Minnesota electric cooperative accuses electricity theft of mining, seeks damages
In a case involving cryptocurrency mining and public utility theft, the Minnesota-based power company, Northern Star Cooperative, has accused Ryan Jaenicke and Tina Fehlhaber of stealing a large amount of electricity. During a routine inspection in May 2023, two unauthorized 50 kVA transformers and cryptocurrency mining equipment were discovered. Northern Star has disconnected the unauthorized equipment and reported the case to law enforcement. They are seeking compensation for losses of at least $50,000 and the return of all profits obtained through suspected electricity theft.
Bitcoin mining company Northern Data spends $360 million to buy GPUs for artificial intelligence services
German data center and Bitcoin mining operator Northern Data spent $360 million to purchase GPUs to support its cloud computing services. This acquisition was made after Tether provided Northern Data with $609 million in debt financing. The purchase brought the company 384 HPE Cray XD supercomputers, equipped with approximately 8,200 NVIDIA H100 Tensor Core GPUs. The company added that its AI cloud facility is "100% carbon neutral," addressing energy-related issues that plague AI, data centers, and Bitcoin miners.
HashFlare co-founders win appeal against extradition to US on fraud and money laundering charges
The co-founders of Bitcoin cloud miner HashFlare, Ivan Turogin and Sergei Potapenko, have been successful in their appeal against extradition to the United States. The two men were facing 18 counts of fraud and money laundering in relation to their operation of HashFlare, which was allegedly a Ponzi scheme with hundreds of thousands of victims and over $575 million paid in. The Tallinn Circuit Court overturned a lower court's order on Nov. 29, citing procedural irregularities and European Court of Justice and European Court of Human Rights practice. The businessmen and their families are set to receive over $110,000 in reimbursement, with the decision open to appeal until Dec. 11.
Decentralized Bitcoin mining project Mummolin raises $6.2 million in seed funding, led by Jack Dorsey
Mummolin, Inc. announced that it has raised $6.2 million in seed funding, with strategic partners such as Jack Dorsey, Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund leading the investment. The seed funding will support the launch of the decentralized Bitcoin mining project OCEAN.
COP28 Conference on Climate Change Faces Challenges and Criticism, but Bitcoin Offers Potential for Progress
The COP28 conference, which seeks to tackle global climate change, is commencing this week in the UAE, a significant oil producer. Despite the presence of high-profile attendees such as Pope Francis, the event is expected to be ineffective, as previous COP conferences have failed to produce legally binding targets for reducing greenhouse gas emissions. The conference chair, Sultan Ahmed Al-Jaber, is also the CEO of ADNOC, the state oil company that has been expanding its fossil fuel interests. The conference highlights the difficulties of aligning global incentives to fund the transition to renewable energy while reducing fossil fuel production and use.
Bitcoin miner Canaan seeks $148M in equity amid revenue slump
Bitcoin mining company Canaan is looking for new funding after experiencing a decline in revenue and profits. In its Q3 2023 earnings report, the company announced plans to sell $148 million in equity through an at-the-market offering. Canaan also recently agreed to issue up to 125,000 preferred stock at $1,000 each to an undisclosed institutional investor for a total of $125 million. The decline in revenue is attributed to a decrease in the number of Bitcoin mined and a fall in the number of ASIC mining rigs sold, as well as increased pricing competition and a softening in purchasing power. Canaan expects its Q4 revenue to remain unchanged due to challenging market conditions.
TD Asset Management and Tower Research Capital increased their holdings of Bitcoin mining company Bitfarms shares in the second and third quarters
Bitfarms, a Bitcoin mining company, disclosed in its latest submission to the US Securities and Exchange Commission that TD Asset Management Inc. increased its stake in Bitfarms by 14.9% in the second quarter and now owns 199,080 shares of the company. In addition, Portside Wealth Group LLC purchased about $25,000 worth of Bitfarms stock in the second quarter, while Lido Advisors LLC bought about $28,000 worth of Bitfarms stock in the same period. Vontobel Holding Ltd. and UBS Group AG respectively increased their holdings in Bitfarms by 44.2% and 76.3%. Notably, Tower Research Capital LLC increased its holdings in Bitfarms by 1,237.8% in the third quarter and now owns 35,585 shares of the company.
Bitfarms orders 35,888 Bitmain T21 mining machines
Bitcoin mining company Bitfarms has announced that it has ordered 35,888 Bitmain T21 mining machines at a price of $2,660 per unit. The expected delivery time is from March to May 2024. After installation and operation, it is expected to increase the company's operating capacity by 63% to 391 MW and improve the mining machine efficiency by 34% to 23w/TH. The company stated that with the recent financing announcement, Bitfarms will have enough liquidity to fulfill the purchase obligation of this order. At the same time, Bitfarms has obtained the option to purchase an additional 28,000 Bitmain T21 mining machines.
Canadian Bitcoin Mining Company Bitfarms Secures C$60 Million Investment from U.S. Institutional Investors
Canadian Bitcoin mining company Bitfarms has received a C$60 million investment from US institutional investors, which will be used for strategic enhancements such as acquiring additional cryptocurrency miners, expanding infrastructure, and strengthening working capital. In a calculated move, Bitfarms will issue 44,444,446 common shares, each priced at C$1.35, and warrants for purchasing up to 22,222,223 common shares. Recent events, such as the US government's $4 billion settlement with Binance and growing anticipation surrounding the SEC's approval of the US's first spot Bitcoin ETF, have contributed to fostering greater trust in the crypto space and propelling significant gains in cryptocurrencies like Bitcoin and Ethereum.
FMI Minecraft plans to launch $45 million crypto mining farm in Argentina
According to Bitcoin News, UK company FMI Minecraft plans to establish a $45 million cryptocurrency mining center in Patagonia, Argentina. As the proposed mining center is located within a free trade zone, there will be no taxes on imported ASIC or any other items.
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