Mining

Marathon Digital Holdings Announces $250 Million Offering of Convertible Senior Notes

Monday. August 12 at 9:30 PM

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Marathon Digital Holdings has revealed a $250 million offering of convertible senior notes due in 2031 in a private placement for 'qualified institutional buyers.' The world's largest Bitcoin mining firm, Marathon, is also contemplating selling an additional $37.5 million in notes to initial purchasers based on market conditions. The company intends to utilize the $250 million to acquire more Bitcoin, as the buying behavior of major Bitcoin holders, like BTC miners, can significantly influence the Bitcoin price due to the substantial capital involved. Despite a 50% reduction in block rewards following the 2024 Bitcoin halving, Marathon has boosted its Bitcoin holdings by $124 million in July, reaching a total of 20,818 BTC valued at over $1.14 billion as of August 6. Marathon plans to adopt a 'full hodl' strategy, aiming to establish BTC as a strategic treasury reserve asset.

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Impact of Bitcoin Mining Closure on Norwegian Municipality

Sunday. September 15 at 5:00 PM

Residents of Hadsel, a Norwegian municipality, are experiencing a surge in electricity bills after a local Bitcoin mine was shut down. The closure, which accounted for 20% of the local power company's revenue, has led to increased costs for residents. The noise from the mining center had been a concern for the town's 8,236 residents. Despite initial satisfaction with the mine's closure, the average household in Hadsel could now face an additional annual cost of $235 to $280 USD. This situation highlights the role of Bitcoin mining in keeping power prices lower for the general population. The town is now exploring new projects to compensate for the reduced electricity consumption. This incident mirrors similar complaints from other Norwegian municipalities regarding Bitcoin mining facilities, showcasing the ongoing debate surrounding the industry's impact on local communities.

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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.

Mining

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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