Marathon Digital will acquire two of Hut 8’s Bitcoin mining sites for $13.5 million under an agreement announced February 2 in a press release. Marathon Digital Buys Out Site Management Rights Top Bitcoin mining firm Hut 8 said in the release that it’s relinquishing Bitcoin mining sites in Kearney, Nebraska, and Granbury, Texas. The company…
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At the time of writing, we are now less than 80 days away from Bitcoin’s fourth halving event, where the block reward will decrease from 6.25 bitcoins per block to 3.125 bitcoins per block post-halving. As is customary, market expectations have swelled, fueling speculation about whether the 2024 halving will diverge from its predecessors. Anticipation…
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On Friday, Feb. 2, 2024, the Bitcoin network witnessed a significant milestone as its mining complexity metric surged by 7.33% at block height 828,576. This marked the most substantial increase in difficulty for the year thus far. The current level of difficulty stands at 75.50 trillion, reaffirming its status as the most challenging period for…
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Celsius has concluded its Chapter 11 bankruptcy process and is embarking on a new journey with the launch of Ionic Digital, Inc., a bitcoin mining company managed by Hut 8 Corp. This development follows a complex legal and financial restructuring, which will include over $3 billion distributed to creditors. Celsius Ends Bankruptcy Saga, Will Return…
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The U.S. Energy Information Administration (EIA) has gained clearance from the Office of Management and Budget (OMB) to conduct an urgent survey regarding electricity usage by cryptocurrency mining firms across the U.S. The EIA submitted this request on the grounds that “public harm is reasonably likely” should standard operations persist. Biden’s OMB Approves EIA’s Emergency…
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On-chain data shows the Bitcoin miners have been selling recently, but this quant has argued that this selloff shouldn’t have much impact on the market. Bitcoin Miner Reserve Has Registered A Decline Recently In a CryptoQuant Quicktake post, an analyst discussed the latest selling pressure that the miners have been putting on the market. The…
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A British citizen recently went on trial in the U.K. for laundering bitcoins on behalf of a fugitive Chinese fraudster, Yadi Zhang. Prosecutors insist that Jian Wen was aware that Zhang’s bitcoins were acquired using stolen funds. However, Wen defended her actions and said she thought Zhang had accumulated her wealth through her jewelry business,…
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Bitcoin miners were forced to liquidate a portion of their Bitcoin holdings to cover operational expenses due to the surge in hash rates and mining difficulty, according to data from Compass Mining. In its annual review of the Bitcoin mining ecosystem, Compass Mining highlighted that the older blockchain witnessed a major increase in its hash…
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Morgan Stanley has raised concerns about the potential decline of the U.S. dollar’s dominance due to the increasing interest in digital currencies. Meanwhile, JPMorgan has warned of a potential bitcoin selloff, anticipating a $3 billion outflow from Grayscale’s Bitcoin fund. The profitability of Bitcoin’s SHA256 algorithm in mining operations has significantly improved, now ranking as…
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Bitcoin’s cumulative hashrate witnessed notable swings starting in late December, with a pronounced decline occurring in mid-January. This decrease was primarily attributed to the severe cold in Texas, leading many miners to pause their operations temporarily. By Jan. 21, 2024, the hashrate’s seven-day simple moving average (SMA) dipped under the 500 exahash per second (EH/s)…
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