Bitcoin mining firm Riot recorded $84.8 million in revenue in the third quarter of 2024, representing a 65% increase over the same quarter in 2023. This growth can be attributed to the 159% year-over-year increase in deployed hash rate which reached 28 EH/s by the end of the quarter. Riot’s Q3 Financial Results According to […]
Bitcoin mining firm TeraWulf has sold its 25% stake in the Nautilus Cryptomine joint venture to its partner, a subsidiary of Talen Energy, in a deal worth about $92 million. The company plans to use the funds to expand its operations at the Lake Mariner facility, including building the 20 MW CB-1 operation for hosting […]
Swan Bitcoin has sued several former employees, accusing them of illegally taking highly prized components of its BTC mining business. Filed on September 25, the lawsuit claims these executives, now running Proton Management, conspired to misappropriate Swan’s intellectual property and secured funding from Tether to create a “counterfeit competitor.” Rain and Hellfire Plan The court filing […]
Bitcoin’s price may not look exciting this month, but the network’s total hash rate has returned to logging regular new all-time highs. The divergence between security and price is a sign that Bitcoin mining firms are happy to continue installing new computer hardware, even amid uncertain business/ market conditions. Bitcoin’s Unrelenting Hash Rate According to […]
The Bitcoin hash price, a metric measuring miner revenue per terahash or computing power, has fallen to its lowest level ever. According to recent data, this is a sign of upcoming bullish momentum. A Quicktake by CryptoQuant analyst Woominkyu revealed that the current level of the bitcoin hash price indicates a good buying opportunity. A […]
Thailand’s law authorities recently raided a house occupied by a company running Bitcoin mining operations. According to the South China Morning Post’s coverage, the illegally operated Bitcoin mining activities triggered frequent power outages in the vicinity for over a month. Illegal Bitcoin Mining Operations Bitcoin, the leading cryptocurrency, uses a proof-of-work (PoW) consensus mechanism. This […]
The Malaysian police are destroying Bitcoin mining rigs as part of a broader crackdown on crypto miners who steal electricity for their operations. A report from local media, Malaysia Gazette, disclosed that the police headquarters in the Perak District crushed 985 mining rigs worth RM1.98 million ($452,500) earlier this week. A video on the platform’s […]
Hut 8 Corp. (HUT), a leading North American Bitcoin miner, announced its financial results for the second quarter ending June 30, 2024. The company reported a net loss of $71.9 million despite a 72% year-over-year revenue increase to $35.2 million. Hut 8’s Q2 Financial Results In an August 13 press release, Hut 8 reported that […]
The Bitcoin network hashrate hit a new all-time high earlier this week following increased selling from smaller mining entities. At the same time, the miner hash price has plunged to a record low. According to a report from CryptoQuant, Bitcoin’s hashrate currently stands at 627 exahashes per second (EH/s), representing a significant recovery from an […]
Texas-based Bitcoin mining company Core Scientific has announced the pricing of its increased offering of $400 million in 3.00% convertible senior notes due in 2029. The initial size of the offering was $350 million, which has been upsized due to favorable market conditions. Scheduled to settle on August 19, 2024, the notes will be issued […]