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    Andreessen Horowitz launches $2.2 billion crypto fund and is 'radically optimistic' despite price fluctuations

    In this articleSPCXAndreessen Horowitz partner Marc AndreessenJustin Sullivan | Getty ImagesAndreessen Horowitz is launching a multibillion-dollar fund to invest in a volatile ecosystem it’s betting will be as influential as the internet.The Silicon Valley venture capital firm, founded by Marc Andreessen and Ben Horowitz, announced its new $2.2 billion cryptocurrency-focused fund on Thursday. It plans to deploy that capital across blockchain and digital asset start-ups.”The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives,” Katie Haun and Chris Dixon, partners who run Andreessen’s cryptocurrency group, said in a blog post.The company’s first crypto-focused fund was launched three years ago, during what’s now known as “crypto winter.” That year, the value of bitcoin cratered roughly 80% from the highs in 2017. The latest fund also comes at another bearish moment for bitcoin.The world’s original cryptocurrency has lost roughly half its value since the high near $60,000 in April. This week alone, it’s on track for a 20% loss. Haun and Dixon noted the asset class’s volatility, and said “prices may fluctuate but innovation continues to increase through each cycle.””We believe that the next wave of computing innovation will be driven by crypto,” the partners wrote, adding that they’re “radically optimistic about crypto’s potential.”The firm is known for early bets on companies like Facebook, Instagram, Lyft and Pinterest. Andreessen Horowitz made its first move into the digital asset space through Coinbase in 2013. Coinbase went public via a direct listing this year, and is down roughly 50% from its listing day high.Andreessen Horowitz is also an early investor in Facebook-backed digital currency project libra, now known as diem, which has gone through a series of rebranding and faced opposition from global regulators.The firm has stakes in companies like OpeanSea and Dapper Labs, powering the recent NFT boom and said it plans to focus on “decentralized finance.” Also known as “defi,” the term used to describe traditional finance applications, like lending or banking, built on the same technology that underlies bitcoin. The firm said it plans to hold these crypto investments for a decade or more.These digital asset investments are being driven by partners Haun, a former Justice Department prosecutor, and Dixon, who founded and ran two start-ups before joining Andreessen Horowitz. Haun helped launch the Justice Department’s first government task force for crypto and worked on the first high-profile cryptocurrency-related case, Silk Road.Andreessen Horowitz also announced a wave of new hires for the fund, including former Securities and Exchange Director Bill Hinman, who will join the firm as an advisory partner. Rachael Horwitz, who led communications at Twitter, Google and Facebook, joined as an operating partner. More

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    OIive Garden parent's same-store sales near pre-pandemic levels as Covid restrictions ease

    In this articleDRIA take-out order from a Darden Restaurants Inc. Olive Garden location is arranged for a photograph in Tiskilwa, Illinois, U.S.Daniel Acker | Bloomberg | Getty ImagesDarden Restaurants on Thursday reported that its fiscal fourth quarter same-store sales nearly returned to 2019 levels as states rolled back dining restrictions.The company also released an outlook for fiscal 2022, predicting that that its total sales for the year will top pre-pandemic revenue.Shares of the company fell less than 1% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Earnings per share: $2.03 adjusted vs. $1.79 expectedRevenue: $2.28 billion vs. $2.19 billion expectedThe Olive Garden parent reported fiscal fourth-quarter net income of $369 million, or $2.79 per share, up from a loss of $479.7 million, or $3.85 per share, a year earlier.Excluding items, Darden earned $2.03 per share, beating the $1.79 per share expected by analysts surveyed by Refinitiv.Net sales rose 79.5% to $2.28 billion, topping expectations of $2.19 billion. Across the company’s portfolio, same-store sales rose 90.4% compared with the same quarter a year ago and fell just 0.5% compared with the period two years before.For fiscal 2022, Darden expects total sales of $9.2 billion to $9.5 billion, up 5% to 8% from pre-pandemic levels, assuming that essentially all of its locations can operate at full capacity. The company is forecasting same-store sales growth of 25% to 29%, compared with fiscal 2021. It also said it expects diluted net earnings per share from continuing operations in a range of $7 to $7.50.The forecast is in line with Wall Street’s expectations. Analysts were predicting fiscal 2022 earnings of $7.21 per share on revenue of $9.22 billion. More

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    Stocks making the biggest moves in the premarket: Eli Lilly, Accenture, Rite Aid & more

    Take a look at some of the biggest movers in the premarket:Eli Lilly (LLY) – The drugmaker’s shares surged 8.7% in the premarket after Lilly’s Alzheimer’s treatment received “breakthrough therapy” designation from the Food and Drug Administration. The designation means the treatment may show substantial improvement over existing therapies and qualifying it for expedited development and approval.Accenture (ACN) – The consulting firm beat estimates by 17 cents a share, with quarterly profit of $2.40 per share. Revenue topped Street forecasts as well. Accenture saw increasing demand for digital transformation services, with more companies moving to adapt to a hybrid work model. Accenture also raised its full-year forecast, and its stock jumped 4.3% in premarket trading.Rite Aid (RAD) – The drugstore chain reported quarterly earnings of 38 cents per share, 16 cents a share above estimates. Revenue came in slightly short of Wall Street forecasts, however, and its shares fell 6% in the premarket.Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains earned $2.03 per share for its latest quarter, compared to a $1.79 a share consensus estimate. Darden’s same-restaurant sales surge 90.4% compared to the mid-pandemic year-ago quarter.KB Home (KBH) – KB Home reported quarterly earnings of $1.50 per share, 18 cents a share above estimates. The home builder’s revenue missed Wall Street forecasts, however, despite a selling price increase of 13% and a 145% surge in new orders. KB Home shares lost 4% premarket action.Visa (V) – Visa struck a deal to buy European banking platform Tink for about $2.2 billion. The move to acquire the financial data sharing company comes after Visa terminated its planned $5.3 billion acquisition of Plaid following a government lawsuit.Comcast (CMCSA) – The parent of NBCUniversal and CNBC is mulling various ways to dominate video streaming, according to The Wall Street Journal. The paper said CEO Brian Roberts is mulling ideas like a tie-up with ViacomCBS (VIAC) or an acquisition of Roku (ROKU). Comcast told CNBC the story is “pure speculation.” The stock added 1.6% in the premarket.Beyond Meat (BYND) – Some Dunkin’ locations have dropped Beyond Meat’s “Beyond Sausage” breakfast sausage, according to a J.P. Morgan analyst, and a Goldman analyst said a wrap featuring the sausage is likely to suffer the same fate. Dunkin’ told CNBC it continues to have a strong relationship with Beyond Meat and continues to explore new plant-based menu items. Beyond Meat fell 1.3% in the premarket.Steelcase (SCS) – Steelcase surged 5.2% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The office furniture maker’s revenue also beat Wall Street estimates. The company said revenue will improve on a sequential basis as more workers return to their offices.MGM Resorts (MGM) – MGM Resorts was upgraded to “buy” from “hold” at Deutsche Bank, which said the hotel and casino operator is likely to exceed its targets for profit margin improvement. MGM shares rose 2.3% in premarket trading.Dollar Tree (DLTR) – Dollar Tree was downgraded to “neutral” from “overweight” at Piper Sandler. The firm said the discount retailer will be impacted by rising freight and wage costs that it won’t be able to pass through to customers. The stock fell 1.3% in the premarket. More

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    Norway's Statkraft lined up to provide green hydrogen for 88-meter long, zero-emission ship

    In this articleLINHEI-DECasper Hedberg | Bloomberg | Getty ImagesEnergy firm Statkraft and its subsidiary Skagerak Energi have been awarded a contract to supply so-called green hydrogen to an 88-meter long, zero-emission ship planned to run between locations in Norway.In a statement Wednesday, Statkraft — which is owned by the Norwegian state — claimed the vessel was the “world’s first hydrogen-powered cargo ship.” The contract was awarded by cement giant HeidelbergCement and Felleskjøpet, an agricultural cooperative. The two organizations are working with one another to develop the project.The idea is for the ship — which will also have two rotor sails — to take grain from the east of Norway to the west of the country, carrying gravel back on the return journey. According to Norwegian Ship Design, a firm involved in the concept’s development, it could commence operations in 2024.Those behind the initiative planned for Norway may describe it as a world first, but the field they operate in is becoming an increasingly crowded one.In April, Flagships, a project that’s received funding from Horizon 2020, a research and innovation program from the EU, said it would “deploy the world’s first commercial cargo transport vessel operating on hydrogen.”The inland cargo vessel will travel on the River Seine, in France, and commercial operations are expected to start this year.While the project involving Statkraft is still a few years off from being fully realized, hydrogen ships have already been developed and put into use. Back in 2008, for example, a fuel cell ship capable of carrying passengers entered into service on a lake in Hamburg, Germany.More recently, a number of projects focused on the development of hydrogen-powered maritime transportation have taken shape. Earlier this month, plans to build a sea-going ferry powered using hydrogen-fuel cells advanced after it was announced that a commercial contract for the development of a concept design had been awarded.In March of this year Linde, a firm specializing in engineering and industrial gases, said it had been chosen by Norwegian firm Norled to provide liquid hydrogen and associated infrastructure for a hydrogen-powered ferry. The MF Hydra, as it’s known, will be able to carry both passengers and cars.Read more about clean energy from CNBC ProInflation is a problem for sustainable investors — but these stocks will ride it out, Bernstein saysWant in on green hydrogen? This bank names six stocks to buy right nowGoldman advises investors to get in on this early stage energy opportunityDescribed by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.It can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen. If the electricity used in the process comes from a renewable source, such as wind or solar, then some call it green or renewable hydrogen.Currently, the vast majority of hydrogen generation is based on fossil fuels, and green hydrogen is expensive to produce. Efforts are being made to drive costs down, however. The U.S. Department of Energy recently launched its Energy Earthshots Initiative and said the first of these would focus on cutting the cost of “clean” hydrogen to $1 per kilogram (2.2 lbs) in a decade.According to the DOE, hydrogen from renewables is priced at around $5 a kilogram today. “Clean hydrogen is a game-changer,” U.S. Energy Secretary Jennifer M. Granholm said at the time, adding that it would help to “decarbonize high-polluting heavy-duty and industrial sectors.” More

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    Visa to buy Swedish fintech Tink for $2.1 billion after abandoning Plaid takeover

    In this articleVVisa Inc. credit and debit cards are arranged for a photograph in Washington, D.C., U.S., on Monday, April 22, 2019.Andrew Harrer | Bloomberg | Getty ImagesLONDON — Visa agreed Thursday to acquire Swedish financial technology start-up Tink for 1.8 billion euros ($2.1 billion), in a deal aimed at bolstering the payment giant’s digital ambitions.The deal comes after Visa’s bid to buy Plaid, an American rival to Tink, was torpedoed by U.S. regulators. Plaid has since opted to go it alone as an independent company, and was last privately valued by investors at $13.4 billion.Both Plaid and Tink operate in a nascent space known as opening banking, which calls on lenders to provide third-party firms with access to coveted consumer banking data, provided they’ve got consent. Open banking has flourished in Britain and the EU thanks to new regulation.”Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” Al Kelly, Visa’s CEO, said in a statement.Tink co-founders Daniel Kjellén and Fredrik Hedberg.Tink”By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”Founded by Swedish entrepreneurs Daniel Kjellén and Fredrik Hedberg in 2012, Tink initially started out as a financial management app but later pivoted to focus on providing its technology to other businesses instead.Tink’s technology lets banks and fintech firms access banking data to create new financial products. The Stockholm-based company was last privately valued at 680 million euros. It has raised more than $300 million from investors including PayPal, SEB and ABN AMRO.”As we got to know Visa, it became clear that we share a common mission – to connect the financial world and accelerate the growth and adoption of digital financial services,” Tink’s founders said in a blog post Thursday.”Teaming up with Visa means we’ll now be able to move faster and reach further than ever before, and we know that Visa is the perfect partner for the next stage of our journey.”Visa’s acquisition of Tink is the latest in a wave of consolidation efforts in the massive payments industry. The company had tried to buy Plaid last year, but ultimately abandoned the takeover after the U.S. Department of Justice sued to block it on antitrust grounds.The deal with Tink is subject to regulatory approvals and other customary closing conditions, Visa said, adding it will be financed solely with cash and won’t impact the company’s stock buyback program or dividend policy.Tink will keep its branding and management team after the deal, Visa said, while the company’s headquarters will also remain in Stockholm. More

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    Singapore to expand its vaccination campaign to everyone 12 and older on July 2

    People wearing face masks as a preventive measure against the spread of Covid-19 in Singapore.Maverick Asio | SOPA Images | LightRocket | Getty ImagesSINGAPORE — Singapore will expand its Covid vaccination program to all residents 12 and older starting early next month.The government said Thursday that some permanent residents and long-term pass holders can begin booking appointments on July 2.Since June 11, citizens between the ages of 12 and 39 had a priority window to book vaccinations. Singaporeans were originally given a two-week window, but the Ministry of Health said that period will be extended by one week.Authorities approved the use of the Pfizer-BioNTech vaccine for children 12 to 15 years old in mid-May.The Southeast Asian country has one of the fastest vaccination rollouts in Asia-Pacific, but lags many countries in the West.The health ministry said around 3 million people have received at least one dose of the Covid vaccine so far, of whom 2 million have been fully vaccinated. Singapore’s population is around 5.8 million people.Accelerating vaccinationsSingapore will be ramping up its inoculation campaign, increasing daily doses to 80,000, up from 40,000 in May, authorities said.The country previously extended the duration between first and second doses in order to allow more people to receive their first shot. But as the country speeds up its rollout, officials said some people who have already booked appointments will be able to receive their second shots sooner.Health Minister Ong Ye Kung said Singapore aims to have two-thirds of its population fully vaccinated by August 9, the country’s National Day.Ong added that the country has signed an advanced purchase agreement with biotech firm Novavax. Last week, the company said its vaccine candidate was 90.4% effective overall in a phase three clinical trial.”We hope the vaccine supplies can arrive before the end of the year for those who want to take something that is not mRNA,” he said. “But in the meantime, please continue to consider mRNA vaccines. They work very well.”Restrictions could potentially be loosened for fully vaccinated peopleFinance Minister Lawrence Wong, who co-chairs Singapore’s Covid taskforce, also said authorities are discussing revising public health guidelines for people who are fully vaccinated.”We could allow gatherings involving just vaccinated persons to have larger group sizes, and also relax the social distancing rules in such settings,” he said during a press conference, adding that this could apply to religious services, concerts and sporting events.Wong added that the government is working on new guidelines for people in Singapore to be able to travel. For example, stay-home notices or hotel quarantines may be waived or shortened for vaccinated people, depending on the country they are returning from, he said.”These are the, potentially, revised guidelines that will apply to vaccinated persons. We are still working through them and we will announce them when we are ready,” he said.As of Thursday, Singapore has reported 62,493 cases of Covid-19 infections and 35 deaths. More

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    Covid is already deadlier this year than all of 2020. So why do many in U.S. think the problem’s over?

    Fans in the audience react as The Foo Fighters reopen Madison Square Garden on June 20, 2021 in New York City.Kevin Mazur | Getty ImagesAs the U.S. pushes ahead with its reopening, easing mask mandates and lifting public health restrictions, much of the rest of the world is seeing an alarming surge in the number of Covid-19 infections and deaths.The stark contrast underscores how unevenly the coronavirus pandemic has spread, now hitting low-income nations harder as they struggle with access to vaccines, the rapid spread of new variants and heavily burdened health-care systems.It also shows why, even with nations such as the U.S., China and the U.K. recording relatively low Covid infections and fatalities thanks to a mass vaccination drive, the global health crisis is still far from over.To be sure, more people have died from Covid this year than in all of 2020, according to data compiled by the World Health Organization. The official global death toll stood at 1,813,188 at the end of 2020. More than 2 million people have died as a result of Covid so far this year.U.S. Covid cases have fallen far below the winter peak in recent weeks, with new diagnoses now down at a seven-day average of around 11,310 a day, compared to more than 250,000 at the start of the year. Fewer reported infections have coincided with fewer hospitalizations and deaths.It has paved the way for most states to pursue plans to go back to business as usual, with California and New York both lifting most of their public health restrictions in recent days.In doing so, California Gov. Gavin Newsom said the state was “turning the page on this pandemic,” while New York Gov. Andrew Cuomo said: “We’re no longer just surviving — we’re thriving.”Fans erupt after Phoenix Suns forward Mikal Bridges (25) hit a three-pointer over LA Clippers guard Reggie Jackson (1) late in Game one of the NBA Western Conference Finals at Phoenix Suns Arena.Robert Gauthier | Los Angeles Times | Getty ImagesMississippi and Texas both lifted all Covid restrictions in March with Texas Gov. Greg Abbott in May adding the additional threat of fines for cities and local officials that were still imposing mask mandates.Across the U.S., amusement parks, sports stadiums and bars are reopening and at full capacity since the Centers for Disease Control and Prevention eased its mask guidance in May. The nation’s leading health agency said it was safe for fully vaccinated people to ditch their masks whether they were outside or indoors.’Two-track pandemic’The latest Axios-Ipsos Coronavirus Index found that the country’s fears of Covid continued to recede as people increasingly got out of their homes. In the week through to June 8, roughly two-thirds of Americans saw family and friends and 61% went out to eat.Both of those figures were up from late May and were said to represent “the greatest level of out of home activity since the start of the pandemic.” The Axios-Ipsos poll was conducted from June 4 to June 7 and was based on a nationally representative probability sample of 1,027 adults.A return to a sense of normalcy in the U.S. has been boosted by the country’s relatively high vaccination rates. More than 177 million doses have been administered in the U.S., giving 53% of the population at least one dose, according to U.S. data. By contrast, some of the world’s poorest countries are yet to register a single dose.Speaking on Tuesday during a news conference on the pandemic, White House health advisor Dr. Anthony Fauci said the highly transmissible delta variant was the “greatest threat” to the nation’s attempt to eliminate Covid.Delta, first identified in India, now makes up about 20% of all new cases in the United States, up from 10% about two weeks ago, Fauci said. He has previously warned the country must avoid falling into the trap of believing the coronavirus crisis was over and no longer needed to be addressed.In the global scramble for Covid vaccines, high-income countries, predictably, have sought to secure stocks for their own populations first. It has created a situation in which millions of people have received doses in countries such as the U.S., the U.K. and China, largely thanks to the domestic development of vaccines and by striking advance purchase agreements with manufacturers.By comparison, parts of Africa, Asia and the Pacific Islands have recorded low vaccination rates to date. Less wealthy countries are relying on Covax, the WHO’s vaccine-sharing initiative. Vaccine diplomacy has also played a significant part in the race to secure supplies, although health experts have raised questions about the effectiveness of China-made vaccines.Ireland’s Health Minister Stephen Donnelly seemed to get to the crux of why high-income countries are pursuing a me-first approach to vaccines when speaking to the country’s Newstalk radio station earlier this year.The idea that countries would be willing to give vaccines to other countries before they vaccinate their own population “obviously doesn’t hold up,” Donnelly said. Referring specifically to the U.K., he added: “They’re not doing it. We wouldn’t do it.”Tedros Adhanom Ghebreyesus, Director General of the World Health Organization (WHO) speaks after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases during the 148th session of the Executive Board on the coronavirus disease (COVID-19) outbreak in Geneva, Switzerland, January 21, 2021.Christopher Black | WHO | via ReutersWHO Director-General Tedros Adhanom Ghebreyesus has described the persistent global inequity as “vaccine apartheid” and a “catastrophic moral failure” that has resulted in a “two-track pandemic.”The WHO has warned Covid is spreading faster than the global distribution of vaccines. It has said the world’s shared goal must be to vaccinate at least 70% of the global population by the time the G-7 meets again in Germany next year. Tedros has said it will require 11 billion vaccine doses to achieve this target.G-7 leaders on June 11 promised to secure 1 billion more vaccine doses over the next 12 months either directly or via Covax.”This is a big help, but we need more, and we need them faster. More than 10,000 people are dying every day,” Tedros said at a press briefing on June 14.”These communities need vaccines, and they need them now, not next year,” he added.Vaccine accessHealth experts have cautioned that billions of people worldwide may not have access to vaccines this year, a prospect that raises the risk of further mutations of the virus emerging — possibly undermining the effectiveness of existing vaccines — and prolonging the pandemic.”The very unequal access to vaccines between rich and poor countries is probably the most stark example of how global inequalities are manifesting themselves during the Covid-19 pandemic,” Dr. Michael Baker, an epidemiologist at the University of Otago in Wellington, New Zealand told CNBC.Many groups have been pushing for the waiving of certain intellectual property rights on Covid vaccines and treatments, including the WHO, health experts, former world leaders and international medical charities.President Joe Biden’s administration has thrown its weight behind the calls, but a small number of governments — including the U.K., EU and Brazil, among others — have stonewalled a landmark proposal submitted at the World Trade Organization.An official in personal protective equipment (PPE) manages the crowd as people queue to receive China’s Sinopharm Covid-19 coronavirus vaccine in Phnom Penh on May 31, 2021, as part of the government’s campaign to halt the rising number of cases of the virus.TANG CHHIN SOTHY | AFP | Getty ImagesThe WHO’s latest figures show that while the number of new cases worldwide has declined for eight consecutive weeks, this trend masks a worrying increase in cases and deaths in many countries.”The rate of decline in most regions has slowed and every region has countries that are seeing a rapid increase in cases and deaths. In Africa, the number of cases and deaths increased by almost 40% in the past week, and in some countries, the number of deaths tripled or quadrupled,” Tedros said at a briefing on Monday.A study in The Lancet medical journal, published on May 22, found that Africa has the highest global mortality rate among critically ill Covid patients, despite recording fewer cases than most other regions.”While a handful of countries have high vaccination rates and are now seeing lower numbers of hospitalisations and deaths, other countries in Africa, the Americas and Asia are now facing steep epidemics. These cases and deaths are largely avoidable,” Tedros said.Delta variant warningHealth experts are concerned about the spread of the highly transmissible delta variant. The Covid variant first identified in India is thought to be on track to become the dominant strain of the disease worldwide.Former FDA commissioner Dr. Scott Gottlieb told CNBC on Thursday that the spread of the delta variant in the U.S. was “highly concerning,” noting its prevalence in the country is currently doubling every 10 to 14 days.”It will become the dominant strain in the United States. Now, the question is: Is it going to be 90% of 10,000 infections a day or 90% of 100,000 infections a day?” Gottlieb said.”I think as far as the summer is concerned, we are unlikely to see a big resurgence of infections even with this new variant but this is a significant risk for the fall,” Gottlieb said. More

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    Mining bitcoin could be about to get a whole lot easier after China's crypto crackdown

    LAN network cables plugged into a Bitcoin mining computer server are pictured in Bitminer Factory in Florence, Italy, April 6, 2018.Alessandro Bianchi | ReutersWith China cracking down on cryptocurrencies, it may soon become much easier — and more profitable — to mine bitcoin.Last month, Beijing called for measures to stamp out bitcoin mining amid concerns over its environmental impact. This has already resulted in crypto miners fleeing China for other regions, like North America.China’s crackdown intensified over the weekend, with authorities in the hydropower-rich Chinese province of Sichuan ordering crypto miners to shut down operations.According to reports, more than 90% of China’s bitcoin mining capacity is estimated to be closed. It is thought that between 65% to 75% of all global bitcoin mining takes place in China.Though it may not be good news for bitcoin miners in China, others could stand to benefit.What is bitcoin mining?When you think of mining, the image of a gold mine with picks and shovels is probably the first thing that comes to mind. But bitcoin mining is nothing like hunting for gold or other precious metals.Digital currencies are underpinned by a vast network of computers around the world. In the case of bitcoin, these computers are racing to solve complex math puzzles in order to make transactions go through. This process also generates new bitcoins, rewarding miners in the cryptocurrency if they’re successful.Currently, rewards to miners are capped at 6.25 BTC. It used to be 12.5 BTC, but since bitcoin’s total supply is limited to 21 million, the amount of bitcoin rewarded to miners gets halved roughly every four years.Being the first miner to mine a new block — essentially a list of bitcoin transactions — is “a game of random chance,” explains Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark.It’s about to get easierThe total hashrate, or processing power, of the bitcoin network appears to have gone down sharply in the wake of Beijing’s crackdown.In the last month or so, bitcoin’s hashrate has gone down from a record 180.7 million terahashes per second — a measure of the speed of crypto mining hardware — in mid-May to around 116.2 million as of Wednesday, according to Blockchain.com data.Read more about cryptocurrencies from CNBC ProCathie Wood bought 1 million shares of Grayscale Bitcoin Trust during crypto’s drop below $30,000Bitcoin drops below $30,000, then recovers: We asked 5 experts what they’re doingA third of big investors think bitcoin is ‘rat poison,’ JPMorgan survey saysCrypto experts say that, with more bitcoin miners going offline due to China’s restrictions, other miners’ share of the network will increase, potentially making mining much more lucrative.”As more hashrate falls off the network, difficulty will adjust downwards, and the hashrate that remains active on the network will receive more for their proportional share of the mining rewards,” Kevin Zhang, vice president of crypto mining firm Foundry, told CNBC.Meanwhile, the network difficulty of bitcoin — a measure of how hard it is to mine bitcoin — went from a record above 25 trillion in May to 19.9 trillion last week. Mining difficulty is adjusted roughly every two weeks, so there is a time lag in the data.”Network difficulty goes down the less mining equipment is online,” Killeen said. This effectively leads to less competition for other bitcoin miners.However, another big factor that determines profits to bitcoin miners is the price of bitcoin, which has plummeted from record highs in recent months on the back of negative comments from Tesla CEO Elon Musk and China’s crackdown on the industry.Bitcoin has nearly halved in value since reaching a record high of almost $65,000 in April. The cryptocurrency fell below $30,000 on Tuesday, briefly wiping out its 2021 gains, but has since recovered to trade above $34,000. More