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American investment bank Jefferies reports a downturn in mining profitability as BTC continues to trade below $60,000, while the hash rate keeps rising. Analysts indicate that in August 2024, daily mining revenues decreased by 11.8% compared to the previous month. 
TeraWulf, a mining company, is set to launch a new Bitcoin mining facility named WULF Den by the end of September 2024. This facility will be equipped with a liquid cooling system and will deliver a minimum of 2 MW of power, substantially increasing the company's total output. 
Miners Face a Choice Between Cryptocurrency and AI
Despite significant market fluctuations, BTC mining remains profitable. However, the rapid growth of AI is creating a competing demand for computational resources. Bitcoin miners now find themselves at the intersection of two technological revolutions. 
Bitcoin doesn’t necessarily have to be bought—it can be mined. However, competing with large mining companies can be tough, prompting solo miners to consolidate their computing resources into pools. This strategy increases the overall hash rate of the pool, enhancing the likelihood of mining a new block. If successful, the reward is distributed among all participants proportionally to their contribution. 
Mining company TeraWulf would consider mergers with other industry players if such consolidation leads to greater profitability rather than simply expanding its business footprint. Kerri Langlais, TeraWulf’s chief strategy officer, points out that merely increasing the number of ASICs and mining farms is futile if it does not translate into profit growth. 
CleanSpark, a mining company, is acquiring the U.S.-based infrastructure firm GRIID for $155 million. The boards of both companies have approved the deal, which now requires the nod from other shareholders and regulatory bodies. The acquisition is expected to be finalized by the third quarter of 2024. 
The U.S. Securities and Exchange Commission (SEC) will close its regional office in Salt Lake City, and two of its attorneys have resigned. This decision follows the regulator's defeat in court against the mining company Digital Licensing and its DEBT Box project, which began in July 2023. 
Japanese company Agile Energy X started using surplus renewable energy for Bitcoin mining. According to company president Kenji Tateiwa, this initiative will help balance supply and demand in the energy grid while boosting the popularity of green energy sources. What Is Merged Mining?
Merged mining is a solution for miners who want to mine two or more coins using the same computational power. Mining is characteristic of Proof of Work blockchains, where network participants solve complex mathematical puzzles to validate transactions and add them to the blockchain. 
AI in Mining Exploration
Rapid advancements in technology are reshaping the traditional landscape of commodity markets. As global demand for copper soars, driven by the rise of electric vehicles, generators, and electrical wiring, the need to explore new mineral deposits intensifies. Artificial intelligence is now enhancing traditional exploration methods. 
Mining company Genesis Digital Assets (GDA) is exploring the possibility of entering the U.S. stock market through an Initial Public Offering (IPO). Company representatives have recently started private consultations with specialists about listing securities on official U.S. exchanges. 
