Tag: Mining

Hut 8 agrees to develop mining site to build equity with Celsius creditors

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The Canadian Bitcoin mining firm Hut 8 has signed an interim agreement to launch a new mining site in Cedarvale, Texas, in connection with the Celsius Network bankruptcy proceedings. Announcing the news on Dec. 18, Hut 8 said that the mining site will house almost 66,000 miners and will be powered by more than 215 megawatts (MW) of energy. Hut 8 president Asher Genoot said that the agreement targets a “twofold” goal, which is to build equity with creditors of Celsius while also growing the strength of the managed services…

Sanctioned mining firm BitRiver sees crypto interest surge among Russian oil majors

Russian Bitcoin mining firm BitRiver says the country can become a leader in the global industrial crypto just within a few years. According to BitRiver CEO Igor Runets, Russia has enough resources to become a global leader in crypto mining using associated petroleum gas (APG) as other countries such as the U.S., Canada, Kazakhstan and others have also successfully piloted this method of mining, Russian media outlet RBC reports. Runets revealed that BitRiver’s operational data centers powered by APG currently account for at least 50% of the entire mining market…

Iris Energy to double hash rate in 2024 with $22M Bitmain T21 mining rig order

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Renewable Bitcoin (BTC) mining firm Iris Energy is set to increase its total hash rate to 10 exahashes per second (EH/s) in 2024 by acquiring new Bitmain T21 mining rigs. The company announced it had acquired an additional 1.6 EH/s of Bitmain T21 miners, set for delivery in the second quarter of 2024. The company currently has 5.6 EH/s of operational capacity as of December 2023. The newest generation of Chinese manufacturer Bitmain’s mining hardware will also improve the efficiency of Iris’ operations from 29.5 joules per terahash (J/TH) to 24.8…

Montenegro explores Bitcoin mining potential with renewable energy bonds

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Montenegro’s Prime Minister Milojko Spajić begins consultations for a Bitcoin (BTC) hydro bond utilizing the country’s abundant river resources. In a meeting on Dec. 14, officials in Montenegro discussed the possibilities of utilizing the nation’s abundant hydro resources for mining Bitcoin. The meeting was attended by the country’s Prime Minister, Milojko Spajić, Samson Mow of Bitcoin technology firm JAN3, Serbia’s Prince Filip Karađorđević and Ben Van Hool. JAN3 is known for efforts to expand Bitcoin access. Among other tools, the company proposes to use Bitcoin hydro bonds as a way…

Bitcoin Mining Investment Commitments Hit $1.2B YTD as BTC Halving 2024 Approaches

Several companies are anticipating the changes expected from the Bitcoin halving next year and have pumped in more mining investments. The Bitcoin mining industry has consistently picked up steam over the last few months. According to a report from Bitcoin mining consultancy and PR firm BlocksBridge Consulting, Bitcoin miner investment commitments have crossed $1.2 billion year-to-date. In its Miner Weekly report, BlocksBridge Consulting notes that since the year began, twelve public mining companies have placed orders for spot and future stocks of Bitcoin miners, with a total capacity of more than…

Bitcoin miners attract venture capital, new crypto mining project raises funds

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. According to a Messari report, Bitcoin miners have attracted the most venture capital investment in November. This surge comes as Bitcoin mining operations seek to expand their facilities and upgrade equipment to stay competitive. With new mining projects like Bitcoin Minetrix (BTCMTX) garnering traction in presale, the mining sector appears to show no signs of slowing down. Venture capital floods Bitcoin miners ahead of halving Crypto fundraising saw a…

Bitcoin mining difficulty declined for first time since September

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On Dec. 10, 2023, Bitcoin (BTC) mining difficulty decreased by 0.96% with an average hashrate at 462.60 EH/s. The decrease in mining difficulty occurred against the backdrop of a drawdown in the Bitcoin price. On the night of December 11th, the price dropped to $40,500. This is the first reduction in mining difficulty since mid-September 2023, according to BTC.com. A change in this indicator directly affects the date of the halving, which is expected in April 2024. Source: BTC.com The last change in the indicator occurred on Nov. 26, 2023.…

Phoenix seals $380M deal with WhatsMiner for green Bitcoin mining

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United Arab Emirates firm Phoenix Group has disclosed a new purchase of hardware equipment from WhatsMiner, aimed at expanding its portfolio of hydro cooling rigs. According to an announcement on Dec. 7, the $380-million deal represents WhatsMiner’s largest order in two years. Under the agreement, Phoenix received mining equipment valued at $136 million, with an additional option worth $246 million available. WhatsMiner’s line of hydro cooling equipment was released in 2022, with current prices ranging from $1,008 to $2,484, according to the company’s website. WhatsMiner’s hydro cooling hardware uses a…

Crypto Mining Firm Phoenix Shares Soar 50% after Going Public in Abu Dhabi

The Phoenix public offering comes when the appetite for IPOs in the Persian Gulf region has increased in the past two years due to a number of factors. Shares of cryptocurrency mining company Phoenix Group soared 50% on Tuesday following the company’s public debut in Abu Dhabi, Bloomberg reported. According to the article, the company’s stock opened at 2.25 dirhams, showing a significant increase from the 1.50 dirhams it sold during the initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) under the trading symbol PHX on November…

Hut8 Mining operates as U.S.-domiciled entity following USBTC merger

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Crypto mining companies Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have combined operations in an all-stock merger of equals to form a new United States-domiciled entity named Hut 8 Corp (New Hut). On Nov. 30, Canadian Bitcoin (BTC) mining facility Hut 8 Mining Corp announced an all-stock merger with USBTC, which has been dubbed as the “largest mergers and acquisitions transaction” in crypto by New Hut CEO Jaime Leverton. Before the merger, Leverton served as Hut 8 Mining CEO in Toronto for over three years. After much anticipation……