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Strategic Diversification in Bitcoin Mining and HPC – Bit Digital (BTBT) Analysis

Strategic Diversification in Bitcoin Mining and HPC – Bit Digital (BTBT) AnalysisBit Digital is strategically navigating the post-halving era, opting for HPC opportunities instead of expanding hash rate at any cost. With a focus on generating predictable revenue, could BTBT emerge as the next dark horse among Bitcoin mining stocks? Analyzing Bit Digital’s (BTBT) Approach to Bitcoin Mining and HPC Diversification The following guest post comes […]

Yat Siu X account breach likely part of a string of recent hacks: ZachXBT

Bit Digital Expands AI and HPC Footprint, Signs $700 Million Agreement With Boosteroid

Bit Digital Expands AI and HPC Footprint, Signs 0 Million Agreement With BoosteroidBit Digital, Inc. has shared an update on its journey into artificial intelligence (AI) services by securing a binding term sheet with Boosteroid Inc., a major player in the cloud gaming industry. This partnership highlights Bit Digital’s strategic direction, which focuses on enhancing its AI capabilities through its existing digital asset mining infrastructure. Bit Digital […]

Yat Siu X account breach likely part of a string of recent hacks: ZachXBT

City of Niagara Falls orders Blockfusion facility to cease and desist crypto mining

The city notice effectively stopped the facility from conducting “any cryptocurrency mining or related operations” until Blockfusion was in compliance with local zoning ordinances.

The City of Niagara Falls has issued a cease and desist notice to New York-headquartered crypto mining firm Bit Digital over a data facility owned and operated by its partner Blockfusion.

In an Oct. 7 announcement, Bit Digital said the city notice would effectively stop the facility from conducting “any cryptocurrency mining or related operations” until Blockfusion was in compliance with local zoning ordinances. The Niagara Falls ordinance went into effect on Oct. 1 following a moratorium, requiring Blockfusion to apply for additional permits that “may take several months to process.”

According to Bit Digital, the Blockfusion facility was one of two forced to cease operations to more than 4,800 rigs after “an explosion and subsequent fire” at a substation in Niagara Falls in May. The company reported power was restored in September. As of Oct. 6, roughly 17% of Bit Digital’s 13,980 active miners were at the single New York facility — 2,376 rigs.

“Pursuant to the Mining Services Agreement between Bit Digital and Blockfusion dated August 25, 2021, Blockfusion represents, warrants and covenants that it ‘possesses, and will maintain, all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other party necessary for it to operate its business and engage in the business relating to its provision of the Services.’” said Bit Digital. “On October 5, 2022, Bit Digital further noticed Blockfusion that it expects it to comply with directives of the Notice.”

Related: Norwegian town wants 'noisy' Bitcoin miner out — CEO responds

The City of Niagara Falls imposed a 180-day moratorium on Bitcoin BTC mining starting in December 2021 after many residents reportedly issued many complaints about the facilities, including excessive noise. New York state lawmakers have considered similar proposals for a state-wide moratorium on crypto mining activities. The Niagara Falls moratorium was later extended to end in September.

Cointelegraph reached out to Blockfusion, but did not receive a response at the time of publication.

Yat Siu X account breach likely part of a string of recent hacks: ZachXBT

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the USFollowing the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to […]

Yat Siu X account breach likely part of a string of recent hacks: ZachXBT