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2022-04-25 10:19:02 U.S. Cryptocurrency Mining Company Scrambles to Sell $30 Million Worth of Equipment in Russia

In efforts to avoid U.S. and U.N. sanctions, Compass Mining is looking to liquidate all its equipment in Russia in a massive sale that could roll northwards of $30 million.The move comes on the heels of the U.S. Treasury department issuing sanctions to BitRiver.

Compass Mining Inc, a leading cryptocurrency mining company is frantically trying to sell its equipment in Russia. The total value of the hardware sits at around $30 million and forms part of the equipment that cannot be moved out of the country.The frenetic rush for the liquidations is a result of the threats of sanctions from doing business with Russia.

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2022-04-24 11:13:02 New York Is Battleground for Crypto Mining Fight

Crypto companies are fighting a proposal in New York that would restrict the mining of digital assets, worried that other states might make similar moves.

The bill would place a two-year moratorium on reactivating fossil-fuel power plants for off-the-grid cryptocurrency mining. Cryptocurrency miners earn digital cash by solving mathematical equations with computers that require large amounts of energy to power. Proposal would restrict mining of digital currencies over environmental concerns.

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2022-04-23 12:26:02 Earth Day analysts say Bitcoin mining is naturally gravitating to green energy

April 22 is Earth Day, and with environmental sustainability one of the key topics in the global debate surrounding Bitcoin (BTC) mining, analysts say the industry has begun to naturally gravitate towards cleaner and cheaper energy sources.

According to a January report by the Bitcoin Mining Council, the global Bitcoin mining industry ran on an estimated 58.5% renewable energy by Q4 2021.The preference for clean energy is due to a combination of environmental conscientiousness, political pressures and an eye on the bottom line. It’s resulting in a sea change that could have ripple effects that extend well beyond Bitcoin mining onto power grid systems around the world.

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2022-04-22 07:36:02 Bitcoin Miner Bit Digital Files to Raise Up to $500M in Equity

Bitcoin miner Bit Digital (BTBT) filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for the sale of up to $500 million in equity from time to time, also known as an “at-the-market” (ATM) offering.

The equity offerings may include ordinary shares, preferred shares (including convertible preferred shares), warrants and units comprised of any combination thereof, according to the filing.The company said the proceeds would be used for general corporate purposes, including capital expenditures, buying new mining equipment, other potential acquisitions and general working capital.

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2022-04-21 16:01:15 IMF Warns of Crypto Mining as Possible Dodge on Russia Sanctions

There’s a risk that sanctioned nations will leverage their energy resources -- which can’t be exported -- to power mining, an energy-intensive process of validating coin transactions, the IMF said. By expanding their mining operations, governments could also generate revenue directly from transactions fees.

The war in Ukraine has underscored some of the unique challenges that regulators face in policing digital assets, according to the Washington-based IMF. Tokens can be used to bypass steep economic sanctions in cases where exchanges don’t comply with rules, if firms have inadequate compliance procedures, or when technologies that increase anonymity are used, the fund said.

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2022-04-20 10:12:02 Core Scientific Begins Reporting Daily Bitcoin Mining Production

Core Scientific (CORZ), the world's largest publicly traded bitcoin mining company, has begun reporting daily production figures on its website in a move to improve transparency for its shareholders and other stakeholders.

The figure is "one of the most important performance measures in our industry," CEO Mike Levitt said in a press release. Core Scientific is the first publicly traded miner to report the amount of bitcoin it mines on a daily basis, according to Darin Feinstein, the company's co-founder and co-chairman.Core Scientific mined 36.8 BTC (roughly $1.5 million) on Sunday, its website says in the upper left corner. The number will update every day at 12:00 p.m. EST (16:00 UTC).

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2022-04-19 12:25:04 An Nvidia RTX 3090 Mod Could Reportedly Make GPU Crypto Mining More Efficient

A PC gaming electronics researcher made headlines in the PC world this week after finding a way to boost the computational efficiency of the Nvidia RTX 3090 card per kWh. That could save the GPU crypto mining community some coin on the electric bill.

In Chemnitz, Germany, a one-man hobbyist PC gaming researcher by the name of Igor Wallossek recently found a way to cut the power consumption of the Nvidia RTX 3090.Unless they’re using the ASIC chips specially designed to mine cryptos like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Monero (XMR), Zcash (ZEC), and others— GPUs remain the most effective way to mine cryptocurrency.

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2022-04-18 19:16:02 Iran to increase penalties for illegal cryptocurrency mining

According to Mohammad Khodadadi Bohlouli, based on the new regulations, the increase in punishments includes rising fines by a minimum of three and a maximum of five times, imprisonment of the offender, and revocation of their business license in case of repeated violations, IRNA reported.

"Any use of subsidized electricity, intended for households, industrial, agricultural and commercial subscribers, for mining cryptocurrency is prohibited,” Khodadadi said.Misusing subsidized electricity to mine cryptocurrencies reduces the quality of the electricity supply in the national grid and damages peoples’ electrical appliances such as televisions, refrigerators, air conditioners, and so on, the official noted.

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2022-04-17 15:51:02 Bitcoin Miners in Kazakhstan To Pay Taxes Correlated to BTC Price

Everyone likes when Bitcoin is going up in price. But for BTC miners in Kazakhstan, this could soon translate into more taxes.Once considered an attractive country for Chinese Bitcoin miners after the country’s crackdown on any BTC mining activity, Kazakhstan now seems to be set to creating new taxes that will negatively impact the industry.

On April 14, the Minister of National Economy, Alibek Kuantyrov, said in a government briefing that his team is working on a tax plan that would link tax payments to the valuation of the mined tokens.According to Kuantyrov’s statement, first reported by ForkLog, this will help the country financially in tax collection, as it translates into an improvement for the state budget. However, this decision could cause many miners to explore other countries like El Salvador, where the mining tax will be a flat 10% to finance the construction and services of Bitcoin City.

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2022-04-16 11:46:02 Bitcoin miners unmoved by low profits as hash rate grows for the 10th consecutive month

As Bitcoin (BTC) trades back above the $40,000 mark, but still significantly lower than its peak in late March, the miners of the flagship digital asset seem to be tireless, even in the face of low fees.

Indeed, the Bitcoin mining hash rate has been recording a steady uptick since late June 2021. Simultaneously, the mining fees have retained their continuously low level, as observed on a chart shared by on-chain data platform CryptoQuant.com on April 14.Specifically, the hash rate of Bitcoin, or the total computational power used to process transactions, i.e. mine, has grown from around 58 million hash/second in June 2021 to 217.42 million hash/second on April 14.

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