HashWhale BTC Mining Weekly | Multiple States in the U.S. Propose Bitcoin Strategic Reserve Bills (01.13-
The difficulty of Bitcoin mining has been adjusted positively for the eighth consecutive time; multiple states in the U.S. have proposed Bitcoin strategic reserve bills.Author: Monkey | Editor: Monkey
1. Bitcoin Market and Mining Data
From January 13 to January 19, Bitcoin's price showed certain volatility. The main changes during this period are as follows:
On January 13, Bitcoin's trading volume surged during U.S. market hours, rebounding after a sharp drop, briefly falling below $89,000 before quickly recovering. It opened at $94,540.5, peaked at $95,906.9, and hit a low of $89,664.8, with the fear and greed index rising. On January 14, there was a comprehensive rebound, with Bitcoin rising strongly to $97,120.94. On January 15, it maintained a continuous oscillation around $96,600, showing an upward trend. On the evening of the 15th, it quickly surged to $99,000, successfully breaking through the psychological barrier of $100,000, with an intraday high of $100,671.0 and closing at $100,499.8, indicating a significant increase in trading volume and strong market buying interest. On January 16, after a slight upward oscillation, the price experienced a minor pullback due to profit-taking, hitting a low of $97,400.2 and closing at $100,004.5, but market sentiment remained optimistic. From January 17 to 19, Bitcoin's price continued to rise steadily. On January 17, Bitcoin stabilized above the $100,000 psychological level, oscillating slightly after opening and continuing to rise, indicating that bullish momentum was still accumulating, breaking through recent highs to reach $105,843.8. On January 18, it briefly pulled back to around $102,820 due to profit-taking but quickly rebounded to $104,610, reflecting strong buying interest. On January 19, Bitcoin's price continued to oscillate upward, and as of the time of writing, Bitcoin was maintaining around $104,630. Market sentiment remained optimistic, solidifying the bullish pattern.
Bitcoin Price Trend (2025/01/13-2025/01/19)
Market Dynamics and Macroeconomic Background
- Capital Flow
As more companies accumulate Bitcoin, corporate Bitcoin holdings are expected to surge by 43%. Currently, 68 publicly traded companies hold Bitcoin on their balance sheets, with VanEck predicting this number will reach 100. The company estimates that the number of Bitcoins held by private companies will increase from approximately 765,000 in December to over 1.1 million this year.
- Technical Pressure
On Friday afternoon, Bitcoin's trading price was around $104,800, having reached a new high of $105,900 earlier that day. On Thursday, the December Consumer Price Index (CPI) data showed core price pressures easing more than expected, driving Bitcoin's price above $100,000. Currently, Bitcoin's price is close to $105,000, nearing the historical high pressure zone of $108,309. In this area, there is significant selling pressure, which may lead to a price pullback in the short term.
- Market Sentiment Changes
Market sentiment is optimistic, with investors holding a positive attitude towards potential cryptocurrency-friendly policies from the Trump administration. Additionally, the recent breakthrough of Bitcoin's price above $105,000 has further boosted market confidence.
- Industry News
With Trump set to take office, the cryptocurrency-friendly policies of his administration are one of the key factors driving the surge in Bitcoin prices. He plans to issue multiple executive orders related to cryptocurrencies upon taking office, signaling more support for the crypto industry, which has increased market confidence in cryptocurrencies, especially Bitcoin. Furthermore, the recent U.S. core Consumer Price Index (CPI) came in below expectations, increasing the likelihood of interest rate cuts by the Federal Reserve, which typically benefits risk assets, including Bitcoin. Trump also plans to issue over 100 executive orders focusing on the digital asset industry, potentially creating a more favorable regulatory environment for the cryptocurrency market.
Hash Rate Changes:
From January 13 to January 19, 2025, the Bitcoin network's hash rate experienced significant fluctuations, showing a "peak---drop---recovery" trend. Overall, the volatility was considerable, but the recovery speed was quick, indicating active participation from miners and the network's resilience. Specifically, on January 13, the hash rate rose from 866.27 EH/s to 975.86 EH/s, then dropped to 809.73 EH/s. On January 14, after hovering around 809.73 EH/s, the hash rate continued to decline, eventually hitting a low of 685 EH/s before rebounding to 868.80 EH/s. From January 15 to 16, the hash rate oscillated down to 726.77 EH/s, fluctuating between 724 EH/s and 773 EH/s. On January 17, the hash rate rebounded to 807.53 EH/s but then continued to decline to 657.35 EH/s. Between January 17 and 18, the hash rate gradually recovered to 815.18 EH/s and maintained oscillation around 800 EH/s. On January 19, the hash rate dropped from 818.46 EH/s to 718.95 EH/s but quickly rebounded to 832.75 EH/s, showing strong market recovery momentum.
Bitcoin Network Hash Rate Data
Mining Revenue:
According to TheBlock, as of January 19, 2025, Bitcoin miners' total revenue for January 2025 has reached $704 million.
From January 13 to January 19, Bitcoin miners' revenue was influenced by multiple factors. Despite the continuous increase in mining difficulty, reaching a historical high of 110.45T, the rise in Bitcoin prices (breaking $100,000) effectively boosted miners' revenue. Additionally, miners optimized their energy efficiency and computing power using new generation efficient mining machines and energy management technologies, ensuring stable revenue even in a high-difficulty environment. With the continuous growth of Bitcoin network computing power, there remains significant potential for miners' revenue growth, especially supported by price increases and technological advancements.
Bitcoin Miner Revenue Data
Energy Costs and Mining Efficiency:
According to CloverPool data, the Bitcoin network completed a new round of difficulty adjustment on January 13, 2025, at 04:01:51 (block height 878,976), with the difficulty value increased by 0.61% to 110.45T, once again setting a historical peak. This marks the eighth consecutive positive adjustment of Bitcoin mining difficulty, with the current mining difficulty approximately 1.1045 million times that of the Bitcoin genesis block. The Bitcoin network adjusts its difficulty every 2016 blocks to ensure an average of one block is produced every 10 minutes.
This adjustment signifies the continued rise in Bitcoin mining difficulty, similar to the situations during the 2018 bear market and the 2021 bull market. In 2021, due to China's ban on mining leading to a significant drop in computing power, Bitcoin mining difficulty underwent nine consecutive adjustments, ultimately peaking when Bitcoin's price broke $69,000 in November 2021. In 2018, when Bitcoin's price entered a bear market from a high of $20,000, the network also experienced 17 consecutive positive adjustments, ultimately dropping to a low of $3,000.
Currently, Bitcoin's 7-day moving average computing power has reached 775 EH/s and is expected to break the milestone of 1 ZH per second before the next halving. Although multiple consecutive difficulty adjustments have not formed a clear trend, they are usually accompanied by periodic tops or bottoms, reflecting the ongoing strong performance of the Bitcoin network. The next difficulty adjustment is expected to occur in about 7 days.
Bitcoin Mining Difficulty Data
2. Policy and Regulatory News
El Salvador President Plans to Install Bitcoin Nodes in Every Household
On January 14, according to Bitcoin Magazine, El Salvador's President Bukele is preparing to install Bitcoin nodes in every household in the country, as revealed by senior Bitcoin advisor Max Keiser.
Malaysian Prime Minister Announces Exploration of Cryptocurrency and Blockchain Policies
On January 15, Malaysian Prime Minister Anwar Ibrahim stated that the government is studying the formulation of digital finance policies to recognize cryptocurrencies and blockchain technology. He discussed with the Abu Dhabi government and Binance founder Changpeng Zhao during the Abu Dhabi Sustainable Development Week how to promote development in this field.
Anwar emphasized that cryptocurrencies and blockchain technology, like artificial intelligence, are rapidly changing the financial world, and Malaysia cannot fall behind. He suggested that the Ministry of Finance, the Securities Commission, and Bank Negara Malaysia conduct comprehensive research and stated that the government would draw on international experiences, including those from Binance and the UAE.
He revealed that he would submit a related policy draft to the cabinet and prioritize policy innovation in this field to break free from the constraints of the traditional financial system and move towards a new model of digital finance.
U.S. SEC Ready to Push for Cryptocurrency Policy Reform Immediately After Trump's Inauguration
On January 15, according to Reuters, three insiders stated that senior Republican officials at the U.S. Securities and Exchange Commission (SEC) are preparing to begin reforming the agency's cryptocurrency policies as early as next week after Trump takes office.
Two of the insiders indicated that commissioners Hester Peirce and Mark Uyeda are considering measures including initiating relevant procedures to ultimately formulate guidance or rules clarifying under what circumstances the agency will consider cryptocurrencies as securities and reviewing some cryptocurrency enforcement cases currently in court.
Texas Senator Submits SB 778 Bill to Establish State-Level Bitcoin Strategic Reserve
On January 16, Texas Senator Charles Schwertner tweeted that he has submitted SB 778, proposing to establish the first state-level Bitcoin strategic reserve in the U.S. If passed, this would position Texas as a leader in the digital economy and promote economic growth and freedom.
Tweet Screenshot
3. Mining News
Sales of Cryptocurrency Mining Machines in Russia Tripled, Regulatory Attitude Shifts to Lenient
On January 13, according to Cryptonews, demand for cryptocurrency mining machines and related services in Russia tripled year-on-year in the fourth quarter of 2024. Sergey Bezdelov, chairman of the Industrial Mining Association, stated that this is due to new regulations allowing individuals and businesses to mine legally within certain energy consumption limits. The new regulations grant legal status to mining and require miners consuming over 6,000 kilowatt-hours to register, but remain in a relatively lenient regulatory environment. The Russian Ministry of Finance estimates that cryptocurrency miner taxes could reach $500 million annually. Meanwhile, lawmakers indicated that they might further simplify regulations, especially for businesses using cryptocurrencies to evade sanctions, to promote market development.
NASDAQ-Listed Company NMHI Receives Delisting Notice After Announcing Entry into Bitcoin Mining a Month Ago
On January 15, NASDAQ-listed company Nature's Miracle Holding Inc. (NMHI) received a delisting notice, stating that trading of the company's common stock and warrants will be suspended on NASDAQ, effective January 15, 2025. The company is considering appealing this decision. NMHI recently launched its Bitcoin business, announcing a month ago that it had acquired 90% fully diluted shares of Bitcoin mining company J&Y Marigold Ltd. for a total acquisition price of $5.32 million, entering the Bitcoin mining sector.
Arkansas New Bill Will Ban Cryptocurrency Mining Within 30 Miles of Any U.S. Military Facility
On January 16, Arkansas lawmakers proposed a new bill that would prohibit cryptocurrency mining within 30 miles of any U.S. military facility in the state.
4. Bitcoin News
Global Enterprises and Countries Continue to Increase Bitcoin Holdings
Matador: Acquired 29 Bitcoins at an average price of $96,341, with a total investment of 4.5 million CAD.
Lead Benefit: Acquired 500 Bitcoins at an average price of $94,375, with a total investment of $47 million for short-term investment and maintaining high liquidity.
BlackRock: Currently holds approximately 559,564.44 Bitcoins through its Bitcoin spot ETF (IBIT), exceeding 2% of Bitcoin's total supply, with a market value of over $56.22 billion (as of January 16).
Genius Group: Plans to increase Bitcoin reserves to $86 million through a $33 million equity offering and up to $20 million in loans.
Grayscale: Increased holdings of 2,356 ETH and 647.072 BTC, with a total value of $72.28 million. Goodfood Market Corp. (TSX: FOOD): Canadian-listed company Goodfood announced it is adopting Bitcoin as a financial reserve asset, having invested approximately $1 million through a spot ETF, and plans to continue using part of its future cash flow for Bitcoin investments to increase its holdings.
El Salvador: Currently holds 6,032.183 Bitcoins, worth approximately $628 million.
Trump's Treasury Secretary Candidate Scott Bessent Discloses Holding $500,000 in Bitcoin ETF
On January 13, according to Cointelegraph, Trump's Treasury Secretary candidate Scott Bessent disclosed holding $500,000 in Bitcoin ETF.
Meta Shareholder Proposes Allocating Part of Company's $72 Billion Cash Reserve to Purchase Bitcoin
On January 13, according to beincrypto, Meta shareholder Ethan Peck submitted a proposal urging the company to allocate part of its $72 billion cash reserve to Bitcoin. The proposal cites BTC's potential as a hedge against inflation and its outstanding performance compared to traditional assets. In the proposal, Peck expressed concern about inflation eroding the cash value held by Meta. He believes that Bitcoin's strong performance compared to traditional assets can hedge against inflation while enhancing shareholder value. Peck highlighted Bitcoin's impressive returns, noting a 124% increase in 2024 and a staggering 1,265% growth over five years. These figures far exceed the modest yields of bonds and other traditional financial instruments. He also emphasized Meta's indirect exposure to cryptocurrencies through its second-largest institutional investor, BlackRock, which has allocated 2% of its assets to Bitcoin.
BlackRock: Bitcoin Adoption Rate Surpasses That of the Internet and Mobile Phones, Becoming an Indispensable Part of the Financial Landscape
On January 14, according to a recent report from BlackRock, the adoption rate of Bitcoin has surpassed that of past transformative technologies, including the internet and mobile phones.
The report emphasizes that since its launch in 2009, Bitcoin has rapidly evolved from a niche innovation to a globally recognized asset, attributing this evolution to demographic trends, economic changes, and the ongoing digital transformation of finance.
Compared to Generation X and Baby Boomers, the younger generation (often referred to as "digital natives") is more inclined to embrace Bitcoin. Their familiarity with technology and preference for digital-first solutions make them a leading demographic for cryptocurrency adoption.
Regarding economic shifts, trends such as rising inflation, geopolitical tensions, and concerns about the traditional banking system highlight the value of Bitcoin as a decentralized asset. As the global economy digitizes, BTC is becoming an indispensable part of the evolving financial landscape.
Michael Saylor: Companies Should Shift to Bitcoin Investment as Traditional Bonds Like Treasuries Are "Poison"
On January 14, MicroStrategy co-founder and chairman Michael Saylor stated at the ICR Conference in Orlando that companies should shift to Bitcoin investment as traditional bonds like Treasuries are "poison." He emphasized that since the company began implementing its Bitcoin investment strategy in 2020, Bitcoin has outperformed bonds and suggested that companies view Bitcoin as digital capital.
Saylor revealed that MicroStrategy recently increased its Bitcoin holdings by $243 million, marking the tenth consecutive week of purchases. The company now holds approximately $41 billion in Bitcoin, accounting for over 2% of Bitcoin's total supply. He also criticized companies like Microsoft and NVIDIA for failing to follow MicroStrategy's Bitcoin investment strategy. Saylor encouraged companies to "embrace the future," stating, "The only consequence of taking action is becoming wealthy."
U.S. SEC Chairman: Bitcoin Is Like Gold, and 7 Billion People Worldwide Want to Trade It
On January 15, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated in an interview, "Bitcoin is a highly speculative asset, but 7 billion people worldwide want to trade it. Just as we have had gold for 10,000 years, we now have Bitcoin."
Regarding regulatory stance, Gensler noted that the SEC has never classified Bitcoin as a security. For the thousands of other crypto projects, he emphasized the need to demonstrate their actual use cases and fundamental value. When the host jokingly remarked, "You must hold Bitcoin," Gensler stated that he has not held any cryptocurrencies in the past 7-8 years. The host then quipped, "Now you can hold it since you are about to step down as SEC chairman."
Gary Gensler Interview Video Screenshot
ARK Invest: Bitcoin's Relative Volatility Is Low, Expected to Rise Further in 2025
On January 15, ARK Invest stated in its "Bitcoin Monthly" report that although Bitcoin's volatility surged at the end of the fourth quarter, "historically, it is not significant." Bitcoin's monthly volatility in December was relatively mild compared to annual volatility, indicating that Bitcoin has not yet entered the euphoric phase of its cycle, suggesting potential for further increases, especially in a bull market.
ARK's report stated, "In fact, these data points suggest that there is still room for further increases in the market in 2025."
CryptoQuant: Trump's Policies May Propel Bitcoin to $249,000 in 2025
On January 15, on-chain analysis platform CryptoQuant's latest weekly report predicted that $520 billion in new funds may flow into the Bitcoin market in 2025, pushing Bitcoin's price to between $145,000 and $249,000. The report noted that favorable regulations, monetary policies, and cyclical conditions will continue to drive capital inflows.
JAN3 CEO Samson Mow is even more optimistic, predicting that Bitcoin's price could exceed $1 million in 2025, with daily volatility reaching $100,000. DecenTrader co-founder Filbfilb stated that Bitcoin's current performance resembles a "beach ball underwater" suppressed by traditional markets, and concerns over Federal Reserve policies may be overly impacting the performance of the crypto market.
52% of Americans Have Sold Traditional Assets Like Stocks or Gold to Invest in Bitcoin
On January 16, a recent survey initiated by Chainplay and Storible revealed that 52% of Americans have sold traditional assets like stocks or gold to invest in Bitcoin, with one-fifth of American residents now allocating over 30% of their investment funds to cryptocurrencies, and 68% of Americans owning cryptocurrencies.
The survey indicated that after November 5, 2024, the adoption rate of cryptocurrencies will surge. 64% of Americans who own cryptocurrencies have recommended them to family members, and 60% expect to double their holdings in 2025. Additionally, 77% plan to purchase more cryptocurrencies, indicating a continuous increase in cryptocurrency adoption.
California Assemblyman Phillip Chen to Draft Bitcoin Support Bill
On January 18, California Assemblyman and Republican Phillip Chen announced he will draft a bill supporting Bitcoin. Phillip Chen's office has appointed Proof of Workforce to handle various Bitcoin-related initiatives and assist in drafting formal legislation for the upcoming legislative session.
It is reported that Proof of Workforce is a nonprofit organization based in Santa Monica, California, aimed at helping workers, unions, pensions, and municipal authorities engage in education-based Bitcoin adoption.
Wyoming Lawmaker Submits Strategic Bitcoin Reserve Legislative Proposal
On January 18, U.S. Representative Cynthia Lummis stated that Wyoming has taken a bold first step towards a strategic Bitcoin reserve. Representative Wasserburger proposed legislation allowing permanent funds to diversify investments into Bitcoin.
Massachusetts Introduces Two Bills on Bitcoin Strategic Reserves
On January 19, Cointelegraph reported that Massachusetts has introduced two bills regarding Bitcoin strategic reserves.
