Tag Archives: Bitcoin Mining

Canaan – a large manufacturer and distributor of bitcoin and crypto mining equipment – has seen its profits and revenue plunge over the course of the last several months. Thus far, net income for the company has dipped roughly 88 percent in 2022, and the company has only made a little more than $8.5 million for the year. Canaan Isn’t Doing So Hot The mining sector has been suffering heavily as of late, partly because prices are going down, but also because electricity...

Heat Bit – a company that recently launched a personal heater to be sold to customers – has announced that its product comes with a twist… It’s the first personal heater out there designed to mine bitcoin. Heat Bit Keeps You Warm… and Wealthy Heat Bit initially launched a Kickstarter campaign for the device last year. After getting all the proper safety licenses in place and making the money it needed, the product was unveiled last October and is now available for...

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 of runway for the firm to achieve profitability. Core Scientific already has an existing loan with B Riley totaling $42 million. Proposal...

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 December 1 to “clarify that mining cryptocurrency is prohibited without prior Microsoft approval.” Specifically, under the...

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 to cheap electricity. However, as crypto mining boomed, lawmakers have come up with hostile measures against the industry. Stringent Rules...

Ahmad Abu Daher is only 22 years old, yet he’s already making a handsome living as a bitcoin miner in his home country of Lebanon. Ahmad Abu Daher Is Doing Well as a Miner Daher runs a whole team and has been doing so ever since he graduated from university. He entered a world that was wrought with financial ruin, as Lebanon is currently dealing with the full collapse of its financial system and hyperinflation. He says he and his fellow miners work around the clock to constantly be adding...

It would appear several crypto mining companies out there continue to either purchase or inherit machines – even though profits in the industry seem to be dying either due to falling crypto prices or growing energy prices. Thus, while the industry is ailing at press time, it’s not giving up completely. Crypto Mining Isn’t Giving Up Not long ago, Clean Spark – a crypto mining firm that runs on renewable energy – bought as many as 3,843 crypto mining machines. The announcement was made on...

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 rural Kenya alongside an African hydroelectric company – HydroBox. Currently, three of these pilots are...

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 of the official distributors of crypto mining rigs in Russia, witnessed more sales during the first two months of Q4 compared to the...

Core Scientific – one of world’s biggest publicly traded crypto mining firms – has announced it is considering bankruptcy protection as its stock has fallen by over 90 percent since the beginning of the year. The company has also stated it’s not likely to make any upcoming debt payments. Core Scientific Says It’s Thinking About Bankruptcy Core Scientific has been in trouble for some time. Not long ago, the firm mentioned it was going to release more than ten percent of its staff as a means...