Marathon Digital has announced the purchase of additional Bitcoin mining hardware from Bitmain. According to a release issued on Monday, the United States-based Bitcoin (BTC) mining giant has completed a purchase deal for 30,000 Antminer S19j Pro at a reported cost of $120.7 million. The news marks a continued increase of Marathon’s Bitcoin mining inventory, with Bitmain expected to complete the delivery of the new rigs by June 2022. With the 30,000 rigs in tow, Marathon’s total Bitcoin miner count will go north of 133,000, delivering an estimated hash rate of 13.3 exahashes per second (EH/s). To put the figure …

In the last few weeks, the Bitcoin (BTC) mining market has experienced a black swan event, leading to a lot of uncertainty and confusion surrounding the future of the market. This is why I felt it was right to give the public a quick update and explain why it's a fantastic time for Bitcoin mining in the United States. Bitcoin miners are rewarded Bitcoin for securing the network and for each block they mine. As more miners participate, the difficulty rate increases and the reward for each individual miner’s security contribution decreases. And vice versa, when fewer miners are participating, …

North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States. In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income is often the only taxable source of funds for many who file returns. Crypto users who purchase tokens may be required to declare the holdings in their tax returns, but may not necessarily have to pay the government …

Genesis Digital Assets has become the latest Bitcoin mining firm to raise millions toward plans for aggressive expansion amid the exodus of miners from China due to its crackdown on the sector. On Wednesday, Genesis announced it had closed a $125 million equity funding round led by United Kingdom-based Kingsway Capital. The capital will be mobilized to purchase mining hardware and launch new data centers in the United States and Nordic region. The terms of the deal will also see the Kingsway Capital CEO, Manuel Stotz, join Genesis’ board of directors. Stotz highlighted Genesis’ extensive experience in mining. “The GDA …

Crypto mining firm BIT Mining, which recently announced it would be expanding out of the Chinese market, plans to purchase 2,500 Bitcoin miners for deployment in Kazakhstan. In a Wednesday announcement, BIT Mining said it had entered a $6.6 million agreement to buy 2,500 Bitcoin (BTC) mining rigs. The firm has already put 3,819 BTC miners into operation at data centers in Kazakhstan, with another 4,033 machines on the way. Once all are deployed, the addition of the recent mining purchase is expected to increase BIT Mining’s hash rate capacity to roughly 458 petahashes per second. Though based in the …

Tuesday’s crypto hearing before the United States Senate Committee on Banking, Housing and Urban Affairs also included a call for stricter regulations on cryptocurrency miners. Addressing the committee, professor Angela Walch claimed that miners held “meaningful power” over the way blockchain networks operate. According to Walch, miners can exploit their role of transaction ordering, which could become a “major issue” for cryptocurrencies, as reported by Law360. In stressing the point, professor Walch likened the miner extractable value paradigm — where miners earn more profits from ordering transactions in a certain way — as being akin to a “bribe.” As such, …

Pennsylvania-based Bitcoin mining firm Stronghold Digital Mining has filed for a $100-million initial public offering with the United States Securities and Exchange Commission. The firm filed its S-1 form on Tuesday, and if given the green light by the SEC, Stronghold intends to list its Class A common stock on the Nasdaq Global Market under the “SDIG” ticker. Stronghold is a sustainably focused and vertically integrated Bitcoin mining company that was founded in 2021. In June, Cointelegraph reported that the firm completed two private equity securities raises worth $105 million. According to the new filing, Stronghold will use the funds …

Texas, the second-largest state in the U.S. known for its southern hospitality, is embracing the droves of Bitcoin (BTC) miners that have recently flocked to the region. Following China’s crackdown on crypto mining that occurred in May, a number of Bitcoin mining companies have relocated to The Lone Star State to conduct business. This shouldn’t come as a surprise, though. Texas could very well be the ideal location for Bitcoin mining, due to obvious reasons such as its deregulated power grid, increasing renewable energy and political leaders that are publicly pro-crypto. Texas Governor Greg Abbot recently tweeted his excitement about …

Massena, a town in New York along the border with Canada, has placed a temporary suspension on new Bitcoin (BTC) mining operations in the area. According to a report by the Associated Press on Friday, Massena town officials mandated the 90-day moratorium on new Bitcoin mining activities due to aesthetic concerns. Steve O’Shaughnessy, a Massena town supervisor, said miners littered roads with trailers laden with computers and other hardware required to mine Bitcoin. The AP report quoted O’Shaughnessy’s statement to WWNY-TV, saying: “We don’t want it littered with these trailers that are pumping out Bitcoin. We just want to make …

After having been hailed as a champion of sorts by many within the global digital asset market, Tesla CEO Elon Musk dropped a bombshell on the crypto community earlier in May, backtracking the company’s decision to start accepting Bitcoin (BTC) as a means of payment for various automotive sales. The reason cited was that Bitcoin mining processes were too resource-intensive and unsustainable in the long run. As expected, almost overnight Musk became a heel, especially among Bitcoin maximalists who began calling him a sell-out and a market manipulator. Regardless of the name-calling, the episode did seem to shine a major …

Tesla CEO Elon Musk has hinted that the crypto industry is on its way toward greener future, but Tesla won’t be accepting Bitcoin payments just yet. Speaking at "The ₿ Word," a virtual Bitcoin (BTC) event, with Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood and moderator Steve Lee from Square Crypto, Musk said that Tesla would “most likely” consider resuming crypto payments for its vehicles — a policy the CEO said the company would be stopping in May — but said he needed to exercise diligence before making a decision. “There appears to be a positive trend in the …

Argo Blockchain, a U.K. publicly traded company focused on crypto mining, has begun the process of applying for an initial public offering in the United States. According to a confidential draft registration statement filed Tuesday with the U.S. Securities and Exchange Commission, or SEC, Argo has proposed a dual-listing and initial public offering of American Depositary Shares, expected to occur in the third quarter of 2021. The company said the timing could depend on the SEC completing its review process and other conditions in the market. Argo said the number of shares expected to be offered as well as the …