The total capacity of crypto mining facilities in Russia has been increasing in the past year, despite the market downturn and sanctions, according to a survey of leading operators. Depressed prices of mining equipment and stronger interest from domestic customers have been identified as major factors for the trend. Miners Prepare for Growth as Total Capacity of Crypto Farms in Russia Reaches 500 MW The capacity of Russian mining farms has exceeded 500 megawatts (MW) at the end 2022, according to results from a poll among established industry players published…
Tag: Mining
Next Bitcoin Mining Difficulty Change Estimated to Decrease as Block Times Have Lengthened – Mining Bitcoin News
The last two mining difficulty changes on the Bitcoin network have driven difficulty to an all-time high, causing a decrease in hashrate and block interval speed. Before the latest difficulty retarget increase of 4.68%, block intervals were faster than the 10-minute average, at approximately 8 minutes 54 seconds to 9 minutes 31 seconds. However, since the change, block times have slowed, with statistics showing durations of 10 minutes 44 seconds to 10 minutes 36 seconds. Slower-Than-Average Block Intervals May Lead to Decrease in Bitcoin Mining Difficulty The next mining difficulty…
Core Scientific to Hand Crypto Mining Rigs to NYDIG to Extinguish $38.6M in Debt
The bear market in crypto has taken a toll on the mining industry, particularly on leveraged firms, as high energy prices coupled with a low bitcoin price have led to consolidation and capitulation. Core borrowed about $77.5 million from NYDIG to buy mining equipment starting October 2020, but has essentially stopped paying off the loans since the end of the third quarter. Source
Giant Bitcoin ‘Taproot Wizard’ NFT Minted in Collaboration With Luxor Mining Pool
Lines were drawn when the Ordinals protocol, which stores non-fungible tokens (NFTs) on Bitcoin, launched on the dominant blockchain last month. That showdown created two factions – purists who insist on using Bitcoin exclusively for payments and Ordinals fans who welcome NFTs, including this “Taproot wizard” sketch that nearly filled an entire 4 megabyte (MB) block, incurred no transaction fees (although a premium off-chain fee was likely paid) and left Bitcoiners of both stripes mystified. Original
Luxor Starts First-Of-Its-Kind Bitcoin Mining Rig Marketplace for Large Scale Orders
“Before, buyers and sellers relied on a patchwork of venues to buy and sell mining hardware. Now, they can observe offers, listings, and settlement prices all in one place, which improves pricing transparency and expedites the mining hardware procurement process,” Luxor Operations Manager Lauren Lin said in the press release. Original
Crypto-friendly bank ends loans backed by crypto mining rigs
The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022. According to a Jan. 31 filing with the United States Securities and Exchange Commission (SEC), BankProv has already nearly halved the proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022. The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million…
Bitcoin mining advocate is going state-to-state to educate US lawmakers
Dennis Porter, chief executive officer of the Satoshi Action Fund, is taking the fight for hearts and minds on Bitcoin mining to Washington, D.C. and beyond in an effort to support friendly legislation. Porter, who first discovered Bitcoin (BTC) in 2017, told Cointelegraph his path on advocating the benefits of mining has taken him to support bills in at least six U.S. states with federal lawmakers also in his crosshairs. The Satoshi Action Fund CEO met with U.S. Senators and Representatives on Jan. 25 in support of proposed legislation aimed…
Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs – Bitcoin News
The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment. Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65% Bankprov disclosed that it holds approximately $41.2 million in cryptocurrency-collateralized loans, with about $26.7 million of the debt backed by crypto-mining…
BankProv Stops Offering Loans Collateralized With Crypto Mining Machines
The crypto-friendly bank wrote off $47.9 million in loans, primarily mining rig-collateralized debt. Source
BlockFi gets court nod to sell crypto mining assets
Bankrupt crypto lender BlockFi has been granted court approval to sell off its crypto mining equipment as part of ongoing efforts to repay its creditors. A court document filed on Jan. 30 in the United States Bankruptcy Court for the District of New Jersey stated that the approval for BlockFi to sell its assets was on the grounds that it was “fair, reasonable and appropriate under the circumstances.” The court acknowledged the sale of the assets is “designed” to maximize the recovery and “realizable value” of the company. With the…