Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021. Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods “should not be relied upon.” The issues highlighted by the SEC were Marathon’s method for calculating impairment on digital assets, as well as Marathon’s …

Bitcoin (BTC) miners consume massive amounts of energy to secure the network and process transactions. While the network offers many benefits, like banking the unbanked, Bitcoin’s energy consumption is a controversial topic for critics. However, new solutions are emerging to reduce the environmental impact of Bitcoin mining. The Cambridge Center for Alternative Finance estimates that the Bitcoin network currently consumes about 109.34 terawatt-hours (TWh) per year. Bitcoin miners use this energy to generate hash keys. When they guess the correct key, they receive BTC as a reward for their contribution to securing the network. Cambridge Center for Alternative Finance The …

Bitcoin (BTC) keeps pushing for a bullish end to February as the monthly close starts another week’s price action. The largest cryptocurrency looks set to preserve its gains as it closes the second month of 2023 — and is keeping bulls’ hopes alive in the process. Can the good times continue? The coming week could mean decision time for a key area of BTC price action around $25,000. Analysts are eyeing a breakout toward $30,000 if support can become more permanent, while concerns nonetheless remain that a trip back towards resistance reclaimed in January is still on the cards. Amid …

A former facilities worker who allegedly set up a secret cryptocurrency mining operation inside a Massachusetts school’s crawl space is due for arrest after missing a scheduled court hearing to answer to charges. Nadeam Nahas was scheduled to be arraigned on Feb. 23 facing charges of vandalizing a school and fraudulent use of electricity, according to media reports. JUST IN: an ex-town employee is accused of running a "Cryptocurrency mining operation" out of Cohasset High School. pic.twitter.com/cdBlMIxnnH — whalechart (@WhaleChart) February 24, 2023 A default warrant is a type if warrant issued by courts when a person fails to appear …

A cryptocurrency mining rights bill with laws that would prohibit the discrimination of crypto miners is one step closer to fruition after passing the Montana Senate. The proposed laws would enshrine a “right to mine digital assets” and would prohibit “discriminatory” electricity rates being charged to crypto miners, protect mining that occurs “at home” and strip local governments of the power to use zoning laws to stop crypto mining operations. It also prohibits additional taxes on the use of crypto as a payment method and would consider “digital assets,” inclusive of cryptocurrencies and nonfungible tokens (NFTs), as “personal property” alongside …

The launch of Bitcoin Ordinals back in January created a stir within the crypto community on their place within the Bitcoin (BTC) ecosystem. Users are debating whether they offer new use cases for Bitcoin or if it takes away from the initial peer-to-peer cash system vision of BTC. No matter the community sentiment on the Bitcoin NFT issue, this did not stop Bitcoin mining firm Luxor Mining from acquiring OrdinalHub, the primary platform for Bitcoin NFTs. The announcement came on Feb. 20, saying already 150,000 inscriptions have been made, a 15000% increase from the beginning of the month. Luxor highlighted …

In January 2023, during the World Economic Forum’s (WEF) annual conference in Davos, Switzerland, Jaime Leverton, CEO of Hut 8, a crypto mining entity that trades as a public company, sat down with me for a fireside chat at the Crypto Summit on the Promenade. Leverton outlined some of her views on the recent shakeout in the cryptocurrency market and reflected on how Bitcoin (BTC) mining fares during the current turbulent period for the industry. Throughout 2021 and 2022, the crypto industry experienced significant growth, followed by bear market struggles, bankruptcies and job cuts. Leverton took on the position of …

As artificial intelligence (AI) rapidly works its complex magic on one sector of the economy after another, there is an increasingly pressing need for compute resources to power all this machine intelligence. Training a model like ChatGPT costs more than $5 million, and running the early ChatGPT demo, even before usage increased to its current level, costs OpenAI around $100,000 per day. And AI is more than just text generation; applying AI to practical problems across multiple industries requires similar large neural models trained on a diversity of data types — medical, financial, customer information, geospatial and so forth. Moving …

Bitcoin (BTC) starts the last week of February in a volatile mood as a crucial area of resistance fails to break. After a classic “fakeout” during low-volume weekend trading, BTC/USD is back below $25,000 with bulls still lacking momentum. The largest cryptocurrency saw what looked like the next stage of its 2023 recovery last week, making swift gains and even tapping new six-month highs. The good times were not to continue, however, and February’s progress has been much slower and hard won than January’s 40% gains. How will the rest of the month pan out? A critical monthly close is …

Bitcoin (BTC) NFTs will have a positive impact on Bitcoin ecosystem by improving its security and incentivizing developers to build on the network, according to independent developer Udi Wertheimer. The number of newly created Ordinals, also referred to as "inscriptions", have been spiking in recent weeks, causing a surge in transaction fees and average block size on the Bitcoin blockchain. According to Wertheimer, Bitcoin NFTs are going to be beneficial for Bitcoin's security budget: by driving up transaction fees, the creation of Ordinals will incentivize miners to secure the network while the revenue from mining reward will be decreasing with …

Mining refers to the process of verifying and adding new transactions to a blockchain network, such as in the case of Bitcoin (BTC) or other cryptocurrencies. The economics of mining refers to the economic incentives and costs associated with the mining process, as well as its impact on the broader economy. The economics of crypto mining are driven by a variety of factors, including cryptocurrency prices, mining difficulty, hardware costs, energy expenses, block rewards and transaction fees. This article will explain economics of mining, including costs, revenues and market trends. Cryptocurrency mining costs The costs associated with cryptocurrency mining can …

Bitcoin miner CleanSpark is growing its mining capacity in the United States, with the purchase of 20,000 new Antminer S19j Pro+ units for $43.6 million. The acquisition is expected to boost the company's computing power by 37%, and brings the total number of miners purchased during the bear market to 46,500 units. According to a statement on Feb. 16, CleanSpark will pay $32.3 million for the machines after applying coupons, at a 25% discount or a total price per terrahash of approximately $13.25. The Pro+ rigs are 22% more productive than its previous models and are planned to be delivered …