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How extreme Texas weather impacts the bitcoin mining industry

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When most people consider what it takes to run a successful bitcoin mining operation, the price of the digital asset or the availability of so-called mining rigs come to mind.  Weather also matters.  In a recent episode of The Scoop, Marathon CEO Fred Thiel talked through the logistics of Marathon’s new West Texas plant, including how extreme weather conditions affect miner productivity. As Thiel explains, temperature extremes in both directions have a direct impact on the energy demanded from the …

Wall Street’s largest banks are tapping into the crypto market through derivatives

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Episode 51 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and James Stickland, CEO of Elwood Technologies. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Elwood Technologies — an Alan Howard backed digital asset platform that is building trading infrastructure for institutional investors — closed a $70 million Series A last month co-led by Goldman Sachs and Dawn Capital. In this …

European crypto ETN and ETP report: Thursday, June 9

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Most crypto investment vehicles in Europe traded marginally down on Thursday, while others bucked the trend.  21Shares Cardano ETP was the worst performer on our list for June 9, trading at $12.89 — representing a daily loss of 1.55%. Other notable drops were 21Shares Ripple XRP ETP, down 0.83%, and BTCetc ETC Group’s Physical Bitcoin ETN, which lost 0.62% on Thursday.  Elsewhere, 21Shares Tezos ETP was the best performer, gaining 4.99% to close at $12.20. VanEck’s Solana ETN also closed …

Jay-Z and Jack Dorsey fund bitcoin education program

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Quick Take Rapper Shawn “Jay-Z” Carter and Twitter founder Jack Dorsey will fund a bitcoin education program for residents of Marcy Houses in Brooklyn. Dorsey said he thinks Bitcoin can be an important tool in empowering marginalized communities. Starting this summer, residents of Marcy Houses in Brooklyn will be eligible to receive free Bitcoin education classes as part of a new initiative funded by Twitter founder Jack Dorsey and rapper Shawn “Jay-Z” Carter. Dorsey announced the project, called The Bitcoin …

CFTC chair eyes disclosures to curb energy consumption in Bitcoin mining

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Commodity Futures Trading Commission chair Rostin Benham is looking to research and incentives to address energy usage in bitcoin mining.  During the Washington Post’s “Evolution of Money” event, Benham responded to concerns about bitcoin being “extremely energy-intensive” by pointing to research provisions in the newly introduced legislation from US Senators Cynthia Lummis and Kirsten Gillibrand. The legislation calls on the Federal Energy Regulatory Commission to create a report on energy consumption in the digital asset industry.  Benham said it’s not …

Greenidge Generation mined 195 BTC in May

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Greenidge Generation produced 195 BTC in May, a slight decrease from the 197 BTC mined the month before. The company announced operational updates for the previous month on Wednesday. Greenidge had had approximately 1.7 exahash per second (EH/s) of mining capacity from approximately 20,400 miners as of May 31. About 25% of that capacity was located at Greenidge’s facility in South Carolina, which started mining in December 2021. The company is planning to triple its data center capacity to 4.7 …

Bitcoin mining stock report: Wednesday, June 8

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At market close on Wednesday bitcoin miners’ stocks were mostly down. Greenidge Generation, which was down -5.08%, announced Wednesday that it had mined 195 BTC in May — a very slight decrease from 197 BTC the month before. Bit Digital mined about 30% less bitcoin in May, it said Wednesday. The company’s stock was down -1.20%. Core Scientific, Mawson Infrastructure Group and Argo Blockchain were up by +3.52%, +1.88% and +1.81%, respectively. Here’s how crypto mining companies performed on Wednesday, …

Bit Digital mined about 30% less bitcoin in May

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Bit Digital produced 53.4 bitcoin in May, representing a 29.9% decrease from the previous month. During the same month, the company also mined 27.0 ETH, per an announcement on Wednesday. The company held 793.6 BTC and 316.1 ETH as of May 31, with a fair market value of roughly $25.2 million and $0.6 million, respectively. The company owned 33,376 Bitcoin miners and 731 Ethereum miners at the end of the month — representing an estimated total hash rate of 2.17 …

Bitcoin mining difficulty increases by 1.29%

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The bitcoin network mining difficulty jumped back up by 1.29% on Wednesday after dipping more than 4% two weeks ago, according to data from BTC.com. That previous decline represented the biggest drop in mining difficulty since July of last year when miners were forced to shut down operations in China. The network’s hash rate has increased by about 2.3% from May 25, the date of the last update, according to data compiled by The Block Research. Mining difficulty refers to …

Marathon CEO explains the 3 key factors that make or break a bitcoin mining company

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Episode 50 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Fred Thiel, Chair and CEO at Marathon Digital. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Marathon Digital produced a “record” 1,259 bitcoins during the first three months of 2022. Yet the US-based bitcoin mining firm reported a Q1 net loss of $13 million, largely due to the decline in …