Bitcoin (BTC) Price Bounces to $67K with Mining Stocks HIVE, WULF, CAN Rallying; XRP Leads Altcoins

Bitcoin has been chopping sideways in a tight range below its all-time record prices since March, flushing out excess leverage in liquidation cascades, and surely causing some impatience from market participants, particularly the “number go up” crowd. Underscoring the boring price action, bitcoin’s 30-day realized volatility has dropped to near historic low levels, Alex Thorn, research head of digital asset investment firm Galaxy, pointed out in an X post. Source

Bitcoin mining companies are hiding energy data, Wall Street is responsible

In a new report filed by Greenpeace, the climate group called for Wall Street accountability in crypto mining, and it correlated bitcoin mining to excessive global energy usage. Greenpeace claimed that Bitcoin (BTC) mining has evolved into a significant industry dominated by traditional financial companies that are buying up and operating large-scale facilities, using lots of energy. In 2023, global Bitcoin mining used approximately 121 TWh of electricity, comparable to the entire gold mining industry or a country like Poland. This resulted in significant carbon emissions, the report contended, as…

Latam Insights: Paraguay Unveils Bitcoin Mining Centric Development Strategy, Itau Unibanco Rolls Crypto Trading for All Customers

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguay unveiled a bitcoin mining-centric strategy, Itau Unibanco rolled out crypto trading services for all its customers, and Worldcoin decided to establish a hub in Argentina. Paraguayan Minister Unveils Future Economic Strategy Centered […] Original

Trump Champions Bitcoin Mining, Vietnamese Increase Gold Buying, and More — Week in Review

Former U.S. President Donald Trump expressed support for the bitcoin mining industry, advocating for producing the remaining bitcoin in the U.S. to enhance national energy dominance. Vietnam sees increased interest in gold bullion purchases due to favorable prices at state-owned banks. New York Attorney General Letitia James takes legal action against crypto pyramid schemes targeting […] Original

Chinese public telecom provider Coolpad Group allocates $13.5m to buy Bitcoin mining rigs

Shenzhen-headquartered telecommunications equipment company Coolpad Group has announced the purchase of $13.5 million worth of crypto mining rigs. Coolpad Group, a public Chinese telecom provider listed on the Hong Kong Stock Exchange, said in a regulatory filing it has allocated over HK$106 million (around $13.5 million) to purchase Bitcoin mining rigs as the firm now “actively pursues opportunities in web 3.0 digital currency business.” As per the document, Coolpad plans to acquire 2,700 crypto mining rigs from Hong Kong-based JingYun Intelligent Technology Limited, with deployment slated for North America. The…

Bitcoin Mining Stabilizes Power Grids Strained by AI Data Centers

To keep a power grid at the correct frequency, grid operators must “balance” the power grid by adjusting energy production to match user demand. This process is called “load following.” Historically, increasing and decreasing energy production was the only real-time response action grid operators had available to them. But now, during periods of high or low electricity demand, Bitcoin miners can quickly adjust their power consumption to create a second, real-time response action that grid operators can use to establish balance. Original

Biden’s Proposed Nonsensical 30% Tax Would Kill Bitcoin Mining in the U.S.

The egregious mining tax, implemented despite the billions of dollars invested in the sector, is part of his budget proposal for the fiscal year 2025, which aims to address environmental concerns and regulate the digital asset mining industry. The proposal suggests that the tax would be phased in over three years, starting at 10% in the first year, increasing to 20% in the second year and reaching the full 30% in the third year. This tax is prejudicing digital mining, exclusively, not data centers generally. Original

Donald Trump Pledges to Champion Bitcoin Mining in Historic Meeting With Industry Leaders

Former U.S. President and presidential candidate Donald Trump has engaged with leaders in the bitcoin mining sector, expressing his support for the industry. Trump stressed that bitcoin mining “may be our last line of defense” against a central bank digital currency (CBDC). He emphasized the importance of producing the remaining bitcoin in the U.S., suggesting […] Original

Make bitcoin mining stocks great again? Trump calls for US mining dominance

Donald Trump announced on Tuesday that he wants all remaining bitcoin (BTC) mined in the United States, citing the country’s potential to dominate the energy sector. In a late-night post on Truth Social, the Republican presidential candidate expressed the sentiment that Bitcoin mining may be the country’s last line of defense against a Central Bank Digital Currency (CBDC.) Due to these comments, Bitcoin mining stocks had a great day in the markets on Wednesday. TeraWulf (WULF) jumped by nearly 20% at one point and settled into 10% intraday gains. Hut…