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January 2024

Swan Bitcoin debuts mining operations ahead of IPO

Swan Bitcoin steps into mining ahead of halving as it prepares for a stock market debut.

Bitcoin mining’s green mile: 54.5% sustainable energy use

Bitcoin mining now more eco-friendly than ever, reaching a 54.5% sustainable energy usage.

November 2023

Tether offers US$610 mln debt financing facility to German Bitcoin miner Northern Data

Tether extends US$610 million loan to boost Northern Data’s AI and Bitcoin mining operations.

October 2023

Bitmain reportedly suspended employee salaries from September

Bitmain, one of the world’s largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, has suspended employee salary payments from September, according to a Tuesday report by China-based tech news outlet Leiphone. See related article: Hamas crypto donation accounts frozen by Israel police Fast Facts See related article: CMCC Global raises US$100 mln to launch Hong Kong […]

August 2023

Litecoin completes third halving event

Litecoin has executed its third halving event on Wednesday, reducing block rewards for miners from 12.5 to 6.25 Litecoins per block.

July 2023

New NFT Project makes it big; XRP & BTC pull up crypto

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Standard Chartered’s great expectations for Bitcoin in 2024

Top blockchain and crypto news: Standard Chartered eyes US$120,000 per Bitcoin | Another week of declines in NFT market | Sega and Line team up.

June 2023

Bitcoin mining difficulty rises 2.18% to record amid increasing competition among miners

A higher difficulty reading indicates it is more competitive to mine Bitcoin, reducing profit. The network’s hashrate also increased to a record high. 

What’s next for crypto miners after US debt ceiling deal?

Top blockchain and crypto news: Miners dodge tax bullet. Blur, Binance heat up NFT lending. Chinese cities’ plans reveal nationwide Web3 ambition.

Bitcoin mining difficulty rises 3.4% to all-time high as hashrate jumps

Bitcoin’s mining difficulty level rose 3.4% on Thursday to an all-time high, as the network’s hashrate also increased to a record high.

May 2023

Tether stablecoin issuer taps Uruguay for Bitcoin mining using renewable energy

Tether, the issuer of the world’s most traded stablecoin, will invest in power generation and Bitcoin mining in Uruguay to tap the country’s renewable energy resources, the company said on Tuesday.

U.S. congressman says crypto mining tax scrapped in debt ceiling deal

A proposed tax on electricity used by cryptocurrency miners in the U.S. has been scrapped in the deal to raise the country’s debt ceiling, according to Republican congressman Warren Davidson.

Bitcoin mining difficulty rises to a new all-time high

Bitcoin’s mining difficulty level rose 3.22% on Thursday, hitting an all-time high, as the network’s hashrate also increased to a record high.

Bitcoin congestion issues continue amid BRC-20 memecoin, Ordinals surge

Bitcoin network faces heightened congestion with over 5 million inscriptions, exacerbating block space demand as BRC-20 tokens achieve a market cap milestone of $1 billion, contributing to increased activity on the network.

Could Bitcoin mining make renewable energy more profitable?

Andrew Webber of Digital Power Optimization says more renewable energy would get built “if it was more profitable” and that’s where Bitcoin mining can help.

Crypto miner Bitdeer expands to Bhutan, partners state-owned investment arm

Singapore-headquartered cryptocurrency miner Bitdeer Technologies is planning to expand its mining operations to Bhutan and raise up to US$500 million for a fund through a new partnership with the Himalayan kingdom’s state-owned investment company Druk Holding and Investments.

Biden administration pushes for 30% electricity tax in swipe at crypto miners

The administration of U.S. President Joe Biden is campaigning for a tax on cryptocurrency miners equal to 30% of the cost of the power they use, citing what it calls “negative spillovers” from the industry.

April 2023

Russia is 2nd biggest Bitcoin miner after U.S.: report 

Russia is now the second largest Bitcoin miner after the U.S., according to a report by Russian media Kommersant. 

Bitcoin’s mempool congestion eases after millionth Ordinals inscription

Mempool congestion issues subsided after the Bitcoin network surpassed 1 million Ordinals inscriptions.

Bitcoin mining difficulty rises 1.7% to record high, hashrate jumps

Bitcoin’s mining difficulty level rose 1.72% on Thursday to a record high, while the network’s hashrate increased, showing miners are applying more computing power.

Bitcoin mining produces energy gold. Let’s use it to help save our planet

Critics have long slammed Bitcoin mining for its enormous carbon footprint. But what if all the heat that miners emit can be sustainably powered and reused?

Crypto miner Bitdeer falls 35% since Nasdaq debut, reports net loss in 2022

Shares of Singapore-based cryptocurrency miner Bitdeer have slid more than 35% since their Nasdaq debut on April 14, and were trading at US$6.41 at closing on Wednesday.

US chip giant Intel abandons Bitcoin ASIC production

Intel has announced it would shut down its Bitcoin mining chip production a year after launch.

China fines crypto mining rig giant Bitmain US$3.6 million for tax violations

China has fined Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, nearly US$3.6 million for alleged tax violations, according to the Beijing tax authorities.

Crypto miner Bitdeer to go public on Nasdaq via SPAC deal

Singapore-headquartered crypto mining firm Bitdeer Technologies is set to go public on Nasdaq on April 14 via a SPAC merger following multiple delays in closing the US$4 billion deal.

US crypto miner Core Scientific appoints new president amid bankruptcy

Adam Sullivan, whose most recent role was managing director of XMS Capital Partners, will will work on financial and strategic matters while assisting with the negotiation of a reorganization plan.

Arkansas joins Montana, Texas with bills on guidelines, protection for Bitcoin miners

Arkansas has joined Montana and Texas this year in proposing legislation to offer legal protections to companies operating crypto mining sites.

March 2023

Bitcoin miner TeraWulf reports 146% revenue growth, expanded mining capacity

U.S.-based Bitcoin miner TeraWulf, which started operations in March last year, reported a 146% surge in revenue in the fourth quarter of last year compared to the previous quarter, citing expanded mining capacity. 

Bitcoin mining difficulty rises 7.6% to set new all-time high as hashrate jumps

Bitcoin’s mining difficulty level rose 7.56% on Friday, hitting an all-time high along with the network’s hashrate, showing miners are applying more computing power.

Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes

The U.S. has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use.

Crypto mining rig maker Canaan shares slump after Q4 revenue sank 82%

Canaan’s shares on Nasdaq closed 3.83% lower at US$2.51 on Wednesday after the cryptocurrency mining rig maker reported an 82% year-on-year drop in revenue on Tuesday for the fourth quarter of last year, citing “lackluster market demand” for mining machines as the price of Bitcoin fell.

Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry

Officials at Bitcoin mining companies say the rebound in prices so far this year for the world’s biggest cryptocurrency has thrown a lifeline to the industry after some miners sought protection from creditors last year amid the slump in the token’s price.

February 2023

Crypto miner Hive Blockchain posts wider losses, cites Ethereum Merge

Vancouver-based cryptocurrency mining firm Hive Blockchain Technologies Ltd. reported bigger losses in its latest quarterly earnings report published Tuesday, mainly due to Ethereum’s Merge and lower Bitcoin prices.  See related article: Bitcoin mining difficulty dips 0.5% over two weeks after hitting record high Fast facts See related article: Bitcoin miner Greenidge Generation cuts NYDIG debt […]

Bitcoin mining difficulty dips 0.5% over two weeks after hitting record high

Bitcoin’s mining difficulty level edged down 0.5% in the two weeks through Sunday after hitting an all-time high in the previous adjustment, according to data from BTC.com.

Bitcoin mining fund soars as BTC powers into 2023

Top blockchain and crypto news: BTC mining ETF outperforms. SBF under pressure as accusations mount. ‘China’s Instagram’ embraces NFTs.

Bitcoin miner Greenidge Generation cuts NYDIG debt 78% to US$17 million

Troubled U.S.-based Bitcoin mining firm Greenidge Generation Holdings Inc. has restructured more of its debt to investment management service provider NYDIG and investment bank B. Riley Commercial Capital, the company announced on Tuesday.

January 2023

Valkyrie’s WGMI Bitcoin Miners ETF named best-performing U.S. fund, surges 105% in 2023

Valkyrie’s Nasdaq-listed Bitcoin Miners exchange-traded fund (ETF), WGMI, has been the best-performing fund of 2023 so far, rising over 105% throughout January.

Bitcoin mining difficulty hits new all-time high with 4.7% rise

Bitcoin’s mining difficulty level rose 4.68% on Sunday, hitting an all-time high, as the networks’ hashrate also continued to increase.

Blockstream says it raised US$125 million to expand Bitcoin mining operations

Blockchain infrastructure firm Blockstream Corporation Inc. on Tuesday said it raised US$125 million from convertible note and secured loan financing to expand its Bitcoin mining operations and meet strong demand for what it called “institutional hosting services.”

U.S.’ first nuclear-powered Bitcoin mining center to open in Q1

The U.S. will open its first nuclear-powered data center offering Bitcoin mining in the first quarter of the year.

Bitcoin miners return from winter storms, difficulty at an all-time high

The Bitcoin mining difficulty level jumped 10.26% on Monday morning in Hong Kong, hitting an all-time high reading of 37.59 trillion, as several U.S-based miners came back online from recent winter storms that forced them to unplug, according to data from BTC.com. See related article: Bitcoin hashrate drops nearly 40% as deadly U.S. storm unplugs […]

Bitcoin mining difficulty drops 3.6% in latest adjustment

The Bitcoin mining difficulty level fell 3.59% on Tuesday morning in Asia, after some U.S. mining firms unplugged due to deadly winter storms over the holiday season on top of continued cash shortages mainly caused by low Bitcoin prices and high energy costs. 

December 2022

BTC.com hacked, around US$3 mln assets stolen

Blockchain browser and mining pool BTC.com said on Monday that it got hacked earlier this month, and lost around US$2.3 million of its own assets and US$700,000 of clients’ assets.

Bitcoin hashrate drops nearly 40% as deadly U.S. storm unplugs miners

The Bitcoin network hashrate has dropped by more than 38.8% from its peak on Wednesday, as many U.S.-based miners have been forced to switch down their facilities due to deadly blizzards. See related article: British Columbia suspends new electricity connections for crypto miners Fast facts See related article: Bitcoin mining difficulty rises 3.27% in latest […]

British Columbia suspends new electricity connections for crypto miners

British Columbia has paused new electricity connection requests from crypto miners for 18 months to support the province’s climate action.

Bankrupt miner Core Scientific may sell facilities under development: report

Core Scientific said it may sell some of its mining facilities under development that could be worth up to a gigawatt of power after it filed for bankruptcy protection.

U.S. crypto miner Core Scientific files for Chapter 11 bankruptcy, continues to mine Bitcoin

Core Scientific, one of the largest publicly traded crypto mining firms in the U.S., filed for Chapter 11 bankruptcy protection in the state of Texas on Wednesday.

Bitcoin miner Greenidge strikes deal with NYDIG to restructure debt

Troubled U.S.-based Bitcoin mining firm Greenidge Generation Holdings Inc. has entered a debt restructuring agreement with NYDIG, a cryptocurrency service provider to which Greenidge owes US$74 million.

Bitcoin mining difficulty rises 3.27% in latest adjustment

The latest Bitcoin mining difficulty level rose 3.27%, as miners continue to face cash shortages due to low Bitcoin prices and high energy costs.

U.S. considering bill to require crypto miners to report carbon emissions

U.S. cryptocurrency miners would be required to report greenhouse gas emissions under a new bill submitted to the Senate, reflecting criticism the industry is adding to use of fossil fuels blamed for global warming.

Bitcoin mining difficulty drops more than 7% as cash crunch hits miners

Miners face a liquidity crunch as cryptocurrency prices slide, with the world’s largest publicly-listed miner, Core Scientific, saying it may run down its cash reserves by the end of this year.

November 2022

Crypto mining firm Foundry to buy mining sites from embattled Compute North

Crypto mining firm Foundry Digital LLC plans to acquire two turnkey crypto mining facilities in the U.S. from troubled Compute North.

New York State passes two-year moratorium on some crypto mining facilities

New York became the first U.S. state to enact a temporary ban on new cryptocurrency mining permits at fossil fuel plants, despite lobbying against the measure. 

Mining rig maker Canaan’s stocks fall as Q3 profits shrink

Cryptocurrency mining rig maker Canaan posted shrinking revenues and profits in the third quarter of this year, as the crypto bear market continued to plague the mining industry.

Bitcoin miner Riot Blockchain’s stock drops amid widening Q3 losses

Stocks of Nasdaq-listed Riot fell 4.87% in pre-market trading on Tuesday, after U.S. Bitcoin miner Riot Blockchain on Monday reported weaker revenues in the third quarter of this year.

Bitcoin mining difficulty falls 0.2% in latest adjustment

Bitcoin mining difficulty nudged down 0.2% in Monday’s biweekly adjustment, according to data from BTC.com.

October 2022

Satoshi’s other big legacy: Bitcoin is propelling a green energy revolution

The Bitcoin white paper, published 14 years ago this day, launched an industry that is now subsidizing clean energy and turning waste into digital gold, writes Will Szamosszegi of Sazmining.

World’s largest Bitcoin miner Core Scientific’s stock tumbles amid liquidity crisis

The Nasdaq-listed company expects to deplete its cash resources by the end of this year.

Bitcoin mining difficulty logs new high, up 3.4%

Bitcoin mining difficulty has reached a new high after a 3.44% increase in Monday’s biweekly adjustment, according to data from BTC.com.

Hong Kong digital asset firm sets up US$50 mln fund to expand mining business amid crypto winter

Hong Kong-based digital asset management firm JKL Group will set up a US$50 million fund to buy more mining machines to further expand its mining facilities, despite the current crypto winter.

EU targets Bitcoin with energy efficiency labeling for crypto

This isn’t the first time the bloc has examined cracking down on Bitcoin mining, and it comes amid a growing push from regulators to examine the industry’s carbon footprint.

Markets: Bitcoin, Ether fall as EU considers crackdown on energy-intensive crypto mining

Bitcoin and Ether both fell in Wednesday morning trading in Asia amid news the European Union is considering a bill to restrict the mining of energy-intensive cryptocurrencies, such as Bitcoin. Most of the rest of the cryptocurrency top 10 by market capitalization, excluding stablecoins, also declined, with the exception of Polygon. See related article: Bitcoin, […]

Tianjin boosts electricity rates to further punish underground crypto mining

Tianjin is the latest Chinese city to announce higher differential electricity rates in an effort to further discourage energy-intensive cryptocurrency mining, which the country banned in September 2021 but continues to exist in some pockets. See related article: Beijing banned crypto mining, so China miners went underground  Fast facts See related article: China takes aim […]

Indian investors allegedly duped in crypto cloud mining scam

About thirty investors in India have been allegedly duped of US$54,653 through a crypto cloud mining app, local media reported.   See related article: India financial crime unit cites ‘Chinese-controlled entities’ in alleged crypto fraud Fast facts Investors from Solapur city in India’s Maharashtra state were allegedly duped by fraudsters who lured them to download the […]

Bitcoin mining difficulty hits new high after Ethereum ‘Merge’ makes space

Bitcoin mining difficulty climbed to a record high on Monday, a large part of which is attributed to Ethereum’s “Merge” upgrade freeing up more room for Bitcoin miners, according to Bloomberg. See related article: Brazil police bust crypto group led by ‘Bitcoin Sheikh’ Fast facts Bitcoin mining difficulty, a measure of the amount of work […]

Bitcoin miner reserves hit lowest level since Feb 2010

Bitcoin miner reserves are at their lowest level since February 2010, showing miners offloading their holdings, according to data from IntoTheBlock. See related article: Bitcoin mining difficulty drops 2% after reaching all-time high in last adjustment Fast facts There were 1,908,672 BTC in miners’ reserves on Friday, down from 2,030,434 BTC at the end of […]

September 2022

Binance launches ETHW mining pool, ETHW price surges

Binance, the world’s largest cryptocurrency exchange, has launched its mining pool service for Ethereum Proof-of-Work (ETHW), a forked version of Ethereum. See related article: Ethereum says Merge upgrade successfully completed, more to come Fast facts Binance Pool said on Thursday that it offers zero pool fees for the ETHW pool during a promotion period until […]

Bitcoin mining difficulty drops 2% after reaching all-time high in last adjustment

Bitcoin mining difficulty dropped 2.14% on Wednesday, after reaching an all-time high in the previous adjustment on Sept. 14, according to data from BTC.com. See related article: Bitdeer leads US$250 mln fund to acquire assets from distressed miners: report Fast facts The mining difficulty reading, which marked the first decline in about two months, was […]

Bitdeer leads US$250 mln fund to acquire assets from distressed miners: report

Crypto tycoon Jihan Wu’s crypto mining firm Bitdeer Technology Holdings is leading a US$250 million fund to acquire mining rigs from distressed miners amid the cryptocurrency bear market, according to Bloomberg. See related article: China mining rig maker Canaan expands despite crypto winter  Fast facts See related article: Bitmain cuts mining rig price amid crypto […]

World Economic Forum launches coalition to use web3, blockchain for positive climate action

The World Economic Forum is launching a new Crypto Sustainability Coalition, consisting of 30 partners within the intersection of sustainable development and web3, crypto, and blockchain technologies, the international non-government organization (NGO) announced in a Webinar on Wednesday in New York, U.S.

Gansu Province warns no crypto mining within national data centers

The Chinese province of Gansu says that it will “strictly prohibit crypto mining” in the server rooms for China’s mega digital Eastern Data and Western Computing infrastructure project, according to a policy document. See related article: GBA among regions for China’s blockchain-powered data hubs  Fast facts See related article: China’s Zhejiang busts state-owned entities on […]

Bitmain cuts mining rig prices amid crypto bear market, energy costs

Bitmain announced on Tuesday that it is cutting the price of one of its latest mining rig models, the S19 Pro, to US$19 per terahash (TH), which is 41% less than the price index shown on the mining rig data website Hashrate Index. See related article: US raises red flag on crypto mining, concern over […]