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The Bitcoin "halving" was supposed to dramatically chop revenue of bitcoin mining companies. Instead, the simultaneous launch of Casey Rodarmor's Runes protocol has ignited a flurry activity on the oldest and largest blockchain, driving up fees.

U.S. listed bitcoin miners draw up to 5 gigawatts of power and have access to an additional 2.5 GW, making them attractive potential takeover targets, the report said.

The Department of Energy's statistics wing is feigning an "emergency" to attack legitimate U.S. businesses and score political points, Texas Blockchain Council President Lee Bratcher and Chamber of Digital Commerce CEO Perianne Boring write.

The intensive energy usage of the Bitcoin network could tempt governments to ban mining due to environmental concerns. A new research paper indicates that could be a mistake, depending on the jurisdiction.

The bank sees limited upside for the bitcoin price in the near term due to a number of headwinds.

Bitcoin mining difficulty jumps 3.9%, hits 95.67T on Tuesday, amid record hashrate.

Lower cost miners have increased market share since the bitcoin halving event, the report said.

The Bitcoin hashrate, on a seven-day moving average, hit a record high of 755 EH/s last week.

The total market cap of the miners the bank tracks grew 33% since the end October, the report said.

Marathon Digital, the largest publicly traded miner, is buying bitcoin in the open market, despite acquiring the digital assets at a discount via mining.