Global cryptocurrency mining activity saw many notable developments in February as network metrics and corporate strategies changed rapidly. Bitcoin mining difficulty increased by nearly 15% to a record 144.4 trillion, marking the largest absolute increase in network history and reflecting intensifying competition among miners.
Meanwhile, mining company Bitdeer liquidated all of its held BTC and announced plans to raise over $300 million through convertible bonds to expand its operations. On a macro level, market sentiment weakened after Donald Trump proposed a 15% tariff increase, causing Bitcoin to drop below $65,000 and resulting in approximately $230 million in long positions being liquidated on the derivatives market. Additionally, Canaan agreed to acquire a 49% stake in ABC Projects from Cipher Mining for $39.75 million.
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