Hashing24 has integrated mainstream fiat on-ramp and crypto payment gateways powered by Switchere with an aim to support Hashing24’s customers by providing the possibility to purchase of the cryptocurrencies accepted as payment for BTC mining contracts effortlessly bridging the advent of anticipated all-time-low (ATL) for BTC mining difficulty triggered by the challenges of regulatory changes, environmental concerns, and the fluctuating dynamics of the Bitcoin network in 2024 year.
Considering the global macroeconomic instability, ongoing armed conflicts, environmental pollution issues coupled with energy production/consumption, 2024 may witness another detrimental situation with the drastic downfall of the global BTC hash rate shares by comparison with the 2021 hash rate collapse fueled by the crypto ban in China. This convergence of regulatory actions may lead to the most significant decline in mining difficulty in global history. Past performance may be a predictor of future performance. As such, any decision one makes is the perfect one for that moment and Hashing24 grants a great opportunity to start mining Bitcoins at appealing conditions and low entry points.
Hashing24 has integrated mainstream fiat on-ramp and crypto payment gateways powered by Switchere with an aim to support Hashing24’s customers and to facilitate the requested payment currency for purchasing BTC mining contracts effortlessly bridging the advent of anticipated ATL for BTC mining difficulty triggered by the challenges of regulatory changes, environmental concerns, and the fluctuating dynamics of the Bitcoin network.
Current situation with global Bitcoin mining hash rate distribution
Presently, the Bitcoin mining industry is dominated by three countries, namely the US (38%), China (22%) and Kazakhstan (15%). They constitute 75% of the global Bitcoin mining hash rate. Due to the crackdown on all crypto-related activities by the People's Bank of China (PBOC) in 2021, the global BTC hash rate share decreased tremendously, and China lost its leading position in the rating. The main reasons that served the ban on BTC mining were increased carbon dioxide emissions, energy consumption and economic instability.
United States
In the US, several states are exploring or implementing legislation to regulate crypto mining activities. These measures may include environmental impact assessments, mandatory use of renewable energy sources, or restrictions on the scale of mining operations. States like New York have already implemented temporary moratoriums on new mining operations to assess their environmental impact. The US government is increasingly committed to addressing climate change and reducing carbon emissions. Crypto mining's growing carbon footprint clashes with these environmental goals, prompting governments to consider regulatory measures.
The regulatory grip is also tightening in the United States, where the Department of Energy issued an "emergency data collection request" in February 2024, causing concern among miners. Senator Elizabeth Warren's call for federal regulators to compel miners to disclose information on emissions and energy usage adds to the urgency. The Biden administration's focus on reducing carbon emissions in the country heightens the possibility of new mining regulations.
China
In 2021, mining difficulty dropped by 45% due to China’s ban. After the government cracked down on cryptocurrency mining and trading in China, many miners left the country or implemented precautions to avoid detection by the authorities. Many Chinese companies moved their capacities to Kazakhstan, Russia, Ethiopia, North and South Americas, and the chance that the Chinese crypto mining industry will regain its dominating status is very scarce.
In 2024, China is grappling with pollution of air, water, and soil. The primary source of pollution is the generation of electricity, mainly from coal and oil. Coal and oil production release carbon emissions that contaminate the air, and the resulting byproducts are discharged into rivers and soil. Currently, approximately 70% of lakes and rivers in China are deemed unsafe for human use. According to a February 2024 report from CREA, the peak daily air pollution reached a level of 221 PM2.5, surpassing the highest pollution level by 47%.
Kazakhstan
Kazakhstan has faced a significant warming issue linked partially to its carbon footprint from mining activities. Approximately 70% of the country’s electricity is generated from coal. Kazakhstan has taken a proactive stance, having signed agreements in January 2024 to combat global warming. As of January 1, 2024, at least 50% of digital assets produced by miners in Kazakhstan must be sold through licensed exchanges. Additionally, regulations governing the purchase of electricity by digital miners have been introduced. This move is just the beginning, and further tightening of mining regulations may lead to a reduction in mining companies within Kazakhstan.
Hashing24: Gateway to efficient Bitcoin mining
Hashing24, an official distributor of leased BTC hash power, recognizes the challenges and opportunities inherent in this evolving BTC mining landscape. By providing access to large-scale and high-tech leased BTC hash power produced by Bitfury and Wattum mining data centers, Hashing24 empowers individuals and businesses to navigate the changing tides of the BTC mining industry.
Taking into account the present-day situation with the upcoming BTC halving event, market fluctuations, uncertainties in the economic sector, eco-friendly initiatives, wars and conflicts, a small window of opportunity prior to BTC halving may be the best choice for getting into remote Bitcoin mining. Nobody knows for sure if Bitcoin mining network difficulty will go up or down, but one can definitely say that using the leased BTC hash power is one of the best options available so far. This being the case, Hashing24 offers affordable and flexible Bitcoin mining contracts (12-, 18- and 24-month plans), which in turn can hedge the risks associated with the crypto mining restrictions and high cost of mining (hardware, energy expenses, maintenance, etc.).
About Switchere
Switchere is a EU-licensed product company with solutions for end users and businesses. Its core mission is to make cryptocurrency universally accessible, contributing to global financial inclusion. Switchere simplifies crypto-to-crypto payments, ensuring they are as easy and seamless as possible, and develops business solutions for a wide range of industries. Since its inception in 2019, Switchere has become a trusted partner to about 700,000 satisfied customers and several hundreds partners across more than 160 countries.
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About Hashing24
Hashing24 is a leading official distributor of leased BTC hash power, offering individuals and businesses the opportunity to participate in the dynamic world of Bitcoin mining. With a commitment to transparency and efficiency, Hashing24 empowers users to harness the potential of blockchain technology in a rapidly evolving landscape.
Website: https://hashing24.com/
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Phone: +353 1 6917777