The price of cryptocurrency mining hardware is likely to continue falling in the near future amid the ongoing crypto winter, according to an executive at major Bitcoin (BTC) mining pool F2Pool. Supporting 14.3% of the BTC network, F2Pool is one of the world’s biggest Bitcoin mining pools. On Tuesday, F2Pool released its latest mining industry update. Focusing on June 2022 BTC mining results, F2Pool’s report noted that the majority of Bitcoin mining companies like Core Scientific have opted to sell their self-mined Bitcoin recently. Bitfarms, a major Canadian BTC mining firm, sold 3,000 Bitcoin, or almost 50% of its entire …

With many parts of Texas enduring days of temperatures well over 100 degrees Fahrenheit in July, many crypto miners have shuttered operations in anticipation of the state’s energy grid being unable to meet demand. The Electric Reliability Council of Texas, or ERCOT, on Sunday called on Texas residents and businesses to conserve electricity with “record high electric demand” expected on Monday. According to ERCOT’s forecast, demand for electricity in Texas — due in part to running air conditioners amid extreme heat — could surpass the available supply. The energy supplier’s prediction model showed demand could reach a record high of …

Despite the myriads of state and federal regulatory hurdles faced by crypto businesses in the region, the United States plays a major role in preserving the Bitcoin (BTC) and crypto ecosystem. With China moving out of the picture following a permaban on crypto, the United States maintains the top position in terms of hash rate contribution and ATM installations worldwide. Prior to cracking down on BTC mining, China historically represented over 50% of the total hash rate up until Feb 2021. With China out of the competition, the U.S. picked up the slack to become the highest BTC hash rate …

As a direct result of falling Bitcoin (BTC) prices, total revenue earned by miners in transaction fees and mining rewards dropped to its one-year lows at nearly $15 million on July 4. However, a concurrent fall in graphic cards or GPU prices is set to help miners offset their operational costs amid an ongoing bear market. Bitcoin mining revenue fell 79.6% over a period of 9 months, ever since reaching an all-time high of $74.4 million on October 25, 2021. In addition, a global chip shortage and the coronavirus pandemic shot up prices of the most important part of a …

Those of us anxiously awaiting a summer relief rally for Bitcoin (BTC) may have to wait a little while longer. The bear market is still cleansing us of our excess — and revealing the most toxic players in our industry. I’ve talked to you about Terra (LUNA) — now renamed Terra Classic (LUNC) — Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto broker filed for Chapter 11 bankruptcy this week, putting hundreds of thousands of creditors on high alert. This week’s Crypto Biz newsletter dissects Voyager’s bankruptcy proceedings and offers some potentially good news regarding Celsius. …

Ongoing strife in the cryptocurrency space has forced Compass Mining to lay off 15% of its employees while top executives and staff take major pay-cuts. The firm announced its decision to downscale its workforce in a bid to weather difficult market conditions, just a week after the resignation of CEO Whit Gibbs and chief finance officer Jodie Fisher. Chief technology officer Paul Gosker and chief mining officer Thomas Heller have taken over the reins at the firm as interim co-presidents and CEOs. The duo penned a letter to staff, investors and the wider community outlining the company’s road ahead. While …

Bitcoin (BTC) mining company Marathon Digital Holdings experienced a steep 43.8% decline in Bitcoin production over the second quarter of 2022, with June registering as the company’s least productive month in over a year following the fall of its Montana facility. In its latest mining operation update released on Thursday, Marathon reported that it produced 707.1 Bitcoin in Q2 2022, down 43.8% from 1258.6 Bitcoin mined in Q1 2022. The company’s Bitcoin production took a particular hit in June after Marathon’s Hardin, Montana facility was hit by a massive storm on June 11, which knocked out the power station that …

Crypto companies are going belly up left and right, and Bitcoin mining companies also appear to be taking on water faster than they can bail. In mid-June, Compass Mining CEO Whit Gibbs and chief financial officer Jodie Fisher abruptly resigned after allegations that the Bitcoin mining hardware and hosting company had failed to pay hundreds of thousands of dollars in overdue electricity bills to Dynamics Mining, a facility provider for Compass. Bloomberg recently reported that many industrial-size Bitcoin miners took on a significant amount of debt by leveraging their equipment and BTC as collateral for loans to either acquire additional …

Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain in selling part of its Bitcoin holdings. In a Thursday blog post, Argo said it sold 637 Bitcoin (BTC) in June for an average price of $24,500 — roughly $15.6 million. The company planned to use the funds to reduce its debt to Galaxy Digital, from which Argo secured separate $20 million and $25 million BTC-backed loan agreements in 2021. The mining company reported that as of June 30, it had an outstanding balance of $22 million on the loan and holds “sufficient liquidity to avoid …

Bitcoin (BTC) mining companies have suffered in 2022 due to the crypto bear market. Nonetheless, their stocks collectively saw a sharp rebound on July 6, raising hopes that investors have started to buy the dips. One of the intraday winners was Bitfarms (TSE: BITF), which surged by over 24% to close at $1.29. Similarly, Marathon Digital Asset Holdings (NASDAQ: MARA), Core Scientific (NASDAQ: CORZ), and Cathedra Bitcoin (CVE: CBIT) rose by over/around 12.5%, 16.22%, and 15%, respectively. Bitcoin miners' revenue down 70% from peak The rallies come as a breather in what has been a bad year for mining stocks. …

United States-based cryptocurrency mining firm Core Scientific sold more than 7,000 Bitcoin (BTC) in June to pay for servers, increase its data capacity and settle debts. In a Tuesday announcement, Core Scientific said it had sold roughly $167 million worth of Bitcoin in June at an average price of $23,000 — 7,202 BTC. The sale left the firm with 1,959 BTC — roughly 21% of its holdings — and $132 million in cash as of June 30, a more than 75% drop when compared with its reported 8,058 BTC holdings as of May 31. According to the firm, it used …

One of the main features of the Bitcoin blockchain is its transparency. Bitcoin lets anyone see every transaction that has ever been made on its network and check the balance of every address out there. Because of this transparency, we’re able to know who owns the most Bitcoin (BTC) in 2022. It’s important to look at who owns the most BTC, as the cryptocurrency’s supply is limited to 21 million coins. In February, Kim Grauer, director of research at blockchain forensics firm Chainalysis, told Cointelegraph that an estimated 3.7 million BTC have been lost, effectively deflating the cryptocurrency’s circulating supply. …