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 …

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 …

Bitcoin (BTC) is known for its robustness, security and predictability. Every 10 minutes–on average–the blockchain produces a new block and the successful miner earns a block reward of 6.25 BTC, circa $130,000. However, every once in a while, the Bitcoin blockchain surprises observers and participants. At block height 776,339, nodes across the network verified a completely empty block. The block was added to the Bitcoin blockchain with zero included transactions–leading to some confusion among the crypto community. So, what exactly is an empty block, and how does it happen? First, while an empty block might seem strange at first, it's …

The crypto mining industry has faced moratoriums in some parts of the U.S. and Canada in recent months. Now, Russia provides tax incentives for those who want to invest in crypto mining. The new $12 million crypto mining center will open in East Siberia with the direct support of the government. According to local media, the state-owned Corporation for the Development of the Far East announced the launch of the crypto mining center in Buryatia — a republic in East Siberia and a part of the Russian Federation. The facility will possess 30,000 mining machines, hire 100 workers and consume …

There are rumors that Dogecoin could switch from proof-of-work to proof-of-stake (PoS). Do I know if Dogecoin is switching to PoS? No. Do I think it’s going to PoS? Probably not. But I love the “what if” game. As a person who works in the crypto mining industry, I do my best to gauge where the market and mining industry are going, along with how that could play out. If Dogecoin makes a change to PoS or some other change to how new blocks are created, it would have massive ramifications for the mining industry. Here’s a look at a …

A New York-based law firm says it has begun an investigation into whether Bitcoin miner Core Scientific and its leadership potentially engaged in “securities fraud and other unlawful business practices" which led to its stock price falling on several occasions. According to securities class action firm Pomerantz LLP, the investigation was prompted by a report from Culper Research in 2022, which alleged that Core Scientific had "wildly oversold" its mining and hosting businesses in 2021 and also waived a 180-day lockup period of over 282 million shares, making them "free to be dumped" in Mar. 2022. This report suggested that …

During the winter storm in Texas in December 2022, Bitcoin (BTC) mining operators returned up to 1,500 megawatts of energy to the distressed local grid. It became possible due to the flexibility of mining operations and the ancillary services, provided by the state authorities. In his commentary to Satoshi Action Fund, Texas Blockchain Council president Lee Bratcher stated that miners returned up to 1,500 megawatts to the Texas grid. This amount of energy would be enough to heat “over 1.5 million small homes or keep 300 large hospitals fully operational,” according to the calculations from the Bitcoin advocacy group. While …

A state-owned electric utility provider in the Canadian province of British Columbia is set to halt all new electricity-connection requests from cryptocurrency miners for a period of 18 months. The British Columbia government made the announcement in a statement on Dec. 21 stating that the pause will allow the government and BC Hydro to develop a permanent framework that can better balance the needs of crypto miners and both its residents and businesses in the region. Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation said that the move was made to preserve the clean energy it provides for …

Research has detailed Bitcoin’s recent record-low volatility and while traders expect an eventual price breakout, the Oct. 26 BTC price move to $21,000 is not yet being interpreted as confirmation that $20,000 has now become support. In a recent “The Week On-chain Newsletter,” Glassnode analysts mapped out a bull case and a bear case for BTC. According to the report, the bear case includes limited on-chain transaction activity, stagnant non-zero address growth and reduced miner profits present a strong Bitcoin sell-off risk but data also shows that long-term hodlers are more determined than ever to weather the current bear market. …

October witnessed a surge in Bitcoin’s (BTC) hash rate which is pushing the metric to a new high of 245 Exahashes per second. These changes led to a sharp decrease in the hash price, resulting in a drop in the profit margins for BTC miners reaching a low of $66.8 USD/PH (per one quadrillion hashes per second) on Oct. 24, 2022. According to Luxor Technologies, “hashprice” is the revenue BTC miners earn per unit of hash rate, which is the total computational power deployed by miners processing transactions on a proof-of-work network. Not only has volume been inconsistent, the Bitcoin …

The public miners' share of the Bitcoin (BTC) network could grow to 40% by mid-2023, according to a new report by Hashrate Index. But this could bring more stress to an already bearish BTC market. Public Bitcoin miners' hash rate jumps 295% in a year The outlook appeared after assessing the hash rate performance of Core Scientific, Marathon Digital Holdings, Riot Blockchain, and other public miners in the last 12 months. Notably, these firms increased their hashing capacity to 58 EH/s in October 2022 from 15 EH/s a year ago — up 295%. In comparison, the private miners' Bitcoin hashrate …