Bitcoin Miner Bitdeer Says It Has Launched Its ‘First Cryptocurrency Mining Chip’

March 5, 2024 Bitcoin.com

Hive Digital says BTC miners bought last Dec have already paid themselves off

December 8, 2023 Coin Telegraph

Bitcoin miner Riot Platforms trims Q2 loss to $27.7M

August 9, 2023 Coin Telegraph

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The firm managed to narrow net loss in the quarter as it ramped up Bitcoin production.

Colorado-based Bitcoin mining firm Riot Platforms narrowed its second quarter net loss to $27.7 million as it ramped up its Bitcoin production and reached record hash rate capacity.

The crypto miner posted total revenue of $76.7 million — up 5.2% from Q2 2022 — which was primarily driven by a 27% year-on-year increase in Bitcoin (BTC) production, offset by a decline in Bitcoin prices, according to the firm’s Aug. 9 results filing.

The firm’s mining revenue of $49.7 million attributed to 64.7% of the firm’s total revenue over the quarter. An additional $13.5 million was made through the firm’s power curtailment credits.

Meanwhile, its Q2 net loss was a massive reduction from the prior year period, which was $353.5 million. It was also around half the net loss posted in the first quarter of 2023.

*Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms*

The firm produced 1,775 Bitcoin in the quarter, while its average cost to mine a Bitcoin (BTC) was $8,389 in Q2, beating beat Q1’s average price.

The mining firm also reached an all-time high hash rate capacity of 10.7 exahashes per second and anticipates this figure will reach 20.1 EH/s by the second quarter of 2024, before reaching 35.4 EH/s in 2025.

The estimates come following its purchase of 33,280 mining rigs in late June, with the 35.4 EH/s figure assuming that Riot will exercise its right to purchase an additional 66,560 miners at the same price and terms at some time in the near future.

*Riot predicts the facility's hash rate capacity to increase from 10.7 EH/s at current levels to 35.4 EH/s in 2025. Source: Riot Platforms*

Despite Riot’s share price falling 4.42% earlier in the day, its share price fell another 0.86% in after hours, shortly after the firm’s results were released.

*Riot’s share price fell 0.86% to $16.34 in after hours trading. Source: Google Finance*

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M

Marathon Digital Q2 results miss revenue and earnings forecasts

August 9, 2023 Coin Telegraph

2023

Despite the earnings miss, Marathon's CEO said it mined a record 2,926 Bitcoin over the second quarter of 2023.

Crypto mining firm Marathon Digital missed earnings and revenue expectations with its second-quarter 2023 results.

Marathon's Q2 2023 results on Aug. 8 reported revenues of $81.8 million compared to Zacks Investment Research's estimate of $83.2 million.

The crypto miner reported a earnings per share net loss of 13 cents compared to Zacks' estimate of a 3 cents per share loss.

Marathon's share price largely remained sideways after market close, recording a 1.65% drop in after-hours trading to around $15.50 per share according to Google Finance.

*Marathon's share price largely remained sideways after market close. Source: Google Finance*

Marathon’s chairman and CEO Fred Thiel said in a press release that the firm significantly grew its hash rate and improved efficiency over the quarter.

“In Q2, we grew our energized hash rate 54% from 11.5 to 17.7 exahashes," Thiel reported. He added Marathon also increased its Bitcoin (BTC) production with a record 2,926 Bitcoin mined during the quarter, representing around 3.3% of the network's rewards over that time.

Marathon reported a $23.4 million gain due to selling 63% of the Bitcoin mined in the quarter, used to fund operating costs. Impairment charges on the value of its held digital assets were $8.4 million.

This is a developing story, and further information will be added as it becomes available.

SEC accuses Utah firm of ‘fraudulent’ $18M crypto mining scheme

March 7, 2023 Coin Telegraph

<div>SEC accuses Utah firm of 'fraudulent' M crypto mining scheme</div>

bitcoin miner

The SEC said Green United’s operation was a fraud and the community was quick to quell fears of the SEC classing crypto mining as a security in the suit.

Software and crypto mining equipment offered by the Utah-based Green United LLC was part of an $18 million "fraudulent scheme" that never mined the crypto it said it would, according to allegations by the United States Securities and Exchange Commission (SEC).

The regulator filed a complaint in a Utah District Court on Mar. 3 against Green United, its founder, Wright Thurston, and a contracted promotor Kristoffer Krohn.

It alleges the company and the two representatives fraudulently offered securities between April 2018 and December 2022 by selling investments in $3,000 “Green Boxes” and “Green nodes” purported to mine the GREEN token on the “Green Blockchain.”

Investors were allegedly told the firm was to develop the Green Blockchain to create a “public global decentralized power grid” and the GREEN token would increase in value based on its efforts with returns of up to 50% a month.

However, the SEC claimed the hardware sold didn’t mine GREEN as it was an Ethereum-based ERC-20 token that could not be mined and the Green Blockchain didn’t exist.

It added the GREEN token was created “several months” after the first hardware sales to investors and was periodically distributed to “create the appearance of a successful mining operation.”

Instead the real scheme, according to the SEC, was using the funds to buy S9 Antminers — Bitcoin (BTC) mining rigs — which were passed off as the Green “boxes” and “nodes” to investors. The firm mined Bitcoin, not GREEN tokens, which the investors “did not receive.”

Is the SEC going after mining?

Meanwhile, the crypto community on Twitter has hosed down one interpretation of the SEC complaint, which suggests that the SEC is going after crypto miners arguing that selling miners or offering hosting for them is a securities investment contract.

The take came from a Mar. 6 tweet from pseudonymous lawyer “MetaLawMan.”

However, crypto advocate and investment advisor, Timothy Peterson, argued the interpretation was a “bad take” adding the case doesn’t “target mining in general.”

Somewhat of a bad take; the SEC's case does not target mining in general, but a specific ASIC that was supposed to mine an ERC-token but instead mined #bitcoin for the ASIC sellers. Alleged fraud. Agree the "investment contract" application to this case is a stretch. But the #SEC… https://t.co/KK5cVqFCAi
— Timothy Peterson, CFA CAIA (@nsquaredcrypto) March 6, 2023

“The SEC is not saying ‘all sales of mining equipment is now a security,’” Peterson clarified.

Another crypto commentator, Dennis Porter, CEO of the Bitcoin advocacy group the Satoshi Action Fund, tweeted that “the SEC is not coming after mining” and it “did not classify hosting as a security” and said Green United’s operation was “a scam disguised as mining.”

Please see official documents here explaining what was actually happening.

A scam disguised as mining. pic.twitter.com/1pUMk1M5NM
— Dennis Porter (@Dennis_Porter_) March 6, 2023

The SEC has asked for a court order to require Thurston, Krohn and Green United to cease operations, seeks civil penalties for securities law violations and repay the $18 million in allegedly ill-gotten gains.

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