Tag: Mining

Bitcoin Rally Pushes Crypto Mining Stocks Up

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After a year-long winter accompanied by massive losses in the mining sector, the recent Bitcoin recovery is a relief to miners. Moreover, the Bitcoin price rally has rubbed off on crypto mining stocks as they witness the highest performance in the past year. In the 2022 bear market, public crypto miners recorded up to $4 billion in liabilities due to low profitability and stock prices. As a result, many miners who struggled to stay afloat resorted to selling their coin reserves to boost liquidity. Bitfarm And Others Record Year-Long Highs…

With Bitcoin Bounce Back, Crypto Mining Stocks Surge to Yearly Highs

A strong 28% jump in the BTC over the last two weeks has given crypto miners some relief after they faced acute financial stress last year. The strong rebound in the Bitcoin (BTC) price earlier this week has had a very positive impact on the crypto mining stocks. Stocks of the crypto mining firms have recorded their best monthly performance in over a year. This has relieved the troubled miners a bit who had to sell a significant portion of their mined Bitcoins to boost liquidity last year in 2022.…

Crypto mining stocks surge to yearly highs after Bitcoin bounces back

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The Bitcoin (BTC) price rebound to a multi-month high has also positively affected mining stocks. Many crypto-mining stocks recorded their best monthly performance in a year. The surge in mining stocks also relieved the troubled miners who had to sell a significant chunk of their mined coins to boost liquidity in 2022. Bitfarms — one of the top BTC mining firms — registered a 140% surge in the first two weeks of January 2023, followed by Marathon Digital Holdings with a 120% surge. Hive Blockchain Technologies saw its stock value…

Bitcoin Mining Difficulty Soars 10% amid Growing Ecosystem Activity

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With burnout in reserve cash, and the growing prices of Bitcoin and other related assets, most mining firms are indeed left with no options but to intensify their efforts to get their hands on more BTC from their farms.  The Bitcoin (BTC) mining difficulty has grown by as much as 10% to record a new high since October. According to data from BTC.com, the Bitcoin mining hashrate climbed to a high of 37.59 Terahashes atop a hashrate of 271.97 EH/s. The Bitcoin mining difficulty is a measure of how hard…

Bitcoin Network’s Mining Difficulty Rises to All-Time High, Making Block Discovery More Challenging – Mining Bitcoin News

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Bitcoin’s mining difficulty printed a record increase on Jan. 15, 2023, rising 10.26% to 37.73 trillion at block height 772,128. The network’s difficulty is now at an all-time high. This means, on average, it takes 37.73 trillion hashes, or attempts, to find a valid bitcoin block reward and add it to the blockchain. 2023’s First Difficulty Increase Outpaces All but One of the Difficulty Increases in 2022 As of 8:15 p.m. Eastern time on Sunday, Jan. 15, 2023, approximately 286.36 exahash per second (EH/s) of hashrate is dedicated to the…

New York sued by environmental group after approval of crypto mining facility: Report

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The New York Public Service Commission (PSC) was sued by environmental activists on Jan. 13 for approving the takeover of a cryptocurrency mining facility in the state. According to The Guardian, the state Public Service Commission (PSC) is responsible for regulating public utilities, and authorized in September 2022 the conversion of the Fortistar North power plant into a crypto mining site. The facility is located in Tonawanda, a city less than ten miles from Niagara Falls, and was set to be taken over by the Canadian crypto mining firm Digihost.…

Can Canada stay a crypto mining hub after Manitoba’s moratorium?

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Canada has remained a peculiar regulatory alternative to the neighboring United States in regard to cryptocurrency. While its licensing process has become more stringent than in some countries, Canada was the first to approve direct crypto exchange-traded funds. State pension funds have invested in digital assets, and crypto mining firms have moved to the country to take advantage of the cool temperatures and cheap energy prices. But the gold rush for miners in Canada may be slowing down. In early December, the province of Manitoba — rich in hydroelectric resources…

Hive Blockchain Deploys First Intel-Powered Bitcoin Mining Machines

More than 1,500 of the Intel-powered machines have already been installed across the miner’s facilities in Canada and Sweden and they have met performance targets, the miner said. Hive had initially ordered 13,000 machines to be manufactured in 2022, but reduced the order “to methodically scale the business during the crypto bear market,” according to the Friday press release. Source link

Celsius’ mining arm announces $1.3M sale of equipment

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The mining arm of crypto lender Celsius Network has issued a notice for the sale of $1.3 million worth of mining equipment as part of its bankruptcy case. In a Jan. 11 filing with the United States Bankruptcy Court of the Southern District of New York, Celsius said it will be selling 2,687 MicroBT M30S ASIC rigs to investment firm Touzi Capital. Touzi, which invests real estate and blockchain, will pay Celsius Mining more than $1.3 million for the miners, located at a Texas facility. According to Celsius, Touzi made…

Bitcoin Mining Companies Need to Better Manage Risk

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The strategy many miners have used to manage treasuries up until this point has been relatively simple: buy and hold bitcoin. In other words, hope and pray. With price models often assuming an average of ~2% spot growth per month, and a price floor near the current average production cost between $18,000 and $22,000. Clearly those assumptions have not held true. Original