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
An El Salvador-based Bitcoin firm has begun the first phase of a planned $1 billion investment into sustainably powered digital asset mining in the country. The investment includes backing from Tether – the world’s largest stablecoin provider – which revealed last month that it was breaking into mining in Uruguay. The firm behind the project,...Read More
Sustainability-focused Bitcoin mining firm CleanSpark is expanding its ASIC fleet by 12,500 units after investing $40.5 million into new hardware. The added equipment is projected to bring CleanSpark’s total hash rate to over 16 exahashes per second (EH/s). CleanSpark’s Mining Discount According to a press release from CleanSpark on Thursday, the firm’s newly purchased fleet...Read More
Bitcoin’s price is still stuck in a narrow range, but it has never been more difficult to mine the world’s largest crypto-asset than it is now. Its network fundamentals paint a decisively bullish picture. According to data from BTC.com, the Bitcoin mining difficulty surged this week to 50.68 trillion, setting a fresh all-time high. The...Read More
The company behind the world’s largest stablecoin announced on May 30 that it wants to mine BTC using sustainable energy in the South American country. To do so, Tether has decided to invest in “renewable energy sources to support and promote sustainable Bitcoin mining.” The company’s statement noted that the South American nation is among the...Read More
The Biden Administration’s federal budget proposal to charge a 30% tax on all Bitcoin miners in the United States has been scrapped, a national policymaker confirmed on Sunday. The withdrawal is part of a series of tax-related concessions made by the administration in negotiations surrounding the nation’s fast-approaching debt ceiling. No More Mining Tax Ohio...Read More
Bitcoin-friendly Republican Senator Cynthia Lummis doesn’t think the Biden Administration’s proposed 30% excise tax on Bitcoin miners isn’t likely to make it through the House. On stage at Bitcoin Miami 2023, the politician remained supportive of miners, and believes the industry’s proliferation throughout the United States is a matter of national security. Mining: Dirty or...Read More
Bitcoin mining firm Marathon Digital Holdings has received another subpoena from the SEC. The summons is in relation to its Montana data center, which the regulator claims may have violated securities laws. The company said it was cooperating with the SEC following an initial subpoena on April 10 relating to “transactions with related parties.” “We...Read More
For some, the Ordinals craze has wreaked havoc in the Bitcoin ecosystem. BTC’s price may have, so far, failed to capitalize on it, but that was not the case for the network miners. In fact, the development has been a blessing in disguise for them. Bitcoin Miner Revenue Shoots Up This month was marked by...Read More
Druk Holding & Investments – the investment arm of the Royal Government of Bhutan – partnered with the Nasdaq-listed company – Bitdeer Technologies Group – to introduce a $500 million fund that should support bitcoin mining activities in the Himalayan country. Recent sources suggested that the nation might have been secretly producing BTC since 2017,...Read More
The White House is attempting to persuade Congress to pass a 30% climate change tax on cryptocurrency miners as part of its next federal budget. The change, titled the Digital Asset Mining Energy (DAME) excise tax, is designed to encourage mining firms to start taking better account of their so-called ‘societal harms’, including higher energy...Read More
The Kingdom of Bhutan – a landlocked country situated in the Eastern Himalayas – has reportedly used its renewable sources of energy to run a bitcoin mining operation for years. A government representative said the process started when BTC was worth around $5,000. It is worth noting that the primary cryptocurrency reached that level for...Read More
The authorities of Venezuela have reportedly urged local bitcoin miners to temporarily halt operations while inspecting a major corruption scheme that could have drained up to $20 billion. People who are part of President Maduro’s inner cycle are suspected of orchestrating the crime that involved the national oil and gas company – Petróleos de Venezuela....Read More
Several public Bitcoin miners were on the brink of bankruptcy at the end of last year. But the latest rally in the market infused a sense of careful optimism into the Bitcoin mining sector, resulting in massive gains for most associated stocks. Bitcoin Mining Stocks for the Win As Bitcoin miners slowly escape the incessant...Read More
The US-based cryptocurrency miner – CleanSpark – purchased 45,000 units of the Antminer S19 XP BTC mining machines for $144.9 million. The current computing power of CleanSpark is 6.7 EH/s, while the installation of the new equipment is expected to push it to 13 EH/s. Preparing for the Halving According to the deal, the manufacturer...Read More
Draft legislation that designates digital assets as “personal property” passed the third reading in Montana’s House of Representatives. The bill, which also aims to foster the operations of local cryptocurrency miners, needs to receive a green light from the state’s Governor – Greg Gianforte – to become official. One Step Closer After receiving Senate’s approval...Read More
The Singaporean cryptocurrency miner – Bitdeer – expects to go public on April 14 after finalizing the SPAC merger with Blue Safari Group Acquisition Corp. The former displayed its intentions to enter Nasdaq in November 2021. However, shareholders of Blue Safari delayed the initiative three times in the past several months due to the harsh...Read More
The Digital Currency Group will revamp its way of mining Bitcoin amid larger funding problems due mostly in part to another subsidiary of theirs, Genesis, going bankrupt as a result of their dealings with FTX. Freeing Up Revenue Although Genesis reached an agreement with its creditors – the crypto trading platform’s parent company, DCG, being...Read More
After severe turbulence in the Bitcoin mining industry last year, there seems to be a significant resurgence since the start of 2023. While it has become even harder to mine BTC, miner revenue has also increased in a much-needed respite for such entities. Bitcoin’s network hash rate, which has been on a steady uptrend, has...Read More
One of the leading crypto mining firms – Marathon Digital – mined a record 2,195 BTC during the year’s first quarter and increased its holdings to 11,466 bitcoin (equivalent to over $321 million at current prices). The positive result at the start of the year contrast with the performance from 2022. The company’s mining capacity...Read More
Greepeace’s latest marketing stunt in its campaign against the Bitcoin mining industry appears to have backfired, with BTC boosters welcoming its artistic fruit. Meanwhile, Bitcoiners continue to blast the organization’s efforts to disparage the network as environmentally harmful, remaining committed to its proof of work consensus mechanism. The Skull of Satoshi In a tweet on...Read More
