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BTC Rush: High Prospects for Bitcoin Price as Mining Investments Boom

Published 07/09/2020, 09:20 AM
Updated 07/09/2020, 11:00 AM
BTC Rush: High Prospects for Bitcoin Price as Mining Investments Boom

Recent investments into cryptocurrency mining equipment by smaller players could be a positive signal for the longevity and value of Bitcoin (BTC). In late June, United States-based blockchain firm Core Scientific ordered over 17,000 of the latest Bitcoin mining ASIC machines from Chinese hardware producer Bitmain. The news made waves in the industry as the largest known order of Antminer S19s by a single operator.

Core Scientific will use some of the machines for its own operations while the rest will be used for its cloud-based mining services for clients. Furthermore, one of its major clients, Horizon Kinetics, has increased its investment with Core Scientific in order to access the new mining equipment from Bitmain.

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