Mining

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 power contract to generate significant power credits and reduce its operating costs. Revenue Misses Average Estimates The...

The hyperinflation, the collapse of the local banking system, and the significant depreciation of the currency prompted numerous Lebanese residents to embrace cryptocurrencies, including stablecoins. Some locals have also focused on bitcoin mining since they can use cheap hydropower from rivers and generate “fresh dollars.” What Triggered the Collapse? Lebanon, considered one of the most developed countries in the Middle East before the 1970s, currently struggles with...

Software utilized in bitcoin mining projects is about to get its first major upgrade in roughly ten years, and financial companies – including Block (formerly known as Square) are looking to take advantage. Bitcoin Mining Needs to Undergo Some Changes One of the big issues surrounding bitcoin mining is that it operates on a proof of work (PoW) protocol, which many environmentalists think could lead the planet into a dark corner. Proof of work allegedly requires 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 on Tuesday concerning its financing arrangements with NYDIG, an institutional Bitcoin broker that provided Iris with...

Argo Blockchain – a top crypto mining firm in London – has raised more than $27 million. The company garnered the funds after agreeing to sell about 87 million stock shares to a single investor. Argo Blockchain Makes a Lot of Cash The move is interesting, to say the least. During a time when most crypto mining companies aren’t doing so well – with the price of bitcoin falling so drastically, for example, it’s been said that the costs of mining crypto outdo the rewards...

Over the past year or so, the state of Texas has become one of the go-to regions for people looking to either establish new crypto mining projects or continue what they’ve already started. Several months later, it doesn’t look like that trend is ending anytime soon. Texas Is Still a Mining Powerhouse Things began in the summer of 2021 after China announced it was going to end all crypto mining projects and dub them illegal. The news was shocking given the country hosted...

The United Kingdom High Court shut down the cryptocurrency firm PGI Global for allegedly running a fraudulent scheme. The company promised investors returns of up to 200% if they purchased digital assets through its platform, but consumers never received such profits. The Latest Crypto Scam in the UK? According to an official press release, the British authorities detected PGI Global’s suspicious activities last month and closed it after determining that the firm stole 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. The market decline, the rise in energy costs, and increased competition are the main factors that have negatively impacted the entity’s performance and liquidity....

China was emerging as the epicenter of the crypto industry. Within a decade, the country witnessed the spawning of giant exchanges like Binance Holdings Ltd. as well as the biggest Bitcoin mining firms. However, Beijing’s move to ban crypto trading and mining last year seemed poised to douse the entire domestic industry. Hong Kong, on the other hand, has always been China’s window to the world. According to Arthur Hayes, BitMEX co-founder, it is this deepwater port at the...

1.) A stablecoin’s rise in market share has ignited the ‘Second Great Stablecoin War’Since Binance announced it would auto-convert USDC, USDP and TUSD into BUSD on Sept. 6, BUSD’s share of the total stablecoin market has risen from 10.01% to 15.48%.https://cointelegraph.com/news/a-stablecoin-s-rise-in-market-share-has-ignited-the-second-great-stablecoin-war 2.) Change of Heart: Kraken Closes Accounts for all Russian UsersFollowing the latest package of sanctions that the...