In its May 2024 update, Bitcoin mining company Bitfarms reported earning 156 BTC, a 42% decrease from April and a 66% drop from the same month last year. They sold 136 BTC, generating $8.9 million, down from $16.1 million in April. Bitfarms' total Bitcoin holdings rose to 850 BTC, valued at $57.2 million.

The company’s average mining capacity fell by 45% from the previous month, averaging 24.5 BTC per exahash per second. This decline is attributed to the Bitcoin halving event on April 20, 2024. Bitfarms earns about 5 BTC daily, or $340,000 at the current BTC price of $67,300.

Bitfarms declined a $950 million buyout offer from Riot Platforms, which already owns a 9.25% stake. The proposed merger would have created a combined mining capacity of 52 EH/s across 15 locations by the end of 2024.

Bitfarms recently dismissed CEO Geoffrey Morphy, who is suing the company for $27 million, alleging contract breaches and wrongful termination. Despite this, Bitfarms shares rose 4% to $2.33, though they have dropped 18% since the beginning of 2024. Founded in 2017, Bitfarms operates 12 mining facilities, with another under development, in Argentina, Canada, Paraguay, and the U.S.

Read the full article here: https://coinminutes.com/news/bitfarms-revenue-drops-sharply-in-first-full-month-after-bitcoin-halving/

Bitcoin's price has surged to nearly $72,000, driven by optimism over the potential approval of an Ethereum ETF by the U.S. SEC. This news has not only boosted Bitcoin but also Ethereum, which saw a 20% price increase. The surge reflects growing investor interest and market optimism, although experts caution about potential corrections due to the volatile nature of cryptocurrencies. The involvement of large financial institutions and regulatory progress also contributes to the positive sentiment in the market.

For more details, visit [CoinMinutes](https://coinminutes.com/news/bitcoin-price-analysis-from-ethereum-etf-optimism-to-sharp-corrections/).

CME Group, a prominent derivatives marketplace, plans to launch bitcoin spot trading, aiming to meet the increasing demand for direct bitcoin trading. This move intensifies competition with established players like Binance and Coinbase. The initiative seeks to attract a broader range of investors and enhance market liquidity. CME's entry is anticipated to provide a regulated and secure alternative for traders and solidify its position in the cryptocurrency industry. The launch date and further details are awaited.
Read the full article here: https://coinminutes.com/news/cme-group-to-launch-bitcoin-spot-trading-amid-rising-demand/

Markus Thielen, Head of Research at Matrixport, notes a rising demand for bullish bets, particularly appealing to market makers, potentially driving significant Bitcoin growth. Decreasing U.S. inflation and expectations of Fed interest rate cuts further support a bullish outlook. Recent indications show a notable slowdown in inflation from the peak of 9.1% in June last year, leading UBS to suggest a potential halving of the benchmark interest rate to 2.75% by the Fed.

Additionally, Wall Street's positive stance on spot ETFs could bolster Bitcoin. Bloomberg researchers estimate a 90% likelihood of SEC approval for one or more spot ETFs before January 10, potentially acting as a market catalyst.

Read the full article here: https://coinminutes.com/btc/analysts-forecast-bitcoin-surging-to-45000-by-year-end-2023/

The SEC is in talks with Grayscale about a Bitcoin spot ETF, following their legal win in August. Grayscale is engaging with SEC units, and their Chief Legal Officer sees positive progress among firms like BlackRock and Fidelity. Despite Bitcoin hitting a 2023 peak at $36,000, the SEC, led by Gary Gensler, has yet to approve a spot ETF, citing concerns about fraud and market manipulation. Despite delays, major Wall Street players persist in submitting proposals, and Gensler emphasizes the prevalence of fraud in the crypto market.
Read the article: https://coinminutes.com/news/sec-engages-in-talks-with-grayscale-on-proposed-bitcoin-etf/

Cathie Wood, CEO of ARK Invest, believes Bitcoin is a secure long-term asset, citing its decentralized nature and transparency. She sees traditional banks facing challenges and believes they may struggle to meet withdrawal demands, leading to increased interest rates. Wood connects this to the 2023 banking crisis and argues that Bitcoin's value is reinforced by such events. Despite acknowledging gold's merits, she trusts Bitcoin to hedge against inflation and deflation. Other notable investors, like Stanley Druckenmiller and Paul Tudor Jones, share positive views on Bitcoin.
Read the full article here: https://coinminutes.com/news/cathie-wood-bitcoin-is-a-hedge-against-both-deflation-and-inflation/