U.S. Treasury Secretary Janet Yellen has stressed the importance of managing U.S. borrowing needs amid higher long-term interest rates, emphasizing the need to boost revenue in budget negotiations. “We’ve raised the interest-rate forecast. That does make a difference. It makes it somewhat more challenging to keep deficits and interest expense under control,” Yellen told Bloomberg…
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Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe. Bitcoin mining firm Marathon Digital Holdings saw its revenue surge 670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production. The results saw Marathon also swing to…
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Despite seeing falling trading volumes, Coinbase said they were “pleased” with how the quarter played out. Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes. The firm’s net loss in Q3 was trimmed from a $545 million net loss…
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Inscriptions have been acting more as a “packing filler,” stuffed into any remaining space once higher-value monetary transfers are packed into blocks, said the firm. Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest inscriptions are taking blockspace away from higher-value Bitcoin (BTC) monetary transfers. “There is minimal evidence that…
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After Prime Trust filed for bankruptcy protection, the company’s interim CEO Jor Law cited excessive spending, losses on the stablecoin terrausd, and problems accessing customer funds held in cold storage wallets as contributing factors. From Cold Storage to Cold Reality: The Dramatic Decline of Prime Trust In a declaration filed along with the bankruptcy petition…
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Canaan, a leading high-performance computing firm and mining rig producer, recently disclosed hurdles set to dent its bitcoin mining activities and revenue from Q3 2023 onward. These setbacks primarily stem from diminished operational hours of their mining devices. This revelation comes hot on the heels of Canaan’s teaser about their “groundbreaking” mining innovation slated for…
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The firm managed to narrow net loss in the quarter as it ramped up Bitcoin production. Colorado-based Bitcoin mining firm Riot Platforms narrowed its second quarter net loss to $27.7 million as it ramped up its Bitcoin production and reached record hash rate capacity. The crypto miner posted total revenue of $76.7 million — up…
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CoinsPaid said it is now working with Estonian law enforcement and several blockchain security firms are assisting to minimize the impact of the July 22 exploit. Cryptocurrency payments platform CoinsPaid has pointed the finger at North Korean state-backed Lazarus Group as being behind the hacking of its internal systems, which allowed them to steal $37.3…
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As we wrap up the initial six months of 2023, the Bitcoin network inches closer to a significant milestone — the impending block reward halving, which lies just under 300 days ahead. Projections indicate that this event is slated to take place between April 21 and 27, 2024, leading to a substantial reduction of 50%…
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Over the past 30 days, bitcoin miners discovered 4,324 block rewards during the month of June, with approximately 37 mining pools dedicating hashrate to the blockchain. The blockchain achieved two milestones in June, as the network reached an all-time high in hashrate on June 11, and three days later, on June 14, the mining difficulty…
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