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Bitfarms’s C$60 million private placement with US institutional investors closes on or about November 28. The Canadian bitcoin mining firm will use the proceeds to acquire buy more miners and expand its infrastructure. Bitcoin mining company Bitfarms is seeking to raise C$60 million (approx. $44 million) from institutional investors in the US, the Canada-based firm announced on Friday. Bitfarms will raise the funds via a private placement, with gross proceeds from 44.4 million common shares at C$1.35 per share. Investors will also have warrants to purchase an aggregate of 22.2 million common shares with an exercise price of C$1.61 ($1.17) per share. The warrants have an exercise period of three years, Bitfarms said in a press release on Friday. Bitfarms will use the private placement ’s proceeds to acquire additional miners, expand its infrastructure and improve the company’s working capital position. The firm’s monthly mining ou...

Bitcoin miner supplier Bitmain has released its brand-new Antminer T21, featuring a computing power of 190 TH/s and an energy efficiency ratio of 19 J/TH. Bitmain, a major global manufacturer of Bitcoin (BTC) application-specific integrated circuits (ASIC), has officially released its new air-cooled BTC miner, Antminer T21. Bitmain took to Twitter on Oct. 26 to announce the world premiere of the new Antminer T21, the firm’s new air-cooling miner that can withstand ambient temperatures up to 45 degrees Celsius. According to Bitmain’s head of marketing, Xmei Lin, the Ant miner T21’s global release happened at the Blockchain Life 2023 Forum in Dubai, where Bitmain was a “diamond sponsor.” Bitmain’s brand-new mining device is expected to start shipping in January 2024, the company’s spokesperson told Cointelegraph. The air-cooling miner supports the SHA256 mining algorithm used for mining proof-of-work (PoW) cryptocurrencies like Bitcoin, as well as forked coins like Bitcoin Cash (BCH...

BTC market dominance hovered around 80% during the 2017 bull market, but slumped to the 50-60% range during the 2021 bull market, at times even dipping below 50%. Bitcoin's (BTC) market dominance has reached 54%, its highest in the last 30 months, indicating the top cryptocurrency’s growing strength just before the halving event scheduled for April 2024. Bitcoin halving is an event in which the mining reward per block is halved, thus cutting the supply of the asset amid growing demand, leading to bullish price momentum. Bitcoin halving occurs every four years and the next halving in 2024 will reduce the BTC mining reward from the current 6.25 BTC to 3.125 BTC. As the total supply of Bitcoin is fixed at 21 million, the halving of BTC mining reward creates a supply-demand gap that lowers the influx of new BTC in the market. Related: 5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame Bitcoin market dominance is a measure of the crypto asset's market capitalizat...

Cryptocurrency mining in Uzbekistan can only be carried out by legal entities with the use of solar power, the local crypto watchdog has reiterated. Cryptocurrency mining in Uzbekistan is overcoming major changes as the country’s major crypto market supervisor has approved a framework for licensing crypto mining operations. Uzbekistan’s National Agency for Perspective Projects (NAPP) issued a decree on licensing cryptocurrency mining operations, limiting such activities exclusively to legal entities . Apart from banning individual miners’ operations, the NAPP has also required firms to only use solar power to mine cryptocurrencies like Bitcoin (BTC). However, miners can still use the unified power system of Uzbekistan in certain cases stipulated by the legislation. The document doesn’t mention what cases are meant. Among other requirements, Uzbekistan’s cryptocurrency watchdog demanded companies set up a dedicated room for installing mining equipment and only mine crypto by the reg...

Crypto market analysts tend to interpret Bitcoin miners selling their of BTC rewards as bearish, but miners countered this logic in detail at the recent Bitmain WDMS conference. Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where BTC price might go.  According to the strategy, Bitcoin miner rewards sent to exchanges foreshadows pending sell pressure on Bitcoin price and possibly reflects distress among miners . Elements of this methodology were challenged by an assortment of publicly listed Bitcoin miners at last week’s Bitmain World Digital Mining Summit in Hong Kong. Bitmain WDMS panel on Bitcoin mining and renewable energy. Source: Cointelegraph According to Jeff Taylor, the Core Scientific EVP of Data Center Operations, “Core Scientific might be the poster child for the HODL strategy. We built a 10,000 Bitcoin hoard and we rode it up...

Source: Adobe/chromatika   The crypto market fell on Tuesday ahead of a US inflation report for June that is feared to show that consumer prices have continued to rise at a faster pace despite interest rate hikes. Meanwhile, more on-chain signs are now indicating that a bottom for bitcoin (BTC) could be about to form. As of Tuesday at 11:20 UTC, bitcoin stood at USD 19,672, down 4% for the day and 3% for the week, after falling below the key USD 20,000 level in early European trading. At the same time, ethereum (ETH) traded at USD 1,065, down 7% for the day and 8% for the week. BTCUSD Chart by TradingView   The moves happened ahead of the release of June inflation figures in the US on Wednesday, with expectations being that inflation will have increased even further from 8.6% annually in May. Fears that inflation will come in higher increased on Monday, when White House spokesperson Karine Jean-Pierre said she expects inflation to be “highly e...

Cambridge researchers have revised the widely cited index in response to evidence indicating periodic overestimation of Bitcoin mining’s electricity consumption. Researchers behind the well-known Cambridge Bitcoin Electricity Consumption Index (CBECI) have officially revised its methodology to enhance the accuracy and reliability of the Index’s estimates for the first time since its inception in 2019. The CBECI was launched in July 2019 in an effort to provide reliable data-driven insights to questions about Bitcoin mining’s energy-intensive nature and associated environmental impact.  Speaking exclusively to Cointelegraph ahead of announcement of the revision, head researcher Alexander Neumueller unpacked the Index’s role in providing a relatively accurate estimate of the Bitcoin (BTC) network’s electricity consumption and contextualizing the data in a way that is digestible for the layman on the street. Key takeaways from the revised methodology included a focus on recent developme...

Core Scientific said favorable market conditions have increased its liquidity position and its bankruptcy restructuring plan has been revised. A restructuring plan for bankrupt Bitcoin (BTC) miner Core Scientific could be finalized by September and it expects to exit proceedings with an additional $46 million due to recent favorable market conditions. In a May 22 filing in a Texas Bankruptcy Court, Core Scientific’s lawyers said its liquidity position has improved considerably since it filed for bankrupt cy and as a result, it plans to file a reorganization plan in the near future. The plan is currently being negotiated with key stakeholders, and according to the filing, the firm is “seeking to build as much consensus as possible” about how a new Core Scientific would look after emerging from its bankruptcy proceedings. The next steps in Core Scientific’s Chapter 11 proceedings. Source: Stretto A Chapter 11 bankruptcy allows a firm to continue operating until stakeholders are able t...

The video showed multiple scenes depicting rows of what appears to be Bitcoin mining rigs, but the cryptocurrency never got a mention. The World Economic Forum (WEF) showcased the facilities and tech employed by a cryptocurrency mining firm and implied its operations were the “biggest winner” for the environment — but it never actually said it was mining crypto. Published on April 20, the WEF video promoted efforts towards reducing flaring — where large amounts of gas from oil production or from decomposition are wasted — by the Colorado-based Bitcoin (BTC) miner Crusoe Energy Systems. Prominent imagery of what appear to be cryptocurrency mining facilities are presented throughout the video; however, the video never directly addresses what is actually happening. The video (screenshot) appears to show a facility housing Bitmain Antminer mining rigs but is referred to as a data center. Source: WEF Chase Lochmiller, CEO, and co-founder of Crusoe explained in the video that it builds an...

An active-duty United States Space Force astronautical engineer is proposing to the Pentagon a new cybersecurity tool: Bitcoin. An active-duty United States Space Force astronautical engineer is proposing to the Pentagon a cybersecurity tool capable of transforming the country's national security and even the base-layer architecture of the internet: Bitcoin (BTC). In an academic thesis, Major Jason Lowery, who is also a National Defense Fellow at Massachusetts Institute of Technology (MIT), presented a new theory to the U.S. Department of Defense that Bitcoin is more than just a peer-to-peer payment system, but it is a new form of "digital-age warfare," arguing that proof-of-work technologies will change the way humans compete globally, according to Ben Schreckinger's review of the book in Politico. Published in February, Lowery's master's degree thesis dubbed "Softwar" sits in third position on Amazon's list of best-selling technology books ...

The Bitcoin miner received a letter from the SEC on Feb. 22 which highlighted accounting mistakes it made on multiple financial disclosures. Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021. Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods “should not be relied upon.” The issues highlighted by the SEC were Marathon’s method for calculating impairment on digital assets, as well as Marathon’s determination that it had acted as an agent while operating a Bitcoin mining pool rather than a principal. A principal is an entity that has the legal authority for decisions, while an agent is a...

Regulations have been becoming increasingly pertinent in the industry. With the demand for crypto soaring, governments have been trying to protect their citizens. Kazakhstan , a country that rose to fame in crypto town for harboring Bitcoin miners, has been regulating the market. After approving five crypto-related bills, the Kazakh government was making headlines for its latest crypto-mining bills. It was recently brought to light that the “On Digital Assets of the Republic of Kazakhstan ” crypto mining bills were passed by the lawmakers of the country. The lower hours of the Parliament of Kazakhstan called Mäjilis went on to give a green signal to four bills that oversee Bitcoin mining in the region. Speaking about the latest bill, a member of the Majilis’ Committee on Economic Reform and Regional Development, Ekaterina Smyshlyaeva said, “The bill, in addition to mandatory accreditation, introduces separate requirements for mining pools in terms of the loca...

The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month has allowed miners to recoup losses. The total Bitcoin mining revenue — block rewards and transaction fees — in United States dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. While the current market price of around $16,500 suggests an obvious increase in mining revenue, factors including greater mining difficulty and rising energy prices contribute to lower income in dollar terms. Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of...

Bitcoin miners face a shakeout, one metric warns as the November monthly close looms for BTC. Bitcoin (BTC) prepares to exit a grim November just above $16,000 — what could be on the menu for BTC price this week? In a time of what analyst Willy Woo has called “unprecedented deleveraging,” Bitcoin is far from out of the woods after losing over 20% this month. The impact of the FTX implosion remains unknown, and warning signs continue to flow in even after the first wave of crypto business bankruptcies. In particular this week, eyes are on miner s, who are seeing profits squeezed by falling spot prices and surging hash rates. Upheaval is in the air, and should another “capitulation” among miners occur, the entire ecosystem could be in for a further shock. As “max pain” looms for the average hodler, Cointelegraph takes a look at some of the main factors affecting BTC/USD in the short term. Bitcoin miners due “capitulation” — Analyst Like others, Bitcoin miners are seeing a major squeeze ...

Grayscale plans to buy mining equipment at discounted prices and offer co-investment opportunities to accredited investors. Source: https://thebittimes.com/grayscale-announces-new-arm-to-invest-in-bitcoin-mining-hardware-tbt25711.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Bitcoin News Post by: TheBitTimes.com