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
The US-based bitcoin miner – Marathon Digital Holdings Inc. – reportedly has exposure of more than $80 million in one of its hosting providers – Compute North. Two weeks ago, the latter joined the list of troubled entities affected by the ongoing crypto winter, filing for a Chapter 11 bankruptcy. Multi-Million Exposure According to a...Read More
The leading cryptocurrency mining company – Marathon Digital – mined 360 BTC during September, which is a significant improvement compared to the 184 BTC produced in August. The company’s total bitcoin holdings surged to 10,670 BTC, equaling over $215 million (at the time of writing these lines). Marathon’s Recent Performance The publicly-traded BTC miner produced...Read More
The Texas-based bitcoin mining giant is entering a merger agreement with SilverSun Technologies, a publicly-traded business technology solutions provider, as Rhodium is planning to list on Nasdaq after an initial delay. Meanwhile, the fall in the price of BTC and the ongoing crypto winter has caused bitcoin mining companies to struggle to stay afloat. Rhodium...Read More
Bitcoin miners continue to operate at a loss as long-term holders are selling at a loss, according to an on-chain analysis from Glassnode. The firm estimates that industry players are still selling roughly 8000 BTC per month to cover their USD-denominated business costs. Miners in the Red As tweeted by Glassnode on Wednesday, miner balances...Read More
On-chain data shows that Bitcoin’s mining difficulty was lowered to 31.36 trillion hashes at a block height of 756,000. Despite this, the Bitcoin ecosystem is still guarded by the most secure blockchain network. According to data from BTC.com, the Bitcoin mining difficulty adjustment decreased by approximately 2.3% on September 28th. The latest decline comes two weeks...Read More
A new study published Tuesday by the Cambridge Center for Alternative Finance (CCAF) shows that almost 62% of Bitcoin’s total energy consumption since January 2022 was generated from fossil fuels. This means renewable sources only amounted to 38% of the total energy consumed by BTC miners this year. As a Proof-of-Work (PoW) blockchain, processing and...Read More
A Guatemalan circular Bitcoin economy known as “Bitcoin Lake” is leveraging Bitcoin ASICs to clean the nearby Lake Atitlán while generating income for the community. As Bitcoin Lake Founder Patrick Melder explained, the “Kaboom” mining project is repurposing used cooking oil to help mine Bitcoin, rather than pollute the local environment. Mining Helping the Environment?...Read More
Compute North, which happens to be the latest casualty of the ongoing crypto rout, has filed for a Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas. The filing is pending before the Judge Bankruptcy David R Jones. The company’s CEO, Dave Perrill, also stepped down from his position earlier...Read More
Major DeFi lender Maple Finance has launched a capacity pool worth $300 million for Bitcoin mining companies. The development comes despite the sharp decline in BTC’s price and the reduced injection of capital into the mining sector. Maple Opens Up Fully-Collateralized $300 Million Lending Pool According to an announcement on Tuesday (September 20, 2022), the...Read More
Greenpeace USA – an environmental advocacy group – is calling out Bitcoin for having what it calls an “outdated and efficient” code system. In a tweet on Thursday, the organization doubled down on claims that Bitcoin’s proof of work mechanism is contributing to the climate crisis. Instead, it suggested that the code be swapped out...Read More
Poolin, the embattled crypto mining pool service provider, will offer freshly-minted IOU tokens to its users whose assets are frozen after the platform suspended withdrawals last week. The distribution of IOU tokens will be made today, the 15th of September. Poolin’s IOU Tokens The IOUs will be minted under the ERC-20 protocol on Ethereum, the...Read More
MicroStrategy’s Executive Chairman Michael Saylor has published a letter clearing his thoughts on Bitcoin mining and its impact on the environment and energy systems. He argued that Bitcoin mining is, in reality, far less of an environmental issue than it is often made out to be. Rather, he believes it wouldn’t be on the public...Read More
Bitcoin network fundamentals have remained unfazed by its spot price failing to show any crucial breakouts. According to data from BTC.com, its mining difficulty has tapped a new high of 32.05 trillion hashes at a block height of 753,984 after an increase of 3.45%. Bitcoin’s New Difficulty Adjustment This is the fourth such increase since...Read More
The crippling impact of May and June’s crash on Bitcoin miners still persists. New data revealed that August recorded the fourth consecutive month that has seen negative miner net flows. Bitcoin miners had to resort to selling in order to sustain themselves throughout August recording a net outflow of 21.3k BTC. The only month when...Read More
The Las Vegas-based cryptocurrency miner – Marathon Digital Holdings – steadily improved its bitcoin production levels in August, mining 184 BTC. It also successfully energized 25,000 of its previously installed miners. The process increased the hash rate to nearly 3.2 exahashes per second. Over the next three months, the company expects to activate 65,000 additional...Read More
The White House Office of Science and Technology Policy (OSTP) has released a report examining the connection between distributed ledger technologies (DLT) and climate change. The office determined that crypto’s relationship with the environment is a mixed bag. While acknowledging the positive impact that mining can have on grid stability and renewable development, it can...Read More
The Canadian cryptocurrency miner HIVE Blockchain announced its August production figures, saying it mined 290.4 BTC and 3,010 ETH. The company’s equivalent BTC production was 518.8 BTC with an average hashrate of 3.70 Exahash. HIVE Blockchain also acknowledged the potential of Ethereum’s upcoming “Merge,” vowing to start mining various other GPU mineable coins once this...Read More
The Texas-based cryptocurrency mining firm – Core Scientific – produced 1,334 BTC in August and sold 1,125 BTC of that stash for approximately $25.9 million. In June this year, when the crypto market and bitcoin particularly dipped to record lows in years, Core Scientific parted with over 7,000 BTC for around $167 million. One of...Read More
Arcane Research – a digital asset analysis firm – has published a report examining Bitcoin mining, and its relationship with global energy. The paper argues that the mining industry can transform worldwide energy production for the better – contrary to its frequent portrayal as a social and environmental harm. Reinforcing the Grid and Renewable Technologies...Read More
It has been a tough year for crypto miners who had to sell their coins to cover their costs and fund expansion as well as for the repayment of debts. But this trend appears to be continuing into the third quarter of the year for some. Bitcoin price successfully broke out before facing rejection near...Read More
Tokyo-based online financial services company SBI Holdings will shut down its crypto mining operations in Siberia, Russia. The company argued that the war between Russia and Ukraine is among the reasons behind this decision. Pullout From Siberia The pullout decision was taken in view of the geopolitical uncertainty due to the ongoing Russia-Ukraine war and...Read More
Publicly-traded Bitcoin mining company Stronghold Digital Mining (SDIG) said it plans to return more than 26,000 mining rigs to New York Digital Investment Group (NYDIG) to reduce its debt significantly. NYDIG is a leading bitcoin firm that helps miners finance mining equipment and power infrastructure. The mining company also intends to restructure a convertible note...Read More
The Norwegian bitcoin mining company – Kryptovault AS – reportedly plans to move its operations north of the Arctic Circle. The relocation is prompted by the rising electricity costs in the country, while the northern regions are still relatively unaffected by the crisis. Over the past few years, Norway has turned into a cryptocurrency mining...Read More
