This year hasn’t been kind to Bitcoin miners as the invasion of Ukraine in February 2022 triggered a global energy crisis, pushing mining costs through the roof. In addition, the collapse of Luna in June tanked Bitcoin’s price to a two-year low, wiping out the little profitability miners had left. After a challenging summer with…
As rumors about Argo’s possible bankruptcy continue to spread, more information about what caused the company’s troubles are unraveling. The U.S.-based Bitcoin mining company has seen its shares plummet in the second half of the year as it struggled to keep a positive cash flow. In October, Argo failed to secure a $27 million strategic…
The crypto industry has always been highly volatile, but few could have predicted the turmoil it experienced in 2022. This year has been unprecedented for the industry, with every aspect affected by the collapse of Luna and FTX. Aside from retail investors who took considerable losses in these black swan events, Bitcoin miners remain the…
The ongoing market slump caused by the FTX fallout hasn’t left Bitcoin miners unscathed. The market has seen the biggest one-day miner selling pressure since January 2021, and data analyzed by CryptoSlate shows that the selling pressure shows no signs of stopping. We could see extended selling pressure from miners until the average hash price…
Did you know that the amount of electricity consumed by the Bitcoin network in a single year could satisfy the total electricity needs of the entire University of Cambridge for 758 years … could power all tea kettles used to boil water in the UK for 23 years? One of the biggest elements of FUD…
Argo Blockchain, one of the largest public Bitcoin mining companies on the market, is facing a cash shortage that could force it to shut down in the near future. According to an October 31 press release, the company failed to secure a $27 million strategic investment that was supposed to improve its liquidity position. The…
Determining the market bottom requires a lot of guesswork. Bitcoin’s recent volatility has resulted from various factors ranging from geopolitical uncertainty and local regulation to internal implosions of the crypto market. Miners have historically been one of the most reliable omens of Bitcoin’s performance. Bitcoin miners make up the foundation of the crypto market and…
The dominant media narrative surrounding Bitcoin has been one of an energy-guzzling digital asset used for speculation. Institutions ranging from local governments to the World Economic Forum (WEF) have been touting Bitcoin’s energy usage as a huge driving factor of climate change, issuing reports comparing its energy consumption to various nation-states. This narrative was further…
The Bitcoin network has reached its all-time high in terms of hash rate, surpassing most projections. The network’s total hash rate currently stands at 240 EH/s and is expected to increase even further. The current hash rate represents a 3x increase from the network’s lows in July 2021 when a government ban triggered a miner…
Riot Blockchain, a Bitcoin mining company based in Texas, produced 355 BTC in September this year. The news is part of Riot’s unaudited production and operations updates for last month, in which the company disclosed its BTC holdings, sales, and profits. According to the announcement, Riot’s 355 BTC production represents a 13% decrease as compared…