Sponsored by Cytophage Technologies

Bitcoin Halving: Breaking Down Production Costs For Bitcoin Miners

The highly anticipated bitcoin halving event occurred last Friday, marking a significant milestone in the realm of digital currencies. Amidst minimal fanfare, the block reward for bitcoin miners was slashed in half, dropping from 6.25 BTC per mined block to 3.125 BTC per block.

The halving, occurring precisely at 8:09 p.m. ET, primarily impacts bitcoin miners, altering their block rewards and consequently affecting their profitability. By halving the rate at which new bitcoins are introduced into circulation, the cryptocurrency’s inherent scarcity mechanism comes into play, potentially shaping its long-term trajectory.

You can read more on the matter here.

What’s going on?

• Multiple Rockets Fired at US Military Base in Syria from Iraq (theDeepDive)

• Emirates CEO issues apology after Dubai flood chaos; says airline has 30,000 suitcases to return (CNBC)

• House Passes Tough New Sanctions Targeting Iran’s Oil Exports (theDeepDive)

• Biden to unveil $7 billion for rooftop solar in Earth Day message (Reuters)

• Conservatives Refuse To Commit To Repealing Capital Gains Tax Changes (theDeepDive)

• Tesla Cuts Marketing Team in Reversal of Musk’s Nascent Ad Push (Bloomberg)

• Canada’s Debt Servicing Costs To Surpass GST Revenue (theDeepDive)

• Perceived job security in Canada falls to lowest since COVID-19 (BNN)

• Transportable Nuclear Power? Prodigy Clean Energy and Des Nëdhé Group Partner to Bring Plants to Remote Regions (theDeepDive)

• Conservative Brazilians laud Elon Musk at rally in support of Bolsonaro (FOX)

• Too Much Gas: Alberta Natural Gas Storage About To Hit Capacity In Two Months (theDeepDive)

What’s the latest?

• TikTok Ban: TikTok has reiterated its concerns about free speech in response to a new bill passed by the House of Representatives that could ban the app in the U.S. unless its Chinese owners, ByteDance, sell their stakes within a year. The legislation, which passed with significant bipartisan support, now moves to the Senate and has been indicated by President Joe Biden as something he would sign.

• Job Uncertainty: Canadians are increasingly uncertain about their job security, according to a recent Nanos Research Group poll for Bloomberg News. Job security sentiment has dropped to its lowest level since May 2020, with only 44.9 percent of respondents feeling their job is secure or somewhat secure. Notably, 29 percent of Canadians are now unsure about the security of their jobs, an increase of 11 points in under two months.

• Rolling Fire: In London, Ontario, five train cars caught fire late Sunday night, but no injuries were reported. The incident occurred downtown, and fire crews managed to control the blaze in about an hour and twenty minutes. The cars, carrying old railway wooden ties, did not contain dangerous goods. The fire's cause is under investigation, with damages estimated at $35,000.

• Fires Threaten Oil Sands: A wildfire covering 74 acres has triggered an evacuation alert for the community of Saprae Creek, located near Fort McMurray in the Canadian oil sands region. This area, part of Alberta, is significant as it holds the world's third-largest crude oil reserves. This comes eight years after massive fires devastated Fort McMurray, leading to extensive evacuations and significant disruptions in oil production.

• Another Bankruptcy: Express, a well-known mall retailer, has filed for Chapter 11 bankruptcy protection and announced plans to close 95 of its stores along with all of its UpWest locations. The company intends to sell most of its retail stores and operations to an investor group led by WHP Global, which includes Simon Property Group and Brookfield Properties.

Uranium Mill Reactivation in Utah

The stock market and stuff

• NYSE Is Considering Proposal For 24/7 Trading (theDeepDive)

• US bond bulls lean into latest selloff despite inflation scare (Reuters)

• Lumber Prices Plummet Amidst Weakening Demand (theDeepDive)

• Travel firm Viking aims for up to $10.8 bln valuation in US IPO (Reuters)

• Copper Homes in on $10,000 a Ton as Supply Angst Continues (Bloomberg)

• Honda to Build Electric Vehicles, Batteries in Ontario in Multibillion-Dollar Deal (theDeepDive)

In the juniors

• New Found Gold To Pay $20 Million For Labrador Gold’s Kingsway Property (theDeepDive)

• US Military To Exit Niger, What’s The Impact To Uranium Juniors? (theDeepDive)

• Awalé Resources Faces Shareholder Pushback Following Insider Sales Prior to Financing (theDeepDive)

• Reunion Gold To Be Acquired By G Mining Ventures In Bid To Establish Intermediate Gold Producer (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.