Worldcoin Launches World ID, an AI Resistant, Iris Dependant ID Protocol

April 3, 2023 Bitcoin.com

100%: Public Bitcoin miners sold almost everything they mined in 2022

December 28, 2022 Coin Telegraph

Argo

Publicly listed Bitcoin miners sold off nearly everything they mined in 2022 but appear to have started accumulating reserves once again.

Publicly listed Bitcoin (BTC) miners sold off almost all of the Bitcoin they mined throughout 2022, leading to a debate over whether the sales created "a persistent headwind" for the Bitcoin price or not.

Analyst Tom Dunleavy from blockchain research firm Messari shared the data in a Dec. 26 tweet, indicating that approximately 40,300 of the 40,700 BTC mined by Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital from Jan. 1 to Nov. 30 was sold off.

BTC miners sell roughly 100% of the coins they mine

The 10 public bitcoin miners
detailed here mined ~40.7k BTC and sold ~40.3k in 2022

This is a persistent headwind for BTC and for no other reason a good thesis to be bullish the ETHBTC ratio trade pic.twitter.com/L1iI6Z07p7
— Tom Dunleavy (@dunleavy89) December 26, 2022

The reserves held by mining firms have decreased considerably during the latter half of 2022, particularly throughout November, as the crypto industry reeled from the effects of the FTX fallout.

*Miner reserves vs Bitcoin price from Jul. 1 to Dec. 28. Source: CryptoQuant.*

Dunleavy believes that miners consistently selling off newly produced Bitcoin places downward pressure on the price of the leading cryptocurrency.

However, some industry commentators such as BitMEX’s former CEO, Arthur Hayes, believe the selling pressure created by the increased sales of Bitcoin miners is negligible.

He opined in a Dec. 9 blog post that “even if miners sold all the Bitcoin they produced each day, it would barely impact the markets at all.”

According to Bitcoin Visuals, on Dec. 26 the daily trading volume for Bitcoin was $12.2 billion. The outflow from miners on the same day, according to CryptoQuant, was 919 BTC ($15.35 million), which represents just 0.13% of the total volume traded.

Miner's reserves have rebounded slightly during December, increasing by nearly 1%. The figure contributes to the view shared in a Dec. 27 post by crypto analyst IT Tech that the situation for miners appears to be stabilizing.

#Bitcoin miners - update. Is there anything to worry about?
1.
Miner Outflow
Miner Inflow
Miner Reserve
White line on the bottom - miner to Exchange flow

2. Mining difficulty
3. Miner selling power
4. Hashrate 7D MA

Full analysishttps://t.co/E3o0cgaNxu
— IT Tech (@IT_Tech_PL) December 27, 2022

Miners have faced significant headwinds throughout the year, with high electricity prices, falling crypto market prices and a higher mining difficulty eating into their bottom line.

With the cost of production for miners increasing while the Bitcoin price has been decreasing, miners such as Core Scientific have been forced to sell some of their reserves at a loss to fund their ongoing operations and efforts to expand.

Core Scientific Files for Bankruptcy Protection, Firm Plans to Continue Mining Bitcoin to Pay Down Debt

December 21, 2022 Bitcoin.com

Core Scientific in ‘substantial doubt’ of continuing without more cash

November 23, 2022 Coin Telegraph

Argo

The Bitcoin miner warned its cash reserves may be depleted by the end of 2022 or sooner as it cuts back on spending, including not making loan repayments.

Bitcoin (BTC) miner Core Scientific has warned of “substantial doubt” they will be able to continue operations over the next 12 months given financial uncertainty.

In its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Nov. 22, the firm indicated it had accrued a net loss of $434.8 million over the third quarter of 2022.

After net losses of $862 million in the second quarter, its total net losses for 2022 are sitting at $1.71 billion.

The company suggested in order to continue its operations through to November 2023, it will require additional liquidity, adding that it anticipates its cash resources "will be depleted by the of 2022 or sooner."

"Given the uncertainty regarding the Company’s financial condition, substantial doubt exists about the Company’s ability to continue as a going concern through November 2023.

It said it also had doubts about its ability to raise funds through financing or capital markets citing "uncertainties and current market conditions" which have reduced the availability of those types of liquidity sources.

Rising energy costs, the falling price of Bitcoin, and an increased hash rate were also cited as reasons for why it's suffering a liquidity squeeze, adding that further "substantial doubt exists" with its ability to continue operating as its "very difficult to predict when or if Bitcoin prices will recover or energy costs will abate."

Core Scientific had previously indicated in an Oct. 26 SEC filing that a low Bitcoin price, the rising cost of electricity, and a refusal from bankrupt crypto lender Celsius to repay a $2.1 million loan could result in its cash resources being “depleted by the end of 2022 or sooner.”

Core Scientific has taken steps to ease the financial stress it is under, including decreasing operating costs, reducing or delaying capital expenditures, and increasing hosting revenues.

It has also decided not to make payments to some of the firms it has borrowed from and warns that it may be sued for nonpayment and face increases in interest rates as a result.

Core Scientific is not the only crypto mining firm struggling to continue operating in the current market, with Argo Blockchain seeking to raise additional liquidity via subscription for ordinary shares and warning that it is also at risk of ceasing operations if it fails to do so.

Australian mining firm, Iris Energy, is also showing signs of financial distress, revealing in a Nov. 21 filing to the SEC that it had unplugged hardware due to the units producing “insufficient cash flow.”

The founder of asset manager Capriole Investments, Charles Edwards, has been particularly bearish about the state of Bitcoin mining and noted in a Nov. 22 tweet that this type of response is to be expected when the price of Bitcoin is below the cost of mining.

Bitcoin miners are "unplugging their hardware" because "the units produce insufficient cashflow."

Iris Energy bankrupt.

This is what happens when we spend time below the Bitcoin Electrical Cost. It no longer makes sense for many to run their mining rigs. pic.twitter.com/kjrC6j3KVf
— Charles Edwards (@caprioleio) November 22, 2022

Cosmos ecosystem tokens rally after Evmos promises Ethereum interoperability

January 7, 2022 Coin Telegraph

AKT

IRIS, SCRT and AKT are among the Cosmos ecosystem assets that turned bullish in anticipation of Ethereum interoperability via Evmos.

The wider cryptocurrency market is facing another day of volatility and selling on Jan. 7 as Bitcoin (BTC) bears managed to break bull support at $42,000. The price of Bitcoin was pushed to a daily low of $40,620 before resources were exhausted.

Data from Cointelegraph Markets Pro shows that four of the top seven gainers of the day are part of the growing Cosmos Hub. This ecosystem currently uses the Interblockchain Communication protocol (IBC) to facilitate interoperability and communication between connected networks.

*Top 7 coins with the highest 24-hour price change. Source:* *Cointelegraph Markets Pro*

Here’s a look at what’s behind the strength seen in IRISnet (IRIS), Secret (SCRT), Akash Network (AKT) and Cosmos (ATOM).

IRISnet expands its NFT capabilities

The top gainer over the past 24-hours has been IRISnet, an interchain service hub for decentralized applications that enables cross-chain interoperability and provides businesses with modules to support running a distributed system.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.079 in the early trading hours on Jan. 7, the price of IRIS blasted 84% higher to hit a daily high at $0.144 as its 24-hour trading volume surged 2,320% to $112.6 million.

*IRIS/USDT 4-hour chart. Source: TradingView*

The sudden surge in price and volume for IRIS comes as the protocol's nonfungible token community continues to expand thanks to the upcoming launch of the Uptick Network nonfungible token (NFT) ecosystem. These efforts have helped to attract new users to the IRISnet ecosystem.

Pulp Fiction NFTs are coming to the Secret Network

The Secret Network is a blockchain protocol with built-in data privacy for smart contracts that enables programmable privacy for data transfer, decentralized finance (DeFi) and NFTs.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Jan. 3, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points that includes market sentiment, trading volume, recent price movements and activity on Twitter.

*VORTECS™ Score (green) vs. SCRT price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for SCRT began to pick up on Jan.3, around 55 hours before the price increased 25% over the next day.

The boost to SCRT price comes after it was revealed that movie director Quentin Tarantino will be releasing NFTs from the popular move Pulp Fiction on the Secret Network.

Akash Network partners with CloudStack

The Akash Network bills itself as the world’s first decentralized cloud computing marketplace for DeFi. Known as DeCloud, the service enables any application to launch quickly without the need to set up, configure or manage servers.

Data from Cointelegraph Markets Pro and TradingView shows that after a quick drawdown to a low of $2.33 on Jan. 5, the price of AKT rebounded 25% to a daily high at $2.93 on Jan. 7 as its 24-hour trading volume increased by 88%.

*AKT/USD 4-hour chart. Source: TradingView*

The building momentum for AKT comes following the announced partnership between the Akash Network and CloudStack, a decentralized cloud aggregator that offers a portal to access any decentralized storage network, including Filecoin, Arweave and Storj.

Bulls like the idea of interoperability between Cosmos and Ethereum

Cosmos is the foundational blockchain protocol for the entire Cosmos Hub, billing itself as the “internet of blockchains." ATOM holders stake the platform's native ATOM token to secure the entire ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Dec. 29, prior to the recent price rise.

*VORTECS™ Score (green) vs. ATOM price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for ATOM climbed into the green zone on Dec. 29 and hit a high of 80 just as its price began to increase by 79% over the next nine days.

The overall cryptocurrency market cap now stands at $1.987 trillion and Bitcoin’s dominance rate is 39.9%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Aussie Bitcoin miner to reportedly raise $200M ahead of Nasdaq listing

July 20, 2021 Coin Telegraph

Bitcoin

Sydney-based Iris Energy is reportedly prepping for the United States' tech-focused exchange with new fundraising.

Iris Energy, a Sydney-based Bitcoin (BTC) mining firm that invests in data centers powered by renewable energy sources, reportedly plans to raise new funds ahead of the expected Nasdaq listing.

Bloomberg reported that the new fundraising round is looking to raise roughly $200 million to prepare for the United States exchange listing. Iris Energy has already met with prospective investors and plans to go for the Nasdaq listing before the end of the year.

The report calls up earlier talks on special purpose acquisition companies (SPACs), which would enable a potential U.S. listing aimed at $300–$500 million for the green energy BTC miner. However, Iris Energy now prefers a private placement or raising funds by offering equity shares instead of a SPAC deal, since the latter would have diluted the existing investors’ stakes.

Iris Energy started its initial public offering (IPO) journey long before green mining in Bitcoin became a hot debate. The company secured $19.5 million in equity funding and $3.9 million in debt during its first pre-IPO funding round in December 2020.

A 13 million Australian dollar ($10 million) commitment from equity manager outfit Platinum Asset Management allowed Iris to increase its second pre-IPO target to 40 million Australian dollars ($31 million) from the initial 20 million Australian dollars set earlier in mid-February.

At the time, Cointelegraph reported that Iris Energy is getting set to apply to the Australian Securities Exchange for an IPO. New funds would enable Iris Energy to upscale its capacity by investing in 500 megawatts data centers across the United States, Canada and several countries in the Asia-Pacific region.

Iris

IRISnet expands its NFT capabilities

Pulp Fiction NFTs are coming to the Secret Network

Akash Network partners with CloudStack

Bulls like the idea of interoperability between Cosmos and Ethereum

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