Malaysia Loses Over $700 Million Worth of Electricity to Illegal Crypto Miners, Says Minister

July 11, 2024 Bitcoin.com

Malaysia Loses Over 0 Million Worth of Electricity to Illegal Crypto Miners, Says Minister

bitcoin.com

According to a government minister, Malaysia lost $727 million worth of electricity stolen by illegal crypto miners between 2018 and 2023. The minister also warned that power companies have methods to detect unauthorized mining activity. Illegal Crypto Mining Detrimental To Malaysians Says Minister Between 2018 and 2023, the theft of electricity by illegal cryptocurrency miners […]

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Greenidge Expands Bitcoin Mining Operations in Mississippi

July 11, 2024 Bitcoin.com

Bitcoin

Greenidge Generation Holdings Inc. has expanded its bitcoin mining operations with a new site in Mississippi. The site, which went live on July 1, 2024, features 2,400 bitcoin miners and is expected to increase capacity further in the coming months. Greenidge Adds 2,400 Bitcoin Miners to New Mississippi Facility Greenidge (Nasdaq: GREE) acquired the 12-acre […]

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How GoMining is revolutionizing Bitcoin mining through NFTs

July 11, 2024 Coin Telegraph

Bitcoin mining

How can retail investors profit from Bitcoin mining after the halving slashed profit margins?

The 2024 Bitcoin halving event reduced the block reward to 3.125 Bitcoin (BTC). As a result, the supply of new BTC slowed down, and the profitability of mining companies plummeted.

In a new report, Cointelegraph Research explores the current state of the mining ecosystem, including its economic conditions and technical developments. The report also covers new approaches to make Bitcoin mining open to retail investors, including GoMining’s gamified Bitcoin mining using non-fungible tokens (NFTs).

Download a full version of the report for free here

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Clandestine Bitcoin Mining Survives Government Ban in Venezuela, Albeit at Small Scale

July 10, 2024 Bitcoin.com

Bitcoin (BTC)

According to local reports, clandestine bitcoin mining is thriving again in Venezuela, albeit at a small scale after the government ordered to disconnect all Bitcoin mining operations from the power grid. Local ASIC stores are still selling miners for small operations, that survive by hiding their farms in undisclosed locations. Clandestine Bitcoin Mining Rises Again […]

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Mining company TeraWulf pays off outstanding debt early

July 9, 2024 Coin Telegraph

Bitcoin Halving

The payment will allow the company to focus on scaling operations rather than keeping up with debt obligations in the post-halving environment.

On July 9, crypto mining firm TeraWulf announced it paid off its outstanding debt earlier than expected, in a final payment of $77.5 million.

Executives for TeraWulf said the debt reduction would allow the company to maximize its resources and focus on the deployment of mining infrastructure, rather than meeting burdensome debt obligations.

TeraWulf’s early debt repayment aligns with the company’s plans to maximize shareholder value through organic growth strategies. TeraWulf chief strategy officer Kerri Langlais recently told Cointelegraph that the company was not seeking aggressive expansion through mergers and acquisitions, citing increases in profit margins and operational efficiency as ways to provide sustainable shareholder returns.

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Bitcoin Miner Hut 8 Secures 205 MW Power Agreement in Texas

July 9, 2024 Bitcoin.com

Bitcoin

Bitcoin miner Hut 8 Corp. has entered into a definitive power purchase agreement for a site in West Texas. The agreement provides Hut 8 with 205 megawatts of power capacity, marking the first conversion from its 1,100 megawatts development pipeline. Hut 8 Finalizes 205 MW Power Purchase Agreement in West Texas The new site, connected […]

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Bitfarms announces new CEO, Riot launches campaign as corporate dispute escalates

July 8, 2024 Coin Telegraph

Bitcoin mining

The corporate battle for control of Bitfarms continues to evolve as the company appoints a new CEO, while its board continues to be contested by Riot Platforms.

Bitcoin miner Bitfarms has appointed new leadership, while Riot Platforms has launched a new campaign website as the corporate dispute between the companies continues.

According to a July 8 announcement, Bitfarms announced the appointment of Ben Gagnon as its new CEO. Gagnon was previously chief mining officer and has been at the company since 2019.

On the same day, Riot launched a new website in connection with its call for a special meeting of Bitfarms shareholders. In this meeting, which is yet to be scheduled, Riot seeks to reconstitute Bitfarms’ board of directors.

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Bitcoin Network Sees Second Largest Difficulty Reduction of 2024

July 7, 2024 Bitcoin.com

Bitcoin

On July 4, 2024, the Bitcoin network experienced its second-largest difficulty reduction since the year’s start. The mining difficulty decreased by 5%, falling from 83.67 trillion to 79.5 trillion. Second Major Difficulty Reduction of the Year Hits Bitcoin Network Bitcoin’s mining difficulty dropped by 5% this week at block height 850,752 on July 4. This […]

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Bitcoin mining difficulty hits lowest level since March as price tops $57K

July 6, 2024 Coin Telegraph

Bitcoin mining difficulty hits lowest level since March as price tops K

Bitcoin Halving

The drop in mining difficulty should spell relief for the largest mining firms.

Bitcoin mining difficulty dropped by more than 5% on July 5 to a quarterly low of 79.50 terahashes (79.5T). This marked the largest reduction since March when the difficulty briefly dipped below 80T.

Difficulty spiked between March and May, when it reached an all-time high of 88.10T before beginning a slow settling to where it currently stands as of the time of this article’s publication.

Bitcoin mining difficulty is a measure in hashrate which, basically, is a measure of how many guesses a mining machine should be expected to make before it solves the cryptographic puzzle necessary to unlock one of the remaining bitcoins.

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Corruption in Paraguay: Senator States Illegal Bitcoin Mining Farms Pay up to $500,000 to Operate Underground

July 6, 2024 Bitcoin.com

Corruption in Paraguay: Senator States Illegal Bitcoin Mining Farms Pay up to 0,000 to Operate Underground

ANDE

Salyn Buzarquis, a Paraguayan senator, blasted the National Power Administration of Paraguay (ANDE), stating that high-ranking officials charged illegal bitcoin mining farms for operating underground. Buzarquis stated these unnamed officials collected up to $500,000 in bribes monthly and called for the resignation or interrogation of ANDE’s President Felix Sosa on this matter. Senator States National […]

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