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2022-12-28 10:48:02 Bitcoin miner Argo Blockchain suspends Nasdaq trading pending announcement

Bitcoin miner Argo Blockchain requested that trading be temporarily suspended on Nasdaq pending an announcement by Wednesday's open. Trading is expected to resume on Wednesday, it said in a statement.

The UK-based company is also listed on the London Stock Exchange, which is closed Tuesday and where trading was temporarily suspended earlier this month after the company accidentally published draft materials on its website saying that it was voluntarily filing for Chapter 11 bankruptcy protection in the U.S.In that scenario it would also have to cease operations, the company said at the time.

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2022-12-27 19:39:02 Buenos Aires to Tax Cryptocurrency Mining in 2023

The province of Buenos Aires in Argentina will begin taxing cryptocurrency mining and possibly staking, in 2023. A new proposal modifies the tax law to introduce cryptocurrency mining as a taxable activity that will levy 4% on the income calculated via these operations. However, it is still unclear if staking will be taxed.

The province of Buenos Aires in Argentina approved a project to add cryptocurrency mining as a taxable activity for the next year. A document, presented by the governor of the province, Alex Kicillof, establishes that the activity formally described as “Processing and validation services for crypto assets and/or cryptocurrency transactions (crypto asset and/or cryptocurrency mining)” will require a 4% aliquot over income produced in these operations.

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2022-12-26 10:38:02 Blockware Customer Accuses Bitcoin Mining Firm of Fraud

Bitcoin mining equipment and hosting provider Blockware Solutions was accused by a customer in a lawsuit of breach of contract, negligence, deceptive trade practices and fraud.The case, filed in U.S. federal court in the Northern District of Illinois on Dec. 17.

Blockware sold Faes & Co. 50 mining rigs for $525,000. But, Faes said in the lawsuit, “Blockware did not actually own or operate a facility to host the miners and was not capable of doing so reliably.” Also, the facilities owned by third parties that Blockware could tap didn’t have reliable power, resulting in subpar service, according to the suit. The machines were running with 70% uptime on average as of October.

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2022-12-25 11:08:02 Russian Parliament Postpones Adoption of Crypto Mining Bill

Russian lawmakers will consider a draft law on cryptocurrency mining in 2023 despite earlier indications they were going to vote on the proposal in December. The bill is expected to set the rules for the extraction and sale of cryptocurrency in Russia amid sanctions limiting the country’s access to global finances and markets.

Members of the State Duma will review and vote on the draft law designed to legalize cryptocurrency mining in the Russian Federation in 2023, the head of the Financial Market Committee Anatoly Aksakov announced in comments for the crypto section of the business news portal RBC. He was likely referring to the reconciliation of the positions of the various regulators involved in the process.

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2022-12-24 11:17:02 Most Bitcoin Mining Firms Towards Bankruptcy in 2022!

The year 2022 couldn’t be denied that it has indeed been tough. Though the end for the year is near, yet tragedy never fails to keep out of the crypto industry. As we are in the last quarter of the financial year 2022.

Accordingly, the downfall of the BTC in 2022 tremendously impacted all the BTC mining firms. In addition, the debt incurred was rising higher, and higher. Somehow, many BTC mining firms survived the near end of 2022, but for the year 2023, it’s very evident that they cannot. most of the Bitcoin (BTC) mining firms have either filed for bankruptcy or are on the verge of filing for it.

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2022-12-23 11:11:02 British Columbia to suspend new power connections for crypto mining

For the next 18 months, a state-owned power utility provider in the Canadian province of British Columbia, BC Hydro, is going to suspend all new power connection requests from cryptocurrency mining firms.

The government of the province of British Columbia announced the development in a statement on 21 December, stating that this decision will allow the authorities to develop a permanent framework that can better balance the requirements of both the mining industry and the region’s residents and other businesses.

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2022-12-22 04:41:02 Bitcoin miner Core Scientific files for bankruptcy, has over $1B in liabilities

Publicly traded crypto miner Core Scientific filed for Chapter 11 bankruptcy protection on Dec. 21 at the Southern District of Texas bankruptcy court. According to court documents, the miner has liabilities between $1 billion- $10 billion.

On Dec. 20, CNBC reported that Core Scientific was still generating a positive cash flow. However, the funds are not enough to finance the debts owed on its mining equipment. Meanwhile, the company would continue to operate while negotiating a deal with senior security holders that hold most of its debt.

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2022-12-21 05:16:02 Greenidge deal with lender NYDIG would see miner shift to hosting

Troubled bitcoin miner Greenidge Generation signed a non-binding deal to sell a majority of its mining machines to lender NYDIG in an effort to pay down $74 million in debt.

The miner would then enter into a hosting agreement with the firm, effectively shifting its business strategy from self-miner to hosting provider, according to a filing Tuesday with the U.S. Securities and Exchange Commission. Greenidge will also hand over other assets including infrastructure and equity of its subsidiaries.

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