“Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate,” according to the CEA’s description of the levy known as the Digital Asset Mining Energy tax. Author: Jesse Hamilton Source link
Some miners have held onto the bitcoin they mined, opting instead to finance operations with debt and other capital, which works really well – until it doesn’t. Author: George Kaloudis Source link
The recent bankruptcy filing of Bitcoin (BTC) miner Core Scientific despite a $72M relief offer from creditors raised questions about the overall health of the bitcoin mining community amid a prolonged bear market. Turns out, the public bitcoin miners owe more than $4 billion in liabilities and require an immediate restructuring to get out of the unsustainably high debt levels. The Bitcoin mining community took up massive loans during the 2021 bull market, negatively impacting their bottom lines during a subsequent bear market. Bitcoin mining data analytics by Hashrate Index…
New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill. With the bill signed into law, the…
Former Ethereum miners have been drawn to alternative coins like Ravencoin after they had to leave the Ethereum network post-merge. Author: Eliza Gkritsi Source link
According to its second-quarter (ending Sept. 30) earnings presentation released on Nov. 15, Vancouver-based digital assets mining company Hive Blockchain’s revenue declined by 44% year over year to $29.6 million. During the same period, the company’s net income also decreased from $59.8 million in the prior year’s quarter to a loss of $37 million. Hive Blockchain’s net income was notably higher than its revenue in Q2 2022, as the company also recognized over $22 million worth of gains on the Bitcoin (BTC) and Ether (ETH) it mined. Although the company…
Now, an “overweight” rating isn’t a “Buy this now, oh my goodness, what a steal! This stock is liable to rip your face off” rating; instead it’s more of a “Hey, this thing will perform well compared with its peers.” Basically, “If mining stocks don’t all go up, at least CORZ won’t go down as much as the others.” Author: George Kaloudis Source link
Bitcoin mining involves a delicate balance between multiple moving parts. Miners already have to face capital and operational costs, unexpected repairs, product shipping delays and unexpected regulation that can vary from country to country — and in the case of the United States, from state to state. On top of that, they also had to contend with Bitcoin’s precipitous drop from $69,000 to $17,600. Despite BTC price being 65% down from its all-time high, the general consensus among miners is to keep calm and carry on by just stacking sats,…
A drop in crypto mining chip sales dragged down the chipmaker’s OEM business unit year-over-year. Author: Aoyon Ashraf Source link
In theory, miners turn off their machines whenever bitcoin prices drop significantly, and it becomes unprofitable to keep them running. This time, even though hashprice has decreased, we haven’t seen this sort of drop off, and we have the public mining company filings to prove it. Public miners have all publicly repped to something along the lines of, “We are mining bitcoin, we want to mine more bitcoin, we are going to hold as much of the bitcoin we mine as possible and we’re going to use other sources of…