Tag Archives: Bitcoin Mining

Bitcoin miners are in the green again following BTC’s massive recovery over the past week. On-chain data suggests miners’ BTC sales to upgrade machinery and sustain operations are ending. The Miner Sustainability metric, an indicator that evaluates the profitability of mining activities after accounting for the cost of hardware and operations, shows that this cohort of market participants is now fairly paid. This marks miners’ return to profitability for the first time in a...

According to a report by a Malaysian news outlet, MalayMail, Bitcoin and crypto mining operations were mostly responsible for the massive electricity theft in the country between 2018 and 2023. Despite the crackdown, crypto mining and general services are not illegal in the Asian country. Bitcoin Mining Using Stolen Energy Akmal Nasrullah Mohd Nasir, the Deputy Minister for the Energy Transition and Water Transformation docket in Malaysia, noted that between 2018 and 2023,...

Shares of Bitcoin mining company IREN, formerly known as Iris Energy, tumbled by 24% on the Nasdaq following a report from short-seller firm Culper Research. The paper, released on July 11, labeled the company as “wildly overvalued” and suggested its stock should be valued 52-79% lower than its current market price. HPC Plans and Underinvesting Following the report, according to Google Finance data, IREN’s shares fell 24.5% to $10.36 before partially recovering to $11.20 by...

Hut 8, a well-known Bitcoin mining firm, has secured a deal to acquire 205 megawatts of power in West Texas, as well as the land needed to set up its data center. This move takes the miner’s energy capacity up to 1,300 megawatts. Hut 8’s power purchase agreement (PPA) with Texas will place it next to a wind farm. This deal will also have Hut 8 channel into a reliable power source, as the location is connected to the Electric Reliability Council of Texas (ERCOT), supplying 90% of Texas’ power...

Only five miners remain profitable after bitcoin dropped to prices below $54,000, said f2pool, a crypto mining firm.  “With #Bitcoin trading below $58k, what is the current profitability for mining? At a rate of $0.08/kWh, ASICs less efficient than 23 W/T operate at a loss,” the miner said in an X post. The same post displayed a graph showing profitable miners at this price range. Source: f2pool on X At asset prices below $54,000, only four of Antminer’s rigs and one of Avalon’s remain...

On July 5th, Bitcoin fell below $54,000, experiencing a decline of over 6% in the past 24 hours due to increasing bearish pressure. The market downturn intensified after Mt. Gox, an early cryptocurrency exchange that went bankrupt over a decade ago, started to repay its customers following a lengthy bankruptcy process. The latest downturn has rendered several Bitcoin mining machines unprofitable. According to the latest data from f2pool, only six mining machines remain...

Crypto mining firm Genesis Digital Assets – backed by Sam Bankman-Fried’s fallen hedge fund, is reportedly mulling over an initial public offering (IPO) in the US as the crypto sector gains steam. According to Bloomberg sources, Genesis Digital Assets is currently consulting advisers on a possible listing. The mining company intends to initiate a pre-IPO funding round, which is expected to begin in the coming weeks, as per an anonymous source. Genesis Digital Assets Considers...

CleanSpark, one of the biggest Bitcoin miners in the US, has acquired GRIID Infrastructure, another Bitcoin miner, through a $155 million transaction. The merger comes as CleanSpark expands its foothold over the Bitcoin mining space by acquiring data centers and other miners. This way, the firm gets to channel more power to increase the number of bitcoins it mines and drive up profits by providing processing power to meet the computational requirements of AI companies. It recently acquired...

Bitcoin miners have been one of the key players causing market declines as they engaged in intense selling after the latest halving event which slashed the mining rewards from 6.25 to 3.125 BTC earlier this year. However, the latest data suggest that the selling pressure from these entities has significantly decreased. Such a trend could potentially bolster the asset’s price and trigger a market-wide surge. Weakening Miner Sell Pressure The recent bearish market conditions...

CleanSpark (CLSK) – one of the largest publicly traded Bitcoin mining firms – announced on Thursday that it had acquired one of its smaller competitors, GRIID Infrastructure, in an all-stock deal. The $155 million deal immediately brings 20 megawatts (MW) of additional power to CleanSpark to bolster its mining operations. Another 400 MW of power is expected to be added in Tennessee over the next two years. CleanSpark Acquired GRIID For $155 Million The merger agreement...