Mining

Cracking Down on Illegal Bitcoin Mining in Thailand

Sunday. August 25 at 6:00 PM

1 min. read

Thailand authorities conducted a raid on an illegal Bitcoin mining operation in Ratchaburi, west of Bangkok, in response to complaints of power outages. The raid on Aug. 23 revealed that the mining activities were causing blackouts in the area for over a month. Residents reported power failures starting in mid-July, prompting an investigation by the Provincial Electricity Authority and local police. The source of the power drain was traced to a house being used for Bitcoin mining, where operators were stealing electricity. Despite no arrests during the raid, authorities suspect the operators fled. Illegal Bitcoin mining is a growing issue in Southeast Asia, with Malaysia also facing significant electricity theft. While Thailand has been relatively open to cryptocurrencies, the incident underscores the need for stricter enforcement. In contrast, Thailand's financial authorities have recently eased restrictions on retail investors in the crypto market.

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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.

Mining

Challenges of Transitioning Bitcoin Mining to Data Centers

Thursday. September 5 at 6:30 AM

Bitcoin mining companies are exploring the shift to data centers for increased revenue, sparking concerns about the feasibility of this move. Phil Harvey, CEO of Sabre56, a blockchain data center consulting firm, debunked the notion that transitioning to high-performance computing is cost-effective. He highlighted the significant cost disparity, with AI data centers costing 10-15 times more to run compared to crypto mining facilities. Harvey emphasized the space and infrastructure challenges involved in converting mining operations to data centers, noting the substantial upfront costs. The decreased block subsidy in April has pushed mining companies to seek alternative revenue streams, with some considering AI data processing. VanEck projected significant revenue potential for mining companies embracing data center strategies. This potential shift raises concerns about energy allocation between AI and crypto mining industries, with implications for the future of Bitcoin mining.

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Call for Board Changes at Bitfarms by Riot Platforms

Wednesday. September 4 at 2:30 AM

Riot Platforms, the largest shareholder of Bitfarms, has issued an open letter to Bitfarms’ shareholders, urging for further modifications to the board of directors. The shareholders meeting is set for Oct. 29, where Riot will advocate for governance enhancements and increased value for all stakeholders. Bitfarms, a Canadian publicly traded company specializing in cryptocurrency, particularly Bitcoin mining, has seen recent board changes, including the resignation of co-founders Emiliano Grodzki and Nicolas Bonta. Riot proposes the election of two independent directors, Amy Freedman and John Delaney, to replace current board members. Riot cautions Bitfarms against actions that could solidify the existing board before the meeting, emphasizing the importance of shareholder input. The letter warns of consequences if the board takes steps to entrench itself. Bitfarms recently appointed CEO Ben Gagnon to the board amidst Riot's takeover attempt, following Bonta's resignation. Riot's letter stresses the need for fair shareholder representation and accountability in board decisions.

Mining

Bitcoin Miners Adapt to Decreasing Revenues Post-Halving

Monday. September 2 at 10:00 PM

Bitcoin miners have experienced a significant drop in mining revenues following the April halving event, reaching a 12-month low in August 2024. Data from Bitbo reveals that monthly BTC mining revenues plummeted to around $827 million, the lowest since September 2023 and a stark contrast to the pre-halving peak of nearly $2 billion in March 2024. The halving event, which occurs approximately every four years, slashes the number of BTC mined per block in half. Consequently, monthly mined BTC has steadily decreased after each halving, emphasizing the challenges faced by miners. To combat this trend, some miners are diversifying their business models by investing in AI applications or upgrading equipment for improved efficiency. These strategic moves aim to mitigate the impact of reduced mining rewards and ensure long-term profitability in the evolving Bitcoin mining landscape.

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