Gabbani, a hotel company based in Lugano, Switzerland, has unveiled an initiative to mine Bitcoin using excess energy from its food production facility. The new project is set to solidify Lugano’s status as the leading European blockchain hub. According to an official announcement by stablecoin issuing company Tether, Gabbani will install a Bitcoin mining system...Read More
Bitcoin network “horsepower” continues to climb, which is good news for its security but bad news for miners who are now facing more competition than ever. Bitcoin’s hashrate hit a new peak on October 12 of 447 exahashes per second, according to Blockchain.com. Bitinfocharts has a slightly higher average figure of 481 EH/s, but both...Read More
September of 2023 was a great month for Bitcoin mining companies. While the crypto world has been focused on the high-profile court cases regarding SBF and Celsius’ Mashinsky, Bitcoin miners have steadily been improving their hash rates, promising a greater future supply of the first cryptocurrency. News of record outputs from three Bitcoin mining firms...Read More
Marathon Digital Holdings (MARA), a prominent Bitcoin mining company, has reportedly mined an invalid Bitcoin block at height 809478. According to various developers, miners, and researchers, the invalid Bitcoin block resulted from a wrong transaction ordering. Anonymous Developer Exposes Transaction Ordering Issue The issue was first brought to light by an anonymous Bitcoin developer known...Read More
While the Bitcoin market remained relatively stable in the latter part of Q3 as discussions about spot ETFs subsided, the hash rate exhibited consistent growth throughout the quarter. It recently reached a fresh milestone, surging from 250 EH/s at the start of 2023 to more than 400 EH/s this month. Bitcoin mining difficulty is also...Read More
Core Scientific, Inc., a prominent player in high-performance blockchain computing data centers and software solutions, has revealed that Bitmain, a global leader in manufacturing digital currency mining servers, will be making a significant investment of $53.9 million in it. This move further strengthens the longstanding relationship between the two companies. Bitmain and Core Scientific have...Read More
The Bitcoin network is currently dealing with an increase in transaction congestion, with data from the Mempool indicating a backlog of over 470,000 pending transactions. Somewhat expectedly, this has resulted in the transaction fees on the Bitcoin Network fluctuating quite severely. Bitcoin Transaction Fees Fluctuate Mempool data reveals that the Bitcoin Network is experiencing the...Read More
Bitcoin miner F2Pool has successfully reversed a recent erroneous bitcoin transaction that resulted in an excessively high transaction fee of $510,000, almost 480,000 times the average network fee of $2.176. The responsible party, Paxos, acknowledged its error and identified it as a bug in a single transfer. According to on-chain data from Mempool on X,...Read More
The crypto community on X (Twitter) was baffled recently after an anonymous Bitcoin user paid a whopping 19.89 BTC (over $500,000) in transaction fees to move just 0.074 BTC (worth less than $2,000 at current rates). The payment went to the Bitcoin mining pool F2Pool that generated the valid block. The team behind the entity...Read More
The Bitcoin network is currently overwhelmed with a backlog of unconfirmed transactions, with the average confirmation time hovering above 10.4 minutes. According to Mempool, there are around 560,000 transactions waiting to be confirmed on the Bitcoin protocol, whose memory usage has surged past 300 MB to 1GB, and transaction fees spiked to 20 satoshis per...Read More
Bitcoin mining company Marathon Digital Holdings announced producing 1,072 BTC in August, which represented a drop of 9% from the previous month due to extreme weather conditions in Texas. Despite the decrease in Bitcoin production, the figure is still five times more than in August of last year. Marathon’s Bitcoin Production: August Edition In its...Read More
Nasdaq-listed Bitcoin mining firm Canaan’s total revenue increased to $73.9 million in Q2 2023, marking a quarter-on-quarter climb from $55.2 million. This figure comprised $57.9 million in product revenue and $15.9 million in revenue generated from Bitcoin mining operations. Canaan’s growth in revenue coincided with its expansion into new mining projects in both Africa and...Read More
While Bitcoin network fundamentals such as hash rate and difficulty have reached peaks, the same cannot be said for its hash price. The world’s largest crypto’s price has failed to recover, and miners are facing the brunt of it yet again. Bitcoin hash price – which can be described as the revenue generated by miners...Read More
The latest edition of the weekly report from crypto exchange Bitfinex has revealed that Bitcoin’s mining difficulty reached a new peak as BTC hovered around the $26,000 price level. The “Bitfinex Alpha” report disclosed that the mining difficulty hit an all-time high of 55.62 trillion hashes. Bitcoin’s Mining Difficulty Hits New High The mining difficulty...Read More
One of the leading cryptocurrency mining companies – Stronghold Digital Mining – is reportedly planning to use tire-derived fuel (made of shredded vehicle tires) in its operations in the state of Pennsylvania. Burning such items is a toxic process that contaminates the nearby air, water, and soil. As such, it is no surprise that some...Read More
The leading cryptocurrency miner – Argo Blockchain – has reportedly decreased its debt to $75 million during the first half of the year. In comparison, it owed $143 million at the end of June 2022. The company also managed to reduce overall costs and expenses. However, revenue in H1 was significantly less than the one...Read More
Bitcoin plunged below the $26,000 level on Wednesday extending monthly losses to nearly 15% but it has never been more difficult to mine the leading crypto-asset. Despite a severe drawdown in price, Bitcoin’s network fundamentals have largely refrained from following the same trajectory. In fact, Bitcoin’s mining difficulty has reached an all-time high of 55.62...Read More
A former Chinese government official, Xiao Yi, has been sentenced to life in prison for helping subsidize a secret, large-scale Bitcoin mining operation within the country’s borders, alongside unrelated acts of corruption. Yi pled guilty to the charges, and the government has already seized all of his bribes and profits. Illegally Helping A Bitcoin Miner...Read More
According to a CoinGecko research, Italy is the most expensive nation for crypto miners since it takes almost $210,000 in electricity to produce one BTC. Other European countries like Austria, Belgium, Denmark, and Germany follow closely as the most unprofitable regions. It is interesting to note that bitcoin mining is profitable in just 62 out...Read More
Oman’s Ministry of Transport, Communications, and Information Technology (MTCIT) has reportedly opened a new data hosting and cryptocurrency mining center in the Salalah Free Zone. The facility’s estimated value is over RO 135 million (more than $350 million). Another country that decided to spend millions of dollars on a crypto mine is Kyrgyzstan, whose center will...Read More
Bitcoin is down for the week, but it’s still up about 50% YTD. Meanwhile, Bitcoin mining stocks have jumped by over 200% year-to-date. One miner stock, Cipher Mining (CIFR), is up by a whopping 389% for the year so far. Bitcoin price fell 10% against USD Thursday amid speculations that SpaceX might have sold its...Read More
On-chain data analyzed by cryptocurrency exchange Bitfinex shows that bitcoin (BTC) miners have entered an accumulation phase in preparation for the upcoming halving event scheduled for April 2024. According to the latest edition of the Bitfinex Alpha report, the miner reserve metric indicates a significant accumulation trend from May 27, 2023, which has increased since bitcoin’s recent...Read More
Ki Young Ju – CEO of crypto data analysis platform CryptoQuant – revealed that a bitcoin miner who produced 150 BTC in 2009 (worth a mere $0.13 back then) sold his stash for an astonishing $6.5 million last year. The total profit of the investment equals a whopping 5,000,000,000%. CryptoQuant’s boss took it to Twitter...Read More
Bitcoin miners have had a rocky start in 2023 after being battered by a severe market downturn the previous year. But as prices recovered over the last several months, they have been at significant capacity, according to Bernstein. The brokerage firm’s latest report weighs in on how large miners are poised to reap substantial benefits...Read More
Artificial Intelligence (AI) has become ubiquitous, making its presence felt across various sectors. Gradually infiltrating every aspect of human activity, this buzzword, although not entirely new, has captivated the minds of both seasoned tech gurus and novices alike. The integration of the digital asset space and AI was inevitable. Industry players are actively exploring innovative...Read More
The $7 trillion asset management giant Vanguard Group now owns a 10.24% stake in Riot Blockchain (NASDAQ: RIOT) – the world’s largest Bitcoin mining company. A filing with the Securities and Exchange Commission (SEC) on Monday showed that Vanguard has upped its exposure to the firm from 15.2 million shares to 17.9 million. Based on...Read More
One of the leading cryptocurrency mining companies – Marathon Digital – produced 979 BTC in June, 21% less than the 1,245 BTC mined in May. As of the end of last month, the company owned 12,538 BTC, making it one of the biggest corporate holders of the primary digital asset. The June Figures The US-based...Read More
One of the world’s largest Bitcoin mining firms – Riot Blockchain – has announced securing an initial order of 33,280 next-generation Bitcoin miners after entering into a long-term purchase agreement with China-based Bitcoin miner manufacturer MicroBT. Riot said that the deal will boost the Colorado-based company’s self-mining capacity to 20.1 EH/s once the machines are...Read More
Hut 8 announced entering into a $50 million credit facility with Coinbase Credit as the lender. In a statement, the North American crypto miner revealed that the proceeds from the loan will be used for general corporate purposes while providing it with added financial flexibility and helping it maintain a dynamic Bitcoin treasury management strategy....Read More
On June 20, institutional-grade Bitcoin mining firm Iris Energy announced an expansion plan to 9.1 EH/s (exahashes per second) from its current 5.6 EH/s. It also stated that there would be a “revitalization” of its high-performance computing (“HPC”) data center strategy. Iris is a 100% renewable energy Bitcoin miner targeting low-cost, under-utilized renewable energy. $IREN...Read More
