Tag: Mining

Exploring Bitcoin’s path to a renewable mining future

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While Bitcoin’s journey toward sustainability shows promise, much work is ahead to assess its environmental consequences fully. There’s a prevalent notion that as Bitcoin (BTC) grows, so does its environmental footprint. But the latest data seem to paint a different picture. Consider this: since 2019, Bitcoin’s computational power, or hashrate, has surged four times. You’d expect the associated carbon emissions to follow suit. Surprisingly, data suggests they’ve only gone up by a modest 6.9%. Emissions Decline as Energy Use⬆️👉Despite 4x Hashrate, carbon emissions (blue) are only⬆️6.9% since 2019🤔Remember, Miners don’t…

Bitcoin mining can help reduce up to 8% of global emissions: Report

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A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin (BTC) has the potential to be a catalyst for a global energy transition.  IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.” The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide. Within the report, the authors also highlighted the important…

Crypto Mining Giant Bitmain to Invest $53.9 Million in Core Scientific

Bitmain’s investment represents not only a significant financial commitment but also a strategic move to fortify its partnership with Core Scientific. Bitmain, a leading manufacturer of crypto mining rigs, has announced a substantial investment of $53.9 million in Core Scientific, a major North American blockchain data center provider and digital asset miner since 2017. Core Scientific operates data centers in multiple US states and utilizes their Minder software for efficient mining management and monitoring. This partnership signifies an expansion of their already-established relationship and supply contract. Both companies have agreed…

Bitcoin mining firm Hut 8 gets judicial approval for USBTC merger

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Canadian Bitcoin mining giant Hut 8 secured pivotal judicial approval for its merger with USBTC.  The British Columbia Supreme Court has granted the final judicial go-ahead for the union between Canadian Bitcoin miner Hut 8 and U.S. Bitcoin Corp (USBTC). Scheduled to culminate by year’s end, this merger is poised to reshape the landscape of Bitcoin mining and high-performance computing. We are pleased to share that the Supreme Court of British Columbia has issued a final order approving the merger of equals between Hut 8 and USBTC! 🎉The full details…

Tether launches testing phase for Bitcoin mining platform

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Paolo Ardoino, chief technology officer of Tether, announced the launch of the testing phase for Moria, the company’s Bitcoin mining platform. In a posting on X (formerly Twitter), Ardoino declared the platform has achieved a significant milestone during this phase by deploying its initial batch of containers and miners, including extended control over PDU management and miner interaction. A commitment to security Testing @Tether_to Moria #bitcoin mining platform with first containers and miners.All PDU management, interaction with miners (set frequency, power, etc) is now fully controlled by the software.All write…

Celsius acquires Texas mining site from Core Scientific for $14m

Core Scientific sold a Cedarvale, Texas-based mining location to bankrupt crypto lender Celsius for $14 million, while also releasing $31 million worth of claims against the company. According to a court filing, Core Scientific jettisoned the mining location in Ward County, Texas. The deal with Celsius came to light in a Thursday court filing, which also revealed that Core Scientific is releasing its $31 million worth of claims against Celsius, elevating the overall transaction to $45 million. Celsius court filing The court filing stated, “After months of negotiations, Celsius and…

Celsius, Core Scientific (CORZ) Resolve Acrimonious Crypto Mining Dispute With $45M Deal

The settlement “resolves the protracted and expensive litigation with Core, and cuts off the significant costs that would have been incurred if the parties were to fully litigate their claims,” a filing by Celsius’ lawyers said, describing the deal – under which Celsius also acquires Cedarvale, an 85-acre Texas mining site – as a “fair, equitable, and a carefully negotiated resolution.” Source

US Senator says Bitcoin mining could boost energy grid resilience

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Texas Senator Ted Cruz has voiced support for Bitcoin (BTC) mining operations in the U.S., emphasizing its potential to enhance the resiliency of energy grids during times of crisis. Cruz, a Republican, expressed his bullish stance to Fox News Radio. Texas is a hub for jobs, innovation, and freedom—making it the natural oasis for Bitcoin mining. These operations can improve our grid resiliency since they can shut off during inclement weather and free up electricity to heat or cool homes. pic.twitter.com/rpU5i3v03G — Senator Ted Cruz (@SenTedCruz) September 7, 2023 Cruz…

Coinbase’s lending bet, a new ads policy at Google and Marathon’s mining performance

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Crypto giant Coinbase seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter, when firms such as Celsius Network, BlockFi and Genesis went bankrupt.  The move comes after the company shut down its Borrow service for retail customers in May amid regulatory scrutiny. The service allowed certain customers to use crypto as collateral to receive a cash loan. The new lending solution,…

Texas provides Riot $31.7m to halt Bitcoin mining amidst energy crisis

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Texas Bitcoin miners have cut back 90% of their operations during the energy crisis after the state offered $31.7 million in energy credits.  Amid an escalating power crisis driven by extreme weather conditions, Texas has turned to an unlikely ally for energy conservation: Riot Platforms, a major Bitcoin (BTC) mining firm. The state’s power grid operator has awarded Riot Platforms $31.7 million in energy credits for reducing electricity consumption during the ongoing heat wave. The sum eclipses the $9.7 million worth of Bitcoin the company mined in the same period.…