Tag: Bitcoin Miner

Bitcoin Miners Deleverage, Scale Back as Crypto Winter Continues into 2023
11Jan By adminNo Comments
Technology

Bitcoin Miners Deleverage, Scale Back as Crypto Winter Continues into 2023

[ad_1] Cash-strapped Bitcoin miners are reducing loans and scaling back their operations as the crypto-mining industry continues to weather a plunge in the digital asset’s price. Cash-strapped Bitcoin miners are reducing loans and scaling back their operations as the crypto-mining industry continues to weather a plunge in the digital asset's price.During the historic bull run in late 2021, miners raised billions of dollars in debt financing to fund their expanding operations. But since the crash early last year, publicly traded miners are refinancing and selling coin reserves as well as equity to repay loans and cover operational costs. “Miners are trying to deleverage to avoid margin calls or an imminent liquidity crunch if Bitcoin drops below a certain price point,” Wolfie Zhao, an ...
Read More
Bitcoin Miner Argo’s Shares Suspended in UK as Revenue Declines
10Dec By adminNo Comments
Technology

Bitcoin Miner Argo’s Shares Suspended in UK as Revenue Declines

[ad_1] The London-based company’s stock has already tumbled more than 90% this year. The American depository receipts are down a similar amount. Shares of Argo Blockchain Plc were temporarily suspended by the UK's Financial Conduct Authority after the beleaguered Bitcoin miner disclosed a November decline in revenue. The London-based company's stock has already tumbled more than 90% this year. The American depository receipts are down a similar amount. In October, the mining firm was warned that it could be forced to shut down after a $27 million share sale appeared to have collapsed. In November, Argo said in a statement Friday that it had mined 198 Bitcoin, compared to 204 in October. Argo Blockchain said it continues to engage in financing discussions to provide the firm wit...
Read More
Jack Dorsey’s Block Invests in Renewable Bitcoin Miner Gridless in Africa
6Dec By adminNo Comments
Technology

Jack Dorsey’s Block Invests in Renewable Bitcoin Miner Gridless in Africa

[ad_1] Jack Dorsey’s Block Inc. is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Jack Dorsey's Block Inc. is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Digital payments firm Block and venture capital investor Stillmark have led a $2 million seed investment in Gridless, a miner that harnesses small-scale renewable energy grids in rural Africa, Block said in a Dec. 6 statement. Bitcoin mining is an energy-intensive process in which electricity-guzzling computers secure the digital-asset's blockchain by validating transaction data and unlocking tokens as a reward in return. Some studies estimate that the annual energy consumption involved exceeds the amount ...
Read More
Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt
3Nov By adminNo Comments
Technology

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

[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...
Read More
Bitcoin Miner Argo Shares Drop After Fundraising Fails
31Oct By adminNo Comments
Technology

Bitcoin Miner Argo Shares Drop After Fundraising Fails

[ad_1] Bitcoin miner Argo Blockchain Pls tumbled the most since its 2018 initial public offering in London. Bitcoin miner Argo Blockchain Pls tumbled the most since its 2018 initial public offering in London after a $27 million share sale appeared to have collapsed, prompting the company to warn that it might have to shut down. The stock dropped as much as 73% and traded at £9.375 at 10:15 a.m. in London on Monday, down 40%. Argo has fallen 90% this year, as a slump in cryptocurrency prices roiled the mining industry. Argo said in a statement on Monday that it raised about $5.6 million by selling almost 4,000 new Bitmain mining machines and is exploring other funding avenues. “Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative ...
Read More
Bitcoin Miner Core Scientific Says It May Seek Bankruptcy
29Oct By adminNo Comments
Technology

Bitcoin Miner Core Scientific Says It May Seek Bankruptcy

[ad_1] Core Scientific Inc., one of the world’s largest miners of Bitcoin, warned that it may run out of cash. Core Scientific Inc., one of the world's largest miners of Bitcoin, warned that it may run out of cash by the end of the year and could seek relief through bankruptcy protection. Operating performance and liquidity have been severely impacted by the prolonged drop in the price of Bitcoin, a rise in electricity costs, increased competition and litigation with bankrupt Celsius Networks LLC, the Austin, Texas-based company said in a US Securities and Exchange Commission filing on Thursday. Shares of Core Scientific dropped 78% on Thursday, its worst trading day since going public earlier this year through a merger. Bitcoin mining companies such as Core Scientific had recent...
Read More
Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid
13Oct By adminNo Comments
Technology

Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

[ad_1] As crypto miners flock to the state, they’re piling massive extra electricity demand on an already shaky power system. One scorching hot afternoon, Justin Ballard drives a Nissan Frontier pickup across a stretch of West Texas oil country. For years, Ballard worked these mesquite-covered expanses like any good oil landman, trying to persuade people to let the drill rigs come in and do their work. But he left that search early last year. Now he's scouring the same barren landscapes for a different sort of fuel: natural gas that's being burned off and wasted. This lost gas can be harnessed to power huge arrays of computers that create, or mine, Bitcoin and validate transactions on its ledger, the blockchain. “It's all about stranded energy—searching for it, finding it, mining ...
Read More
Bitcoin Miner Marathon Reveals $80 Million Exposure to Bankrupt Firm
7Oct By adminNo Comments
Technology

Bitcoin Miner Marathon Reveals $80 Million Exposure to Bankrupt Firm

[ad_1] Top Bitcoin mining firm Marathon Digital disclosed it has over $80 mn of exposure in Compute North Holdings Inc. Top Bitcoin mining firm Marathon Digital Holdings Inc. disclosed it has over $80 million of exposure in the bankrupt data center firm Compute North Holdings Inc. The total includes investments comprised of $10 million in convertible preferred stock of Compute North and $21.3 million related to an unsecured senior promissory note with the firm, according to a monthly report released by Marathon on Thursday. The miner has also paid approximately $50 million in operating deposits to Compute North entities for its hosting services. More than 68,000 Bitcoin mining machines from Marathon were being installed and hosted by Compute North in its wind-powered Texas facili...
Read More