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Thai authorities raid illegal Bitcoin mine behind local power outages

Illegal Bitcoin mining has been a growing problem in Southeast Asia, with operators exploiting the region’s relatively low electricity costs

Thailand authorities have raided an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, following numerous complaints from residents about persistent power outages. 

According to the South China Morning Post, the raid took place on Aug. 23 and revealed that the illegal mining activities were likely the cause of blackouts that had plagued the area for over a month.

An investigation was started after residents reported unexplained power failures that began in mid-July. 

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2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

7 Arrested in Illegal Bitcoin Mining Crackdown in Malaysia

7 Arrested in Illegal Bitcoin Mining Crackdown in MalaysiaSeven individuals were arrested in Malaysia during a special operation targeting illegal bitcoin mining in Bandar Baru Salak Tinggi and Taman Putra Perdana. The operation, which involved coordinated efforts by law enforcement, focused on detecting and stopping bitcoin mining activities linked to electricity theft. The suspects, aged between 30 and 74, included three local men […]

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

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 […]

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Bitcoin mining expenses surge 168% amid capacity growth

BitFuFu expands its mining capacity by over 60% despite a dramatic rise in Bitcoin mining costs post-halving.

BitFuFu, a cloud mining company affiliated with Bitmain, has released an unaudited financial and operational report on its Q2 2024 results, which ended on June 30.

The results reveal a significant surge in the cost of Bitcoin (BTC) mining amid the challenges and growth the firm has experienced over the last 12 months. 

Alongside this surge in cost, the report also noted increased mining capacity under management, increasing “62.5% to 24.7 EH/s, compared to 15.2 EH/s during the same period of 2023.”

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2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Hash Ribbons signal end of miner capitulation: CryptoQuant

On Aug. 11, Bitcoin miners recorded the lowest levels of daily revenue in 2024, highlighting the profit squeeze miners are experiencing.

The Bitcoin (BTC) Hash Ribbons indicator, a metric that uses 30-day and 60-day moving averages to measure difficulty and financial challenges for miners, has signaled the potential end of miner capitulation, according to data from CryptoQuant.

When the 30-day moving average of the indicator crosses over the 60-day moving average, this signals an end to miner capitulation, as miners shift to more efficient mining equipment and re-enter the market.

This often coincides with price bottoms for the scarce digital asset, according to the analytics firm, and offers an opportunity for investors to enter the market at a more advantageous price by carefully timing their entrance and buying the dip.

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2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Bitcoin Miners Shifting to Artificial Intelligence and High-Performance Computing, According to VanEck Analysts

Bitcoin Miners Shifting to Artificial Intelligence and High-Performance Computing, According to VanEck Analysts

New research from VanEck reveals that Bitcoin (BTC) miners are shifting to artificial intelligence (AI) and high-performance computing. In a thread on the social media platform X, Matthew Sigel, the head of digital assets research at VanEck, says that BTC miners are utilizing technology to earn profits through strategic arbitrage. “Bitcoin miners are shifting to […]

The post Bitcoin Miners Shifting to Artificial Intelligence and High-Performance Computing, According to VanEck Analysts appeared first on The Daily Hodl.

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Crypto Biz: Riot increases Bitfarms stake in takeover strategy

This week’s Crypto Biz examines Bitdeer’s earnings boost, Hamster Kombat’s rejection of venture capital offers, Grayscale’s new crypto fund and a Solana exchange-traded fund in Brazil.

The ongoing dispute between Bitcoin mining giants Riot Platforms and Bitfarms has taken a significant turn in recent days. On Aug. 13, Riot Platforms announced the acquisition of an additional one million Bitfarms common shares through open market purchases. 

The acquisition increased Riot’s holdings to 85.3 million shares, up from 84.3 million, and was valued at approximately $2.28 million. As a result, Riot now holds an 18.9% stake in the Canadian firm.

The acquisition is part of Riot’s broader strategy to influence changes within Bitfarms, including the push for more independent members on the Bitfarms board. Just a day before Riot’s announcement, Bitfarms revealed a significant overhaul of its board of directors, which now comprises four independent members out of five total directors. Nicolas Bonta, who served as interim president and CEO of Bitfarms, has stepped down from the board.

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2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Marathon Digital buys $249M Bitcoin, reserves reach 25K BTC

Marathon’s latest 4,144 Bitcoin buy comes as boss Fred Thiel last month said it was adopting a “hodl strategy” for the cryptocurrency.

Bitcoin miner Marathon Digital has purchased another $249 million worth of Bitcoin after raising $300 million from a senior note offering.

On Aug. 14, the miner said it used part of the note sale proceeds to buy around 4,144 Bitcoin (BTC) at an average price of roughly $59,500, which brought its “strategic Bitcoin reserve to over 25,000 BTC,” it added on X.

Marathon saw net proceeds of around $292.5 million for its convertible senior notes due September 2031, which bear a 2.125% annual interest rate and are convertible into cash, Marathon stock, or both.

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2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Bitfarms Reveals Leadership Changes Amid Ongoing Conflict With Riot Platforms

Bitfarms Reveals Leadership Changes Amid Ongoing Conflict With Riot PlatformsBitfarms Ltd. has announced significant changes to its board of directors and executive team as the company continues to navigate a takeover bid and governance dispute with Riot Platforms Inc. The latest leadership updates include the appointment of CEO Ben Gagnon to the board and the resignation of co-founder and chairman Nicolas Bonta. Bitfarms Restructures […]

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

Bitcoin Miner Core Scientific Announces $350 Million Convertible Senior Notes Offering

Bitcoin Miner Core Scientific Announces 0 Million Convertible Senior Notes OfferingCore Scientific, Inc., a prominent digital infrastructure provider for bitcoin mining, has revealed its intent to issue $350 million in convertible senior notes. This offering is anticipated to close in September 2029, with the raised capital earmarked primarily for debt repayment and other corporate necessities. Core Scientific Unveils Convertible Notes Offering, Eyes Debt Repayment On […]

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum