Mining

Bitdeer Technologies Group Reports 50% Increase in Gross Profits in Q2 2024

Tuesday. August 13 at 5:30 AM

1 min. read

Bitdeer Technologies Group announced a significant 50% rise in gross profits in the second quarter of 2024, attributed to a substantial expansion in its in-house Bitcoin mining capacity. The company's earnings report on Aug. 12 revealed a surge in gross profit to $24.4 million from $16.2 million in the previous year. Bitdeer doubled its self-mining capacity from 3.8 EH/s to 7.3 EH/s, despite the growing global network hashrate and the 2024 halving event. The total Bitcoin network hashrate now stands at 677.43 EH/s, nearly double the previous year's figure. Bitdeer's increased capacity is supported by the deployment of its proprietary SEALMINER mining equipment, with plans to install 3.4 EH/s by the end of the year. Despite a net loss of $17.7 million in the quarter, an improvement from the previous year, Bitdeer secured a $150 million private financing from Tether International Limited in May, further enhancing its operations.

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Bitcoin Mining CEOs Target $250k Price for 2028 Halving

Friday. September 13 at 12:00 AM

Bitcoin mining executives gathered at the HC Wainwright Bitcoin Mining Panel to discuss industry trends, challenges, and Bitcoin's future. The panel, moderated by Anthony Scaramucci, featured CEOs from top mining companies like Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings. They discussed energy consumption, market forces, and long-term outlook. Marathon Digital Holdings CEO highlighted miners' role in balancing energy grids. Bit Digital CEO mentioned their 85% carbon-free mining fleet. Bitfarms CEO emphasized strategic growth in mining. CleanSpark CEO focused on energy-first approaches. The executives predicted Bitcoin's price could reach $250,000 before the next halving. They emphasized efficiency, strategic growth, and integration with energy systems. The industry is evolving towards sustainable business models. The CFTC collaborates with other agencies to combat crypto scams. Aave sees potential growth with Coinbase's cbBTC. CryptoSlate provides comprehensive crypto news and insights.

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CleanSpark Expands Mining Operations in East Tennessee Amid Bitcoin Challenges

Thursday. September 12 at 11:30 PM

CleanSpark recently acquired seven new mining facilities in East Tennessee, aiming to consolidate operations in a new region. The company plans to close some facilities for upgrades as part of a long-term strategy. These acquisitions, totaling $27.5 million, involve preexisting mining operations that changed ownership. CleanSpark's use of renewable energy makes East Tennessee an appealing location. The company will utilize S21 pro miners to boost its hashrate by over 22 percent. The move to East Tennessee by Bitcoin miners is driven by factors like cheap land, favorable mining regulations, and a robust hydroelectric infrastructure maintained by the Tennessee Valley Authority. However, challenges such as high mining difficulty and Bitcoin price fluctuations pose risks. CleanSpark's stock valuation has also faced a decline, reflecting broader industry struggles. Investor confidence may be impacted by these developments.

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The Environmental Impact of Cryptocurrency

Thursday. September 12 at 7:30 AM

The cryptocurrency industry faces scrutiny over its environmental impact, with debates on the sustainability of mining practices. UCL's new report challenges the notion that Proof-of-Stake (PoS) blockchains are more eco-friendly than Proof-of-Work (PoW) ones. While PoW protocols like Bitcoin are criticized for their energy consumption, PoS protocols like Ethereum offer a more collaborative approach. The industry, represented by companies like Hedera, is urged to measure and mitigate its environmental footprint. Despite claims of green energy use in Bitcoin mining, studies show its significant electrical consumption compared to PoS blockchains. The ongoing debate raises questions on decentralization, energy efficiency, and the industry's responsibility towards the environment. With efforts from organizations like UCL, the crypto community aims to address these challenges and promote sustainability.

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TEPCO's Green Bitcoin Mining Initiative

Tuesday. September 10 at 12:30 PM

TEPCO, Japan's largest power utility, is venturing into Bitcoin mining using surplus solar energy to power mining rigs. Agile Energy X, a TEPCO subsidiary, aims to capture wasted energy for mining, potentially generating $2.5 billion annually. This move aligns with TEPCO's strategy to diversify post-Fukushima disaster. By integrating blockchain with energy management, TEPCO seeks to tap into the crypto market sustainably. The initiative could reshape Japan's energy market dynamics and inspire eco-friendly mining practices globally. TEPCO's green mining approach could reduce carbon footprint, support Japan's energy transition goals, and attract investments in renewable energy. This model could be replicated in regions with surplus renewable energy, turning potential losses into gains. TEPCO's exploration into sustainable Bitcoin mining signifies a significant step towards aligning profitability with environmental responsibility in the energy and cryptocurrency sectors.

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