Georgia Man Sentenced to Prison for Cryptocurrency Computer Fraud

July 26, 2024 Bitcoin.com

bitcoin.com

Steven Drawdy, 40, of Grovetown, Georgia, has been sentenced to 32 months in U.S. prison for wire fraud after defrauding over 40 customers in a cryptocurrency computer scheme. Drawdy, who participated in an online cryptocurrency discussion forum, received more than $1.1 million from victims between August 2021 and April 2022, promising to deliver cryptocurrency mining […]

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VanEck says Bitcoin could hit $2.9 million per coin by 2050

July 25, 2024 Coin Telegraph

VanEck says Bitcoin could hit .9 million per coin by 2050

Analysis

Bitcoin Layer-2s could be collectively worth around $7.6 trillion, the report added.

Investment manager VanEck foresees Bitcoin (BTC) potentially hitting $61 trillion in total market capitalization — or some $2.9 million per coin — in 2050 as a result of massive demand for the decentralized currency as collateral for trade settlement and a reserve for central banks, according to a July 24 report.

“It is conceivable that by 2050 Bitcoin could be used to settle 10% of the globe’s international trade and 5% of the world’s domestic trade,” VanEck said in the report. “This scenario would result in central banks holding 2.5% of their assets in BTC.”

VanEck adds that scaling solutions for Bitcoin’s blockchain network — Bitcoin Layer-2s — could collectively be worth approximately $7.6 trillion, or around 12% of BTC’s total value.

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Bitcoin Miner Iris Energy Expands Power Capacity at Texas Data Center

July 24, 2024 Bitcoin.com

AI cloud computing

Iris Energy Limited has announced an increase in its power capacity at the Childress site in Texas from 600 megawatts (MW) to 750 MW. This expansion follows approval from the Electric Reliability Council of Texas (ERCOT) and an amended connection agreement with American Electric Power (AEP). Iris Energy Expands Texas Operations On Wednesday, Iris Energy […]

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Paraguay’s President Dismisses Complaints About Power Fee Hikes From Bitcoin Mining Companies, Asserts High Interest Remains

July 24, 2024 Bitcoin.com

Bitcoin mining

Santiago Peña, the President of Paraguay, recently dismissed the complaints that bitcoin mining farm operators have voiced against the power fee hikes that ANDE has enacted for these activities. Peña stated that these price increases don’t need to be consulted with the operators and that more companies in the industry are waiting to enter the […]

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Senator Cynthia Lummis releases report attacking Biden’s mining tax

July 23, 2024 Coin Telegraph

Bitcoin mining

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled Powering Down Progress: Why A Bitcoin Mining Tax Hurts America, put the Bitcoin (BTC) mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

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Excessive Greed: More Bitcoin Mining Companies Are Abandoning Paraguay for Brazil

July 22, 2024 Bitcoin.com

ANDE

The recent power hikes that ANDE has enacted for Bitcoin mining companies are already impacting their operations in Paraguay. According to recent reports, the Penguin Group, a cryptocurrency mining operator, has already signed a contract to secure 400MW of energy in Brazil. This could be a potential destination that other companies are considering. Paraguayan Bitcoin […]

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Potential Ban on Cryptocurrency Mining in Certain Regions Disrupts Regulatory Efforts in Russia

July 18, 2024 Bitcoin.com

bitcoin.com

The potential for a ban on cryptocurrency mining in regions classified as ‘energy deficient’ has hindered the ability to reach a consensus on the approval of cryptocurrency mining regulations in Russia. The proposed bill, which is expected to pass in August, would give authorities the power to declare mining operations in these regions illegal, based […]

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Bitcoin hashrate drawdown hits bear market levels, but miners aren’t selling

July 18, 2024 Coin Telegraph

Bitcoin mining

Could miner capitulation signal that selling pressure is easing, or could it be the death spiral that takes Bitcoin out of its decade-long run?

At the beginning of July, the Bitcoin network’s hashrate drawdown, a metric of relative changes in the network’s overall computing power, sank to levels not seen since the December 2022 bear market. This suggests that some BTC miners are starting to capitulate.

Back in April, Bitcoin successfully underwent its fourth halving event at block height 840,000, cutting the reward miners receive per block found in half to 3.125 BTC, essentially halving their largest source of revenue. Miners receive rewards along with transaction fees when they find a new Bitcoin block, but data shows fees only account for less than 10% of revenues.

Adding to that, Bitcoin’s price recently dropped below the $60,000 mark as selling pressure from German authorities grew and the rehabilitation trustee for the defunct cryptocurrency exchange Mt. Gox started repaying creditors in both Bitcoin (BTC) and Bitcoin Cash (BCH). It has since recovered to around $65,000.

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Bitcoin L2s help crypto miners in Asia supplement income with staking

July 17, 2024 Coin Telegraph

Asia

Bitcoin L2s remain crucial to the Asian crypto ecosystem, offering miners new revenue streams after the most recent halving.

One crypto narrative that has garnered significant traction across the Asian technological landscape is the rise of Bitcoin layer-2 (L2) solutions.

Chinese miners are still an important part of the Bitcoin (BTC) mining ecosystem — reportedly accounting for over 50% of the network’s hashrate — the rise of these solutions seems to be bolstered by miners seeking to create alternative revenue streams for themselves, especially in the wake of the recent Bitcoin halving.

The Bitcoin halving, a programmed event that reduces BTC mining rewards by half, has traditionally been challenging for miners. The most recent halving, which concluded on April 19, reduced the digital asset’s reward ratio from 6.25 BTC to 3.125 BTC, making it tougher for miners to stay profitable.

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US Bitcoin miners hodl in expectation of BTC price rises

July 15, 2024 Coin Telegraph

Bitcoin mining

US mining firms are confounding pre-halving expectations by hodling the BTC they mine.

Marathon Digital Holdings didn’t sell any of its Bitcoin in June.

The decision marks a growing trend among United States-based Bitcoin (BTC) miners, who are choosing to keep the Bitcoin they mine rather than sell it.

Cointelegraph spoke to Salman Khan, Marathon’s chief financial officer, to better understand how miners decide when to accumulate their Bitcoin and when to move them onto the market.

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