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2022-08-24 14:30:33 Ethereum Miners Will Have Few Good Options After The Merge

The Ethereum Merge to PoS is slated for the third week of September, eliminating PoW mining. Experts weigh in on how mining pools and miners would be impacted. The Ethereum blockchain is all set to make its highly anticipated transition from its current proof-of-work (PoW) mining consensus to proof-of-stake (PoS). The Merge date is officially scheduled for Sept. 15–16.

At present, miners can create new Ether (ETH) by pledging a huge amount of computing power. After the Merge, however, network participants, known as validators, will be required to instead pledge large amounts of pre-existing ETH to validate blocks, creating more ETH and earning staking rewards. The three-phase transition process began on Dec. 1, 2020, with the launch of the Beacon Chain. Phase 0 of the process marked the beginning of the PoS transition, where validators started staking their ETH for the first time.

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2022-08-23 17:51:02 Russian Caught Mining Crypto in Covid-19 Clinic

An IT specialist working for a medical institution in Russia’s Altai Republic has been detained for illegally mining cryptocurrency at the premises of a Covid-19 hospital. The man minted digital currencies using stolen electricity for almost a year before law enforcement busted his crypto farm.

An employee of the republican hospital in Gorno-Altaisk, the capital town of the Altai Republic in southern Siberia, has been arrested for setting up a crypto farm at a medical facility. He had been running the mining equipment since early last year, the Russian crypto news outlets Bits.media and RBC Crypto reported. According to a statement by the regional department of the Federal Security Service (FSB), the mining equipment ran for almost a full year on stolen electricity, causing damages that amounted to over 400,000 rubles.

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2022-08-22 18:16:02 House Lawmakers Send Letters to 4 US Crypto Miners Asking for Details on Environmental Impact

Four publicly traded crypto miners received letters from the U.S. House members of the Committee on Energy and Commerce looking to learn more about the impact of their mining operations on the environment. Core Scientific (CORZ), Riot Blockchain (RIOT) and Marathon Digital (MARA), three of the largest U.S. miners.

Most recently, in a letter sent to the U.S. Environmental Protection Agency (EPA) and the Department of Energy (DOE), six Democrats led by Rep. Jared Huffman (D-Calif.) and Sen. Elizabeth Warren (D-Mass.) called the amount of energy used by miners “disturbing” and requested that the two groups require more reporting on emissions and energy consumption from the crypto mining industry. The latest letter acknowledges that some miners are mitigating their need for excess amounts of energy by investing in renewable sources of power.

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2022-08-21 19:23:02 Bitcoin Mining Company Sells 26,200 Rigs to Eliminate $67M Debts

Big cryptomining operations have got into big debt in 2022. However, their mining hardware is still worth a princely sum. A case in point is US-based Stronghold Digital Mining (SDIG), which released its latest set of financials earlier this week. One of the most eye opening observations in the financial statement was that SDIG recently cleared $67.4M in debt by selling off 26,200 of its mining rigs.

Though losing the majority of its mining rigs to clear a debt (and 2.5 EH/s of crypto mining power), SDIG reckons that if the market conditions change favorably it will be able to buy up more mining rigs at a keen price. In brief, there are four major factors SDIG management will be watching; cryptocurrency pricing, power pricing, and mining rig pricing and efficiency.

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2022-08-20 12:04:02 Bitcoin miners sell 6,000 BTC taking advantage of the short-lived upturn

Despite the majority of digital assets in the cryptocurrency market trading in the red again, the brief upswing earlier in the week has led many Bitcoin (BTC) miners to take the opportunity to make some profit for themselves. Indeed, Bitcoin miners sold 5,925 BTC over the last two weeks, according to the data that crypto trading expert Ali Martinez retrieved from on-chain analytics.

Taking into account the price of Bitcoin, which at press time stood $21,949, the amount of the flagship token sold by miners is currently worth over $130 million. Meanwhile, data has shown that publicly traded Bitcoin mining companies sold 6,500 of their holdings in July, which is 60% less than around 14,600 the month before when they were forced to sell off their BTC to keep their operations going. As it happens, the recent uptick in miner selling follows the moderate two-month-old price uptrend.

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2022-08-19 07:14:02 Bitcoin Miner Stronghold Returns 26,200 Mining Rigs to NYDIG to Clear $67M Debt

Returning the bitcoin mining machines to NYDIG would eliminate more than half of Stronghold’s debt. Publicly-traded Bitcoin mining company Stronghold Digital Mining (SDIG) said it plans to return more than 26,000 mining rigs to New York Digital Investment Group (NYDIG) to reduce its debt significantly. NYDIG is a leading bitcoin firm that helps miners finance mining equipment and power infrastructure.

Stronghold will return about 26,200 bitcoin mining rigs to NYDIG to eliminate all of its $67.4 million outstanding debt to the lender, the company said on Tuesday in a press release. The bitcoin miner released its Q2 earnings report this week after delaying it seven days prior. The firm said the negotiation was the reason for the delay. The earnings report revealed that Stronghold had $127.9 million in debt at the end of the second quarter.

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2022-08-18 18:02:02 Bitcoin Miner Stronghold Sells Mining Machines to Slash $67.4M in Debt

The wide-ranging repercussions of May’s devastating crypto crash are still being accounted for. In a quarterly earnings report released yesterday, Bitcoin mining firm Stronghold revealed that it had reached an agreement with lender New York Digital Investment Group (NYDIG) and another participating broker, to return some 26,200 mining machines in exchange for the cancellation of $67.4 million in debt.

Additionally, Stronghold received a commitment yesterday from lender WhiteHawk Capital to restructure and expand its current equipment financing agreements, in a move that will grant the Bitcoin miner up to $20 million in additional borrowing capacity. All in all, those agreements—combined with a convertible notes restructuring—will reduce Stronghold’s debt by $79 million. The move comes as crypto companies continue to take stock of the crippling impact of May and June’s crash.

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2022-08-18 10:10:09 Insights and Breaking News on Bitcoin and the whole ecosystem.

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2022-08-17 05:10:03 Bitcoin miners sold 60% less BTC in July as crypto market volatility subsides

After a difficult period that slashed the prices of many of its digital assets, the cryptocurrency market seems to be slowly regaining its strength, easing up the selling pressure from public Bitcoin (BTC) miners as the price of the maiden token nears the $25,000 mark. Specifically, public miners sold 6,500 of their Bitcoin holdings in July, compared to around 14,600 the month before.

As a result, the BTC sell-off of publicly traded mining companies has more than halved between the two months, dropping close to 58%. However, it is still higher than in May, when public miners first faced the plummeting profitability of mining at a larger level. In May, Bitcoin miners shocked the community by selling off more than 100% of their production. In June, public miners sold four times as much as in May, dumping nearly 400% of their production amid dramatically bearish market conditions.

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2022-08-16 11:39:02 Bitcoin miner Bitfarms reports $142 million second-quarter net loss

Bitcoin miner Bitfarms posted a net loss of $142 million in the second quarter, down from a net income of $5 million last quarter. The company also increased its hash rate by 33% during the quarter to 3.6 exahash per second (EH/s), after starting production at one location and completing the second phase of development at another — both in Canada.

Despite the significant drop in bitcoin value during the quarter, Bitfarms reported a 5% increase in revenue to $42 million. President and COO Geoff Morphy said that the "strong" second quarter production (with 1,257 BTC mined) "completely offset weaker bitcoin prices." Bitfarms pushed the delivery and payment of some of its mining equipment to 2023 in order for it to better match its schedule for completing the required infrastructure.

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