Bitdeer Launches Closed-End Fund for Bitcoin Mining in Bhutan
Bitdeer Technologies, a Singapore-based bitcoin mining company founded by Jihan Wu, has launched a closed-end fund dedicated to mining bitcoin in Bhutan. The Bitdeer Green Bitcoin Fund plans to raise $80 million for its first-phase construction project, with a minimum investment threshold of $5 million from investors. The company aims to build mining projects in Bhutan with a total hashrate of nearly 20 EH/s. Bitdeer previously announced a partnership with Bhutan's state-owned investment company to raise up to $500 million for a crypto mining fund.
Bitcoin Miner Stronghold Buys 2,000 Canaan Avalon A1346 Miners
Bitcoin mining firm Stronghold Digital Mining announced on Thursday that it has purchased 2,000 Avalon A1346 Bitcoin mining machines from Canaan. These new mining machines cost $3 million and will be delivered in the third quarter.
Bitcoin Mining Helps Manage the Duck Curve and Boosts Renewable Energy Profitability
Bitcoin mining has become an unexpected solution to the "duck curve," a challenge in the renewable energy landscape. This curve reflects the conflict between peak demand periods and peak renewable energy production times, making grid management complicated. Bitcoin mining revenue can promote profitable renewable infrastructure, aiding project financing and scaling the energy grid for a sustainable future.
Riot Platforms at the Heart of Texas' Debate Over Bitcoin Mining’s Effect on the Grid
Texas, the largest power producer in the US, is also a major hub for bitcoin mining, with 1.5 GW of mining as of August 2022. The Electricity Reliability Council of Texas has been criticized for using economic incentives to align miners' interests with those of the public, as local residents and legislators claim that the state is subsidizing an industry that is harmful to the environment and local communities. Riot Platforms, one of the largest bitcoin miners in the world, is facing scrutiny for developing two sites in Texas with a total energy capacity of 1.7 GW, which could power 340,000 Texan homes in the high demand season.
Bitfarms Secures Contracts for Up to 150 MW of Hydropower in Paraguay
Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, has acquired two Power Purchase Agreements (PPAs) in Paraguay for up to 150 MW of eco-friendly hydropower. The PPAs include up to 50 MW in Villarrica, near Bitfarms' existing operations in Paraguay, and up to 100 MW in Yguazu, a new location near the third largest hydroelectric dam in the world, Itaipu. The hydropower at both locations will be provided at a contracted cost of around 3.9 cents per kWh, before VAT, and is not subject to annual inflationary adjustments.
Evertas Acquires South African Crypto Mining Insurer Bitsure
Chicago-based crypto insurance company Evertas has acquired South African insurer Bitsure, which specializes in coverage for crypto mining operations. The deal amount was not disclosed. Bitsure has quickly grown since its launch in 2021, with policies now insuring around 6% of the Bitcoin mining network. Bitsure's founder, Thomas Shewchuck, will join Evertas as head of underwriting.
Steven Kinard, Director of Bitcoin Mining Analytics at Texas Blockchain Council, Runs for Texas House of Representatives on Platform of Digital Freedom and Opposition to CBDCs
Steven Kinard, the Director of Bitcoin mining analytics at the Texas Blockchain Council, has announced his candidacy for the Texas House of Representatives, running for the Republican Party nomination in District 70. He aims to advocate for digital freedom and resist the Federal Reserve's exploration of a central bank digital currency (CBDC).
Bitcoin Mining Analytics Director at Texas Blockchain Council to Run for Texas House District 70
Steven Kinard, the director of Bitcoin mining analytics at the Texas Blockchain Council, has announced his candidacy for the Texas House of Representatives. Kinard plans to seek the Republican Party nomination for Texas House District 70 in the Dallas-Fort Worth area. If elected, he will serve a two-year term starting in 2025. Kinard's campaign will focus on advocating for "digital freedom" and "strategic technology investments" while opposing any research into central bank digital currencies. He will likely face incumbent Democratic Representative Mihaela Plesa in the general election.
Argo Blockchain reports mining 139 Bitcoin in June 2023
Argo Blockchain plc (ARBK) has released its operational update for June 2023, reporting that the company mined 139 Bitcoin or Bitcoin equivalents (BTC) during the month. This equates to an average daily mining rate of 4.6 BTC, down 17% from the 5.6 BTC per day mined in the previous month.
Record-Breaking Bitcoin Difficulty Increase Imminent, Total Hashrate Taps a 24-Hour Record at 538 EH/s
Bitcoin mining difficulty is set to surge once again, erasing the recent reduction and reaching another record-setting high. The next difficulty adjustment is estimated to increase between 4.74% and 7.7%, scheduled to take place on July 12, 2023. This will make it the most challenging period in history for miners to uncover BTC blocks.
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