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Mining Rig Producer Canaan’s Q1 Unrealized Gains Narrow Net Loss to $39.4 Million

Mining Rig Producer Canaan’s Q1 Unrealized Gains Narrow Net Loss to .4 MillionIn the first quarter of 2024, Canaan Inc. generated $35.1 in revenues versus the $72.4 million in costs incurred in the same period which resulted in the company recording a gross loss of $37.3 million. Nangeng Zhang claimed that Canaan’s revenues in the last quarter exceeded expectations due to the company’s persistent sales efforts and […]

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

Crypto Mining Surge and Erratic Weather Strain Laos’ Power Grid

Crypto Mining Surge and Erratic Weather Strain Laos’ Power GridA report released on May 16 highlights how increased electricity consumption due to crypto mining and inconsistent rainfall have led to power shortages in Laos, challenging its goals as a hydropower exporter in Southeast Asia. Reuters: Increased Crypto Mining Strains Laos’ Hydropower Grid Laos, often called the “battery of Southeast Asia” for its extensive hydropower […]

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

El Salvador Reportedly Mined Nearly 474 BTC Using Geothermal Energy

El Salvador Reportedly Mined Nearly 474 BTC Using Geothermal EnergyEl Salvador, the first country to adopt bitcoin as legal tender, has reportedly added 473.5 BTC to its treasury using geothermal energy. According to reports, official data released by The Bitcoin Office of El Salvador (ONBTC) disclosed that this number of bitcoin was mined since 2021 using 1.5 MW of power from the Tecapa volcanic […]

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

Bitcoin Miners Face Significantly Reduced Earnings in May Despite Bitcoin Price Rise

Bitcoin Miners Face Significantly Reduced Earnings in May Despite Bitcoin Price RiseAccording to the seven-day simple moving average (SMA) statistics regarding Bitcoin’s hashrate, the network hashrate has stayed below the 600 exahash per second (EH/s) mark for approximately one week. The recent rise in bitcoin’s price has positively influenced the overall hashprice as the value of 1 petahash per second (PH/s) daily has climbed above the […]

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report

El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report

El Salvador’s National Bitcoin Office is reporting that its volcano-based geothermal system has mined nearly 474 BTC during the last three years. According to a new report by Reuters, the Central American nation, which became the first country in the world to make Bitcoin legal tender in 2021, has mined about $30 million worth of […]

The post El Salvador’s ‘Bitcoin Office’ Reports Volcano-Based Geothermal System Mined 474 BTC in Three Years: Report appeared first on The Daily Hodl.

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

Oklahoma’s new crypto law protects miners, sets blockchain legal framework

Oklahoma Governor Kevin Stitt enacted a law on May 13 that creates a legal framework for blockchain and safeguards miners’ activities.

Oklahoma Governor Kevin Stitt has signed into law a bill that establishes a legal framework for blockchain technology and digital assets. 

The new legislation prohibits Oklahoma’s government from imposing restrictions on the use of digital assets for legal purchases or self-custody. It also determines that digital assets used as payment cannot be subject to any additional taxes or charges over other methods.

The bill — introduced in January by state Rep. Brian Hill — legitimizes home digital asset mining in residential zones under local noise ordinances. In addition, businesses mining digital assets in industrial zones are allowed to operate without specific noise limits other than those already in place.

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Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower Deal

Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower DealOn Tuesday, bitcoin mining company Bitfarms, listed on the Nasdaq and Toronto Stock Exchange (TSX), announced it has secured an additional 100 megawatts (MW) of power from Paraguay’s state-owned utility firm, ANDE. The 100 MW is anticipated to double the capacity of the hydro-powered Yguazu site and should be fully operational by 2025. Bitfarms to […]

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

Bitcoin hash rate dips as miners turn off unprofitable ASICs post-halving

Despite the recent block reward halving, only the profitability of Bitcoin miners with less efficient mining rigs is endangered, according to Terawulf's Nazar Khan.

Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after the fourth Bitcoin halving.

The Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second (EH/s) on May 10 before making a small recovery to the current 586 EH/s, according to data from blockchain.com.

The hash rate drop can be attributed to the fact that “miners are beginning to turn off unprofitable rigs,” according to a May 13 X post by James Butterfill, the head of research at CoinShares.

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Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance

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

Report: Russian Authorities Propose Steep Fines for Crypto Miners Operating in Residential ApartmentsRussian 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 […]

Billionaire Mike Novogratz Issues Warning, Says Bitcoin Is Unlikely To Hit a New High Without Macro Assistance