Tag Archives: Bitcoin 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...

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...

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....

It’s happened again, folks. In the age of crypto bankruptcy and companies falling apart amidst the growing bear market, another digital currency firm has entered legal bankruptcy protections as a means of getting creditors and angry customers off its back. This time, the enterprise in question is Compute North, a digital currency mining firm. Compute North Is Having a Hard Time This is the first time that a crypto mining company has entered bankruptcy proceedings, which...

There’s some good news about bitcoin mining in the sense that recent reports suggest the process is utilizing far less energy than it has in the past. However, it appears the numbers have only gone down somewhat, and the world of crypto mining is still wreaking havoc on energy supplies everywhere. Mining Is Coming to a Standstill It has widely been reported that bitcoin and crypto mining uses more energy than some developing nations, and the incoming reports still...

A billion-dollar crypto money laundering case in China has come to an end. Authorities say they busted an illicit group of money launderers who used a total of 40 billion yuan (roughly $5.6 billion in USD) to purchase digital currency funds. China Is the Center of a Major Crypto Money Laundering Case Arrests of over 90 individuals alleged to have been involved in the case recently occurred in the county of Hengyang, which is centered in China’s southern province of Huna....

SAI.TECH – a digital currency and bitcoin mining operator that runs on clean energy – has announced it will be sponsoring and presenting the 2022 Cryptocurrency Research Conference (CRC), which will be held in Durham in the United Kingdom. The CRC Is Underway The CRC offers digital currency mining firms the opportunity to both present and hear new ideas regarding the development of digital currency trends. SAI.TECH has been sponsoring the event since 2021. Arthur Lee –...