Bitcoin Mining Startup Cormint Raises $30M Series A to Build Texas Data Center
Bitcoin mining startup Cormint Data Systems has raised $30 million in a Series A funding round co-led by its president to build a data center with 2.4 exahash/second (EH/s) of computing power in Fort Stockton, Texas.
The Importance of Self-Custody and Arguments For and Against Bitcoin Mining
Bitcoin mining has faced scrutiny from some countries due to the amount of electricity consumed in the process, leading to discrimination against Bitcoin mining facilities. However, some crypto experts argue that BTC mining could bring more good than harm if given the essential resources, such as renewable energy sources.
Abu Dhabi to Host First Large-Scale Bitcoin Mining Operations in the Middle East
Abu Dhabi is set to become the home of the first large-scale bitcoin mining operations in the Middle East, with Marathon Digital Holdings and Zero Two developing a complex called Abu Dhabi Global Markets JV Entity.
Bitcoin's Price Recovers as Blockchain Congestion Eases, but Inflation Remains a Concern for Crypto Traders
Bitcoin and Ethereum prices have rebounded as congestion on the bitcoin blockchain has eased, with both cryptocurrencies showing signs of growth. Bitcoin is currently trading at $27,741, up 0.3%, while ether is trading at $1,853, up 0.2%.
Cipher Mining Buys 11,000 Bitcoin Mining Rigs from Canaan to Boost Computing Power
Cipher Mining has announced the purchase of 11,000 bitcoin mining rigs from Canaan Inc. in order to boost its computing power to 7.2 EH/s when installed. The energization is expected by the end of Q3, and the miner has the potential to reach 8.2 EH/s by the end of the year. Cipher's net loss per share fell by more than half in Q1 2023 compared to the same period last year, and the miner expects an average price of $0.027 per kWh of electricity across its portfolio. Canaan saw its sales dwindle throughout the year, outcompeted by other manufacturers while the market overall was depressed. As of pre-market trading, Cipher's stock was up over 6% at $2.07.
Crypto Evening Briefing: Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low
Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased.
Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low
Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased. The current mining difficulty level is at 48T (trillions), and this change affects the miners' profitability, as less competition for the reward means increased estimated income for those still connected to the network. The current price for Bitcoin hashpower rose to 0.088 USD/TH/day, up from 0.077 USD/TH/day on May 2, indicating increased profitability for miners' operations. Recently, there has been increased interest in BRC-20 tokens, which are used to create memecoins, leading to network congestion in Bitcoin within a few days of their release, and this could be a possible factor in the hashrate drop. As a result of this high activity on the network, the fees are now making up 12.4% of the miners' revenue. Moreover, the sudden interest in tokens registered through Ordinals is responsible for the backlog of transactions that need confirmation, leading to a surge in average commissions. The current transaction fees range from 70 sat/vB to 100 sat/vB, and a transaction of 140 vB (median) would require payment of almost $4 USD to get confirmed within the first few minutes.
Robert Kennedy Jr. condemns Biden’s proposed 30% Bitcoin mining tax
Presidential hopeful Robert F. Kennedy Jr. on May 3 condemned a 30% crypto mining tax proposed by the Biden administration and responded to concerns around crypto.
Himalayan Kingdom of Bhutan Discloses Secret Bitcoin Mining Activities
According to a recent Forbes report, DHL, the commercial arm of Bhutan's Royal Government, entered the Bitcoin mining industry by purchasing BTC when it was priced at $5,000.
Identifying and Avoiding Bitcoin Mining Scams
The world of cryptocurrencies is complicated and still mostly unregulated around the world.
