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This ‘Bitcoiner’ says Dogecoin investors are going to lose their money

A recent study by Nature Communications brought to light how China’s Bitcoin mining threatened the global climate change targets and sabotaged the mining hub’s plans of achieving carbon neutrality. The report pointed out how this made China’s Bitcoin carbon footprint as big as one of its ten largest cities. Nic Carter, Co-founder of crypto-website CoinMetrics, recently […]

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Canaan reports $33M net loss for 2020 despite bullish Bitcoin price action

The Bitcoin miner manufacturer recorded saw its year-on-year revenue tumble amid supply chain disruptions and a global chip shortage. Bitcoin’s bullish 2020 closeout was not enough to prevent Canaan from incurring a net loss in 2020. According to the company’s unaudited financial report for Q4 2020, the Bitcoin (BTC) miner maker’s net loss for 2020 was about $33 million. However, Canaan’s 2020 net loss is significantly lower than the $148 million recorded in 2019. Indeed, the reduction in net loss for Canaan was a common theme across the company’s quarterly performance in 2020. As previously reported by Cointelegraph, significant growth…

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Bitcoin mining company follows Tesla by setting up shop in Austin

Tech companies like Oracle, Tesla, Hewlett Packard, and now Blockcap are moving to Austin, causing many to call the state capital the Silicon Hills. North America-based crypto mining company Blockcap announced over the weekend it would be establishing new offices in Austin, Texas. In an announcement from Blockcap on Friday, the mining company claimed once its new facilities are operational in the Lone Star State’s capital, its hashing power will be roughly 3.5 exahash per second from a total of 42,000 rigs, reportedly doubling its capabilities. According to blockchain data, this would represent more than 2% of the hashrate for…

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Bitcoin Miner Revenue Hits New All Time High Among Other Key Metrics: Potential Bull Case? 

Total Bitcoin miner revenue has been on a steady uptrend since the start of the year, hitting its new all time high on Friday. According to figures from on-chain analytics site Glassnode, miners are now making an aggregate $64 million from newly minted coins and fees — up nearly 400% since a year ago. It’s important to note that this is despite block subsidy being cut in half post-halving.  Mining Revenue Up Despite Mining Difficulty and Mean Hash Rate Rising In fact, Bitcoin’s mining difficulty also recently reached an all-time high — up 66% in the past year and 24%…

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Online Game Operator The9 Plans to Purchase 2,000 Bitcoin Miners for Over $6 Million

The Shanghai-based online game operator, The9 Limited, has revealed the company is planning to acquire 2,000 Canaan Avalonminers for over $6 million in a stock deal. The9’s binding memorandum of understanding (MOU) explains that the new units will give the company 0.1 exahash of bitcoin hashpower. On April 9, the publicly-listed gaming and internet company The9 Limited (Nasdaq: NCTY) revealed the firm’s intentions to acquire 2,000 bitcoin (BTC) miners. The new miners will give the company a total hashrate of approximately 100 PH/s or 0.1 exahash (EH/s) of processing power. According to the announcement, The9 entered into a legally binding…

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Texas Bitcoin Mining Swells- Riot Purchases Mining Site for $650M, Blockcap Establishes HQ in Austin

The Lone Star State of Texas is solidifying its role as a bitcoin mining and blockchain hub. This week two major bitcoin mining companies established operations in Texas. The company Riot Blockchain purchased a mining site in Rockdale and the bitcoin mining firm Blockcap announced establishing headquarters in Austin. Blockcap Sets Up Headquarters in Austin, Former Texas Governor Rick Perry Welcomes the Mining Company On April 9, 2021, the firm Blockcap announced that it was establishing headquarters in Austin Texas, and the company will join a number of companies that reside in the Lone Star State. Just recently, Blockcap announced…

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Bitcoin Miner Riot Blockchain Invests $780 Million to Expand Operations 

Bitcoin mining firm Riot Blockchain announced its milestone purchase of $138.5 million in mining equipment this Wednesday. In a statement, the company announced that it will be purchasing 42,000 units of Bitmain’s Antminer S19J for $3,300 per unit. The standard hash rate of the model is 90 TH/s — meaning that Riot would be paying approximately $36 per TH/s of computing power.  The global chip shortage and rising demand for crypto mining have led mining equipment to command exorbitant premiums. Research from the Block showed that the newest generation of Bitcoin mining equipment now cost five times more than its…

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Ebang refutes Bitcoin ‘China Hustle’ claims as share price falls 20%

A NASDAQ traded Chinese Bitcoin mining firm has seen its shares fall 20% after a damning short report unveiled some alleged dodgy dealings. The share price of Chinese Bitcoin (BTC) mining company Ebang continues to fall, while the firm refutes claims made in a Hindenburg Research report which alleged it was pilfering American investors’ cash. The Hindenburg Research report, published April 6, described Ebang as “simply the latest chapter in the ‘China Hustle’ disguised as a Bitcoin mining play.” The report alleges that Ebang raised hundreds of millions of dollars through public offerings in the United States under the guise…

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Riot Acquires Whinstone With Intent On Operating North America’s Largest Bitcoin Mining Facility

North American bitcoin mining company Riot will acquire Whinstone and add 300 MW of capacity to its operations. Bitcoin mining is a business that requires lots of power to be put toward computing. Now, in a new acquisition that significantly changes the face of the practice in North America, bitcoin mining company Riot Blockchain has announced a contract to acquire Whinstone US, the owner of a major hosting facility. The total transaction value is to be $651 million, per the release, with $80 million to be paid in cash with the remainder in the form of 11.8 million shares of…

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Bitmain Sells 42,000 S19 Antiminers to Riot Blockchain

Bitcoin mining company Riot Blockchain has decided to expand its mining capacity by purchasing 42,000 S19 Antimners from Bitmain, a Hong Kong crypto-mining products manufacturer. The purchase was worth at least $138.5 million and it’s part of the company’s plans to increase its Bitcoin mining hashrate, aiming at 7.7 EH/s by mid-2021 (an increase in the target by more than 90%). Riot Blockchain Exceeding its EH/s Expectations. Bitmain will be delivering 2000 S19j Antiminers per month, starting in November 2021, continuing through October 2022. In August 2020, Riot Blockchain bought 8,000 S19 Pro Antimners from Bitmain worth $17.7 million. The…

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Riot Blockchain is set to acquire a Texas data facility for $650M

The $650 million deal sees Riot Blockchain acquiring a major data center owned by Northern Data AG, one of its competitors. Riot Blockchain is continuing its Bitcoin (BTC) mining expansion efforts. Reports suggest that the U.S.-based miner is set to purchase Whinstone US Inc, currently owned by Northern Data. The planned purchase was announced via a press release by Riot Blockchain on Thursday, with the U.S. Bitcoin miner paying $80 million in cash. The remainder will come from the sale of about 12% of its stock to Northern DAG. Whinstone reportedly operates the single largest Bitcoin mining facility in the…

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Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Data from on-chain analytics provider Glassnode has reported that Bitcoin’s average hash rate hit a new all-time high this week, crossing a daily average of 178 exahashes per second for the first time in history. Bitinfocharts confirms the record high, reporting current hashrates at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing. Hashrate is often considered as computing ‘horsepower’ for the Bitcoin network and a strong sign of its security. The higher the hashrate, the harder it is to attack the network. The bullish on-chain…

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Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million

Following the acquisition of the Chinese mining pool Btc.com, the China-based lottery company 500.com revealed the purchase of a bitcoin mining rig manufacturer Bee Computing. The Shenzhen firm purchased the semiconductor and mining device manufacturer for roughly $100 million in a share exchange agreement. 500.com Changes Name to Bit Mining Limited and Acquires Bee Computing for $100 Million On April 5, 2021, the company 500.com Limited (NYSE: WBAI) registered a statement with the U.S. Securities and Exchange Commission (SEC) in a Form 6-K filing. The Shenzhen-based firm detailed that it entered into a share exchange agreement with the company Bee…

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China’s Bitcoin Mining Industry Could Derail Climate Targets: Researchers

As China’s bitcoin mining industry grows bigger, some researchers believe the electricity-gulping bitcoin mining may prevent China from achieving its climate goals. This was made known in a recent study published in the Journal Nature by the researchers.  Increasing Concerns Over Climate Security The study reveals that China powers approximately 80% of the world trade in cryptocurrency. Given the fact that Bitcoin operates on the blockchain, every transaction is encrypted by a network operated by miners, which use high electricity consumption in the process. The miners use high-powered computers to validate transactions, which consumes huge electricity and may have implications…

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Report: Bitcoin Mining May Require More Electricity Than Three Quarters of the World’s Nations

A new report suggests that bitcoin mining operations are likely to exceed the energy requirements of more than 180 countries by the year 2024. Bitcoin Mining Is Needing Too Much Electricity As of late, bitcoin mining has been taking a lot of guff from environmentalists and people who just are not that crazy about the cryptocurrency world. They claim the process of mining bitcoin leaves a harmful mark on the environment – one that is not likely to disappear anytime soon, and they are concerned about the future and their children’s well-being. Thus far, it has been stated that bitcoin…

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Riot Blockchain To Purchase 42,000 Antminers For $138.5 Million

North American bitcoin mining company Riot Blockchain will purchase 42,000 bitcoin mining rigs, upping its hash rate to 7.7 EH/s. Colorado-based bitcoin mining company Riot Blockchain has announced a contract to purchase 42,000 S19j Antminers from Chinese manufacturer Bitmain for $138.5 million, which will bring its hash rate capacity to an estimated 7.7 exahashes per second. Riot is scheduled to receive about 3,500 S19j Antminers per month starting in November 2021 and continuing through October 2022, as semiconductor chip shortages coupled with rising demand for ASICs has left supply chains across the bitcoin mining industry strained. The purchase aligns with…

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Riot Blockchain purchases 42,000 Antminers from Bitmain

The $138.5 million deal will add an estimated 3.7 EH/s to Riot’s existing and planned mining capacity. Riot Blockchain, a cryptocurrency mining company, has expanded its fleet and mining capacity with a new purchase order for 42,000 S19j Antminers from Bitmain. Megan Brooks, Riot’s COO, said the latest purchase order positions her company and the United States at the center of the Bitcoin mining industry: “By nearly doubling its planned hash rate capacity, Riot continues to take great strides forward in growing both the Company’s and the United States’ share of the global network hash rate. We are proud of…

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UK Bitcoin mining revenues soar, but China hogs 75% of ‘blood coin’ production

U.K.-based Argo Blockchain just did record revenues, but a new report suggests 75% of Bitcoin mining still takes place in China, where “blood coin” is made. United Kingdom-based Bitcoin (BTC) mining firm Argo Blockchain just recorded the best quarter in its history, generating record revenues for three months straight. Yet despite the burgeoning cryptocurrency mining venture emerging in the west, the vast majority of Bitcoin production still takes place in China, where cheap, coal-powered electricity fuels an untold number of mining rigs. A recent report by Nature.com revealed that as much as 75% of Bitcoin mining takes place in China…

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Hong Kong Customs Impounds 300 Crypto Mining GPUs from Smugglers

An intelligence-led anti-smuggling operation by the Hong Kong customs last Friday, April 2, has led to the interception of illegal crypto miners. The officials seized 300 cryptocurrency mining Graphic Process Units (GPUs) were seized as the illegal miners narrowly escaped arrest. Hong Kong authorities revealed that the incident took place on Friday near the  Hong Kong International Airport.   Seizing Bitcoin Miners on a Fishing Vessel The coordinated attack was launched by the customs officers after noticing suspicious activities by some men moving cartons from a fishing vessel onto a speedboat.  Upon sighting the officers approaching, the men took to their…

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Report: It’s Much Cheaper to Mine Gold Than It Is to Mine BTC

According to a new report, mining for gold is a lot less expensive than mining for bitcoin. Mining for Gold Is More Economical Over the past several months, as bitcoin has exploded in price (it’s currently trading for well over $58,000 per unit), several environmentalists and crypto bashers have taken to arguing that the mining process behind cryptocurrency and bitcoin is dangerous for the planet. They’re convinced that the ongoing extraction of new coins is going to leave some serious impacts on the world – impacts that cannot potentially be reversed in the future. This new report details the situation…

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