Tag: Mining

Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase – Mining Bitcoin News

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The Bitcoin network is set to record another meaningful difficulty increase on Sunday, Jan. 29, 2023, as current estimates expect it to rise 3.82% higher. The change follows the last difficulty retarget, which advanced by 10.26% to the current all-time high of 37.59 trillion. Block Time Breakdown: How Faster Discovery is Impacting Bitcoin Difficulty In just over a day, the Bitcoin network will see a difficulty increase of around 3.82%, according to current estimates. Right now, the mining difficulty is already at an all-time high (ATH) at 37.59 trillion, and…

Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50% – Mining Bitcoin News

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Paraguayan mining companies are taking a hit to their profitability due to the steep power fee hikes the government has established for cryptocurrency mining activities. According to reports from Braiins Mining business developer Nano Grijalba, after the veto of the crypto law, the change in power fees makes mining hosting an unprofitable business in Paraguay. Bitcoin Mining Power Fee Hike Hurts Paraguayan Companies Once seen as a haven for bitcoin and crypto miners, Paraguay has changed. Paraguayan miners now complain due to the price hikes the government has applied specifically…

Blockstream Raises $125M to Expand Bitcoin Mining Operations

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Blockstream has over 500 Megawatts in its development pipeline to expand its Bitcoin mining facility for institutional investors. Blockstream Inc, a leading Bitcoin and blockchain infrastructure company, has raised  $125 million in a convertible note and secured loan financing. According to the announcement, Blockstream intends to use the money to expand its institutional Bitcoin mining colocation services. The just-concluded fundraising was led by Kingsway Capital and Fulgur Ventures. This follows last year’s $210 million Series B funding round that was used to expand its institutional Bitcoin mining operations. Additionally, the…

Crypto Infrastructure Firm Blockstream Raises $125M for Bitcoin Mining

“This fundraise allows us to accelerate the [year-over-year] revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy,” said Blockstream President and Chief Financial Officer Erik Svenson. “We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases on the most secure, robust and scalable blockchain in the world – Bitcoin,” he added. Source

Blockstream raises $125M to finance expanded Bitcoin mining operations

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Digital asset infrastructure company Blockstream has raised $125 million to finance its Bitcoin (BTC) mining colocation services, underscoring heightened demand for its institutional hosting services amid the bear market.  The $125 million raise was financed by convertible note and a secured loan, Blockstream announced on Jan. 24. Venture capital firm Kingsway Capital led the convertible note raise, with additional participation from Fulgur Ventures. Cohen & Cohen Capital Markets, part of J.V.B. Financial Group, advised Blockstream on the deal. The funding will enable Blockstream to expand mining capacity for institutional hosting…

Bitcoin Mining Is Booming despite Market Slowdown

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While Bitcoin mining firms face major operational challenges they continue to add more rigs and make slimmer profits from their existing machinery. During the crypto winter of 2022, Bitcoin miners had a really tough time with BTC prices collapsing and profitability sinking. On the other hand, the rising energy costs contributed to additional woes. However, Bitcoin mining activity is once again showing healthy signs amid the recent Bitcoin market rally since the beginning of 2023. Earlier this month on January 15, the Bitcoin mining activity touched a new all-time high…

Bitcoin mining in a university dorm: A cooler BTC story

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The humble university dorm is a place for students taking their undergraduate degrees to study, rest, make new friends, host wild dorm parties and, of course, mine Bitcoin (BTC).  A master’s student in market research and self-described “data guy,” Blake Kaufman, has hooked up an S9 Bitcoin miner to the Bitcoin network. He won the S9 miner in a raffle at a mid-Michigan Bitcoin meetup and immediately set about learning how to use it. Blake has consistently shown up to every https://t.co/2Q6OuIwW4O event with at least one friend, a tremendous…

Aggrieved Customers Serve $2M Lawsuit to Compass Mining for Failing to Return Their Bitcoin Mining Machines

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Compass Mining recently sustained a lawsuit by customers who claim the company lost their crypto mining machines in a deal with Bit River. Compass Mining is currently facing a lawsuit for losing Bitcoin (BTC) mining machines procured by customers. According to reports, the aggrieved Bitcoin mining machine owners are suing Compass Mining for more than $2 million because the company failed to return the machines after severing ties with Russian hosting firm Bit River. Furthermore, the lawsuit alleges Compass Mining fraud and claims that the mining firm did not disclose its ‘middleman’ status…

Compass Mining sued for losing Bitcoin mining machines bought by customers

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Customers are suing Compass Mining for over $2 million, alleging fraud, after the company cut ties with Russian hosting company Bit River and failed to return customers’ Bitcoin machines, citing a non-applicable United States sanction as the reason. According to a court document filed on Jan. 17, Compass Mining issued a notice in April 2022 that it has terminated its “relationships and dealings with Bit River” due to the sanctions imposed by Executive Order 14024. It is alleged that Compass “did not offer” to return or even retrieve the assets…