Tag: Mining

Riot stock gains 3% after mining update: holds 17,722 BTC

Riot Platforms, Inc. shared its December 2024 production update. The company mined 516 Bitcoin in December, a 4% increase from November. Riot Platforms achieved a 4% monthly production increase and completed the first phase of its Corsicana Facility while holding over 17,700 Bitcoin by year-end. The full hash rate activation remains ongoing, with a careful commissioning process to ensure power grid stability, according to a Riot release. In 2024, Riot expanded its deployed hash rate by 155%, surpassing the network hash rate growth of 52%.  Riot Announces December 2024 Production…

UAE’s Bitcoin mining firm Phoenix Group expands in US ahead of Nasdaq listing: report

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Abu Dhabi-listed Phoenix Group deepens its U.S. footprint with the opening of a 50 MW crypto mining site in North Dakota. Phoenix Group has opened a 50 MW crypto mining facility in North Dakota, as the Abu Dhabi-based firm doubles down on its plan to expand Bitcoin (BTC) mining operations in the U.S., per an Arabian Gulf Business Insight report. The facility will add over 2.7 exahashes to Phoenix Group’s mining arm once fully operational. Phoenix Mining chief executive Reza Nedjatian described the U.S. as a key market for the…

How Chinese Lending Firm Cango Became a Bitcoin Mining Powerhouse

The bitcoin (BTC) mining industry was shaken up in the last months of 2024 by the sudden entrance of a new player: Cango (CANG), a Chinese firm that specializes in providing loans to automobile buyers. Based in Shanghai and valued at $363 million on the stock market, Cango is in the process of acquiring 50 exahashes per second (EH/s) worth of mining power, meaning that the auto lending platform will become one of the largest bitcoin miners in the world once its entire fleet goes online. “I guess it’s surprising…

Bitcoin to $225,000? Analysts predict a profitable year for Bitcoin mining stocks

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Bitcoin mining stocks could see massive growth in 2025, according to a report by H.C. Wainwright & Co. The equity research estimates that the market cap of Bitcoin mining companies will surpass $100 billion in 2025, up from $36 billion in 2024—a nearly 200% increase. This surge is attributed to improving mining economics and the ongoing Bitcoin (BTC) bull market, according to analysts. The report points to key factors driving optimism, including Bitcoin’s recent price appreciation and the continued success of spot Bitcoin ETFs in the U.S.  These ETFs, approved…

African crypto revolution continues as Ethiopia ranks among global BTC mining leaders

2024 was a pivotal year for Ethiopia as it generated around $1 billion in BTC mining profits due to its access to cheap, reliable, and renewable energy sources. Africa is a region producing fintech unicorns that provide the highly unbanked (and equally highly “smartphonized”) population and merchants with payment solutions. Companies like TymeBank, Moniepoint, and Opay have made hundreds of millions of dollars by creating and maintaining payment mobile apps and ground touchpoints. In conditions where banks are absent—80% of Africans don’t have bank cards—digital money solutions are filling the…

Expert Insight: Cryptocurrency Mining Accounts for Nearly 1% of Russia’s Energy Resources

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Alexey Zhikharev, director of the Renewable Energy Development Association (REDA), revealed that cryptocurrency mining accounts for almost 1% of Russia’s energy consumption. He stated that as the industry grows, miners will increasingly employ renewable energy sources. Russia’s Cryptocurrency Mining Energy Expenditure Nears 1% of the Nation’s Total The growth in Russia’s cryptocurrency mining industry energy […] Source