Tag: Mining

Classic Minerals And AuResources Drive Blockchain-Backed Funding For Gold Mining Ventures

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Classic Minerals Limited, an Australian gold exploration company, and AuResources AG, a Swiss fintech startup, have begun a $60 million funding initiative to leverage blockchain technology to boost the gold mining and fintech sectors. The collaboration is designed to accelerate the development of Classic’s gold projects, particularly the Kat Gap Project in Western Australia and the Forrestania Gold Project, by avoiding traditional commodity trade funding. Blockchain-Backed Capital In a move that bypasses traditional banking channels, AuResources, backed by digital and tokenization-focused bank Black Manta Capital, will provide the initial $10…

Bitcoin ETFs acquire more than mining supplies amid record $1.05b inflow

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On March 12, Bitcoin spot Exchange-Traded Funds (ETFs) witnessed a record-setting total net inflow of $1.05 billion. This marked the highest single-day net inflow since the initiation of the ETF, demonstrating a substantial increase of approximately 56% from the $673 million recorded on Feb. 28. Interestingly, one reason behind the significant inflow into Bitcoin ETFs could be their consistent performance, which has outpaced the newly mined supply of Bitcoin. According to SoSoValue data, on March 12, the total net inflow into Bitcoin spot ETFs reached $1.05 billion, setting a new…

U.S. President Again Proposes Crypto Mining Tax, ‘Wash Sale Rule’ for Digital Assets in New Budget

According to a summary table, the administration projects it could generate over $1 billion in the 2025 fiscal year by including digital asset transactions in wash sale rules alone, and north of $8 billion by including cryptocurrencies in mark-to-market rules. Over a 10-year period, these two rules could generate $25 billion and $7.3 billion, respectively (the budget seems to expect the mark-to-market rules adding to the national deficit after 2025). An excise tax on mining could remove some $7 billion from the national deficit over the next decade, the file…

What is Compass Mining? – Blockchain.News

Compass Mining has emerged as an innovative leader in the cryptocurrency mining service industry, enabling individuals and institutions to participate in Bitcoin mining without the complexity of managing hardware. The cryptocurrency industry has witnessed exponential growth over the past few years, with various sectors flourishing, including the pivotal sector of Bitcoin mining. Among the companies pioneering this space, Compass Mining has established itself as a critical service provider, offering solutions that democratize access to Bitcoin mining operations. This article delves into Compass Mining’s business model, its impact on the mining…

Hut 8 shuts down Bitcoin mining site in Canada, citing energy costs

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Mining company Hut 8 is shutting down its Bitcoin mining platform in Drumheller, Alberta, Canada. According to a Hut 8 report from Mar. 6, the platform will be shut down due to power outages and rising prices. Currently, Drumheller mines about 1.4% of Bitcoin (BTC) and spends about 11% of its hash rate. “We have determined that the profitability of Drumheller has been impacted significantly by various factors, including elevated energy costs and underlying voltage issues.” Asher Genoot, Hut 8 CEO The company admits that the center’s activities may resume…

Bitcoin Mining Firm CEO Predicts Start Of ‘Supercycle’

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In a series of statements made on X (formerly Twitter), Marc van der Chijs, the CEO of the publicly traded Bitcoin mining firm Hut 8, shared an optimistic outlook on the future of Bitcoin, suggesting that the cryptocurrency may be on the brink of a ‘supercycle.’ “I think I have never been more bullish about Bitcoin than I am right now,” he remarked, pointing to the cryptocurrency’s recent performance and the absence of widespread hype as a prelude to what he terms a ‘supercycle.’ Understanding the concept of a ‘supercycle’…

Bitcoin Miner Bitdeer Says It Has Launched Its ‘First Cryptocurrency Mining Chip’

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Bitdeer, a bitcoin miner, recently announced the launch of what it refers to as its “first cryptocurrency mining chip.” Bitdeer claimed that the chip could potentially improve bitcoin mining performance without excessive power consumption. New Rig to Help Bitcoin Miners Minimize Operational Costs Bitdeer, a leading bitcoin mining firm, has launched what it describes as […] Original

US EIA to scrap Bitcoin mining survey data, seeks public input for new proposal

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The US Energy Information Administration (EIA) has made a decision to discard all data collected from its emergency Bitcoin mining survey, according to recent court filings. This action agreed upon with the Texas Blockchain Council, also applies to any subsequent data received. The documents detail the EIA’s commitment to “sequester and keep confidential” such information until its destruction, effectively concluding the temporary restraining order in place until March 8, which had stopped the EIA from data collection amid ongoing legal proceedings. BREAKING: Our lawsuit against the @EIAgov has successfully HALTED…

Texas Blockchain Council and Riot Secure Legal Victory in Bitcoin Mining Data Collection Lawsuit

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In a landmark ruling, the Texas Blockchain Council (TBC) and Riot Platforms Inc. have triumphed in their lawsuit against the Biden administration, successfully halting the data collection efforts on bitcoin mining operations. TBC and Riot Platforms Win Case Against Bitcoin Mining Data Survey The United States District Court for the Western District of Texas has […] Original