The European Union’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin prices, which may drop below the critical $75,000 support level.

The EU will impose counter-tariffs on 26 billion euros ($28 billion) worth of US goods starting in April, the European Commission announced on March 12, responding to US President Donald Trump’s recent move to impose 25% tariffs on steel and aluminum imports.

This move is the latest retaliatory tariff announcement in response to US import tariffs, which may trigger renewed trade war concerns and market volatility in the near term.

Source: European Commission

“Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” according to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle solution firm, RedStone.

This may see Bitcoin (BTC) revisit $75,000, he told Cointelegraph, adding that “given stablecoins and RWAs [real world assets] remain at all-time-highs, it has the potential to rebound.”

“I don’t believe that news will have a strong impact for now, but we’ll observe the response on the US end,” he added.

Related: Bitcoin reserve backlash signals unrealistic industry expectations

Other analysts still eye a temporary Bitcoin retracement below $72,000 as part of a “macro correction” during the current bull market cycle before Bitcoin’s next leg up.

Still, import tariffs are not the only factor influencing Bitcoin’s price, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph, adding:

“The prices are correlated with wider economic conditions but are also influenced by factors beyond trade policies. Worldwide institutional adoption, regulatory updates and high utility make it more resilient than traditional financial instruments.”

BTC/USD, 1-month chart. Source: Cointelegraph

Europe announced its retaliatory tariffs the same day Trump’s increased 25% tariffs on all steel and aluminum imports took effect. Europe’s current suspension of tariffs on US goods will end on April 1, and its new tariffs will take full effect by April 13.

Related: Bitcoin may benefit from US stablecoin dominance push

Global trade tariff uncertainty may limit markets until April 2

Traditional and cryptocurrency markets may be limited by tariff-related concerns until April 2, according to Aurelie Barthere, principal research analyst at Nansen.”

“Tariff noise is likely to continue till after April 2, and the reciprocal tariff announcements, and then negotiations, and put a lid on risk appetite.”

“That said, we observed tentative stabilization in the major US equity indexes and BTC yesterday, at the low of their respective RSI, which we are monitoring,” she added.

Trump threatened to “substantially increase” duties on cars entering the US from Canada, set to take effect on April 2, unless Canada decides to drop some of its trade tariffs.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1

The European Union’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin prices, which may drop below the critical $75,000 support level.

The EU will impose counter-tariffs on 26 billion euros ($28 billion) worth of US goods starting in April, the European Commission announced on March 12, responding to US President Donald Trump’s recent move to impose 25% tariffs on steel and aluminum imports.

This move is the latest retaliatory tariff announcement in response to US import tariffs, which may trigger renewed trade war concerns and market volatility in the near term.

Source: European Commission

“Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” according to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle solution firm, RedStone.

This may see Bitcoin (BTC) revisit $75,000, he told Cointelegraph, adding that “given stablecoins and RWAs [real world assets] remain at all-time-highs, it has the potential to rebound.”

“I don’t believe that news will have a strong impact for now, but we’ll observe the response on the US end,” he added.

Related: Bitcoin reserve backlash signals unrealistic industry expectations

Other analysts still eye a temporary Bitcoin retracement below $72,000 as part of a “macro correction” during the current bull market cycle before Bitcoin’s next leg up.

Still, import tariffs are not the only factor influencing Bitcoin’s price, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph, adding:

“The prices are correlated with wider economic conditions but are also influenced by factors beyond trade policies. Worldwide institutional adoption, regulatory updates and high utility make it more resilient than traditional financial instruments.”

BTC/USD, 1-month chart. Source: Cointelegraph

Europe announced its retaliatory tariffs the same day Trump’s increased 25% tariffs on all steel and aluminum imports took effect. Europe’s current suspension of tariffs on US goods will end on April 1, and its new tariffs will take full effect by April 13.

Related: Bitcoin may benefit from US stablecoin dominance push

Global trade tariff uncertainty may limit markets until April 2

Traditional and cryptocurrency markets may be limited by tariff-related concerns until April 2, according to Aurelie Barthere, principal research analyst at Nansen.”

“Tariff noise is likely to continue till after April 2, and the reciprocal tariff announcements, and then negotiations, and put a lid on risk appetite.”

“That said, we observed tentative stabilization in the major US equity indexes and BTC yesterday, at the low of their respective RSI, which we are monitoring,” she added.

Trump threatened to “substantially increase” duties on cars entering the US from Canada, set to take effect on April 2, unless Canada decides to drop some of its trade tariffs.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1

Gemini crypto exchange, founded by Cameron and Tyler Winklevoss, is expanding its trading capabilities for institutional clients in Europe by introducing US dollar payment support

Gemini has partnered with Liechtenstein-based Bank Frick to enable US dollar payment rails for institutional customers in the United Kingdom and Switzerland, the firm said in an announcement shared with Cointelegraph on March 12.

“We plan to expand our rollout of USD rail support to our European Union institutional customers in the next few weeks,” said Gemini’s head of Europe, Mark Jennings.

The new functionality will also be available to Gemini’s institutional users in Gibraltar, Jersey, Guernsey and the Isle of Man.

Direct crypto trades with US dollar

Gemini’s new US dollar feature — also coming to some countries in the European Economic Area — will enable institutions to deposit and withdraw US dollars to and from their Gemini accounts with no fees.

The functionality will also enable institutions to access US dollar-to-crypto trading pairs and directly trade with US dollars on Gemini, rather than having to convert to the British pound or euros, removing friction, Jennings told Cointelegraph, adding:

“With interest in institutional crypto adoption exploding in recent years, US dollar rails will be key in giving a seamless and frictionless trading experience.”

For deposits, Gemini will utilize Bank Frick’s instant transfer service called xPulse, which will provide a 24/7 fiat on-ramp for institutional customers who have a Bank Frick bank account, the firm noted.

Gemini will provide the feature via its EMI-licensed entities

According to Jennings, Gemini’s new functionality will be available directly on the platform through its own entities that have received Electronic Money Institution (EMI) licenses.

“Unlike most CASPs [crypto asset service providers] that rely on partnerships for funding rails due to the lack of an EMI license, our regulatory-first approach allows us to provide seamless funding solutions directly through our own EMI-licensed entities,” the exec told Cointelegraph.

It is unclear how widespread US dollar trading support is among other European crypto exchanges and service providers.

Related: SEC closed investigation into Gemini with no action, says Winklevoss

Major crypto exchange Coinbase introduced US dollar trading pairs for European customers in 2019 for Coinbase Pro and Prime customers. The exchange halted its Pro service in 2023.

The news comes soon after Gemini reportedly submitted a confidential filing for an initial public offering (IPO) in the United States.

Source: Bloomberg

According to Bloomberg’s sources, Gemini’s IPO may be launched as soon as this year and would involve companies like Goldman Sachs and Citigroup.

Gemini has been working to go public since at least 2021 and reportedly considered a merger with the now-bankrupt venture capital firm Digital Currency Group.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

US Representative Tom Emmer argued for prioritizing pro-stablecoin legislation in a March 11 House Financial Services Committee hearing, while calling central bank digital currencies (CBDC) a threat to American values.

On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. Emmer renewed his call for Congress to pass the legislation at the March 11 hearing. The legislation aims to block future administrations from launching a US CBDC without explicit approval from Congress.

Emmer speaks during the House Financial Services Committee Hearing on CBDCs. Source: emmer.house.gov

“CBDC technology is inherently un-American,” Emmer said at the hearing, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”

On Jan. 23, President Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in the US. Emmer said that the legislation he reintroduced could “prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens” if signed into law, citing concerns about privacy and financial independence.

At the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to create consistent stablecoin regulations across jurisdictions to avoid regulatory arbitrage. Paxos, a significant issuer of stablecoins, recommended clear guidelines and reciprocal rules with global regulators:

“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”

Emmer, a Minnesota Republican, also criticized inherent privacy risks associated with CBDCs, saying that stablecoins could bring traditional finance onchain at a global scale while reserving privacy:

“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”

Related: US House follows Senate in passing resolution to kill IRS DeFi broker rule

Against the backdrop of rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the US and potential risks to regulatory stability.

Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report said.

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Opinion by: Mohammed Idris, Minister of Information of Nigeria

Nigeria has emerged as one of the most active and dynamic crypto markets in recent years. From bustling tech hubs in Lagos to grassroots communities in smaller cities, young Nigerians have turned to cryptocurrencies to address fundamental economic challenges, from hedging against inflation to accessing global markets in a way traditional finance often does not allow.

As minister of information, I have seen firsthand how digital innovation has become crucial to the Nigerian story. Cryptocurrencies, blockchain technology and other digital assets are no longer on the fringes of our economy; they are fast becoming central to how our people transact, create and build.

This rise in crypto adoption has not, however, come without challenges. Questions around regulation, consumer protection, security and misuse of digital assets have fueled debates in Nigeria and globally. I write to clarify Nigeria’s position: We are committed to fostering an inclusive digital asset ecosystem that is both innovative and responsible.

Nigeria is a crypto hub

According to several international reports, Nigeria consistently ranks among the top countries in terms of crypto adoption. Our population — over 200 million strong, with a median age under 20 — is naturally inclined toward new technologies. Crypto has become more than a speculative tool; it’s a lifeline for freelancers, small businesses and families receiving remittances.

Yet despite the widespread use of cryptocurrencies, Nigeria has wrestled with how to regulate this sector effectively. Earlier approaches included restrictions on financial institutions from facilitating crypto transactions, which inadvertently pushed much of the activity underground, away from proper oversight.

Nigeria moves toward robust regulation

Under the administration of President Bola Ahmed Tinubu, Nigeria is reassessing its approach. We are moving away from blanket restrictions toward thoughtful, balanced regulation that acknowledges both the risks and the transformative potential of crypto and blockchain technologies.

Our objective is to create a regulatory framework that fosters innovation, ensures market integrity and protects Nigerian consumers. This involves active engagement with stakeholders from crypto startups and blockchain developers to international partners and regulatory bodies.

Recent: Nigeria to tax cryptocurrency transactions for revenue boost

Nigeria’s stance is simple. We support innovation that benefits our people, but we will not allow misuse that harms them.

We recognize the legitimate use cases for cryptocurrencies, including:

Financial inclusion for the unbanked and underbanked.

Cross-border payments and remittances that avoid high fees.

Access to global markets for Nigerian entrepreneurs and freelancers.

New digital economies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), offer opportunities for wealth creation.

At the same time, we are determined to address concerns around fraud, money laundering, terrorism financing and other illicit activities. Effective regulation, rather than prohibition, is the path forward.

Nigeria and blockchain

Nigeria sees blockchain technology as more than just crypto trading. Blockchain can be a powerful governance, transparency and service delivery tool.

Already, conversations are underway on how blockchain can improve public systems, such as:

Land registries to reduce fraud and strengthen property rights.

Identity management systems to enhance financial inclusion.

Supply chain monitoring to improve food security and public procurement.

A collaborative approach 

Nigeria is not navigating this journey alone. As we develop new policies and frameworks, we look to global best practices and seek collaboration with international platforms and regulators.

We invite crypto companies, investors, innovators and advocates to engage with us. We aim to create a transparent and predictable environment where businesses can thrive while ensuring Nigerian citizens are protected from undue risks.

Nigeria’s approach to crypto is evolving, and with good reason. The potential for digital assets and blockchain to contribute to economic growth, job creation and financial empowerment is too significant to ignore.

To realize these benefits, we must build trust in the system through effective regulation, education and international cooperation.

To the global crypto community, I say this: Nigeria is open to innovation, but we are equally committed to ensuring that such innovation operates within a secure, transparent and inclusive framework.

We look forward to working together — for the benefit of Nigerians and the global advancement of responsible crypto adoption.

Opinion by: Mohammed Idris, Minister of Information of Nigeria.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

The US Securities and Exchange Commission has delayed its decision to approve several XRP, Solana, Litecoin and Dogecoin exchange-traded funds.

In a slew of filings on March 11, the agency said it has “designated a longer period”  to decide on the proposed rule changes that would allow the ETFs to proceed.

Among the affected ETFs are Grayscale’s XRP (XRP) and Cboe BZX Exchange’s spot Solana (SOL) ETF filings, with the decisions on them pushed until May.

The SEC has delayed making a decision to approve several altcoin ETFs. Source: SEC

Bloomberg ETF analyst James Seyffart said in a March 11 X post that while the SEC just “punted on a bunch of altcoin ETF filings,” he didn’t see it as a cause for concern. “It’s expected, as this is standard procedure.” 

He added that US President Donald Trump’s pick to chair the SEC, Paul Atkins, “hasn’t even been confirmed yet.”

“This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October,” Seyffart said.

Source: Samuel Maverick

Fellow Bloomberg ETF analyst Eric Balchunas also chimed in, saying that “everything [is] delayed,” including ETFs featuring Ether (ETH) staking and in-kind redemptions.

In early December, Trump picked pro-crypto businessman and former SEC Commissioner Atkins to be the agency’s next chair. However, congressional confirmation hearings are yet to be scheduled.

This is not the first time the SEC has extended an ETF decision deadline. On Feb. 28, it extended the deadline for Cboe Exchange’s request to list options tied to Ether (ETH) ETFs.

This followed the SEC receiving a raft of altcoin ETF filings in the wake of Trump’s election and the resignation of former SEC Chair Gary Gensler.

Related: Altcoin ETFs are coming, but demand may be limited: Analysts

Gensler’s time at the SEC came with what the industry said was an aggressive regulatory stance toward crypto, with 100 crypto-related regulatory actions during his tenure from 2021 until his resignation on Jan. 20.

Since Gensler’s departure, a growing number of firms facing legal action from the regulator have had their cases dismissed, including crypto exchange Gemini on Feb. 26 and crypto trading firm Cumberland DRW on March 4.

Meanwhile, acting SEC Chairman Mark Uyeda has also proposed abandoning part of a rule change that would have expanded regulation of alternative trading systems to include crypto firms.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Bitcoin has clocked a 7% gain over the past 24 hours despite all of its valuation metrics leaning bearish and US demand recently waning off.

“All Bitcoin valuation metrics indicate that we are in bearish territory,” onchain analytics platform CryptoQuant said in a March 11 markets report viewed by Cointelegraph. 

Demand falling at “fastest pace” since July

CryptoQuant said its Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level’ of this cycle, and Bitcoin’s MVRV Ratio Z-score — a key metric to assess whether Bitcoin (BTC) is overvalued or undervalued — has crossed the 365-day moving average, “indicating that the upward price trend has lost momentum.”

At the time of publication, Bitcoin is trading at $82,910, up from a 24-hour low of $79,356, according to CoinMarketCap data. 

CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level” this cycle. Source: CryptoQuant

Bitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.

Most of Bitcoin’s gains followed Senator Cynthia Lummis’ reintroduction of the BITCOIN Act, which proposes that the US government buy 1 million BTC over five years.

Bitcoin is trading at $82,910 at the time of publication. Source: CoinMarketCap

However, some traders are not convinced that the downtrend is over.

Crypto analyst Bitcoin Rachy said in a March 11 X post, “Fake pump, right?” Similarly, crypto trader BitcoinHyper said in an X post, “Every pump feels like the beginning. This is how the market takes your money.”

Meanwhile, CryptoQuant said that Bitcoin’s demand fell by 103,000 BTC last week compared to the previous week, “marking its fastest pace of contraction since July 2024.” 

Bitcoin demand in “contradiction territory”

CryptoQuant said the reason for the decline in Bitcoin’s demand in the US recently was due to uncertainty around US inflation rates and US President Donald Trump’s imposed tariffs on Feb. 1. On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates.

“Bitcoin demand remains in contraction territory, whales have slowed down their Bitcoin accumulation, and spot ETFs in the US have turned into net sellers of Bitcoin,” the firm said.

Related: 4 signs that $76.7K Bitcoin is probably the ultimate low

Bitcoin is still down 14% over the past month, and CryptoQuant says the drawdown is not “unusual in terms of magnitude, as similar corrections have occurred in past bull markets.”

However, it warned if Bitcoin that breaks its current support at the $75,000 to $78,000 price level, its next target could be as low as $63,000, a level not seen since Oct. 14.

Swan Bitcoin CEO Cory Klippsten recently told Cointelegraph his forecast is that “there’s more than 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was reached on Jan. 20.

Magazine: The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin has clocked a 7% gain over the past 24 hours despite all of its valuation metrics leaning bearish and US demand recently waning off.

“All Bitcoin valuation metrics indicate that we are in bearish territory,” onchain analytics platform CryptoQuant said in a March 11 markets report viewed by Cointelegraph. 

Demand falling at “fastest pace” since July

CryptoQuant said its Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level’ of this cycle, and Bitcoin’s MVRV Ratio Z-score — a key metric to assess whether Bitcoin (BTC) is overvalued or undervalued — has crossed the 365-day moving average, “indicating that the upward price trend has lost momentum.”

At the time of publication, Bitcoin is trading at $82,910, up from a 24-hour low of $79,356, according to CoinMarketCap data. 

CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator is at its “most bearish level” this cycle. Source: CryptoQuant

Bitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.

Most of Bitcoin’s gains followed Senator Cynthia Lummis’ reintroduction of the BITCOIN Act, which proposes that the US government buy 1 million BTC over five years.

Bitcoin is trading at $82,910 at the time of publication. Source: CoinMarketCap

However, some traders are not convinced that the downtrend is over.

Crypto analyst Bitcoin Rachy said in a March 11 X post, “Fake pump, right?” Similarly, crypto trader BitcoinHyper said in an X post, “Every pump feels like the beginning. This is how the market takes your money.”

Meanwhile, CryptoQuant said that Bitcoin’s demand fell by 103,000 BTC last week compared to the previous week, “marking its fastest pace of contraction since July 2024.” 

Bitcoin demand in “contradiction territory”

CryptoQuant said the reason for the decline in Bitcoin’s demand in the US recently was due to uncertainty around US inflation rates and US President Donald Trump’s imposed tariffs on Feb. 1. On March 7, Federal Reserve chair Jerome Powell reiterated that he was in no hurry to adjust interest rates.

“Bitcoin demand remains in contraction territory, whales have slowed down their Bitcoin accumulation, and spot ETFs in the US have turned into net sellers of Bitcoin,” the firm said.

Related: 4 signs that $76.7K Bitcoin is probably the ultimate low

Bitcoin is still down 14% over the past month, and CryptoQuant says the drawdown is not “unusual in terms of magnitude, as similar corrections have occurred in past bull markets.”

However, it warned if Bitcoin that breaks its current support at the $75,000 to $78,000 price level, its next target could be as low as $63,000, a level not seen since Oct. 14.

Swan Bitcoin CEO Cory Klippsten recently told Cointelegraph his forecast is that “there’s more than 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was reached on Jan. 20.

Magazine: The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The US House of Representatives has voted in favor of nullifying a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service.

On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.

All 132 votes to keep the rule were Democrats. However, 76 of those in the party joined the Republican vote to repeal it. 

This follows the US Senate’s March 4 vote on the motion to repeal, which saw it pass with a vote of 70 to 27.

The rule would force DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

Speaking after the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.”

Congressman Mike Carey speaking after the vote. Source: Mike Carey

House Financial Services Committee Chairman French Hill also applauded the overturning of the rule, calling it “a clear example of government overreach that threatens to push American digital asset development overseas.”

The resolution will need to pass another Senate vote before being sent to President Donald Trump, who has signaled he’d support it.

Those opposing the rule repeal included Democrat Representative Lloyd Doggett, who said getting a “special interest exemption” from IRS disclosures “makes tax evasion and money laundering so much easier for wealthy Republican donors who have been using these decentralized exchanges.”

He claimed killing the rule would create a “loophole that would be exploited by wealthy tax cheats, drug traffickers and terrorist financiers.”

Related: US lawmakers advance resolution to repeal ‘unfair’ crypto tax rule

In early March, White House AI and crypto czar David Sacks said the administration would support congressional efforts to rescind the DeFi broker rule.

At the time, officials from the Office of Management and Budget wrote, “This rule … would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information while imposing an unprecedented compliance burden on American DeFi companies.” 

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

A solo Bitcoin miner using a relatively cheap, pocket-sized crypto mining rig has solved one of the blockchain’s blocks and earned the full $263,000 reward.

The miner became the 297th solo miner to mine a Bitcoin block from the solo.ckpool Bitcoin (BTC) mining pool, its developer, Con Kolivas, said in a March 10 X post.

He added the miner used a 480-gigahash per second (GH/s) Bitaxe machine. For comparison, many big crypto-mining companies use machines that can operate at over 230,000 GH/s.

“A miner of this size has only less than a 1 in a million chance of finding a block per day, or put alternatively, would take 3,500 years to find a block on average,” Kolivas added.

The miner snared a total of 3.15 BTC for solving block 887,212, which was timestamped on March 10 at 7:22 pm UTC. That bounty includes the current 3.125 Bitcoin mining reward and another 0.025 Bitcoin from transaction fees, mempool.space data shows.

Source: Con Kolivas

A 1,200 gigahash Bitaxe Gamma 601 machine, which is nearly three times more powerful than the one used by the solo miner, is priced at around $158, according to Bitcoin miner marketplace ASIC Miner Value.

ASIC Miner Value estimates that the Bitaxe Gamma 601 will make just over $20 a year while using around $18 worth of electricity, coming out to a yearly net profit of under $3.

The Bitaxe Gamma 601 is roughly the size of a smartphone. Source: ASIC Miner Value

It also states the odds of the Bitaxe Gamma 601 mining a solo block on any given day is one in 4.6 million, or one in 12,700 over a year.

Related: Solo miner snags Bitcoin block reward worth $300K

Solo Bitcoin miners rarely solve blocks, let alone those with tiny mining rigs.

Most Bitcoin is mined from the larger pools such as Foundry USA — which obtains a large share of its hashrate from public Bitcoin miners like Cipher Mining, Bitfarms and Hut 8.

The largest public Bitcoin mining firm by market cap and hashrate, MARA Holdings, uses its own Bitcoin mining pool, MARA Pool.

While pocket-sized Bitcoin miners are hardly profitable, some of these micro miners are being built in an open-source manner to fight the “secrecy and exclusivity” of the Bitcoin mining industry, one of the builders of Bitaxe miners, “Skot,” told Cointelegraph in a September 2023 interview.

Most Bitcoin miners, such as those made by Bitmai,n are closed-sourced, which runs contrary to Bitcoin’s ethos, Skot said.

“The advent of these open-source projects serves to shed light on this often opaque area, making it more transparent and accessible to the public.”

Magazine: Train AI agents to make better predictions… for token rewards