Abu Dhabi Regulator Prohibits Cryptocurrency Mining on Farms, Threatens Fines Up to $2,700

May 26, 2024 Bitcoin.com

Abu Dhabi Regulator Prohibits Cryptocurrency Mining on Farms, Threatens Fines Up to ,700

The Abu Dhabi Agriculture and Food Safety Authority in the UAE has issued a new advisory prohibiting the use of farms for cryptocurrency mining. The advisory explicitly states that farms cannot be repurposed for cryptocurrency mining, which authorities consider a “misuse of the farm for purposes other than its intended use. Farmers caught engaging in […]

Bitcoin Dips to K Amid Bybit Hack and Fed Rate Uncertainty

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Venezuela bans crypto mining to protect power grid

May 19, 2024 Coin Telegraph

anti-corruption

This move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.

The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.

According to a local news outlet, Venezuela’s Ministry of Electric Power (MPPPE) has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.

An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited throughout Venezuela. The move prioritizes energy stability over the burgeoning crypto-mining industry.

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Report: Russian Authorities Propose Steep Fines for Crypto Miners Operating in Residential Apartments

May 14, 2024 Bitcoin.com

bitcoin.com

Russian authorities have reportedly proposed to impose hefty fines on suspected crypto miners operating from residential properties. Authorities may also consider including amendments to the Code of Administrative Offenses which imposes liability on those misusing electricity. Proposed Measures Aimed at Curbing Rising Power Outage Cases Authorities in Russia have signaled their intention to pursue private […]

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Marathon Digital misses Q1 estimates on bad weather, utility failures

May 10, 2024 Coin Telegraph

Bitcoin mining

The Bitcoin miner’s top line came below expectations due to “unexpected equipment failures” and worse-than-predicted weather at multiple mining sites.

Bitcoin (BTC) miner Marathon Digital missed Wall Street analysts’ revenue estimates in its first quarter 2024 results, blaming bad weather and equipment failures.

Marathon’s Q1 revenues increased 223% year-on-year to $165.2 million in results shared on May 9 — but it still missed the $193.9 million estimate from investment analyst firm Zacks by 14.80%.

The firm mined 2,811 BTC over the quarter, currently worth $176.7 million, a 28% bump from a year ago but down 34% from the 4,242 BTC mined in Q4 2023.

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Bitcoin Miner Riot Platforms Records Modest Revenue Gain Despite 36% Decrease in Mined BTC

May 3, 2024 Bitcoin.com

Bitcoin

Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding $79.3 million in the first quarter of 2024. The revenue increase was slight, rising from $73.2 million to $79.3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in the number of bitcoins mined, down to 1,364. Modest Growth Noted […]

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Bitcoin miners spreading sales dulled post-halving price drop: Bitfinex

April 23, 2024 Coin Telegraph

Bitcoin Halving

Pre-halving Bitcoin miner reserve sales and the U.S. spot ETFs have mulled any negative Bitcoin price action after the halving, says Bitfinex.

Bitcoin (BTC) miners were selling their reserves ahead of the halving and the spot exchange-traded funds (ETFs) in the United States may have “spread out the potential selling pressure,” which helped avoid a sharp price drop alongside the event, said Bitfinex.

“It appears that miners have executed their selling in advance, which has turned out to be advantageous for the market in the short term,” the crypto exchange wrote in its April 22 weekly market report.

It cited CryptoQuant data showing that in March, a daily average of 374 BTC was sent by miners to exchanges — an over 70% fall from February’s 1,300 BTC daily average, equivalent to $86.4 million.

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Chinese Embassy Advises Citizens in Angola to Avoid Crypto Mining

April 22, 2024 Bitcoin.com

Angola

The Chinese Embassy in Angola has cautioned its citizens residing in the African nation to refrain from mining cryptocurrencies, as this activity is now considered a criminal offense. The embassy has also urged its citizens to be vigilant of virtual currency schemes that exploit users’ aspirations for rapid wealth and assured returns. Violators of Angola’s […]

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Recent Analysis Shows Common Transaction Patterns Among Several Bitcoin Mining Pools

April 18, 2024 Bitcoin.com

0xB10C

A comprehensive X thread by Bitcoin developer and observer 0xB10C has uncovered that several prominent bitcoin mining pools are using identical block templates and transaction prioritization methods, mirroring those of Antpool. This revelation follows earlier findings that highlighted a notable concentration of custodianship among the same pools. Analysis Reveals Shared Mining Practices Among Top Bitcoin […]

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Sweden demands $90M in outstanding tax from crypto miners

April 18, 2024 Coin Telegraph

Sweden demands M in outstanding tax from crypto miners

Coin Telegraph

The Swedish Tax Agency found several crypto firms provided misleading business descriptions to avoid paying taxes between 2020 and 2023.

Swedish crypto miners owe over $90 million in taxes after government investigations revealed four years of misappropriations.

The Swedish Tax Agency —Skatteverket — investigated the operations of 21 crypto-mining firms between 2020 and 2023. The investigation revealed that 18 crypto-mining firms filed “misleading or incomplete” information to benefit from tax incentives.

According to the agency, some crypto firms provided misleading business descriptions to avoid paying value-added tax (VAT) on taxable operations. Others found ways to avoid paying import taxes on mining equipment or income tax on mining revenue.

Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty

Bitmain Sets Release for L9 Miner, Promising ‘Unchallenged’ Efficiency in Scrypt Mining

April 17, 2024 Bitcoin.com

bitcoin.com

According to the application-specific integrated circuit (ASIC) mining rig manufacturer Bitmain, the firm is gearing up to introduce its latest Scrypt miner. The L9, which boasts a hashrate of up to 16,200 megahash per second (MH/s) and energy efficiency of 0.21 joules per megahash (J/M) mines litecoin, dogecoin, and digibyte. Bitmain Set to Launch L9 […]

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