Mining

Bitcoin Mining Firm Rhodium Enterprises Files for Bankruptcy

Tuesday. August 27 at 3:00 PM

1 min. read

Rhodium Enterprises, a Bitcoin mining company, has filed for Chapter 11 bankruptcy in the Southern District of Texas, citing debts of $50-100 million. The filing, submitted on Aug. 24, includes six subsidiaries with liabilities up to $100 million. Previous financial troubles led to a failure to repay $54 million in loans. Despite raising $78 million in 2021, debt restructuring proposals were unsuccessful, leading to the bankruptcy filing. Similar to Core Scientific, Rhodium aims to reorganize debts and continue operations under revised terms. Competitor Rio Platforms also sued Rhodium for unpaid fees. The halving event in April and rising electricity costs have impacted Bitcoin miners' profits. Rhodium has appointed legal counsel for the bankruptcy process. This bankruptcy highlights the challenges faced by Bitcoin mining companies in a volatile market.

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Russia's Regional Ban on Bitcoin Mining Until 2031

Wednesday. December 25 at 8:00 AM

Russia has imposed a ban on Bitcoin mining in energy-strapped regions until March 15, 2031. The ban, effective from Jan. 1, 2025, covers ten regions, including Dagestan, Ingushetia, and Chechnya. It also extends to parts of the Irkutsk region and Buryatia. The restriction applies during peak energy consumption periods, running from Jan. 1 to March 15 in 2025 and from Nov. 15 to March 15 in subsequent years. The aim is to address local electricity shortages and unpaid energy bills, ensuring efficient allocation of resources. This move follows Russia's recent crypto tax framework implementation, indicating a broader regulatory effort. President Putin's endorsement of Bitcoin signals a strategic economic shift, with crypto serving as a hedge against financial barriers. The legislation provides legal clarity and incentives to boost Russia's digital economy. Iran's digital rial will leverage the Shetab network for faster transactions, enhancing its banking status. El Salvador is championing Bitcoin success, while MicroStrategy faces new governance challenges in the digital asset sphere. The FBI reported a social engineering attack compromising DMM Bitcoin by North Korea's TraderTraitor Group through a Ginco employee.

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CleanSpark Exceeds 2024 Hashrate Target

Tuesday. December 24 at 5:00 PM

CleanSpark, a Bitcoin mining company, has achieved a significant milestone by surpassing its 2024 operating hashrate goal of 37 exahashes per second. The Nasdaq-listed BTC miner announced on Dec. 23 that it had reached 37.5 EH/s, exceeding its initial target. This accomplishment was made possible by improved fleet efficiency, now at 17.7 J/Th, with plans to reach 50 EH/s by the first half of 2025. The surge in hashrate was supported by new sites, acquisitions, and fleet upgrades. CleanSpark's expansion efforts include new data centers in Tennessee and Wyoming. With a recent $650 million bond offering, the company aims to further increase its hashrate. In November, CleanSpark mined 622 BTC with an operating hashrate of 33.7 EH/s and 195,059 deployed miners. The company's total BTC holdings at the end of November were 9,297.

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Empowering Users Through Innovative Opportunities in Cryptocurrency Mining

Sunday. December 22 at 6:00 AM

ION Mining is at the forefront of the growing demand for decentralized digital currencies, offering reliable and transparent services to both seasoned investors and newcomers. With a $15 million investment in its Christmas Member Welfare Carnival, ION Mining aims to reward users with exclusive benefits and boost their earning potential. The festive initiative introduces Christmas contracts that provide unique rewards and maximum computing power for enhanced cloud mining experiences. By offering competitive edge in Bitcoin, Ethereum, and Dogecoin mining, ION Mining demonstrates its commitment to the community and user satisfaction. The platform simplifies the mining process with a three-step system, making digital currency mining accessible globally. With various mining contracts available, users can choose options that suit their needs and budgets. For more details on the Christmas Member Welfare Carnival and other offerings, visit ION Mining’s official website.

Mining

Bitcoin Mining Company Warms 80,000 Finnish Homes with Excess Heat

Saturday. December 21 at 9:00 AM

Marathon Digital Holdings is changing the narrative on Bitcoin mining by using excess heat to heat 80,000 homes in Finland. The company's innovative approach merges technology and environmental responsibility. Starting with a pilot project in June, Marathon now provides heating to 67,000 more residents in addition to the initial 11,000. By utilizing district heating technology, the company efficiently channels heat generated from mining to warm homes. Marathon, valued at $7 billion, is a key player in the crypto space with a significant Bitcoin ownership. This sustainable initiative not only reduces environmental impact but also aligns with Finland's climate goals. Additionally, Marathon recently acquired a wind farm in Texas to enhance its renewable energy portfolio. Experts believe that Bitcoin's scarcity and institutional interest will drive its value up in the coming years. Disclaimer: The opinions expressed in this article are those of the writers and not CryptoSlate's. Readers are advised to conduct their own research before engaging in cryptocurrency activities.

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