Bearish Crypto Market Claims Another Victim in Mining Space

The long-running bearish sentiment of cryptocurrency market has claimed another victim. Giga Watt, a US-based Bitcoin mining firm, sent an email to its customers, stating that it has decided to close down operations. The company clarified that it had lost access and power to its mining facilities because it didn’t have adequate funds to continue the mining services. The email came two months after Giga Watt filed for Chapter 11 bankruptcy. In November 2o18, the company had admitted losing a massive chunk of their revenue to the bearish crypto market. A…

Chip Making Giant TSMC Reports Significant Drop in Crypto Mining Revenue

Chip manufacturing giant Taiwan Semiconductor Manufacturing (TSMC) reported a sizeable drop in its crypto mining-related revenue in 2018. The news was revealed in the company’s Q4 2018 financial results, published Jan. 17, together with an earnings call transcript. TSMC has not disclosed specific data for its crypto mining business — including it instead within its high-performance computing (HPC) segment. In the earnings call transcript, TSMC CEO & Vice Chairman C.C. Wei revealed that whereas HPC, excluding crypto, had grown slightly: “[C]ryptocurrency is a big drop from 2018 to 2019. So…

Mining Closures Reveal Recurring Bitcoin Bear Market Trend

Mining Another bitcoin miner this week shut down its operations, though the news didn’t come as much of a shock. The latest closure, of U.S.-based Giga Watt which went bankrupt last year, follows a trend among large mining operations that stretches back years. Also read: No Reason to ‘Bury’ Cryptocurrencies, Russian PM Medvedev Says Bankruptcy to Closure After declaring bankruptcy last year, Giga Watt, which launched in 2017, announced in a Telegram message that it would be ceasing all operations. “As was reported in November of 2018, Giga Watt voluntarily…

Tech Firm IBM and MineHub Join to Build Blockchain-Based Platform for More Efficient Metals & Mining Supply Chain Solution

MineHub Technologies, Inc. and IBM announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain — from mine to end buyer. The $1.8 trillion* global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. Blockchain technology helps address this problem. advertisement Goldcorp Inc., ING Bank, Kutcho Copper Corp., Ocean Partners USA Inc. and Wheaton Precious Metals Corp. are all working with…

IBM-Backed Blockchain Platform to Improve Supply Chain Management in Mining Industry

Major tech firm IBM has partnered with MineHub Technologies to deliver a blockchain solution that will improve supply chain management in the mining and metals industry. IBM announced the initiative in a press release published Jan. 16. MineHub is a company that uses technologies including blockchain to develop cost-saving applications for the metals and mining industry. The newly announced mining supply chain platform will be built on the cloud-based IBM Blockchain Platform powered by the Linux Foundation’s Hyperledger Fabric. The solution targets the inefficiencies of the global mining and metal…

Following Bankruptcy Filing, Mining Firm Giga Watt Reportedly Closes Day-to-Day Operations

Major crypto mining and blockchain firm Giga Watt has reportedly closed access and power to its facilities and stopped day-to-day operations, according to a note to clients reposted in a Telegram group on Jan. 15. Following its bankruptcy filing in November 2018, the former top-five crypto mining firm reportedly notified its clients that any cryptocurrency remaining in customer wallets will be available for withdrawal until March via the Giga Watt dashboard. As for mining equipment, Telegram user JP reposted in the customer support Telegram channel an email purportedly from the…

Despite Bear Market, Crypto Mining Malware Tops Threat Index for 13th Month Running

Three strains of crypto mining malware have topped the latest Global Threat Index from Israeli cybersecurity firm Check Point, according to a press release published on Jan. 14. Check Point Software Technologies Ltd. is a security solution provider for governments and enterprises globally, with over 100,000 organizations reported to be currently using its security management system. As reported, stealth crypto mining attacks — also known as cryptojacking — work by installing malware that uses a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. According to…

Mining Giant Bitmain Reportedly Suspends Mining Operations in Texas

China-based leading mining and mining ASIC hardware producer Bitmain has reportedly suspended its mining operations in Rockdale, public radio station Texas Public Radio reports on Jan. 10. Rockdale is located in Milam County, east of Austin, in the United States state of Texas. Steve Young, a Milam County Judge, issued a statement reporting that all Bitmain employees but two engineers and the director of human relations had been laid off, and all operations had been suspended. According to the article, Young said later that the company told him Bitmain will…

Crypto Mining Giant Bitmain to Appoint New CEO

The bear market of 2018 has hit crypto mining companies particularly hard as mining on certain types of hardware is no longer profitable. Falling prices and hashrates have dropped difficulty somewhat but not enough to prevent the founders of the world’s largest mining company to step down as it readies to appoint a new boss. Bitmain has been in the news recently for all the wrong reasons, laying off employees and downsizing is bad news for the crypto industry but inevitable in the circumstances. However, as company co-founders Wu Jihan…

Bitcoin Mining Giant Canaan Looking into a U.S. IPO

Canaan, the second-biggest maker of Bitcoin mining hardware in China, is considering listing in the U.S. after shelving plans for a Hong Kong initial public offering, Bloomberg reported on January 8, 2019. Listing in the U.S. after Abandoning Hong Kong IPO China’s second-biggest manufacturer of Bitcoin mining hardware is reportedly looking to try its luck in the U.S. after shelving plans for an initial public offering in Hong Kong. Citing people familiar with the matter, Bloomberg reported that Canaan Creative is considering listing in the United States. Sources have also…