Russian central bank exec is OK with crypto mining under one condition

Kirill Pronin, head of the Russian Central Bank (CBR)’s department of financial technologies, acknowledged the possibility of crypto mining legalization under certain conditions. A public acknowledgment like this makes a rare case, as the CBR continues to lead the battle against the efforts to legalize crypto in the country.  The executive expressed his views on mining at the Saint-Petersburg International Legal Forum on Wednesday, June 29. During the session, dedicated to cryptocurrencies, Pronin revealed that CBR doesn’t take the same kind of hardline position on mining as it does in…

Read More

75% of Marathon’s mining fleet still offline two weeks after huge storm

Bitcoin mining company Marathon Digital Holdings has revealed that 75% of its mining capability has been out of commission since a severe storm hit Montana on June 11.  Marathon finally issued a statement on its website on June 28 explaining that the storm struck across the town of Hardin, Montana on June 11, damaging the power generating facility that supplies Marathon’s local mining operations. According to the company, “initial electrical tests have found that the majority of the Company’s miners were not materially damaged by the storm.” The company noted…

Read More

Switzerland-based crypto mining firm expands operations to Texas

White Rock Management, a cryptocurrency mining company based in Switzerland, said it will be expanding its operations to the United States, starting with Texas. In a Tuesday announcement, White Rock said it will be partnering with Natural Gas Onsite Neutralization, or NGON, a company that captures natural gas that would otherwise be burned and converts it to energy for use in the firm’s Bitcoin (BTC) mining operations. White Rock said it will be operating out of NGON’s facility in the Brazos Valley region, mining BTC using “environmentally responsible” methods. According…

Read More

Uzbekistan warms up to Bitcoin mining, but there’s a catch

The National Agency of Prospective Projects (NAPP) in the 34-million nation of Uzbekistan enunciated its demands toward the crypto mining operators. It would only allow the companies that use solar energy to mine Bitcoin (BTC) or other cryptocurrencies.  The normative act on the government page, dated June 24, prescribes the confirmation of “Guidelines on the registration of the crypto assets mining,” and sets the finalization date on July 9. The second article of the document offers an uncompromising wording: “Mining is being carried out only by the legal entity with…

Read More

Bitcoin mining revenue mirrors 2021 lows, right before BTC breached $69K

Bitcoin (BTC) visiting the $20,000 range after one and a half years made mining — the most important job of the ecosystem — a costly affair. However, if history were to repeat itself, BTC investors may witness another epic bull run that previously helped Bitcoin reach an all-time high of $69,000. Changes in Bitcoin prices directly impact the miners’ income, who earn fixed block rewards and transaction fees in BTC for running their mining operations. In June 2022, the total mining revenue dipped below the $20 million range, with Blockchain.com…

Read More

Compass Mining loses facility after allegedly failing to pay power bill

Bitcoin (BTC) mining hardware and hosting company Compass Mining has lost one of its Maine-based hosting facilities after the owner, Dynamics Mining, terminated the hosting agreement between the two, claiming Compass failed to pay the required bills. Dynamics posted on Twitter late on June 26 a letter it sent to Compass Mining which stated as of June 14th, the hosting contract between the two was terminated. Dynamics alleged Compass has six late payments and three non-payments related to utility bills and hosting fees. Effective June 14th @compass_mining facility hosting agreement…

Read More

Buy Bitcoin or start mining? HashWorks CEO points to ‘attractive investment yield’ in BTC mining

Recently, bad news has abounded, and the resulting fear is real. DeFi is looking dead, altcoins completed their lifecycle by returning back to $0 (I guess that’s a joke), and Bitcoin’s (BTC) price fell lower than even the smartest brains in the room expected.  A unifying theme of the most recent bull market appears to have been greed. Everyone got too confident and too greedy, and it shows by the amount of debt and leverage that is being unwound as 3AC, Celsius, BlockFi and Voyager contend with the real threat…

Read More

Iranian government to cut power supply for the country’s legal crypto mining rigs

According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran’s Ministry of Energy, said that the entity would be cutting the power supply to all of the country’s licensed crypto mining firms by the beginning of July. Citing an anticipated electricity deficit from the peak-summer season, Mashhadi stated, “There are currently 118 authorized [digital currency] extraction centers in the country, which must cut off their electricity supply from the national grid from the beginning of July.” “Last week, the country’s electricity consumption recorded an…

Read More

Marathon Digital keeps on mining despite BTC price slump

Despite data showing that the Bitcoin (BTC) price may have fallen to the point of being unprofitable for the average miner, Marathon Digital Holdings says it will continue working to accumulate the leading crypto asset.  Charlie Schumacher, VP of Corporate Communications at Marathon Digital told Cointelegraph on June 15 that while the company “isn’t immune to the macro environment,” it is “fairly well insulated and well-positioned” to weather the current downturn, due to the low cost of operations and fixed pricing for power. “For reference, in Q1 2022, our cost…

Read More