Tag Archives: Bitcoin Mining

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 filing with the bankruptcy court for the southern district of Texas, Core Scientific agreed to transfer over 27,000 of its mining rigs (around 18%...

A resident of Middlesex County in the United Kingdom has fallen victim to crypto fraud and lost more than $100K at the time of writing. Fraud Continues to Be a Big Problem Police authorities suggest the fraud occurred after the victim formed a relationship with an unknown person online. While this wasn’t necessarily a romance scam, it very much operated in the same manner. The defrauded person began engaging in regular conversations with the other party and at first,...

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 Saylor of MicroStrategy, and many others. The Latest on the List Alex Appleton, who spent two and a half years at Argo...

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 has already received bids for many of its assets, and expects more to come, according to BNN Bloomberg. This comes a week...

Core Scientific – one of the world’s biggest crypto mining enterprises – has filed bankruptcy in recent weeks but is still expected to continue its mining operations in the region of Grand Forks, Texas. Core Scientific Can Continue to Operate as Normal The company first began pursuing chapter 11 bankruptcy protections in the final weeks of December. Core Scientific has experienced a net loss of nearly half a billion dollars at the time of writing stemming back from...

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 afloat amidst a brutal crypto winter. The complaint alleged that the company negligently prepared its IPO documents which hid crucial details...

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 PrimeBlock seems to be a huge problem for some of the 1,600 inhabitants of Murphy, North Carolina. In a recent interview, resident Mike...

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 by Lockport Journal on Thursday, the order from Justice Edward Pace is a follow-up to Supreme Court Justice Frank Sedita III’s temporary restraining order issued against the...

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 According to a court filing seen by Bloomberg, BlackRock and several other high-profile investors lent approximately...

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 is the first fundraising for Blockstream since its 2021 Series B round, where the company raised $210...