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Mining Rig Producer Canaan’s Q1 Unrealized Gains Narrow Net Loss to $39.4 Million
18.5.2024
In the first quarter of 2024, Canaan Inc. generated $35.1 in revenues versus the $72.4 million in costs incurred in the same period which resulted in the company recording a gross loss of $37.3 million. Nangeng Zhang claimed that Canaan’s revenues in the last quarter exceeded expectations due...
Mining Rig Producer Canaan’s Q1 Unrealized Gains Narrow Net Loss to $39.4 Million
18.5.2024
In the first quarter of 2024, Canaan Inc. generated $35.1 in revenues versus the $72.4 million in costs incurred in the same period which resulted in the company recording a gross loss of $37.3 million. Nangeng Zhang claimed that Canaan’s revenues in the last quarter exceeded expectations due...
Crypto Mining Surge and Erratic Weather Strain Laos’ Power Grid
17.5.2024
A report released on May 16 highlights how increased electricity consumption due to crypto mining and inconsistent rainfall have led to power shortages in Laos, challenging its goals as a hydropower exporter in Southeast Asia. Reuters: Increased Crypto Mining Strains Laos’ Hydropower Grid...
El Salvador Reportedly Mined Nearly 474 BTC Using Geothermal Energy
16.5.2024
El Salvador, the first country to adopt bitcoin as legal tender, has reportedly added 473.5 BTC to its treasury using geothermal energy. According to reports, official data released by The Bitcoin Office of El Salvador (ONBTC) disclosed that this number of bitcoin was mined since 2021 using 1.5...
EOS Network Foundation Founder: Bitcoin Halving Spurs Development of Solutions Enhancing Network Efficiency
16.5.2024
With Bitcoin transaction fees recently becoming a more critical component of miner revenue, Yves La Rose, CEO of Exsat, believes there is “an increased incentive to adopt and develop solutions that enhance transaction throughput and network efficiency.” According to La Rose, this...
Bitcoin Network Adjusts to Lower Fees and Reduced Hashrate After Latest Halving
11.5.2024
Based on the three-day simple moving average, Bitcoin’s hashrate has continued its downward trend, registering at about 550 exahash per second (EH/s). Following the halving, onchain costs have decreased significantly, with data indicating transfer fees ranging from $1.50 to $3.65...
Bitcoin Miner Cleanspark’s Net Income Tops $126.7 Million in ‘Record-Breaking’ Quarter
11.5.2024
In the first quarter of 2024, Cleanspark, a U.S. bitcoin mining company listed on the stock market, reported revenues exceeding $111.8 million. The company’s net income for the same period was $126.7 million. Gary A. Vecchiarelli, the CFO of Cleanspark, partially attributes...
Post-Halving, Bitcoin Difficulty Drops Significantly; Hashrate Dips Below 600 EH/s
9.5.2024
The Bitcoin network experienced its second difficulty adjustment post-halving and the most significant reduction this year. Additionally, the network’s total hashrate fell below the 600 exahash per second (EH/s) mark for the first time since late March. Bitcoin Network Sees Significant...
Core Scientific sees revenue surge in 1Q24 after emerging from bankruptcy
8.5.2024
Bitcoin miner Core Scientific has posted $150 million in revenue from digital asset mining in the first quarter of 2024, boosting its gross margin to 46% from 26% in the previous year
Hut 8’s Bitcoin Mining Output Drops 36% to 148 BTC in April
8.5.2024
North American bitcoin miner, Hut 8, said it mined 148 bitcoins, or 36% coins less in April than it did in March. Hut 8 primarily attributes the decrease in the number of mined bitcoins to the relocation of its proprietary miners, which were previously hosted at the Kearney and Granbury sites....
The Halving Effect: Bitcoin Hashrate Decreases as Miners Prepare for Probable Difficulty Drop
5.5.2024
Just over two weeks have passed since the fourth Bitcoin halving took place. During this period, the network’s hashprice dropped from over $100 per petahash to below $45 at the beginning of May. It has since increased to $50 per petahash. Despite the modest rebound, the network’s...
Bitcoin Miner Riot Platforms Records Modest Revenue Gain Despite 36% Decrease in Mined BTC
3.5.2024
Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding $79.3 million in the first quarter of 2024. The revenue increase was slight, rising from $73.2 million to $79.3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in...
U.S. Senate's Warren Warns National Security Chiefs About Iranian Crypto Mining
2.5.2024
U.S. Sen. Elizabeth Warren (D-Mass.), one of the most prominent critics of cryptocurrency hazards, warned the top military and financial officials that Iran relies on digital assets mining as a source of revenue that can lessen the pressure from U.S. sanctions
Bitcoin halving sees Bitfarms’ BTC mining earnings plummet
2.5.2024
Bitfarms is actively working to triple its current hash rate capacity to 21 exahashes per second (EH/s) with a $240 million investment
Arkansas bills reining in crypto miners heads for governor approval
2.5.2024
Arkansas Governor Sarah Huckabee Sanders is expected to sign the bills into law which will regulate miners’ noise, water use and licensing
US Coal Miner Uses Excess Power to Mine BTC; Earns 61 Coins in Q1 2024
2.5.2024
Alliance Resource Partners (ARLP), a coal mining company in the U.S., recently disclosed its use of underutilized electricity loads for bitcoin mining. Cary Marshall, the company’s CFO, revealed that ARLP concluded the first quarter of 2024 with an approximate total of 425 bitcoins. Marshall...
Proposed US bill wouldn’t allow taxing block rewards at acquisition
1.5.2024
If incorporated into U.S. tax law, the bill would require block rewards from proof-of-work and proof-of-stake networks to be taxed when sold rather than when they were acquired
‘No signs’ of Bitcoin miner capitulation despite plummeting revenue
1.5.2024
CryptoQuant CEO Ki Young Ji said that despite a drop in Bitcoin mining revenues since the halving, Bitcoin miners haven’t shown any signs of capitulation
Iris Energy Boosts Hashrate to 9 EH/s Amid Declining Bitcoin Miner Earnings
30.4.2024
This week, the Nasdaq-listed bitcoin miner Iris Energy Limited announced it has boosted its hashrate to 9 exahash per second (EH/s) and aims to reach 10 EH/s in the coming month. This development follows the network’s fourth halving and occurs amid a period when Bitcoin’s hashprice...
Coal Miner Alliance Resource Dabbles In Crypto Mining, Mines 425 BTC
30.4.2024
The $2.8 billion coal giant said that it is mining bitcoin with the excess power it generates