Marathon Digital reported a record performance in its Bitcoin mining operations for November amid its ongoing commitment to acquiring the top crypto asset for its reserves. In a Dec. 2 statement, the company revealed that its BTC production rose by 26% month-over-month to 907 BTC. Additionally, its energized hash rate surged 15% to reach 46.1…
Switzerland’s Bern canton parliament just gave the green light to a Bitcoin mining report, but not without stirring up some drama. The motion passed with 85 votes in favor and 46 against, despite opposition from the Government Council. So, why the fuss over this report, and what could it mean for Bitcoin’s future in the…
Bhutan’s Bitcoin reserve is valued at $1.1 billion, 34% of its GDP. Bitcoin’s price surge to $93,683.19 significantly boosted Bhutan’s holdings. The Royal Government of Bhutan has strategically accumulated Bitcoin worth over $1.1 billion, representing 34% of the nation’s GDP. This significant holding stems from Bhutan’s innovative use of its vast hydropower resources to mine….
Russia has approved an amendment to a draft bill introducing taxes on crypto transactions and mining activities, Interfax reported on Nov. 19. The legislation will classify cryptocurrencies as property for tax purposes. As a result, income generated from Bitcoin mining and trading will be subject to taxation. However, crypto transactions will be exempt from value-added…
BIT Mining, formerly 500.com, admitted to bribery between 2017 and 2019. The SEC imposed a $4 million civil penalty, credited against a $10 million DOJ fine. BIT Mining Ltd., formerly known as 500.com, has agreed to pay a $10 million penalty to resolve allegations of violating the Foreign Corrupt Practices Act (FCPA). The charges stem…
Binance Pool introduces mining services for Fractal Bitcoin FB coin surged by over 51% in 24 hours. Binance has initiated a new function on its Binance Pool, which allows users to mine Fractal Bitcoin (FB) alongside Bitcoin (BTC) through merged mining. This feature came into effect on November 18, offering additional revenue for users mining…
Jack Dorsey’s company, Block (formerly Square), is increasing its focus on Bitcoin after Trump’s election victory. In a recent report, Block shared plans to double its Bitcoin mining and its self-custody wallet, Bitkey. This move matches Trump’s push to make the U.S. a leader in Bitcoin mining. However, Block recently completed an advanced Bitcoin mining…
A Minnesota man, Joshua Paul Armbrust, 44, has been indicted for a “cryptojacking” scheme that exploited his former employer’s computing resources to mine ether (ETH), causing over $45,000 in damages, according to the U.S. Attorney’s Office for the District of Minnesota. Armbrust, who resigned from his job at Digital River, allegedly accessed the company’s Amazon…
Hut 8 Corp., a North American bitcoin miner, has unveiled plans to enhance its application-specific integrated circuit (ASIC) fleet, aiming for a boost in self-mining efficiency and expanded hashrate capacity by early 2025. Hut 8 Moves to Boost Mining Efficiency With ASIC Fleet Upgrade As part of this effort, Hut 8 (Nasdaq: HUT) is acquiring…
ION mining, a leading decentralized governance infrastructure, announced the completion of another round of $200 million in strategic financing. This financing will accelerate the adoption and strategic expansion of ION mining‘s decentralized governance and public product financing technology stack ION cloud mining operation process Step 1. Register an account ION mining registration process: You only…
The Bitcoin mining difficulty has jumped to an all time high. It has peaked at 101.65 trillion and it is putting bitcoin miners in a very tight spot. Especially the private miners are feeling intense pressure. They have to battle against the soaring costs and stiff competition. Let’s explore the facts behind this rise in…
Two of the largest public Bitcoin miners — Marathon Digital and Riot Platforms — recorded their highest monthly Bitcoin production since the April halving event, despite the industry’s ongoing challenges with rising mining difficulty. On Nov. 4, Marathon Digital announced that it boosted its Bitcoin production by 2% to 717 BTC in October, marking its strongest…
In this comprehensive guide, we delve into the world of digital asset mining, exploring the roles, differences, and key considerations of Graphics Processing Units (GPUs) and Application-Specific Integrated Circuits (ASICs). But before a deep dive into technical terms, let’s understand GPUs and ASICs in simple terms. It is widely said that the introduction of modern…
Bitfarms has partnered with Stronghold Digital Mining Hosting to deploy 10,000 miners at its Pennsylvania site, aiming to improve efficiency and expand its U.S. operations. Improved Efficiency Canada-based bitcoin miner Bitfarms has entered into a second miner hosting agreement with Stronghold Digital Mining Hosting. Bitfarms will deploy 10,000 miners at Stronghold’s Scrubgrass site. The miners,…
Researchers from the non-profit organization Exponential Science and University College London have pointed out that Bitcoin mining bans might have unintended environmental consequences that could increase carbon emissions by up to 2.5 million tonnes annually. In the paper titled “The Unintended Carbon Consequences of Bitcoin Mining Bans: A Paradox in Environmental Policy,” the researchers examined…
Bitmain denies involvement in a supply chain investigation, focusing solely on cryptocurrency mining hardware development. The Antminer S21+ Hydro delivers enhanced performance with a hashrate of 319 TH/s and advanced cooling for high temperatures. Bitmain, a key manufacturer of crypto mining hardware, recently addressed viral reports linking it to a supply chain inquiry. Bitmain reaffirmed…
Russia’s new crypto law amplifies state control, enabling regional restrictions, tighter infrastructure regulations, and enhanced transaction monitoring. State Authority Over Digital Currency Grows as Russia Publishes New Law The Russian government released a document on Friday detailing a law signed by President Vladimir Putin that broadens the scope of digital currency regulations. This new law…
Falconx, a digital assets prime brokerage firm, has launched a platform that automates the conversion of cryptocurrency to USD for miners. This platform aims to streamline the liquidation process, reducing delays and improving efficiency for miners. Enhanced Liquidity for Miners Falconx, the digital assets prime brokerage firm, announced on Oct. 15 the launch of a…
Former Bitmex CEO Arthur Hayes sees a bitcoin bull market on the horizon, driven by soaring energy prices and rampant inflation as Middle East tensions escalate. He argues that rising costs will send BTC’s value surging in fiat terms, with newly printed dollars flooding the market. But while bitcoin’s future looks bright, Hayes warns investors…
Italy plans to raise its capital gains tax on bitcoin to 42%, up from 26%, as part of efforts to fund election promises and curb the fiscal deficit. The government cites growing bitcoin adoption as a key factor. This comes as the European Union prepares to implement its Markets in Crypto-Assets Regulation (MiCA), aiming to…
The following guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Sept. 11, 2024, it was penned by Bitcoinminingstock.io author Cindy Feng. In the editorial, readers discover how MARA Holdings, the largest Bitcoin mining company by market cap, strategically accumulates BTC, outperforming…
Bitcoin mining may seem like a fast track to profit, but for one miner, it’s been a road full of unexpected twists. In this gripping account, the author shares a 33-month journey that began with high hopes, significant investments, and countless lessons learned. From $100,000 to $1,000,000: A Miner’s Journey Starting with an initial investment…
Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from last week. In this edition, we examine the possibility of Venezuela growing to become the top cryptocurrency market in Latam and the key elements that are holding it back from realizing its potential. Latam Insights Encore: Venezuela…
According to the latest network data, bitcoin’s computational power hit an all-time peak today on Oct. 10, 2024, reaching 698 exahash per second (EH/s). This new record surpasses the previous high of 693 EH/s, set on Sept. 8. Bitcoin’s Hashrate Skyrockets to 698 EH/s as Miners Surge Ahead of Difficulty Adjustment Following a decline in…
Mayor Ward Roddam of Rockdale, Texas, sees bitcoin mining as the key to his town’s resurgence after the devastating closure of its largest employer, Alcoa. Comparing it to Texas’ oil boom, Roddam highlights how this modern technology is creating jobs, boosting revenue, and funding essential services. With over $1 billion in investments, bitcoin mining could…
The silver market is facing a multi-year deficit product of the extraction dynamics and the increase in the metal’s demand. Even with today’s high prices, silver production is unlikely to increase in the short or medium term given the high extraction costs and the time needed for developing new mines. Upcoming Silver Supply Crunch Might…
David Carmona, founder of the Icomtech cryptocurrency Ponzi scheme, has been sentenced to over 10 years in prison for defrauding investors with false promises of profits. His scheme targeted working-class people with the lure of financial freedom through cryptocurrency trading and mining, none of which actually took place. Lavish expos were held to entice more…
Dagestan, a republic in Russia, is stepping up efforts to tackle illegal cryptocurrency mining due to its impact on the power grid and public safety. Underground mining operations have caused recent infrastructure damage, including a substation fire. Officials call for stricter measures to address these issues as miners bypass regulations. Dagestan Cracks Down on Illegal…
According to metrics shared by Ki Young Ju, the founder and CEO of cryptoquant.com, mining pools in China currently dominate 55% of Bitcoin’s network hashrate, while U.S.-based mining pools control about 40%. Chinese Pools Still Control Majority of Bitcoin Hashrate On Monday, Cryptoquant’s founder Ki Young Ju took to X (formerly known as Twitter) to…
Green United’s motion to dismiss the SEC’s $18M fraud case was denied. The SEC alleges Green United sold fake mining equipment and misled investors. U.S. federal judge Allen has denied Green United’s motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC), accusing the Utah-based company of running an $18 million crypto…
The government of Bhutan is currently holding over $828 million in bitcoin, according to onchain data by Arkham Intelligence. “Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from bitcoin mining operations, which have ramped up dramatically since early 2023,” the crypto intelligence firm explained. Bhutan Revealed as a Major…
Metrics reveal that although BTC prices climbed 6.97% in September, Bitcoin’s hashprice—the anticipated daily revenue from 1 petahash per second (PH/s)—remains ultra-low. This suggests that miners are still dealing with extremely thin profits. With just nine days left in the month, miners have already earned a hair over 62% of what they brought in during…
Recent metrics reveal that after Bitcoin’s network hashrate reached an all-time high of 693 exahash per second (EH/s) and saw a 3.58% difficulty increase, its computational power decreased this week. In the nine days since this peak, the hashrate has fallen by 9.95%. Bitcoin Miners Confront Economic Hurdles as Bitcoin Hashrate Dips Bitcoin miners are…
September 13, 2024 at 05:28 PM GST updated: September 13, 2024 at 03:06 PM 2 mins read News Ionic Digital’s 1,962 BTC wallet, worth $114M, boosts Celsius’s recovery efforts amid bankruptcy restructuring. Ionic Digital partners with Foundry USA to strengthen Bitcoin mining operations, targeting Texas expansion to 240 MW. Shareholders raise concerns over Ionic Digital’s…
The Washington State financial regulator has issued a warning about potential cryptocurrency fraud involving a mining platform and wallet. A Washington investor was scammed out of over $750,000 after investing. Despite the investment supposedly growing to $1.4 million, the investor faced continuous demands for taxes and fees. Washington Investor Scammed Over $750,000 in Crypto Mining…
The post Russia Eyes Increase in Crypto Mining Tax with New Legislation appeared first on Coinpedia Fintech News According to the local news report, at the Eastern Economic Forum (EEF-2024), Sergey Bezdelov, Director of the Industrial Mining Association, announced that Russia mined 54,000 bitcoins in 2023, generating 50 billion rubles in taxes. Bezdelov noted that…
As bitcoin dipped below $55K this week, something quite interesting happened behind the scenes. On Sept. 7, 2024, the network’s computational power hit a new lifetime high. The seven-day simple moving average (SMA) for Bitcoin’s total hashrate climbed to 679 exahash per second (EH/s) on Saturday, a slight bump of 2 EH/s over the previous…
Russia will prioritize using its energy for social development instead of Bitcoin mining, according to the Ministry of Energy. Energy Minister Sergei Tsivilev stressed that if there is a surplus in certain areas, this power can be supplied to legal and registered energy miners operating outside the “gray” zone. Russia Will Not Prioritize Supplying Energy…
Russia has emerged as a major player in the Bitcoin mining arena and is said to have mined more than $3 billion in Bitcoin. Although the authorities have remained rather reserved about cryptocurrencies, the scale of mining has skyrocketed, thanks to the plenty of energy resources in the country. The availability of cheap electricity mostly…
Bitcoin mining firm Bitfarms has responded to Riot Platforms’ allegedly misleading statements about a special meeting and potential acquisition. Bitfarms claimed that Riot refused to engage constructively and is attempting to buy Bitfarms at a discount for its own shareholders’ benefit. The board will review Riot’s proposal but shareholders do not need to take any…
Sberbank, Russia’s largest financial institution, plans to join a cryptocurrency settlement pilot program this fall. The bank also aims to serve clients using digital rubles by 2025. Deputy Chairman Anatoly Popov supports regulatory efforts to legitimize cryptocurrencies for international payments and mining. He highlighted cryptocurrencies as effective payment methods, especially for small businesses, amid global…
A JP Morgan report recently stated that Bitcoin mining has never been less profitable than now. It observes a considerable reduction in miners’ income due to the difficulty of working on the Bitcoin network and the low price of Bitcoins. This has repercussions for the mining sector but is a concern even from a broader…
Bitcoin miners’ revenue fell in August 2024 compared to July 2024, according to data from Bitbo. The revenue for August 2024 was around 5% greater than the revenue for August 2023. Bitcoin mining hashrate continues growing, reaching 667,144,833.765 TH/s on July 27, 2024. Cryptocurrency mining was once termed one of the most profitable sub-categories of…
South Korean police arrested a man in his 40s for orchestrating a cryptocurrency scam that defrauded 158 investors of 16 billion won ($12 million). Operating from November 2021 to June 2022, he promised an 18% monthly return on investments in a fake cryptocurrency mining business. The scam resulted in individual losses ranging from 1.2 million…
A solo Bitcoin miner has independently solved a BTC block to earn a reward of 3.275 BTC, roughly equivalent to $200,000. On Aug. 29, Con Kolivas, a software engineer and administrator of the solo mining pool ckpool, announced on X that the miner had successfully solved the 291st solo block in Bitcoin’s history. He congratulated…
On August 29, 2024, a solo miner received a reward of 3.275 BTC for mining ‘858,978’ block over the Bitcoin blockchain. The validated block ‘858,978’ contained 2,391 transactions weighing 3.99 MWU. Crypto mining has evolved significantly in the past few years; the surge is fueled by the entry of publicly listed companies with massive…
A report presented to the Paraguayan Congress highlights the low level of employment associated with the country’s bitcoin mining activity. According to data from the Social Care Institute, the entire bitcoin mining industry is responsible for only 383 direct jobs, with over 40 companies not reporting any workers directly associated with their operations. Paraguayan Bitcoin…
Marathon Digital Holdings (MARA) stock lost 35.71% YTD amid bearish momentum and poor Q2 earnings. CleanSpark stock fell 15%, and RIOT dropped 55% amid crypto market volatility and price fluctuations. In the YTD time frame, Mara’s stock price lost 35.71% of its trading price, reaching $17.13. As per available data, the first block of Bitcoin…
Bitfarms Ltd., a bitcoin mining company, announced on Tuesday that it has taken control of its new data center in Sharon, Pennsylvania. “This site represents Bitfarms’ first mega-site in the U.S. with access to up to 120 MW,” the company said. Located in the Pennsylvania-New Jersey-Maryland (PJM) grid, the site offers low-cost, flexible power ideal…
Nine Bitcoin mining companies have suspended their operations after the power fee hikes affecting high-consumption customers in Paraguay. According to data provided by the National Power Administration of Paraguay (ANDE), these companies had their service terminated due to the interruption of their payments, or just because they did not want to continue operating. Power Fee…