Riot Platforms buys more than $500M in Bitcoin

December 13, 2024 Coin Telegraph

Riot Platforms buys more than 0M in Bitcoin

The purchase came amid reports that the Bitcoin mining company was under pressure from activist investor Starboard Value.

Riot Platforms bought approximately $510 million worth of Bitcoin (BTC) between Dec. 10 and 12, bringing the Bitcoin miner’s total BTC holdings to nearly $1.7 billion, according to a Dec. 13 regulatory filing.

The purchases coincide with reports that activist investor Starboard Value has taken a “significant position” in the Bitcoin miner.

On Dec. 12, The Wall Street Journal reported that Starboard urged Riot to repurpose some of its Bitcoin mining capacity to service artificial intelligence models. Buying BTC has shown itself to be another way for Bitcoin miners to win over investors.

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Riot Platforms raising $500M to buy Bitcoin amid price surge

December 9, 2024 Coin Telegraph

Riot Platforms raising 0M to buy Bitcoin amid price surge

$500M fundraising

If it follows through with its proposal, Riot Platforms will join many of its colleagues in paying top prices for BTC.

Riot Platforms has proposed raising $500 million to buy more Bitcoin (BTC). The company may conduct a private bond issue for qualified institutional investors. Its decision comes as Bitcoin hovers around its all-time high and other industry heavyweights have made large acquisitions at top price.

Riot may offer senior convertible notes through private offering memorandums. Purchasers would have the option of buying $75 million more in notes within three days of their initial purchase. The offering will be subject to market conditions, it said, and no mention was made of interest payments.

The notes will be unsecured senior obligations with a Jan. 15, 2030, maturity date and will be redeemed or converted into Riot common stock at the company’s election. The conversion rate and other terms will be determined at the time of pricing the offering.

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Bitcoin hashrate hits all-time high, boosting network security

October 21, 2024 Coin Telegraph

Bitcoin

The increasing Bitcoin hashrate and block reward reduction from the Bitcoin halving may lead to miner consolidation among smaller firms.

The Bitcoin hashrate has reached a new all-time high, showcasing the growing security of the world’s first blockchain network.

The Bitcoin network hashrate — the total computing power securing the Bitcoin network — reached an all-time high of 769.8 exahashes per second (EH/s) on Oct. 21.

The hashrate has been in a steady uptrend since 2021, BitInfoCharts data shows. The hashrate’s escalation is widely correlated with developments in mining hardware like application-specific integrated circuits (ASICs).

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October Boosts Bitcoin Miners’ Revenue—But How Will the Election Shift the Market?

October 18, 2024 Bitcoin.com

bitcoin difficulty

With bitcoin prices on the rise in October, miners are seeing a bit more cash in their pockets compared to the start of the month. The network’s hashprice, which represents the value of one petahash per second (PH/s) of hashpower, has climbed by over 14% this month. Meanwhile, the network hashrate is sitting just below […]

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Bitcoin Shatters All-Time Hashrate Record at 698 EH/s as Miners Defy Market Challenges

October 11, 2024 Bitcoin.com

Bitcoin

According to the latest network data, bitcoin’s computational power hit an all-time peak today on Oct. 10, 2024, reaching 698 exahash per second (EH/s). This new record surpasses the previous high of 693 EH/s, set on Sept. 8. Bitcoin’s Hashrate Skyrockets to 698 EH/s as Miners Surge Ahead of Difficulty Adjustment Following a decline in […]

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September Slump: Bitcoin Miners See 2024’s Lowest Revenue

October 1, 2024 Bitcoin.com

Bitcoin Miners

According to the latest data, bitcoin miners pulled in $815.7 million from rewards and fees in September, marking their lowest earnings month of 2024, with $35.66 million less than August’s haul. Bitcoin Miners Earn $815.7M in September, Lowest Monthly Total of 2024 September was a tough month for bitcoin miners, who saw their lowest revenue […]

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China still controls 55% of Bitcoin hashrate despite crypto ban

September 23, 2024 Coin Telegraph

Bitcoin

China remains a major player in the Bitcoin mining industry despite imposing a blanket ban on cryptocurrencies in 2021.

Chinese Bitcoin miners still control the lion’s share of the global network despite the country’s ban on cryptocurrencies.

Over 55% of the Bitcoin (BTC) mining network is still controlled by Chinese mining pools, according to Ki Young Ju, founder and CEO of CryptoQuant.

However, Bitcoin mining dominance is slowly shifting to US mining firms. Ju wrote in a Sept. 23 X post:

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Bitcoin miner wallets awaken after over 15 years — Is this Satoshi?

September 20, 2024 Coin Telegraph

Analytics

Five miner wallets that received block rewards weeks after Bitcoin launched have started moving their coins.

Wallets belonging to early Bitcoin miners who received coins as rewards shortly after the blockchain’s launch by its pseudonymous creator, Satoshi Nakamoto, have recently been observed moving their BTC.

On Sept. 20, five miner wallets that received 50 Bitcoin (BTC) each as block rewards in 2009 started to move their funds. Blockchain data shows that one wallet received the mining reward on Jan. 29, 2009, while three received block rewards on Jan. 31, 2009. The last wallet received a block reward on Feb. 2, 2009.

One of the Bitcoin wallets seen moving mined BTC. Source: Blockchain.com

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Bitcoin’s All-Time High Difficulty Challenges Miners as Revenue Falls

September 11, 2024 Bitcoin.com

Bitcoin

On Sept. 10, Bitcoin’s mining difficulty rose 3.58% higher bringing the network’s difficulty to a new all-time high of 92.67 trillion. The news follows Bitcoin’s overall hashrate rising near the 700 exahash per second (EH/s) range when it tapped 693 EH/s. Rising Bitcoin Difficulty Puts Pressure on Miners Bitcoin’s difficulty now makes it 3.58% more […]

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Thai Authorities Raid Illegal Bitcoin Mine After Power Outages Spark Resident Complaints

August 26, 2024 Bitcoin.com

Bitcoin Miners

Thai authorities successfully raided an illegal bitcoin mining operation in Ratchaburi on August 23. The raid came after residents reported frequent power outages. The bitcoin mining operation was found to be consuming electricity that the occupants of the house were not fully paying for. Bitcoin Mine Raided Amid Resident Power Outage Complaints Authorities in Thailand […]

Bitcoin Miners

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