Tag Archives: Bitcoin Mining

Marathon Digital (MARA) saw its shares drop over 8% in after-hours trading on Thursday following a second-quarter revenue report that fell short of Wall Street’s forecasts. However, the stock has since recovered some of these losses. Marathon Digital Sees a Revenue Miss Marathon Digital reported second-quarter revenue of $145.1 million, falling short of Wall Street’s forecast of $157.9 million, approximately 9% lower. The company attributed the revenue miss to operational...

Marathon Digital (MARA) observed declining stock price as it did not meet Wall Street’s profit expectations. The price fell as much as 8% on Thursday with the announcement of its second-quarter revenues. It reported $145.1 million, falling short of the $157.9 million estimate. Marathon faced numerous obstacles, including operational ones that hampered its ability to mine at its usual capacity and the reduced mining rewards caused by April’s halving event. In a statement, Marathon CEO Fred...

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The leading American Bitcoin mining company – Riot Platforms – has acquired the Kentucky-based firm Block Mining in a transaction valued at $92.5 million. The deal, announced on July 24, includes $18.5 million in cash from Riot’s reserves and $74 million in Riot common stock. Additionally, Block Mining could receive up to $32.5 million more, based on performance metrics through 2025. Riot Platforms Drops $92.5M on Block Mining In its official press release, Riot said that it...

Well-known cryptocurrency critic and United States Senator Elizabeth Warren is waging war on digital asset miners, especially foreign-owned facilities, for their supposed risks to environmental and national security. During a recent Senate Committee on Banking, Housing, and Urban Affairs hearing, Warren questioned the Treasury Department’s assistant secretary for investment security, the Honorable Paul Rosen, about the threat such entities pose on U.S. soil. A Threat on U.S....

Marathon Digital, the world’s largest Bitcoin mining company, has announced its latest purchase of $100 million worth of BTC, increasing its stash to more than 20,000 BTC. According to a press release, Marathon is changing its approach to its Bitcoin treasury policy and adopting a full HDOL strategy. This means that the miner will hold all BTC produced during its operations and will periodically make more open-market purchases going forward. Marathon Adopts BTC HODL Strategy...

On July 23, Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners. Lummis argues that this tax could severely impact the growing Bitcoin mining industry in the U.S., based on what she describes as “unfounded concerns” about environmental pollution and risks to the energy grid. Lummis’ Critique “Even if we assume the administration’s goals are genuine, this tax should still be rejected,”...

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...