Tag: Mining

USDT Stablecoin Issuer Tether Eyes Big Move in Bitcoin Mining Market

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Tether’s strong financial muscle and deep pockets will help it position strongly among other competitors in the Bitcoin mining space. In a major revelation, Tether chief executive Paolo Ardoino announced that the company is eyeing a move in the Bitcoin mining market. As per reports, the $87 billion stablecoin operator has already made hefty investments in the Bitcoin mining sector. Ardoino revealed in an interview that the company intends to invest approximately $500 million in the next six months. This investment will involve the construction of its mining facilities and acquiring…

Tether plans major expansion into BTC mining with $500M investment: Report

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Tether is planning a large-scale expansion into Bitcoin (BTC) mining, according to Paolo Ardoino, who is expected to take the helm at the company soon. The stablecoin firm may spend around $500 million in the next six months on the construction of mining facilities and investments in other miners, Ardoino told Bloomberg in an interview. The company will build mining facilities in Uruguay, Paraguay and El Salvador as it grows its computing power to 1% of the BTC mining network. The new sites would have a capacity of between 40…

Bitcoin mining difficulty reached new maximum

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As a result of the next recalculation, the difficulty of Bitcoin mining increased by 3.55%. The indicator updated its maximum at 64.68 T, according to BTC.com. The average hashrate since the previous value change was 479 EH/s. The range between blocks is just over 9.5 minutes. BTC.com According to Glassnode, the smoothed 7-day moving average peaked at 475.9 EH/s on Nov. 5. After this, it has corrected. It is 454.9 EH/s, at the time of writing. Source: Glassnode According to the Hashrate Index, over the past 24 hours, the hash price…

Jihan Wu’s Bitcoin mining firm Bitdeer partners with NVIDIA

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Blockchain company Bitdeer has become a cloud service provider in the NVIDIA partner network. Bitcoin cloud mining services company Bitdeer Technologies Group has entered into a partnership agreement with NVIDIA to double down on supercomputing resources. In a press release on Nov. 9, Bitdeer said it had become a cloud service provider (CSP) in the NVIDIA partner network. It allows the Singapore-based company to launch a cloud service in Asia powered by NVIDIA DGX SuperPOD, an artificial intelligence data center infrastructure with DGX H100 systems. NVIDIA’s Senior Director of the…

Marathon, Riot among most overvalued Bitcoin mining stocks: Report

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Bitcoin (BTC) mining heavyweights Marathon Digital and Riot Platforms are among the most overvalued crypto mining companies relative to their competitors, says MinerMetrics founder and analyst Jaran Mellerud. The key metric backing Mellerud’s claim is enterprise value-to-sales ratio — measuring a company’s value to its sales revenue. The higher the ratio, the more overvalued a company is. The miners with the highest EV/S ratios are Cipher at 7.8, Marathon and Iris Energy each at 5.6 and Riot at 5.5, according to a Nov. 3 report by Mellerud. Mining stocks valuation…

Bitcoin Mining Stocks Skyrockets as BTC Price Hovers Around $35K

The S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) equity indexes advanced for the second consecutive day. Bitcoin (BTC) mining stocks enjoyed significant gains on Thursday as the price of the coin hovers around $35,000, its highest level in over 17 months. Bitcoin Mining Stocks’ Strong Performance According to reports, US-listed mining companies such as Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Blockchain Inc (NASDAQ: RIOT), and CleanSpark Inc (NASDAQ: CLSK) experienced remarkable gains of 10% to 12% during the trading day. The double-digit gains by these companies highlight the growing…

Marathon Digital Holdings enhances Bitcoin mining operations

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Marathon Digital Holdings reported a production of 1,202 Bitcoins in October, selling 961 to cover costs, with a remaining holding of 13,396 unrestricted BTC as of month-end. Marathon Digital Holdings, Inc., a major player in the Bitcoin mining sector, has shared a snapshot of its performance and ongoing developments for October 2023. In the latest update, the company detailed a slight increase in its energized hash rate, signaling continued growth in its mining capabilities. Fred Thiel, Marathon’s Chairman and CEO, noted a 1% rise in the energized hash rate, now…

Marathon Digital harnesses landfill methane for Bitcoin mining pilot in Utah

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Marathon Digital, a Bitcoin (BTC) miner, has teamed up with renewable energy asset manager Nodal Power to test a 280 kW Bitcoin mining project in Utah, according to a joint statement released on Nov. 2. The project will use methane gas from landfill waste to generate electricity which will be channeled towards BTC mining.  This initiative aims to tackle greenhouse gas emissions by employing renewable energy sources for its mining processes. According to the Environmental Protection Agency (EPA), municipal waste was responsible for 14.3% of methane emissions in the United States in…