US accounts for over 40% of global Bitcoin hashrate: Report

January 4, 2025 Coin Telegraph

Hashrate dominance continues to be debated due to the pseudonymous and geographically distributed nature of Bitcoin mining.

The United States accounted for over 40% of the Bitcoin network’s global hashrate — the total computing power securing the Bitcoin protocol — at the close of 2024, with two US-based mining pools, Foundry USA and MARA Pool, accounting for over 38.5% of all blocks mined.

According to TheMinerMag, Foundry USA grew its hashrate from 157 exahashes per second (EH/s) at the start of 2024 to roughly 280 EH/s by December.

Foundry is currently the single biggest mining pool by hashrate, controlling roughly 36.5% of the total hashrate in the Bitcoin network.

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Crypto Biz: The Year of Bitcoin

December 27, 2024 Coin Telegraph

Bitcoin

This week’s Crypto Biz explores Bitcoin’s landmark year, Crypto.com’s new custody service, Russia’s partial ban on crypto mining and taxes on staking rewards in the US.

Bitcoin has had such a historic year! Nearly 16 years after its network debuted, cryptocurrency solidified its status as a mainstream financial instrument with the approval of 11 exchange-traded funds in January.

The ETFs’ launch marked one of the most successful debuts in history thanks to institutional demand, with Bitcoin-focused funds attracting over $113.5 billion by the end of the year. This influx helped push Bitcoin’s (BTC) price to record highs of $100,000 in December, largely sustained by professional buyers.

The impact was felt across the broader market, with institutional investors leading a rise in over-the-counter (OTC) transactions. Kraken exchange, for instance, has seen a 220% year-over-year increase in its OTC markets. “Long story short, OTC is going gangbusters right now,” reportedly said Tim Ogilvie, head of institutional at Kraken.

Source: CoinGlass

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Mara Holdings raises $1B for Bitcoin acquisition, debt buyback

November 21, 2024 Coin Telegraph

Bitcoin

Mara Holdings has secured $1 billion through convertible notes for strategic debt management and aggressive Bitcoin investment.

Mara Holdings, a cryptocurrency mining and blockchain technology company, has completed a $1 billion issuance of zero-coupon convertible senior notes due March 1, 2030. The company plans to use most of the proceeds to acquire Bitcoin.

The notes, issued to institutional investors under Rule 144A of the Securities Act of 1933, include a conversion price significantly higher than Mara’s recent stock value. The notes can be redeemed under favorable conditions beginning in 2028.

Approximately $199 million, or 20% of the funds, will be allocated to address upcoming debt obligations. The remaining proceeds will support strategic investments, operational growth and Bitcoin (BTC) purchases.

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Russia’s Sweeping Crypto Mining Regulations Take Effect, Setting Strict New Rules

November 3, 2024 Bitcoin.com

bitcoin.com

Russia’s sweeping crypto mining regulations took effect Nov. 1, transforming the industry with strict energy caps, mandatory registration, and stringent oversight. Russia’s Crypto Law Takes Effect, Sparking Changes in Energy and Oversight On Nov. 1, the Russian government introduced a regulatory framework for cryptocurrency mining, marking the implementation of a law signed by President Vladimir […]

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Town in Texas Sues Marathon Digital Over ‘Intolerably Loud’ Noise of BTC Miners

October 9, 2024 The Daily Hodl

Bitcoin

Residents of a town in Texas are suing a publicly listed Bitcoin (BTC) mining firm over noise pollution. According to a lawsuit filed earlier this month by Citizens Concerned About Wolf Hollow, a community group for residents of Granbury in Hood County, Texas, a cryptocurrency mine currently operated by Marathon Digital Holdings (NASDAQ: MARA) is […]

The post Town in Texas Sues Marathon Digital Over ‘Intolerably Loud’ Noise of BTC Miners appeared first on The Daily Hodl.

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SEC and DOJ Throw Support Behind Investor Class-Action Lawsuit Against Nvidia Over Alleged Crypto Mining Sales

October 4, 2024 The Daily Hodl

crypto

Two prominent US regulatory agencies are supporting a class-action lawsuit against tech giant Nvidia over sales to crypto miners that were allegedly misrepresented. According to recent court filings, the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) are filing amicus briefs in support of the group of investors suing Nvidia, […]

The post SEC and DOJ Throw Support Behind Investor Class-Action Lawsuit Against Nvidia Over Alleged Crypto Mining Sales appeared first on The Daily Hodl.

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Converting mining sites to AI data centers isn’t seamless: Sabre56 CEO

September 4, 2024 Coin Telegraph

According to CEO Phil Harvey, Bitcoin miners will average roughly $1.50 in revenue per terahash every month during the current market cycle.

As Bitcoin mining companies attempt to diversify operations into data centers to bolster revenue, the headlines have been dominated by this purported shift to high-performance computing. Phil Harvey—CEO of blockchain data center consulting firm Sabre56—sat down with Cointelegraph to explain why these headlines are unrealistic.

Harvey stressed that running an AI or high-performance data center is substantially more expensive than running a crypto mining facility. The CEO said a typical commercial mining operation costs between $300,000 and 350,000 per megawatt to run. In contrast, AI data centers cost between $3 million and $5 million per megawatt to run—a 10-15x increase.

According to the CEO, a mining operation with a gigawatt of available power will only be able to convert a maximum of roughly 200 megawatts of power for high-performance computing needs. The CEO told Cointelegraph:

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Bank of Russia Eyes Stablecoins for Cross-Border Transactions

August 27, 2024 Bitcoin.com

Alexey Guznov

The Bank of Russia is exploring the use of stablecoins in cross-border transactions, considering them as digital financial assets (DFAs) under existing regulations if they have a responsible entity. The initiative may involve a limited group of qualified investors and would require testing for regulatory feasibility. Bank of Russia Explores Stablecoin Use for Cross-Border Transactions […]

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Russia Set to Launch Crypto Payment Trials Next Week, Report

August 27, 2024 Bitcoin.com

bitcoin.com

Russia is reportedly set to start trials for cryptocurrency exchanges and digital token payments on Sept. 1 to mitigate payment difficulties caused by international sanctions. These trials will involve the National Payment Card System and could lead to the establishment of crypto trading platforms if successful. Legislation was recently passed to legalize crypto mining and […]

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IMF execs float raising crypto mining electricity prices by 85%

August 16, 2024 Coin Telegraph

Carbon Emissions

A tax on the energy used by crypto miners could cut emissions by 100 million tons a year, equal to Belgium’s emissions, say two IMF executives.

Two executives from the International Monetary Fund (IMF) say increasing the average crypto mining electricity costs globally by as much as 85% through taxes could put a huge dent in carbon emissions.

A tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals,” the IMF Fiscal Affairs Department’s deputy division chief Shafik Hebous and climate policy division economist Nate Vernon-Lin wrote on Aug. 15.

If accounting for miners’ local impact on health, the tax would rise to $0.089 per kilowatt hour, the pair said.

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