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2022-12-09 09:58:02 Bitcoin miner Marathon explores Compute North bid: Bloomberg

Marathon Digital Holdings Inc. has hired advisers to help navigate a potential bid for its partner Compute North, a troubled crypto miner currently going through bankruptcy, according to Bloomberg.

Marathon CEO Fred Thiel told Bloomberg his company had hired Guggenheim Partners and law firm Weil Gotshal & Manges to advise on both its exposure to Compute’s bankruptcy and a potential bid for the bankrupt data center. Marathon utilizes an “asset-light strategy,” which requires it to use third-party companies that possess the machinery and infrastructure to mine cryptocurrency.

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2022-12-08 20:34:02 Jack Dorsey-Backed East African Bitcoin Miner Gridless Raises $2M

Gridless, a bitcoin mining company that helps generate new sources of energy in rural communities in East Africa, said Tuesday that it secured $2 million in a seed investment round led by bitcoin venture-capital firm Stillmark.

The investment will support the company’s expansion of bitcoin mines across African markets. In its first year, Gridless started five projects in rural Kenya with African hydroelectric energy company HydroBox, three of which are operational. The company plans to expand to other East African regions in the near future.

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2022-12-07 21:56:02 Bitcoin Mining Difficulty Records Biggest Drop of 2022.

According to data provided by BTC.com, Bitcoin’s mining difficulty has plunged by 7.32 %, which is the biggest negative adjustment of the year. In fact, the difficulty of mining recorded the most dramatic drop since the summer of 2021. Back then, the industry was reeling from China’s blanket ban on cryptocurrency mining.

Last month, Bitcoin’s mining difficulty peaked at an all-time high of 35.6 trillion. However, it has declined sharply from that peak now that miners are switching off their machines en mass amid a brutal bear market. Due to the double-whammy of declining crypto prices and the advent of more efficient mining machines, many miners are no longer capable of turning a profit.

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2022-12-06 23:37:02 Texas’s Crypto Mining Boom Is Starting to Look More Like a Bust

The digital gold rush in Texas is losing its luster as Bitcoin miners grapple with financial woes, leaving behind what some fear will be a wasteland of unfinished sites and abandoned equipment.

In an effort to become a haven for crypto mining, Texas has aggressively lured miners with cheap power and favorable regulations, prompting many to take out billions in loans to buy pricey machines and build out infrastructure. made it difficult for miners to repay debt. Some are on the verge of bankruptcy.

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2022-12-05 16:04:02 Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash.

The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.

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2022-12-04 12:18:02 Bitcoin's mining difficulty set for largest single drop of 2022

The adjustment is projected to happen in the early hours of next Tuesday and could be between -8% and -7%, according to most estimates. Luxor placed it at -7.98%, Braiins at -7.9% and Bitrawr between -7.9% and -7.5%, at the time of publication.

Those numbers are subject to change over the next few days, depending on how many machines go on and offline, but still paint a pretty clear picture of the current state of the mining economics. The industry has seen margins plunge due to rising power costs and declining bitcoin prices. And some companies are cash-strapped and buried in debt.

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2022-12-03 16:02:02 Bitcoin Miners’ FTX Contagion Exposure May Amplify Industry Pain

Bitcoin miners, which already have up to $2.5 billion in loans outstanding, could find themselves in even hotter water as many have exposure to failed crypto exchange FTX and lenders such as BlockFi. Now, some of the lenders working with these already struggling bitcoin miners.

Miners’ balance sheets have been steadily deteriorating over the past few months as the price of bitcoin has slumped, killing their revenue. Meanwhile, energy prices have soared, increasing their costs. This has resulted in one of the biggest mining data center operators in the U.S., Compute North, to file for chapter 11 bankruptcy protection in September, while big players such as Core Scientific (CORZ).

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2022-12-02 12:52:02 Manitoba Halts New Crypto Mining Projects Due to Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand.

The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet. The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations.

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2022-12-01 16:08:02 Hash Ribbon Reversal Signals Bitcoin Miner Capitulation Phase

Bitcoin and other cryptocurrencies are feeling the effects of the negative trends occurring in the market. The crypto winter predicted to wind up in early November by some experts is still in full swing. Crypto critics like Warren Buffet still views crypto as a risky asset.

The FTX saga has further changed the narrative, with investors unsure of keeping their holdings with exchanges. In addition, the Securities and Exchange Commission (SEC) now has support in the lawsuit against XRP. As a result, bitcoin mining is taking a beating as events continue to unravel daily. The hash ribbons – a technical indicator – has formed a so-called “death cross”.

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2022-11-30 12:15:01 Bitcoin’s Mining Difficulty Expected to Drop Significantly, Retarget Could Be 2022’s Largest Reduction

Bitcoin miners could catch a break in a week or so, on or around Dec. 5, 2022, as the next difficulty retarget is expected to see a significantly large reduction. Estimates show the next difficulty retarget could drop anywhere between 6.13% and 10% lower.

Bitcoin difficulty change occurred on Nov. 20, 2022, at block height 764,064, it increased by a mere 0.51% that day. The increase did, however, propel the network’s difficulty to its lifetime high of 36.95 trillion. Since then, during the past week, the network’s average hashrate has been around 249.1 exahash per second (EH/s). The average Bitcoin network block time has been slower than usual.

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