bitcoin mining

Core Scientific Mined Over 1,400 BTC in December Despite Bankruptcy Filing

One of the leading bitcoin mining companies – Core Scientific – mined 1,356 BTC in November and 1,435 BTC in December. It also boosted its self-mining hashrate from 15.4 EH/s to 15.7 EH/s. The positive performance comes even though the company filed for Chapter 11 bankruptcy protection at the end of December last year. Over...
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BTC.com’s Stolen Funds Funneled Through Tornado Cash and CEXs: Report

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...
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Bitfarms CEO Emiliano Grodzki Resigns Amid Industry Struggles

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...
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Helios is a ‘Transformative Acquisition’ for Galaxy Digital, Says Novogratz

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...
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Argo Blockchain Requests Temporary Suspension of Trading on NASDAQ

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...
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Bitcoin Mining Pool BTC.com Suffers Cyber Attack, $700K Stolen

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...
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Core Scientific Noteholders Seek 97% Company Acquisition in Bankruptcy Restructuring

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...
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Bitcoin Miner Core Scientific Files for Bankruptcy: Report

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...
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Bitcoin Miner Core Scientific Receives $72M Offer From Creditor to Avoid Bankruptcy

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...
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Microsoft Quietly Bans Crypto Mining From Cloud Services

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...
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Kazakhstan Lawmakers Pass New Bitcoin Mining Bills

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...
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Marathon Digital Considers Acquiring Compute North (Report)

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...
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Jack Dorsey’s Block Co-Leads in $2M Seed Round in East African Bitcoin Miner

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...
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Sales of Bitcoin Mining Rigs in Russia Surge in Q4: Report

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...
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Hash Ribbon Reversal Confirms Bitcoin Miner Capitulation Phase

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...
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DCG Subsidiary to Acquire Bitcoin Mining Facilities and Other Assets From Compute North

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...
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Bitcoin Mining Firm Core Scientific Lost $1.7 Billion in 2022

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...
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New York Becomes First US State to Restrict Bitcoin Mining

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...
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Bitcoin Miner Sell Pressure Reaches Six Year High

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...
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BTC Miner Arkon Energy Secures a $28 Million Fundraiser to Boost Mining Capacity

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...
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Despite Disappointing Q3 Results, Marathon Is Now the Second-Largest BTC Holder

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...
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Bitcoin Miner Riot Blockchain Posts Disappointing Quarterly Revenue

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...
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Hive Blockchain Reveals No Debt Costs as it Holds 3,311 Bitcoin

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...
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Bitcoin Miner Iris Energy On Verge of $103 Million Loan Default

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...
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Argo Blockchain Facing Negative Cash Flow, Stocks Plummet 50%

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...
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Large Bitcoin Miner Core Scientific Could File for Bankruptcy

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....
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Bitcoin Hash Price at All-Time Lows Amidst Dismal Miner Profitability

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,...
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Bitcoin Mining Might Shut Down Globally If Bitcoin Price Drops Below This Level – Says F. Holmes, CEO at Global Investors

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...
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Binance Pool Unveils $500M Lending Project to Support Bitcoin Mining Industry

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,...
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Kazakhstan Wants More Regulations for Crypto Miners With New Bill (Report)

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...
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