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2022-08-15 16:20:02 Crypto Miner Core Scientific Cuts 10% of Staff, Keeps Hashrate Projection

Crypto miner Core Scientific (CORZ) cut 10% of its staff and dramatically reduced the value of its assets as the cryptocurrency rout continued to drag on the industry. The workforce reduction was announced Thursday as the company reported its second-quarter financial results, which included an $840 million charge to reduce the accounting value of its assets.

CFO Denise Sterling said during the earning conference call that the staff cuts were "surgical" and didn't affect operational personnel in Core Scientific's data centers. However, Core stuck with its forecast for the company's hashrate, a measure of computing power on the Bitcoin network and a key metric for mining companies. On May 12, Core Scientific lowered its 2022 hashrate projection to 30-32 exahash per second and total power of about 1 gigawatt, citing market turmoil. The company retained that forecast Thursday.

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2022-08-14 18:04:02 Bitcoin mining revenue jumps 68.6% from the lowest-earning day of 2022

Since July 2022, the Bitcoin ecosystem recovered across numerous determinants, including miners’ revenue in dollars, network difficulty and hash rate. The Bitcoin (BTC) mining industry endured immense financial stress throughout the year 2022 as a prolonged bear market directly impacted their earnings when translated to the U.S. dollar.

Over the year, revenue from Bitcoin mining dropped due to a multitude of factors centered around investor sentiment — driven by tensions arising from market crashes, ecosystem collapses and loss-making investments. Cutting through the noise, the Bitcoin ecosystem recovered across numerous determinants, including miners’ revenue in dollars, network difficulty and hash rate. Data from blockchain.com confirms that BTC mining revenue jumped nearly 69% in one month — from $13.928 million on July 13 to $23.488 million on Aug. 12.

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2022-08-13 08:30:28 Bitcoin Miner Genesis Digital Assets Secured 708 MW in Capacity During the First Half of 2022

This week the bitcoin mining company Genesis Digital Assets announced that the firm has secured 708 megawatts (MW) in capacity and revealed plans to create 130 full-time jobs in the United States. The chief operating officer at Genesis, Andrey Kim, said the firm has been pleased with “the pace” of the bitcoin mining company’s U.S. expansion.

On Wednesday, Genesis Digital Assets revealed it has acquired 708 MW of capacity as the firm’s U.S. expansion continues. Presently, Genesis mines bitcoin in four locations in Texas, three locations in South Carolina, and one location in North Carolina. During the first half of 2022, Genesis secured the 708 MW from the Texas, South Carolina, and North Carolina regions. The company said the expansion will create 130 full-time jobs and roughly 495 construction jobs for the local communities.

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2022-08-12 13:37:02 Genesis Digital Locks In 708 MW of Energy for Bitcoin Mining

Genesis Digital Assets secured 708 megawatts (MW) of power for bitcoin (BTC) mining in the first six months of the year. The New York-based company didn't specify at what stages of development the different sites are or when they will be ready to start operating. It had not responded to CoinDesk's request for comment by the time of publication.

Genesis raised $431 million to expand operations in North America and the Nordic countries in a funding round led by Paradigm Ventures last September, just two months after it raised $125 million in a round led by Kingsway Capital. Prior to the new sites, the miner had contracted for 100MW in Sweden, 300MW in Texas and an undisclosed amount in South Carolina, according to its website. Privately held Genesis Digital Assets is separate from Genesis Trading.

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2022-08-11 09:29:02 Kazakhstan Investigates Crypto Mining Hotel Allegedly Operating as Ponzi Scheme

Authorities in Kazakhstan have launched an investigation into a mining hotel business suspected of being a crypto pyramid as part of an ongoing crackdown on illegal activities linked to cryptocurrencies. The platform, called Bincloud, lured investors through popular messaging apps.

Amid intensified efforts to fight crypto-related fraud, Kazakhstan’s Financial Monitoring Agency has initiated a pre-trial investigation into a crypto mining business allegedly working as a financial pyramid scheme. It’s led by the watchdog’s department in the West Kazakhstan region, the FMA announced, quoted by Russian crypto media. The people behind the Bincloud mining hotel were recruiting investors through the Whatsapp and Telegram messengers.

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2022-08-11 00:58:02 The Future of Film has Arrived!

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2022-08-10 05:57:02 Crypto Miner Marathon Increased Bitcoin Holdings Amid $191.6M Quarterly Losses

Marathon Digital Holdings Inc. (NASDAQ: MARA), a leading cryptocurrency mining company, has reported a net loss of $191.6 million (or $1.75 per share) as its Bitcoin production slumps. The firm reported producing 707 Bitcoin in Q2 2022, a 44% decline from the previous quarter. In Q1 2022, the company produced nearly 1,259 Bitcoin.

The quarterly production drop is primarily attributed to the prolonged energization delays in Texas and weather-related issues in Montana. Still, Marathon produced 2,038 Bitcoin year-to-date, a 58% increase over the same period the previous year despite this quarter’s steep decline. However, the production is expected to improve this quarter. Recently, mining farms in Texas had become operational after securing a highly-anticipated tax exemption status for wind farms (the power source), according to its financial report.

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2022-06-23 14:57:02 Bitcoin miners sold their entire May harvest

The cryptocurrency market entered a sell-off phase in the first week of June, seeing a market-wide route with the majority of cryptocurrencies falling to a 4-year low. The deteriorating market conditions have also affected Bitcoin (BTC) mining profitability adversely, forcing miners to liquidate their BTC holdings.

New data from Arcane research shows that public Bitcoin mining firms sold 100% of their BTC production in May compared to the usual 20-40% earlier.In the first four months of 2022, public BTC mining firms sold 30% of their mined production, which increased 3X folds in May and is expected to rise even further in June. While public BTC miners only make up to 20% of the total network hashrate, their behavior often reflects the sentiments of private miners as well.

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2022-06-22 10:10:02 One of Biggest Bitcoin Mining Firms in Canada to Start Selling Their Holdings

A global Bitcoin self-mining company, Bitfarms based in Canada, is now "adjusting its HODL strategy" according to the press release to add more liquidity and strengthen its balance sheet. Reportedly, the company has sold 3,000 BTC for approximately $62 million at the average price of $20,600.

After the deal was done, the company's total Bitcoin holdings remained at 3,349 Bitcoins with 14 BTC added to the balance every day. Additionally, the Canadian Bitcoin mining company will proceed to reduce the BTC-backed credit facility with Galaxy Digital LLC from $66 million to $38 million. But despite the debt before Galaxy Digital and the illiquid balance sheet, the main reason behind the operation was the extremely high volatility on the cryptocurrency market that caused Bitcoin's drop below the 2017 all-time high of $19,000.

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2022-06-21 07:32:02 Iran Will Reportedly Cut Off Electricity to All Legal Crypto Miners

The Middle Eastern nation has gone against licensed crypto miners and will shut down all 118 legal ones in two days, according to a recent report. The country’s authorities have already done something similar in the past, citing the growing electricity demand during the summer.

Unlike previous years, though, Iran’s share in terms of BTC mining has been declining, so shutting down all licensed operations in the nation will not have much of an impact on the hash rate. Cambridge’s Bitcoin Mining Map shows that Iran has fallen behind other nations. For example, it accounted for 6.9% of the total hash rate in June last year, while the percentage has dropped significantly to 0.2% as of January 2022.

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