ETF).

Ethiopia has become a lucrative destination for Bitcoin miners with lower energy costs and friendly government policies driving the move.

El Salvador officially launched its first local Bitcoin (BTC) mining pool as the Volcano Energy project begins mining blocks through Lava Pool in partnership with Luxor Technology.

High electricity costs, a plunge in digital assets prices and persistent network competition in the fourth quarter slashed mining profit margins and made it difficult for miners to stay afloat. Core Scientific Inc., the largest public Bitcoin mining company by computing power, went bankrupt and multiple major miners warned of liquidity crunches. While struggling miners have garnered some relief from Bitcoin’s 40% rebound this year, they are still under financial pressure. The rise in Bitcoin has made it easier for miners to raise capital from the equity market after debt-financing opportunities dried up and interest payments outpaced cash flows in the quarter. Miners such as Marathon Digital Holdings Inc. and Riot Platforms Inc. have been among the best performing US stocks this year, gaining more than 75% each after tumbling in value in 2022. “Public market investors are not typically those that look at hash price and mining machines,” said Ethan Vera, chief operations officer at crypto-mining services firm Luxor Technologies, referencing industry terms used to calculate miners’ revenue. “Their investing is based on the price of Bitcoin.”

The movement of the ETH token seems to be like a rollercoaster that cannot decide if it wishes to go uphill or downhill. At press time, ETH  was trading at a price of $2,829 which was 3.5% down in the last 24 hours. And, ETH noted a 2.8% decline in the past seven days as per data from CoinGecko.