Bitfarms Hits Back at Riot Platforms’ Alleged Misleading Claims

September 6, 2024 Bitcoin.com

Bitcoin mining firm Bitfarms has responded to Riot Platforms’ allegedly misleading statements about a special meeting and potential acquisition. Bitfarms claimed that Riot refused to engage constructively and is attempting to buy Bitfarms at a discount for its own shareholders’ benefit. The board will review Riot’s proposal but shareholders do not need to take any […]

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Blockstream Mining issues hashrate-backed security token in fundraise

September 5, 2024 Coin Telegraph

Bitcoin

Blockstream is essentially selling four-year claims on the proceeds from its Bitcoin mining operations in exchange for funding.

Blockstream Mining is raising funds by issuing a security token—Blockstream Mining Note 2 (BMN2)—backed by the Bitcoin (BTC) miner’s hashrate, according to a Sept. 5 announcement.

The BMN2 token is designed to “provide direct exposure to Bitcoin hashrate operated by Blockstream’s… enterprise-grade mining facilities across North America,” Blockstream said.

Priced at $31,000 per token, each BMN2 represents a 48-month claim on one petahash per second (PH/s) of Blockstream’s mining hashrate, the company said. Hashrate measures the computing power used to mine blocks on the Bitcoin network.

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Fractal Bitcoin: good or bad for mining revenues?

September 5, 2024 Coin Telegraph

Bitcoin

August 2024 represented the worst month for Bitcoin mining revenue since September 2023, with $827.56 million in fees generated.

Fractal Bitcoin—a sidechain scaling solution for Bitcoin (BTC) that uses the Bitcoin core code—could potentially provide miners with an additional source of revenue. Conversely, fractal Bitcoin could end up slashing mining revenues.

According to TheMinerMag, Fractal Bitcoin is merge-mined alongside Bitcoin—meaning that the same mining hardware can simultaneously mine Bitcoin and Fractal Bitcoin. This could be an attractive and much-needed avenue for Bitcoin miners to bolster profits in the post-halving environment, without having to retool facilities for AI or high-performance computing.

However, the knife cuts both ways. Because Fractal Bitcoin supports the BRC-20 token standard and promises to be a faster, cheaper scaling solution for the Bitcoin base layer, this could reduce network fees created by demand for non-fungible tokens on the Bitcoin network, which translates to a reduction of miner profits.

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Bitcoin Miner Iris Energy Increases Mining Output by 10%

September 5, 2024 Bitcoin.com

AI cloud services

Iris Energy has reported a 10% increase in bitcoin production during August 2024, with the company mining 245 bitcoin. The improvement is attributed to higher operational efficiency and reduced electricity costs following the company’s transition to spot pricing. Iris Energy’s Bitcoin Mining Efficiency Leads to Output Growth In its August 2024 investor update, Iris Energy […]

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Sberbank to Join Russia’s Crypto Settlement Pilot This Fall, Executive Reveals

September 5, 2024 Bitcoin.com

anatoly popov

Sberbank, Russia’s largest financial institution, plans to join a cryptocurrency settlement pilot program this fall. The bank also aims to serve clients using digital rubles by 2025. Deputy Chairman Anatoly Popov supports regulatory efforts to legitimize cryptocurrencies for international payments and mining. He highlighted cryptocurrencies as effective payment methods, especially for small businesses, amid global […]

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Bitcoin’s Hashrate Nears All-Time Peak Despite Difficulty Bump and Revenue Loss

September 5, 2024 Bitcoin.com

Bitcoin

Despite a bump in mining difficulty and a drop in hashprice, Bitcoin’s total hashrate is still on the rise. In fact, on Wednesday it’s just 12 exahash per second (EH/s) away from reaching its peak of 677 EH/s, which was recorded on July 25. Bitcoin Mining Operations Push Through Lower Hashprice, Nearing Record Hashrate On […]

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Bitcoin miner revenues dwindle as halving erodes mining volumes: Bitbo

September 2, 2024 Coin Telegraph

Mining revenues hit 12-month lows in August, according to Bitbo.

Bitcoin (BTC) miners saw mining revenues dwindle to 12-month lows as the Bitcoin network’s April halving continues to erode mining output and, in turn, revenues, according to data from Bitbo, a Bitcoin dashboard.

Monthly BTC mining revenues declined to approximately $827 million in August 2024, according to Bitbo. That’s lower than any month since September 2023 and far below pre-halving peaks of almost $2 billion in March 2024.

Roughly every four years, a halving event hardcoded into the Bitcoin network cuts the number of BTC mined per block in half. The April halving reduced mining rewards from 6.25 BTC to 3.125 BTC per block.

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Plastic Surgery Fails to Help Crypto Scammer Evade Arrest After 10 Months

September 2, 2024 Bitcoin.com

Arrest

South Korean police arrested a man in his 40s for orchestrating a cryptocurrency scam that defrauded 158 investors of 16 billion won ($12 million). Operating from November 2021 to June 2022, he promised an 18% monthly return on investments in a fake cryptocurrency mining business. The scam resulted in individual losses ranging from 1.2 million […]

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Bitcoin Miners Face Leanest Month of 2024: August Earnings Hit Year’s Low

September 1, 2024 Bitcoin.com

Antpool

Bitcoin miners faced their most challenging revenue month of the year in August, marking the lowest earnings since September 2023. Onchain fees collected in August also dipped, reaching a low not seen since last year, with a $4.14 million drop compared to July. August Bitcoin Mining Revenue Drops $99.75M Lower Than July The ongoing effects […]

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Bitcoin (BTC) Mining in Texas Increases by 30% in August As Electricity Prices Plummet

August 30, 2024 The Daily Hodl

Bitcoin

New data reveals that Bitcoin (BTC) mining in Texas has seen a 30% increase during the month of August as electricity prices in the state nosedive. In a new thread, Pierre Rochard, the vice president of BTC mining firm RiotPlatforms, tells his 58,200 followers on the social media platform X that mining of the top […]

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