Publicly traded North American Bitcoin mining company Bitfarms has doubled its productivity this year amid the Chinese crackdown and resultant miner migration. The Canadian hydroelectricity mining outfit claims to be currently powering an estimated 1.5% of the entire Bitcoin (BTC) network, with more than 99% renewable green energy. In a July 14 production update, the firm revealed that it had mined 1,357 BTC in the first six months of 2021, adding that this was the largest number of BTC mined in North America, as reported by publicly traded miners. It has projected the production of more than 400 BTC for …

In the early hours of July 14, Bitcoin price took a surprise hit to $31,550 before slowly recovering back above $32,900 in the morning session. The swift drop near the crucial $30,000 resistance raised alarms among bulls and bears and whilst the $30,000 to $32,000 level continues to function as a support level, a recent market update from ByteTree CEO James Bennett paints a mixed picture of what may be in store for BTC. According to analysis from Bennett, the price of Bitcoin has stabilized near the $34,000 level due to a reduction in miner selling and an increase in …

Two weeks after a 15% increase in electricity prices in Turkey, a new store selling professional mining equipment has opened its doors in Istanbul — the business hub of the country — on Tuesday. Opening a mining equipment shop in a country with costly electricity seems counterintuitive. But Phoenix Store, Bitmain’s sales partner in the Middle East, did the math before opening its second store within the region. Phoenix Store CEO Phil Harvey explained that the company’s primary goal with the Istanbul store is to educate Turkey’s crypto-friendly population about crypto mining. Then, customers can purchase mining equipment and hosting …

The Chinese government continues cracking down on the cryptocurrency mining industry by suspending crypto mining operations in another province. Authorities at Anhui, a small province in eastern China, have announced a set of measures to tackle growing electricity demand and an associated power supply shortage in the next three years, local news agency Hefei Online reported on Wednesday. As part of Anhui’s efforts to curb energy consumption, the province plans to shut down crypto mining projects and scrutinize new initiatives that require large amounts of energy consumption. Local authorities also plan to adopt new practices for building data centers as …

Shenzhen-based crypto mining firm, Bit Mining, is raising $50 million to fund an expansion out of the Chinese market. Announced on July 12, the firm has entered into an agreement with select institutional and accredited investors to raise $50 million through a private placement. Bit Mining is raising the funds in response to the Chinese Communist Party’s crackdown on crypto mining in May, noting plans to “acquire additional mining machines, build new data centers,” and expand its infrastructure overseas. US$50 Million Private Placement! Ready for greater expansion! — BIT Mining Limited (@BITMining_BTCM) July 13, 2021 Bit Mining is owned by …

The9, a Chinese internet company listed on the Nasdaq, is moving forward with its cryptocurrency mining plans by signing a contract with a major Russian data center operator. The company announced Monday that it has signed a crypto-mining hosting agreement with Russian crypto mining services provider BitRiver through its fully-owned subsidiary, NBTC. As part of the agreement, BitRiver will reserve 15 megawatts (MW) of its electric capacity for The9's Bitcoin (BTC) mining machine deployment for an initial term of two years. After the contract expires, both parties have the right to automatically extend their cooperation for one more year, the …

As the pressures placed on the market by China’s cryptocurrency crackdown begin to subside and the Bitcoin (BTC) hashrate starts to show signs of recovery, traders are now focused on how the price will be affected by this week's unlocking of more than $550 million worth of Grayscale's GBTC shares. Data from Cointelegraph Markets Pro and TradingView shows that the early morning downtrend in BTC on July 12 continued into the afternoon as the price of BTC dropped below the $33,000 support level after bears took control of the market. Grayscale attracted further attention on Monday after various media reported …

Ukrainian authorities have raided an allegedly illicit crypto farm in the country. According to an official announcement from the Security Service of Ukraine, the facility was located on the former premises of JSC Vinnytsiaoblenergo, an electricity supply company. The illegal crypto miners concealed their activities by manipulating electricity meters to steal electricity from JSC Vinnytsiaoblenergo. Described as the largest underground mining operation discovered by the Ukrainian police, the farm housed nearly 5,000 computer equipment units, including 3,800 PlayStation 4 consoles, over 500 graphics cards, 50 processing units, notebooks, phones and flash drives. The SBU estimated the state’s monthly losses due …

Following its approval for a Nasdaq listing, Canadian Hive Blockchain Technologies has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West. Purchased from Digital Currency Group subsidiary Foundry Digital LLC, the 3,019 MicroBT M30S miners acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive, according to an official announcement. Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms and Foundry …

As Bitcoin (BTC) has continued trading sideways after dipping below $33,000 on Thursday, Galaxy Digital CEO Mike Novogratz has provided some geopolitical observations regarding the industry. In an interview with CNBC’s Squawk Box, Novogratz said that Bitcoin price is now consolidating between $30,000 and $35,000, suggesting that the United States’ crypto community is now taking the lead in the market amid a bearish trend coming from Asia. The longtime Bitcoin bull noted that China’s crackdown on the crypto market is part of broader issues in the market, stating: “What we’re seeing is Asia sells it off and then the U.S. …

Gryphon Digital Mining has signed a purchase agreement with Bitcoin (BTC) mining equipment maker Bitmain to purchase 7,200 Antminer S19J Pro mining rigs. According to a release issued on Thursday, the entire outlay for the mining inventory amounts to about $48 million. Starting in August 2021, Bitmain will deliver 600 mining rigs to Gryphon each month as part of the deal. The Antminer S19J Pro is the latest iteration of Bitmain’s Bitcoin mining hardware slated for release into the market this summer. According to the release, each rig offers 100 terahashes per second (TH/s) hash rate capacity with an energy …

New York’s Mechanicville Hydroelectric Plant — one of the oldest hydropower generation facilities in the United States — is now a host to Bitcoin (BTC) mining. The plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid in 1986. Jim Besha Sr., CEO of AEC, noted that cryptocurrency mining offers triple the profit margins compared to selling electricity back to the grid: “We think this is the oldest renewable energy facility in the world that’s still running. We can actually make more money with Bitcoin than selling the electricity to National Grid.” …