bitcoin growth – pressnews

[ad_1] Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. The Sydney-based green crypto miner, which listed in the US last year, said in a statement on Wednesday that some of its mining equipment isn't making enough cash to cover related debt-financing obligations. The firm said $103 million of debt is secured against the rigs via a couple of wholly-owned special purpose vehicles. It doesn't plan to provide further financial support for the vehicles absent a refinancing agreement. That means a default on the loans looms on Nov. 8 when a scheduled principal payment is lik...

[ad_1] MicroStrategy Inc. posted a loss in the third-quarter after revenue fell despite Bitcoin reversing months of declines . MicroStrategy Inc. posted a loss in the third-quarter after revenue fell despite Bitcoin reversing months of declines during the most recent three-month period. The net loss for the quarter ended Sept. 30 was $27.1 million, compared with $36.1 million in the year-ago period. It had a $1.1 billion loss in the second quarter. Revenue fell 2.1% to $125.4 million as product licenses revenue dropped. The enterprise software-maker, which has been buying Bitcoin in bulk since 2020 as a hedge against inflation, has been forced to take massive writedowns this year due to the drop in value of the digital currency. Bitcoin fell almost 60% in the first half of the ye...

Tag: bitcoin growth

Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

MicroStrategy Posts Quarterly Loss After Revenue Decline Despite Bitcoin Reversing Declines