In the second half of August, the market flipped strategy. Profit-taking faded, and miners shifted back into accumulation.

In this digest, we’ll track the signals that matter for mining and reassess growth with fresh variables. Besides miner behavior, we’ll look at whale and shark wallets — many of which moved from selling to stacking. And, as always, we’ll frame the issue around a few sharp questions we aim to answer

Miner reserves had been sliding since early August. According to CryptoQuant, they fell to 1.805 million BTC on August 18.

Only toward the end of the month did pools pivot back to accumulation, and balances began to climb. In the first half of August, miners were taking profits in step with other investor cohorts; by late August, the strategy shifted from selling into strength to rebuilding reserves.

The most aggressive sellers were whales and sharks — addresses holding from 10 to 10 000 BTC.

Santiment estimates that mid- and large-sized holders, including miners, used the summer rally to lighten up and lock in gains. On the other side of the trade, spot Bitcoin ETFs were the primary buyers, absorbing much of the supply that hit the market.

BTC’s drop was driven by broad market selling. The later stabilization came as whales and sharks shifted from distribution to accumulation.

In the second half of August, addresses holding more than 10 BTC added over 20,000 BTC. Since March 22, those wallets have increased balances by 225,320 BTC, according to Santiment.

BTC’s drop was driven by broad market selling. The later stabilization came as whales and sharks shifted from distribution to accumulation.

In the second half of August, addresses holding more than 10 BTC added over 20,000 BTC. Since March 22, those wallets have increased balances by 225,320 BTC, according to Santiment.

Across Africa, three countries are leading mining growth. Ethiopia is still ahead, controlling 1.883% of global Bitcoin hashrate. Local computing power is about 17 Eh/s, according to HashRate Index. For now.

Second and third place go to Libya and Angola — 0.221% and 0.194% of BTC hashrate, respectively.

Ethiopia still leads Africa by mining scale, but policy signals could trigger an outflow of operators. The state utility Ethiopian Electric Power (EEP) announced plans to gradually wind down crypto mining.

The move follows rising public concern over stress on the power grid. Since 2024, computing capacity has grown faster, attracted by low electricity tariffs. According to EEP CEO Ashiber Belcha, miners’ high electricity use threatens other sectors — including the civilian grid. Even though last year’s mining boom brought about $250 million in extra budget revenue, authorities are prepared to forgo that income to reduce the risk of grid disruptions.

The wind-down will be gradual. Licensing for new data centers was already halted in the first half of last year. With insufficient funds to expand infrastructure, the government concluded that limiting mining — up to full disconnection from the grid — is the most practical option.

Miners face a clear challenge: extend the useful life of their ASIC fleets. On average, a rig’s operating cycle runs about three years — after that, most farms step up to higher-performance models.

Block, through its Proto division, has introduced a modular Bitcoin miner called Rig, along with control software. Proto’s bet is durability: a design that prioritizes serviceability and long life, not just raw hashrate. The promise is straightforward — simpler maintenance, cheaper repairs, and an upgrade path that stretches hardware cycles instead of replacing entire units every few years.

If this approach takes hold, it could reset the economics of ownership: less capex pressure, less downtime, and fewer full-fleet swaps. For miners, that means more flexibility in how and when they upgrade — and a better chance to keep margins intact through market swings.

This isn’t a single ASIC — it is a full mining stack. Proto’s Rig targets 819 Th/s at 12 000 W, for an energy efficiency of 14.10 J/Th.

Out of the box it runs on air cooling, but the chassis can be adapted for immersion. Each unit carries nine modular hashboards built on 3-nanometer chips. The boards are swappable, so an owner can lift performance by upgrading modules — without buying an entirely new machine.

The result is a different ownership curve: extend cycles, cut downtime, and scale capacity in place rather than ripping and replacing whole fleets.

Proto Rig currently sits second in Bitcoin hardware rankings, trailing only the Antminer S21e XP Hyd3U with a hashrate of 860 Th/s.

The software auto-loads after authentication. An operator controls all farms from a single dashboard — plug in power, get online, and enter a Bitcoin address. From there, fleet management, monitoring, and updates run through one pane of glass.

Competition in mining hardware is heating up. Stay on top of new releases and evaluate each model’s real economics — that discipline saves time and cost, and it sharpens strategy, notes EMCD Research.

A clear shift is underway toward next-generation, extendable equipment. Instead of replacing entire units, miners can upgrade specific modules and stretch performance cycles — reducing capex pressure while keeping rigs productive longer.

The July BTC rally brought many aging rigs back to life. But to truly get the most out of your hardware — whether it’s brand-new or five years old — your mining infrastructure must be just as flexible.

Miners today aren’t just picking between S21 or S19. They’re tuning firmware, adjusting energy strategies, and maximizing ROI from whatever gear they’ve got. In this landscape, your mining pool becomes more than a payout provider — it becomes your control center.

That’s why we built EMCD Pool with one idea in mind: let any miner unlock full power from their machines, on their own terms.

Just like modular ASICs are built for upgrades, EMCD Pool gives you the adaptability you need to keep mining efficiently — in any market cycle. Want to revive old rigs, fine-tune power use, or run hybrid strategies? We’ve got your back.

Bitcoin faced heavy pressure last month, yet held above 100 000. The price stabilized in the second half of August, helped by a shift in strategy among large investors — including mining pools.

A key signal was the rise in addresses controlling more than 10 BTC. In late August, these investor cohorts — whales and sharks — added more than 20 000 BTC. When mid- and large-sized holders stop selling and start stacking, price first steadies, then turns higher.

Ethiopia still dominates Africa’s mining growth. But the decision to cap capacity will likely pass the baton to another country on the continent. The primary contenders for leadership are Angola and Libya. Policy and power pricing will decide how quickly the shift plays out.

Jack Dorsey’s team is pushing a new mining stack. Today, miners refresh fleets every few years by buying new ASICs. Rig flips that model. Capacity can be raised by adding higher-performance modules to existing units — not by replacing entire machines. That means longer cycles, fewer full swaps, and a smoother capex curve.

This card is not a prophecy. It is a mirror. End of coin speaks about completion, loss, and renewal through reset. It sounds final, but it is not the end. It is a clearing. The moment when something you fed with time, faith, and capital reaches its natural finish — not to destroy you, but to make room for what is next.

A skeleton in purple robes stands on a mound of crumbling gold coins. A wide-brimmed hat shadows the face. In its hands — a violet flame, energy unbound by form. On each side, burned-down candles. The scene holds its breath. No more struggle to preserve. Acceptance begins. It is the moment after, when the event has passed and meaning is still settling.

Projects sometimes fail. Coins can lose their purpose. Strategies stop serving you. End of coin is not blame and not a verdict. It is a reminder that all finite things are temporary — and that seeing this clearly is what lets you move.

In practice, this month may bring disappointment. An asset, a coin, or a tactic may not deliver. You may already feel you are holding something that does not live or grow. The real question is simple: save it — or let it go. The card leans to the second. Closing a position can be maturity, not failure. Admitting an error can be the fastest way back to growth. Gain often begins with loss.

— Will you close the position that only drains capital?

— Will you turn a loss into a lesson, not a liability?

— Will you start from zero with a clear plan for where your hashpower goes next?