According to the seven-day simple moving average (SMA) statistics regarding Bitcoin’s hashrate, the network hashrate has stayed below the 600 exahash per second (EH/s) mark for approximately one week. The recent rise in bitcoin’s price has positively influenced the overall hashprice as the value of 1 petahash per second (PH/s) daily has climbed above the […]
Bitcoin News
Iris Energy Boosts Hashrate to 9 EH/s Amid Declining Bitcoin Miner Earnings
This week, the Nasdaq-listed bitcoin miner Iris Energy Limited announced it has boosted its hashrate to 9 exahash per second (EH/s) and aims to reach 10 EH/s in the coming month. This development follows the network’s fourth halving and occurs amid a period when Bitcoin’s hashprice has significantly declined, exerting intense pressure on BTC mining […]
Bitcoin News
Financial Squeeze Tightens for Bitcoin Miners as Earnings Continue to Fall
On Friday, Bitcoin’s hashprice was .95 per petahash per second (PH/s), but by Sunday, it had dropped to .66 per petahash. Over the last 100 blocks, bitcoin miners averaged about 3.55 BTC for each block they mined, indicating that bitcoin miners are receiving less than half a BTC per block in onchain fees. Bitcoin Miners […]
Bitcoin News
Post-Halving Fallout: Bitcoin Hashprice Slides 30%, Miners’ Earnings Hit
Following a peak in onchain fees, bitcoin miners experienced a significant decline in the hashprice, which fell from a daily rate of 4 per petahash on Sunday to a markedly lower per petahash by Tuesday. To date, the network’s hashrate has experienced a modest decline, though nothing too substantial yet, following the completion of […]
Bitcoin News
Foundry to Isolate and Monetize Bitcoin Halving’s ‘Epic Satoshi,’ Distributing Earnings Among Pool Members
Foundry, a digital assets mining and staking company, has announced that it plans to monetize what it has called the “epic satoshi,” the first satoshi of the halving block, via Ordinals. If the company mines it through its mining pool, it plans to distribute the proceeds to its members based on the hashrate on the […]
Bitcoin News
Bitcoin Miners’ Earnings Hit Record $2 Billion in March Ahead of Halving Event
In March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of .01 billion from rewards and transfer fees. Of this total, .81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at Billion As we […]
Bitcoin News
Bitcoin Miners on the Brink of Surpassing February Earnings as 2 Difficulty Adjustments Loom
Bitcoin miners face two additional difficulty adjustments before the network’s halving event, which is rapidly approaching, with less than 4,300 blocks remaining. Data indicates the total hashrate has recovered from a minor dip, suggesting miners might see a decrease in difficulty at the next adjustment, set for on or around March 28, 2024. With the […]
Bitcoin News
Top 10 Bitcoin Mining Rigs of 2024: Leading the Charge in Crypto Earnings
Over the past month, the valuation of bitcoin has seen a notable increase, leading to significantly enhanced profits for today’s most sophisticated application-specific integrated circuit (ASIC) bitcoin mining devices. As of March 16, 2024, the top ten ASIC miners focused on the SHA256 consensus algorithm are generating daily earnings ranging from to , assuming […]
Bitcoin News
4 Surprising Insights From Coinbase’s Earnings, COIN Sees Bullish Surge
The foremost crypto exchange in the United States, Coinbase, released its earnings report on February 15th. As expected, there were major takeaways from the financial report, highlighting the crypto company’s performance in the fourth quarter of last year.
Coinbase’s Trading Volume Exceeds Expectations
Coinbase maximalist Coinbase Duck noted in an X (formerly Twitter) post how the crypto exchange defied expectations in the fourth quarter of 2023. Coinbase recorded 0.6 billion in spot trading volume, exceeding the estimated 8.
Specifically, a considerable influx of retail investors accounted for 18% of the total spot trading volume against the estimated 16% that the crypto exchange was projected to record. The return of these retail investors is believed to have been partly due to the resurgence that Bitcoin and the broader crypto market experienced towards the end of the year.
Meanwhile, consumer transaction revenue (2.5 million) was way below the estimate of 0.9 million. However, Coinbase Duck noted that this wasn’t necessarily bad, as some investors started using advanced trading.
In a letter to its shareholders, the crypto exchange also revealed that some existing users traded significantly higher volumes, which could have necessitated the move to advanced trading.
Coinbase also recorded a total operating expense of 8 million, which happened to be below the projected estimate of 8 million. Specifically, the crypto exchange did a great job in its transaction expenses, recording an expense of 6 million compared to the estimate of 3 million.
However, the company’s sales and marketing expenses (6 million) exceeded the estimate of million. Coinbase revealed that this growth was “primarily driven by higher seasonal NBA spending, higher performance marketing spending due to strong market conditions, and increased USDC reward payouts due to growth in on-platform balances.”
Coinbase Had A Profitable Fourth Quarter
Coinbase recorded a net income of 3 million, beating the estimate of 4 million. Interestingly, going by figures from its Shareholder letter, the fourth quarter of 2023 was the only one in the year in which the crypto exchange didn’t record a loss for its net income. Meanwhile, the company also recorded its largest net revenue during that period.
Coinbase suggested that the excitement around the Spot Bitcoin ETFs and the expectations of more favorable market conditions in 2024 had contributed to its success in Q4 of 2023. Coinbase is a primary custodian for most Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT).
Meanwhile, the crypto exchange earned .13 per share, beating the forecast of .43. This is without the crypto exchange accounting for the FASB change, which Coinbase Duck revealed could bring its earnings per Share (EPS) to .1.
Chart from Tradingview
New York Community Bancorp Grapples With 40% Share Drop Following Disappointing Earnings Report
New York Community Bancorp (NYCB) faced significant challenges on Wednesday, with its shares plummeting by over 40%, prompting a halt in trading. Currently, NYCB shares have experienced a decline of just above 36%, trading at .61 per share.
Last Year’s Banking Fears Resurface as NYCB Faces Harsh Earnings Reality
Financial challenges have resurfaced with New York Community Bancorp (NYSE: NYCB), the entity that acquired Signature Bank, witnessing a steep decline in its stock value during Wednesday’s trading. The shares of NYCB nosedived over 40% against the U.S. dollar following the bank’s recent earnings announcement. The financial organization has declared firm measures to bolster capital, fortify its balance sheet, and enhance its risk management practices as the company enters the realm of 0 billion large banks.
*NEW YORK COMMUNITY BANCORP PLUNGES BY RECORD 44% AT THE OPEN https://t.co/SW7aEJTjRM
— zerohedge (@zerohedge) January 31, 2024
For the quarter ending Dec. 31, 2023, NYCB reported a net loss of 2 million, a stark contrast to the net income of 7 million in the quarter ending Sept. 30, 2023. The bank also noted that In the same period ending Dec. 31, 2023, the net loss available to common stockholders was 0 million, compared to a net income of 9 million for the quarter ending Sept. 30, 2023.
In a dramatic financial turnaround, the company’s diluted earnings per share (EPS) plunged to a loss of .36 in the quarter ending Dec. 31, 2023, a stark reversal from the diluted EPS of .27 per share just three months earlier. The troubles faced by NYCB are reviving the same concerns that rocked the U.S. banking sector in March 2023, following the failures of Silicon Valley Bank, Signature, and First Republic. NYCB’s acquisition of Signature Bank was facilitated through an arrangement with the Federal Deposit Insurance Corporation (FDIC).
JUST IN:
The last time Bank Credit contracted this much was the Global Financial Crisis of 2008.
It’s probably nothing…
@MFHoz pic.twitter.com/SE7ota9t2B
— Radar
(@RadarHits) January 31, 2024
Large financial entities are grappling with the repercussions of long-term notes amidst the high interest rates set by the U.S. central bank. An uptick in interest rates leads to a reduction in the value of long-term notes, posing potential losses for banks. This is particularly precarious if banks are compelled to liquidate these assets at a loss, driven by abrupt withdrawals of deposits or other financial demands. This scenario adversely affected all three major U.S. banks last year, each struggling with the dual challenge of long-term notes and surging interest rates.
The collapse of Silicon Valley Bank triggered a massive exodus, with over 0 billion in deposits withdrawn, forcing the bank to liquidate long-term bonds at a loss and culminating in a classic bank run. NYCB’s net income and diluted EPS for the fourth quarter of 2023 were influenced by costs related to the merger and a special assessment by the FDIC, the bank reported on Wednesday. “In 2023, New York Community reached an inflection point in its transformation to a dynamic, full-service commercial bank,” Thomas R. Cangemi NYCB’s CEO said.
What do you think about the issues New York Community Bancorp is dealing with on Wednesday? Share your thoughts and opinions about this subject in the comments section below.