The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations. In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47 million in liquidity as of Aug. 12. After Stronghold returns 26,000 rigs, with a total hash rate of 2.5 EH/s, their operational fleet will be approximately 16,000 …

Not even 24 hours after revealing a three-month cash flow forecast that threatens total exhaustion of funds, a New York judge allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy. Since July 2022, Celsius Networks stands at the crosshair of United States officials after reports of bankruptcy surfaced, which risks losing the live savings of numerous crypto investors. Last week many got very upset with me as I said @CelsiusNetwork would run out of money & solutions needed to be acted upon faster. I was told I don’t understand Chapter 11. They have now confirmed …

According to a fresh prediction from crypto analysis firm Arcane Research, miners will continue to sell more BTC than they earn. Miners sold nearly 30% of record BTC stash since May The trip to $25,000 this month decreased pressure on a Bitcoin mining sector which has struggled throughout 2022. At one point, fears abounded that miners’ production cost was far higher than the Bitcoin spot price, and that heavy sales would result in order for miners to stay in business. Worse still, many may have to retire altogether due to their activities no longer being financially viable. Data from the …

The Bitcoin (BTC) mining industry endured immense financial stress throughout the year 2022 as a prolonged bear market directly impacted their earnings when translated to the U.S. dollar. However, miners resilient to the year’s lowest mining revenue day, June 13, witnessed a 68.63% increase in mining revenue within a month. Over the year, revenue from Bitcoin mining dropped due to a multitude of factors centered around investor sentiment — driven by tensions arising from market crashes, ecosystem collapses and loss-making investments. Cutting through the noise, the Bitcoin ecosystem recovered across numerous determinants, including miners’ revenue in dollars, network difficulty and …

You might not know it, but Canada is quietly becoming a major player in the blockchain and crypto scene: Ethereum has strong Canadian roots, Toronto-based 3iQ launched North America’s first physically-settled Bitcoin (BTC) exchange-traded fund (ETF) and the percentage of active crypto holders in the country has increased steadily over the past two years. Against this backdrop, I had the pleasure of attending this year’s Blockchain Futurist Conference in Toronto, where I got to moderate two panels on rebuilding the financial system through Web3 and onboarding the next wave of crypto users. The event served as another reminder that the …

Crypto mining companies have seen their stock prices increase as much as 120% over the last month, amid rebounding crypto asset prices, higher mining profitability, and sharp increases in BTC production. Crypto mining companies Marathon Digital Holdings (124.12%), Core Scientific (110.39%), Hut 8 (98.95%), and Riot Blockchain (96.69%) have seen their stock prices rocketing upwards over the last 30-days, according to data from Yahoo Finance — significantly outperforming Bitcoin (BTC) (18.0%) and Ether (ETH) (67.8%) asset prices. In a Q2 results filing on Aug. 11, Core Scientific reported a staggering 1601% increase in self-mined Bitcoin year-to-date, reaching 6,567 Bitcoin. Q2 …

Climate change has become an important issue over the years due to concerns over environmental changes caused by the emission of greenhouse gasses into the atmosphere. Conversations have even reached the crypto space, and blockchain technology is being considered a potential tool to reduce carbon emissions. Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) that use the proof-of-work (PoW) mining algorithm have come under scrutiny due to their alleged energy expenditure. To see where this scrutiny comes from, it first needs to be known how much energy is used when mining PoW cryptocurrencies. Unfortunately, estimating the amount of energy necessary to …

Australian Bitcoin miner Iris Energy said it had increased its hash rate to more than 2.3 exahashes per second following the completion of phase two of its operations in Mackenzie, Canada. In a Monday announcement, Iris Energy said it had brought 41 megawatts of operating capacity in the British Columbia municipality online roughly two months ahead of schedule, adding 1.5 EH/s to its existing hash rate. In addition, the Bitcoin (BTC) miner expects to bring another 50 MW online in Prince George by the end of the third quarter of 2022, increasing its operating capacity to 3.7 EH/s. Iris Energy …

Democratic legislators from both houses of the United States Congress have sent a letter to the Environmental Protection Agency (EPA) and Energy Department (DOE) to inform them of their findings on the energy consumption of cryptocurrency mining and asking the agencies to require mining to report their emissions and energy use. Meanwhile, the Paraguayan Senate, the upper house of that country’s legislature, has passed a comprehensive bill to regulate cryptocurrency and allow miners to use excess electricity generated in the country. The six U.S. lawmakers, led by crypto cynic Elizabeth Warren, noted in their July 15 letter that crypto mining …

Amid the soaring inflation, the European Central Bank (ECB) has found time to sum up its concerns about the “significant carbon footprint” of Bitcoin (BTC) and other cryptocurrencies, which require vast amounts of computational power. ECB published the report titled “Mining the environment — is climate risk priced into crypto-assets?” on July 12. In the report, the ECB research group reinforces the environmental narrative about the battle of protocols, where the proof-of-work (PoW) concept represents a threat to the planet. In contrast, the proof-of-stake (PoS) is the only sustainable crypto option, experts argue. The article compares the amount of consumed …

The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On Wednesday, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it has been since September 2021, according to the analysts citing a chart from Bitinfocharts, and comes as mining difficulty has fallen from its May highs of 31.25T to 29.15T. Lower Bitcoin production costs can potentially ease miner selling pressure and improve …

Crypto mining firm CleanSpark announced the purchase of more than 1,000 Bitcoin (BTC miners amid the market downturn, reporting a “substantially discounted price” compared to that earlier in 2022. In a Thursday blog spot, CleanSpark said it had acquired 1,061 Whatsminer M30S rigs currently mining Bitcoin at the Coinmint facility in New York, whose space the company shares with Riot Blockchain. The mining firm said it had purchased the machines for far less of price than that “just a few months ago,” hinting the recent bear market was responsible. CleanSpark also bought 1,800 Antminer S19 XP rigs in June following …