CryptoQuant: Bitcoin’s bear cycle may be over 🌝

CryptoQuant founder Ki Young Ju says Bitcoin has moved out of its bearish market cycle, pointing to the company’s Bull-Bear Market Cycle Indicator.

🐂 The broader picture is turning bullish as well.
CryptoQuant’s Bull Score Index jumped from 30 to 80 in a single week — its highest reading since October 2025 — with 8 of 10 underlying on-chain, market and valuation metrics now bullish.

The shift follows a roughly 24% rally that lifted BTC from below $64 000 to above $80 000.

ℹ️ One major level still stands in the way.
Julio Moreno, CryptoQuant’s head of research, says Bitcoin needs to move above its 365-day moving average — around $83 000 at the time of the report — for the new bull market to be "officially" confirmed. Until then, the level remains a key resistance area.

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📰 What happened in mining last week
EMCD Digest | August 24–30, 2026 

♦️ Zcash rally pushed ZEC mining revenue well above Bitcoin

As of August 24, a Z15 Pro mining ZEC was estimated to generate about $727 in gross revenue per MWh, roughly 4.5 times the estimate for an S23 Pro mining Bitcoin — a snapshot that also shows how quickly PoW economics can change with coin prices. 

♦️ IREN’s AI cloud revenue overtook Bitcoin mining for the first time

In the quarter ended June 30, AI cloud brought IREN $70.5M against $66.7M from mining, down from $111.2M a year earlier. The $684M net loss includes a $450.4M non-cash impairment from decommissioning miners to free up space for AI. Shares fell about 8%.

♦️ Soluna and Bitdeer signed a 28 MW co-mining deal in Texas

Bitdeer’s Sealminer A2 Pro Air rigs will run at Soluna’s 83 MW wind-powered Project Kati 1 in Willacy County. Soluna provides site and power, Bitdeer provides hardware, and both share the mined output. Deployment starts in September, adding roughly 1.93 EH/s.

♦️ Sphere 3D faces a $2.2M US customs claim on miners bought in 2022

CBP classifies the machines as Chinese-origin goods. The claim equals about 77% of the company’s $2.8M cash balance as of June 30 and roughly 11x its working capital. Sphere 3D cites seller certificates of origin and plans to protest.

♦️ Tether’s $120M Uruguay mining project collapsed over a power contract

Reuters reported the real cause was a dispute with state utility UTE over contracted capacity: Tether read the figure as a floor, UTE as a ceiling. Repeated multi-day outages followed, unpaid bills reached about $4.8M, and both sites were shut down.

♦️ Two more US municipalities passed 12-month mining moratoriums

Whiteville (North Carolina) and Garfield Township (Michigan) each approved year-long pauses on new data centers and crypto mining. Both cited utility strain and the need to write siting rules first; Garfield’s vote was unanimous and blocked a proposed project.

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Zcash in 2026: why miners are watching ZEC again 

ZEC has been one of August’s standout coins, reaching roughly $880 — its highest level since 2018. 

The more relevant story for miners is happening on-chain. The Zcash hashrate set a new all-time high of 27.9 GH/s on August 28 and has stayed near those levels. Difficulty has climbed out of its summer range too, though it still fluctuates day to day.

ZEC is also drawing in bigger players, from mining to traditional finance:

♦️ Cypherpunk Technologies acquired a fleet of Antminer Z15 Pro units with a combined hashrate of around 4.2 GSol/s — roughly 18% of the Zcash network hashrate at the time of the deal. 
♦️ Grayscale launched the first spot Zcash ETF, giving investors another way to get exposure to ZEC without holding the coin directly. 

Privacy is another part of the picture. The amount of ZEC held in shielded pools — the private side of the network, where transaction amounts and addresses can be hidden — has grown to around 4.85 million ZEC, nearly 29% of the circulating supply.

Taken together: strong price action, a network hashrate at record levels, a major public company moving into ZEC mining, and growing use of the coin’s privacy features.

For miners, that’s enough reason to take another close look at ZEC.

🔥 — if you’d like to see Zcash on EMCD

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The mining shelf 🏭

Which spine is missing?

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Previous adjustment: −1.31%.
Latest adjustment: +1.31%.

Looks like the network tried to copy-paste the number, but messed up the sign 🥲

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