Tag: Mining

Bitcoin Mining Firms Terawulf and Cleanspark Ramp up Hashrates, Boost Financial Footing

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This week witnessed significant expansions in the bitcoin mining sector, with two leading firms unveiling substantial increases in their operational hashrate. Terawulf disclosed that its self-mining business has escalated to 7.6 exahash per second (EH/s) this month. Concurrently, Cleanspark announced an enhancement in its fleet-wide operating hashrate, surpassing 14 EH/s. Terawulf Hashrate Reaches 7.6 EH/s […] Original

Bitcoin’s Latest Difficulty Retarget Jumps 8.24%: Miners Navigate the Toughest Mining Landscape Yet

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Bitcoin’s mining difficulty has hit an unprecedented peak, marking the most significant jump of 2024. On Thursday, at the milestone of block 830,592, the network experienced its fourth adjustment this year with a sharp 8.24% uptick. Bitcoin Mining Difficulty Skyrockets, Setting New Records in 2024 Mining bitcoin (BTC) has become considerably more challenging, following an […] Original

Bitcoin Mining Company Phoenix Group Reports 50% Net Income Increase and 20% Sales Growth

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After its oversubscribed initial public offering (IPO), Phoenix Group, a Dubai-based company specializing in bitcoin mining and blockchain infrastructure, has announced a significant 50% increase in net income. The firm further revealed a 20% increase in its annual sales compared to the previous year. Dubai Bitcoin Miner Phoenix Group Records Substantial Increase in Year-on-Year Sales […] Original

Bitcoin Mining Stocks Surge — Double-Digit Gains Highlight Rapid Growth in Digital Currency Sector

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As bitcoin and the broader crypto market have surged, shares of publicly traded mining companies have seen substantial growth. Data shows that, in the last five days, stocks of many of these firms have experienced double-digit increases in value against the U.S. dollar. Publicly Traded Mining Companies See Major Uptick Publicly-listed firms linked to the […] Original

Ethiopia’s Affordable Hydropower and Adoption of Crypto Mining Attracts Chinese Bitcoin Miners

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The Ethiopian state electricity company has reportedly signed power supply agreements with 21 mainly Chinese bitcoin miners. The African country’s pursuit of foreign exchange has seemingly taken precedence over the concerns often raised by climate change advocates. Ethiopia Set to Become the Preferred Destination for Chinese Bitcoin Miners Ethiopia’s state power company has entered into […] Original

Bitmain-backed Bitcoin mining firm BitFuFu eyes going public via SPAC deal

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Crypto mining company BitFuFu plans to go public on the Nasdaq stock exchange via a SPAC deal with Arisz Acquisition Corp. According to documents filed with the U.S. Securities and Exchange Commission (SEC), BitFuFu plans to go public under the ticker symbol “FUFU” once the merger with Arisz Acquisition Corp is finalized. The merger is anticipated to receive approval from Arisz’s board by Feb. 24, the document reads. Following the merger, BitFuFu will issue a total of 150,000,000 ordinary shares to Arisz shareholders at $10 per share. According to the…

CleanSpark to double hash rate with new mining facility acquisitions ahead of Bitcoin halving

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Publicly traded Bitcoin (BTC) mining firm CleanSpark has expanded its operations through the acquisition of four new mining facilities, significantly increasing its hashing power ahead of the anticipated Bitcoin halving event in April 2024.  On Feb. 6, CleanSpark announced the purchase of three Bitcoin mining facilities in Mississippi for a total of $19.8 million, instantly adding 2.4 exahashes per second (EH/s) to its current hash rate upon completion of the deal. Additionally, a facility in Dalton, Georgia, was acquired for $6.9 million and is expected to contribute an additional 0.8…

CleanSpark jumps on plans to buy 4 bitcoin mining facilities

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An array of bitcoin mining units inside a container at a CleanSpark facility in College Park, Georgia, on April 22, 2022. Elijah Nouvelage | Bloomberg | Getty Images Bitcoin miner CleanSpark climbed on Tuesday after the company said it will acquire new mining facilities that will give it the power and infrastructure to potentially double its hashrate within the first half of the year. CleanSpark shares were last higher by nearly 9%. At one point, the stock rose as high as 10.8%, also helped by a midday rise in the…

British Columbia Court upholds moratorium on crypto mining projects in Canadian province

A recent ruling by a British Columbia Supreme Court Justice, Michael Tammen, has affirmed the provincial power utility B.C. Hydro’s decision to implement a moratorium on new cryptocurrency mining projects. The latest decision came as a response to a challenge by Conifex Timber, a forestry company that had ventured into cryptocurrency mining alongside the Tsay Keh Dene Nation, an Indigenous group. In the Feb. 5 ruling, Justice Tammen deemed the moratorium, established in December 2022, a prudent measure aimed at managing the province’s electrical supply amidst soaring demands from the…