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Tom Lee and BitMine Immersion Technologies are under fire from short-seller Kerrisdale Capital, which says the company’s ETH treasury strategy is a “relic on the verge of extinction.” The firm criticized BitMine for issuing billions in new shares to fund Ethereum purchases, arguing the approach erodes investor value and no longer justifies a premium stock price. BitMine’s market value is converging with the underlying value of its ETH holdings, chipping away at the company’s appeal to investors, it added. “If you want ETH, just buy it directly, stake it, or invest through one of the new ETFs,” it said. “BitMine’s middleman pitch has run its course.” BitMine’s Stock Sales To Fund ETH Purchases No Longer Justified The criticism comes after BitMine transitioned from a company mainly focused on Bitcoin mining to an Ethereum treasury firm earlier this year. Since performing that pivot, BitMine has become the largest corp...

The world of Bitcoin (BTC) mining is a race against time and inefficiency. Miners dedicate huge computing power to solve complex mathematical puzzles, securing the network in the process.  Enter Quantum Blockchain Technologies (QBT), an Anglo-Italian company, with a story that could rewrite the narrative of Bitcoin mining. Their secret weapon Method C represents a revolutionary approach that leverages the power of artificial intelligence (AI) and machine learning.  Picks for you Backed introduces tokenization platform for institutional use 2 hours ago AI predicts BNB price for end of 2024 2 hours ago Short squeeze alert: 2 cryptocurrencies with pump potential next week 3 hours ago Anonymous crypto wallets now illegal in the EU 4 hours ago Unlike traditional methods, which resemble a brute-force attack on a digital lock, Method C aims to be more elegant. It utilizes an AI oracle technology, to predict the outcome of these computations....

El Salvador is launching its first Bitcoin mining pool, called Lava Pool, aiming to decentralize mining and leverage renewable energy. El Salvador is set to establish its first-ever Bitcoin mining pool after a historic collaboration between Volcano Energy and Luxor Technologies. The initiative aims to harness El Salvador’s distinct regulatory advantages and renewable energy capacity.  While part of this energy will be earmarked for Bitcoin mining , the remaining supply will offer economical electricity options to El Salvador’s local communities. Excited to announce the launch of Lava Pool in collaboration with @LuxorTechTeam. By launching the first #Bitcoin mining pool from El Salvador, we aim to further decentralize bitcoin's hashrate, and to strengthen the country's energy infrastructure. ️ https://t.co/Ef9okyBI5y — Volcano Energy (@Volcano_Energy) October 4, 2023 El Salvador’s strategic ambitions in Bitcoin mining Mining pools are collecti...

According to Foundry's data pool, Texas accounts for 28.5% of all Bitcoin hash rate in the United States. The U.S. state of Texas accounts for over 28% of all Bitcoin (BTC) hashing power in the United States, according to the latest Hashrate Map by crypto mining service provider Foundry USA.  The newly updated map shows Texas with 28.5% of all Bitcoin hash rate in the country, followed by the states of Georgia claiming 9.64% hash rate, New York with 8.75%, and New Hampshire accounting for 5.33%. Bitcoin's hash rate represents how fast a mining machine operates when trying to calculate a valid block hash. A snapshot of Foundry's pool in December 2021 shows a different picture. At the time, Texas controlled 8.43% of the country's hash rate, Georgia had 34.17%. Meanwhile, Kentucky stood at 12.40% and New York held 9.53% of the U.S. hash rate. Compared to 2021, more U.S. states are mining Bitcoin this year. Overall, by July 2023, the Bitcoin global hash rate had reached ...

In March, President Joe Biden released his annual budget proposal outlining his policy priorities for the coming year. With respect to the digital asset industry, the proposal touched upon crypto mining . Specifically, Biden called for a 30% tax  on all electricity used to mine Bitcoin and other crypto s. However, according to Marathon Digital’s CEO Fred Thiel, Biden’s tax plan won’t work. In an interview during the Bitcoin Miami Conference, the Marathon executive hinted that the administration is looking to target the Bitcoin ecosystem. Chalking out the potential consequences, he said, “Bitcoin miners will just leave the U.S., which is really what they’re trying to… While I’m not gonna go so far as to say that they want to kill Bitcoin, they want to make it very difficult for people to operate.” In fact, Thiel went on to further hint that Marathon already intends to grow outside of the U.S. Here, it is worth recalling that the SEC has issued another subpoena against th...

In March mining stocks increased at a slower pace compared to BTC, amid macroeconomic uncertainty and increasing competition among Bitcoin miners. Bitcoin mining stocks had a dull performance in March, with small moves here and there that followed BTC's price movement. While it is encouraging to see that most stocks held onto their impressive January gains, Bitcoin's price action will be crucial for the short-to-medium-term performance of these stocks. Additionally, the expansion of the public Bitcoin mining sector in the U.S. continues as American miners reported one of the biggest ASIC imports in January 2023. The delivery of new machines and an increase in the BTC price led to a surge in the network's hashrate to new all-time highs. Miners' incomes, however, are subdued by the rising network difficulty. Mining stocks are in wait-and-see mode Despite Bitcoin’s recent 18% rally, subdued performances of most mining stocks can be attributed to the uncertainty around the...