The United States Bankruptcy Court for the Southern District of Texas ordered Core Scientific to transfer approximately $20.8 million worth of mining equipment to the energy infrastructure firm – Priority Power. The entities had a dispute over two mining facilities located in Texas that were supposed to supply Core Scientific with 1,000 megawatts of electricity. ...Read More
Canada-based cryptocurrency miner – Hut 8 Mining – released its financial results for the year and quarter that ended December 31st, 2022. The company managed to increase its mining production by over 28% year over year and ramp up its fiat revenues by CA$16.9 million. However, it was still not spared by the suppression in...Read More
Increasing electricity costs and a decline in digital asset prices coupled with high mining difficulty in the fourth quarter slashed mining profit margins and made it difficult for miners to stay afloat. Chinese crypto mining rig maker – Canaan – reported a mining revenue of $10.5 million in the fourth quarter, representing an increase of...Read More
TeraWulf – which focuses on environmentally clean mining operations – has announced starting operations of Nautilus Cryptomine, the first nuclear-powered Bitcoin mining facility in the United States. The facility reportedly sources carbon-free and 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station located in Pennsylvania. TeraWulf’s Nuclear Bitcoin Plant According to the official...Read More
The chief obstacle for bitcoin mining has shifted from solely procuring top-of-the-line mining equipment due to the closure of Chinese miners amidst regulatory restrictions, leading to a surplus of available equipment. Instead, the current dilemma is centered around resolving apprehensions related to environmental, social, and governance (ESG) issues concerning energy consumption and its impact on...Read More
The Colorado-based bitcoin miner – Riot Blockchain – reported a total revenue of nearly $260 million for 2022, a 22% increase compared to 2021. It mined 5,554 BTC and boosted its hash rate capacity to an all-time high of 9.7 EH/s. The positive results come in spite of the devastating bear market that reigned during...Read More
Nadeam Nahas – a 39-year-old former US state of Massachusetts employee – reportedly faces charges of placing a cryptocurrency mining operation in a remote space at a local school. Court documents claim he stole nearly $17,500 worth of electricity to power his supercomputers. Revealing the Crime According to recent coverage, Nahas set up his crypto miner...Read More
Crypto mining saw severe losses last year as prices went south. Several notable players in the space slid into bankruptcy, while others had to take cost-cut measures and shut down branches. This was also reflected in the Canadian cryptocurrency miner Hive Blockchain’s revenue, which halved to $14.3 million in Q3 as compared $29.6 million total...Read More
There has been a tremendous transformation in the Bitcoin mining landscape since. Different countries have become the new harbors of miners. One European country has emerged as the world’s largest hash rate producer per capita. Owing to cheap electricity, Iceland is one of the first countries to see industrial-scale Bitcoin mining. According to Bitcoin mining...Read More
The leading cryptocurrency miner – Argo Blockchain – announced that its CEO Peter Wall will step down from his post. The company lost its CFO – Alex Appleton – less than a week ago. Another Argo Exec Resigns According to a company’s announcement, Peter Wall will depart Argo Blockchain after serving as its Chief Executive Officer...Read More
The US-based cryptocurrency miner TeraWulf produced 157 BTC in January, a 25.6% increase compared to December. Snow blizzards towards the end of 2022 crippled its operations and increased electricity bills. The weather normalized in January, hence the better production results. Expansion Plans for 2023 TeraWulf boosted its mining activities with an increased number of machinery...Read More
The US-based cryptocurrency miner Riot Blockchain produced 740 BTC last month, a 62% increase compared to January 2022 and a new monthly all-time high for the company. The positive start of the year contrasts the disappointing production levels and shrinking revenue towards the end of 2022. Hitting an ATH Despite experiencing issues with its mining...Read More
Bitcoin miners located in Texas reportedly suffered severe disruption of their operations due to a blizzard that battered the region. The extreme weather conditions prompted them to switch off their machines to preserve the local power grid. The Cold Winter in Texas Surprised Crypto Miners As reported by Bloomberg, the ice storm that hit “the Lone...Read More
Marathon Digital Holdings – one of the leading bitcoin miners – mined 687 BTC in January 2023, a 45% increase compared to the last month of 2022. However, the company shifted from its non-selling strategy, parting with 1,500 BTC to cover operational expenses. Change of Plans Marathon started the year by producing 687 BTC in January, a...Read More
The once-prominent bitcoin miner Core Scientific inked an agreement with the New York Digital Investment Group (NYDIG) to hand over 27,403 of its mining machines and thus pay off an outstanding debt of $38.6 million. The company filed for bankruptcy protection a few days before Christmas 2022. Looking for a Way Out According to a...Read More
One of the leading bitcoin miners – Argo Blockchain – announced that its CFO and Executive Director Alex Appleton resigned from his position. Several other crypto (or related) executives have abandoned their posts during the prolonged bear market. Such examples are Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius Network, Jesse Powell of Kraken, Michael...Read More
Bankrupt crypto lending platform BlockFi received court approval to put its Bitcoin mining business up for auction. The company plans to sell its equipment as fast as possible, to take advantage of currently favorable market conditions. Selling While They Can BlockFi lawyer Francis Petrie told US Bankruptcy Judge Michael Kaplan on Monday that the company...Read More
The total bitcoin mining revenue (block rewards plus transaction fees) per day soared by almost 50% since the beginning of the month, tapping almost $24 million. Despite the significant rise, the figure stands far from the all-time high of over $80 million registered in April 2021. Bitcoin’s rally during the first month of the year...Read More
Argo Blockchain has been accused of federal securities law violation during the initial public offering (IPO) of its American depositary shares (ADS) in 2021, according to a filing in the United States District Court for the Eastern District of New York. The latest development is yet another blow to Argo, which was struggling to stay...Read More
Residents of Murphy, North Carolina, complained that a cryptocurrency miner located in the area causes “insane” noise and negatively impacts the electric grid. As such, some people have decided to leave the town and settle in another place. ‘It Sounds Like You Are Behind a Jet’ The crypto miner installed by the San Francisco-based company...Read More
US Bitcoin Corp – a North American Bitcoin mining firm – has been ordered to cease operations by a State Supreme Court Justice, or face penalties of $10,000 per day. If the miner continues to operate through the end of January, the fine will increase to $25,000 per day. US Bitcoin Under Fire As reported...Read More
The US-based bitcoin miner – Core Scientific – reportedly secured a $500 million fundraiser led by leading finance players, such as BlackRock, Apollo Capital, Kensico Capital, Ibex Investors, and others. The company filed for bankruptcy protection at the end of last year but continued mining BTC to repay debtholders. Traditional Finance Firms Flocking to Help...Read More
Blockstream, a leading bitcoin infrastructure provider, announced on January 24 that it had raised $125 million in funding to expand its institutional bitcoin mining services. This fundraising round was led by Kingsway Capital, a UK-based private equity fund, and included participation from other investors such as Fulgur Ventures and Cohen & Company Capital Markets. This...Read More
The embattled crypto company has around $160 million in loans backed by 68,000 Bitcoin mining rigs which it needs to sell. The New Jersey-based firm started the bidding process for the loans last year, according to a Jan. 24 Bloomberg report citing ‘people familiar with the matter.’ They added that some of these loans have...Read More
Despite much turmoil in 2022, the Bitcoin mining industry’s hashing technology only continued to grow more efficient throughout the year, according to a new survey from the Bitcoin Mining Council (BMC). The industry also grew marginally greener, retaining a sustainable energy mix of over 58%. Bitcoin is Green, Says BMC In a press release on...Read More
Bitcoin mining company – CleanSpark – has started the construction of the second phase on a site in Washington, Georgia, that is set to accommodate 16,000 miners. This move is expected to increase its hash rate total to as high as 8.7 EH/s, thereby contributing an additional 2.2 EH/s. In the new phase, the mining...Read More
Stocks and bonds got a nice lift in January out of fizzling inflation, strong consumer and job confidence, and hopes of lower interest rates. But the cryptocurrency spot exchange market absolutely surged on a Bitcoin price rally at the same time. The BTC price has recovered so dramatically since the start of the year that...Read More
Bitcoin miners got crushed in 2022. What seemed like a year of sufficient capital for expansion, high energy prices, increasing competition, and a bear market knocked several mining giants off. After the winter slumber, Bitcoin miners are back again as mining difficulty noted over a 10% surge from 34.09 trillion to 37.59 trillion, according to...Read More
The bitcoin mining giant – Argo Blockchain – mined 147 BTC in December, roughly 25% less than the production levels registered in November. The main reason for the decrease was a massive winter storm that hit the US last month and negatively affected the company’s Helios facility in Dickens County, Texas. The Cyclone’s Effect The...Read More
The mining data site Hashrate Index has released a report reflecting on the state of the Bitcoin mining industry throughout 2022. The analysis examines the steep decline in mining profitability in 2022 compared to 2021 amid plummeting Bitcoin prices and a rising hash rate. The Hardest Hitting Bear Market Per the report published on Wednesday,...Read More
