Prominent cryptocurrency mining pool BTC.com suffered a cyberattack last month that resulted in a significant loss of company and user funds. New details have emerged regarding the whereabouts of the stolen funds. According to the market research firm, X-explore’s analysis, most stolen assets were transferred to Tornado Cash while some amounts were also transferred to...Read More
Emiliano Grodzki has stepped down as CEO of leading Bitcoin mining firm Bitfarms, joining a long list of crypto executives who resigned from their positions amid the bear market this year. The mining company named Geoffrey Morphy as its new CEO, promoting him from his role as president and chief operating officer (COO). “Our foundational...Read More
Mike Novogratz – the CEO of Galaxy Digital – praised his company’s decision to purchase the bitcoin mining facility – Helios. The firm recently won the auction to acquire another cryptocurrency entity – the blockchain cybersecurity platform GK8. ‘Long-Term Believers in BTC’ In a recent tweet, Novogratz justified the Helios’ acquisition with the fact that...Read More
Bitcoin mining giant Argo Blockchain has requested trading of its shares and unsecured notes on the NASDAQ stock exchange be suspended until December 28th. The company, which trades on both the NASDAQ and the London Stock Exchange (LSE), said that it wants to make an announcement before resuming its trade on Wednesday. The latest development...Read More
Cybercrimes are increasing both in numbers and sophistication. The latest to find itself on the receiving end was the Bitcoin mining pool, BTC.com, which announced suffering a cyber attack on December 3rd. The perpetrators siphoned certain digital assets worth $700,000 owned by BTC.com’s clients and nearly $2.3 million in asset value owned by its parent...Read More
Bankrupt Bitcoin miner Core Scientific may be about to forfeit nearly all corporate equity in order to pay off its debt. Owners of the company’s convertible notes are seeking a 97% acquisition of the firm in return for up to $75 million of debtor-in-possession financing. Core Scientific’s Restructuring Plan As announced by the mining firm...Read More
Once prominent Bitcoin miner – Core Scientific – is the latest one planning to file Chapter 11 bankruptcy protection in Texas. Mining companies are experiencing turmoil and a lingering crisis of confidence in digital assets after the collapse of Sam Bankman-Fried’s FTX. While Bitcoin miners may not have had direct exposure to the now-collapsed crypto...Read More
One of Core Scientific’s largest lenders – B Riley – has offered to loan out $72 million to the embattled Bitcoin miner in a bid to avoid a potentially unnecessary and value-destructive bankruptcy proceeding. According to the released statement, B Riley plans on providing non-cash pay financing on favorable terms with more than two years...Read More
In an effort to stabilize its cloud services, Microsoft’s updated terms are restricting access to Bitcoin and crypto mining. Any users who intend to do so now must receive pre-written approval from the company. Microsoft Against Mining? Per Microsoft’s Summary of Changes page, the software giant updated its Universal License Terms for Online Services on...Read More
Lawmakers in the country have passed the “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other laws that focus on crypto mining. The Mäjilis, or the lower hours of the Parliament of Kazakhstan, approved the four bills. Following the Chinese miner exodus, Kazakhstan emerged as one of the preferred destinations due...Read More
One of the largest cryptocurrency miners – Marathon Digital – has reportedly hired restructuring specialists to clarify its exposure to the troubled data center Compute North Holdings. Marathon will also seek advice from the professionals on whether to acquire the entity. Weighing a Bid Compute North is yet another crypto firm that took a major...Read More
Gridless – a Kenyan-based Bitcoin mining company – has announced raising a $2 million seed investment round led by venture capital investor Stillmark and digital payments firm Block, Inc. According to the official press release, Gridless harnesses small-scale renewable energy grids in rural Africa. The company has participated in five different project contract pilots in...Read More
A new report by Kommersant revealed that sales of Bitcoin mining machines in the country surged rapidly in the fourth quarter, a trend backed by a resurgence of demand, despite the chaotic price action of the crypto-asset. The substantial increase was also spurred by cheap equipment and electricity prices. Chilkoot, which happens to be one...Read More
Hash ribbons have just formed a death cross which has been a leading indicator for Bitcoin miner capitulation in previous cycles. Hash Ribbon indicators use simple daily moving averages to identify changes in hash rate trends. They are often used as a long-term signal to indicate macro bottoms on the Bitcoin price chart. A bearish...Read More
Digital Currency Group’s subsidiary and crypto mining firm Foundry Digital plans to acquire two turnkey crypto mining facilities in the United States from the embattled Bitcoin miner Compute North. In the latest press release, Foundry also said it would also acquire other assets in addition to an option to buy a third facility that is...Read More
Public-traded Bitcoin mining company Core Scientific has lost about $1.7 billion since the start of the year, according to its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Tuesday. The filing shows that the firm recorded its second consecutive quarterly loss at the end of Q3. The Bitcoin miner lost...Read More
New York state governor Kathy Hochul has signed a moratorium on using fossil fuels to power Bitcoin mining operations in the region. The new legislation aims to address environmental concerns in the state to balance its economic development and climate goals. A Two-Year Ban The approved bill targets Bitcoin and other crypto mining companies leveraging...Read More
Bitcoin miners are selling their coins at a record pace after the top cryptocurrency by market cap fell to its lowest price in 2022 this month. According to Charles Edwards – founder of Capriole fund – Bitcoin miner sell pressure has skyrocketed by 400% within 3 weeks alone. His data is backed up by a...Read More
Arkon Energy – an Australian-based bitcoin mining firm – raised $28 million and acquired Hydrokraft AS (a Norwegian energy-based data center). These will double down on the companyr’s green strategy and aim to increase its mining capacity. Distressed Cycles Could Produce Winners According to a recent document seen by CryptoPotato, the Hydrokraft AS purchase was...Read More
One of the leading crypto miners – Marathon Digital Holdings – recorded a net loss of $75.4 million, or $0.65 per share, during the third quarter of the year due to decreased production and the declining price of bitcoin. Still, the company rounded up its total stash to 11,285 BTC. Data shows that only the...Read More
Bitcoin mining giant Riot Blockchain posted a net loss of $36.6 million. The Colorado-based company generated a revenue of $46.3 million – down by 28% from the previously estimated $54.2 million. The rising energy costs have adversely affected many Bitcoin miners. However, Riot’s CEO believes that the company was able to leverage its long-term fixed-rate...Read More
Prominent Bitcoin miner Hive Blockchain revealed having 3,311 Bitcoin, worth more than $68 million, as of November 5, 2022. In its latest production report, the Canadian firm said it does not have expensive borrowing against equipment such as ASICs or GPU chips, or digital assets. Amidst Bitcoin’s price hovering around $20k, difficulty soaring, and high...Read More
Yet another major North American Bitcoin miner is looking ill-prepared to pay off its debts before the end of the year. This time it’s Iris Energy – a sustainability-focused miner that recently revealed its monthly profits to be well under its interest payment obligations. Iris Energy’s Mining Margins The British Columbia-based firm published an update...Read More
Cryptocurrency mining giant Argo Blockchain could cut down or halt operations if the company fails to complete any more financing. With the ongoing crypto winter, more bitcoin miners continue to struggle to maintain operations, while some have filed for bankruptcy. In a press release on Monday (October 31, 2022), Argo Blockchain revealed that its previous...Read More
One of the largest bitcoin miners – Core Scientific – could run out of cash by the end of 2022, which could prompt it to file for bankruptcy. The firm’s shares took a major punch following the news. Current market data shows they trade at around $0.28, an approximately 72% decline compared to yesterday’s figures....Read More
While BTC has come down from a massive bear market dump to $19,000, its network hash rate has exploded to an all-time high. Bitcoin miners are currently earning the smallest reward relative to hash power applied in history, which has put the industry under extreme income stress. As revealed by the blockchain intelligence platform, Glassnode,...Read More
Despite significant advancements in energy efficiency and sustainability, Bitcoin’s energy consumption has increased by 41% year over year (YoY). However, there are worries the increase may prompt regulators to crack down on crypto mining. As a reward for validating transactions and protecting the network, crypto mining is one of the primary ways that people can...Read More
With the bear market taking a heavy toll on the crypto mining industry, Binance has announced a new lending project. The development follows the founder of Bitmain, Jihan Wu’s announcement of establishing a $250 million fund to purchase distressed assets from mining firms. Wu is currently spearheading the bitcoin mining rig maker’s spin-off, Bitdeer Technologies,...Read More
The lower house of Kazakhstan’s parliament – Mazhilis – reportedly greenlighted new bills that aim to establish appropriate rules in the local crypto sector. They will require miners to create authorized entities, register with the regulators, and continue being subject to taxation. Solving the Problem With ‘Gray Miners’ Despite being a global leader in cryptocurrency...Read More
Grayscale – the world’s largest cryptocurrency asset manager – has announced a new investment product providing exposure to Bitcoin mining hardware. The fund will raise money for buying Bitcoin ASIC machines, which will be operated by Foundry Digital to mine and sell Bitcoin on behalf of investors. Grayscale’s Strategic Mining Play According to Grayscale’s website,...Read More
