Tagged: crypto mining

Senate Finance Committee Chairman Ron Wyden Worries that Crypto Firms are Using Opportunity Zones to Avoid Taxes

Senate Finance Committee Chairman Ron Wyden has issued a statement indicating he is investigating if crypto firms are using the Opportunity Zone program to “avoid taxes without significantly benefitting low-income communities.” Senator Wyden states that he has requested two crypto firms, Argo Blockchain (NASDAQ:ARBK) and… Read More

Moving to Ethereum Classic (ETC) Mining May be Viable Option for Miners on Ethereum (ETH) Network: Report

The price of Ethereum Classic (ETC) surged 103% – compared to Bitcoin’s (BTC) increase of 13% – between March 13 and March 24, 2022, starting from $26 and “peaking at $48.50,” according to a report from Grayscale. The team at Grayscale noted in the report… Read More

Annual Mined Bitcoin Expected to Decline from 1.2 BTC / PH/s in 2022 to 0.8 BTC in 2023: Report

The team at BitOoda notes that their current target Hashrate (the amount of computing power securing the Bitcoin network) analysis calls for “a back-end loaded growth in network Hashrate to 327EH/s by the end of 2022.” BitOoda writes in a blog post that the longer-term… Read More

Crypto Taxes: Abhinav Soomaney, CEO at CryptoTax, Explains How to Manage Taxable Digital Currency Transactions

IRS Internal Revenue Service

We recently caught up with Abhinav R. Soomaney, Founder and CEO at CryptoTax Pvt. Ltd. He talked about different tax aspects of cryptocurrency and blockchain-related investments. CryptoTax Pvt. Ltd. (CryptoTax) was incorporated in the year 2021 and claims to be the first cryptocurrency tax consultancy… Read More

Bitcoin Mining, Hashrate Report: Percent Decrease in Mining Profitability Is Slowing when Measured in Satoshis

Recently, network difficulty on the Bitcoin (BTC) network surged around 4.8% as total hashrate (or the amount of computing power securing the leading cryptocurrency network) exceeded 200 EH/s for the “first time ever.” The team at Compass Mining noted that “breaking through mining profitability’s gloomy… Read More

Bitcoin Mining Report: Carbon Emissions by Electricity Providers Supplying the BTC Network are Inconsequential

Bitcoin’s energy usage and its “indirect” environmental impact have been a topic of heated discussions, from “humble” beginnings in early forum posts of Satoshi Nakamoto (the pseudonymous creator of Bitcoin), to its eventual culmination as the topic of an entire committee hearing in the US… Read More

Cryptocurrency Mining Locations Closed Down in Kazakhstan as Local Authorities Claim that They’ve Caused Major Power Shortages

Kazakhstan, which is reportedly the world’s second-largest miner of Bitcoin (BTC), the flagship cryptocurrency, has closed down its digital currency mining operations until the end of this month. Kazakhstan‘s State electricity provider KEGOC decided to cut off the supply to the virtual currency miners after… Read More

Bitcoin Mining Report: Analysts Expect to See Multiple Crypto Mining Firms to Complete Listings on the NASDAQ

Brandon Bailey, a crypto mining analyst at Galaxy Digital, notes that a strong Bitcoin bull market, “authoritarian” crackdown on cryptocurrency mining in China and “flight to North America” seems to have flipped the international hashrate economy on its head during 2021. In a recent report,… Read More

Bitcoin (BTC) Ends 2021 at $47.4K Avg Price, Up 4.3x from 2020’s Full-Year Avg: Report

Bitcoin (BTC) ended 2021 at an average price of $47,400, as Ray Dalio noted that BTC has “proven itself.” Meanwhile, MicroStrategy (Nasdaq: MSTR) continued to acquire more of the leading cryptocurrency to strengthen its corporate treasury, the team at Blockstream noted in a recent market… Read More

Bitcoin (BTC) Fluctuation in Hashrate Is Tied to its Inflation Rate, Analyst at Compass Mining Explains

Compass Mining, which claims to be the first and largest online marketplace for Bitcoin mining hardware and hosting, has commented on the relationship between BTC’s hashrate and the leading cryptocurrency’s issuance rate. According to mining analyst Mitch Klee, the inflation rate is “tied to hashrate… Read More

Higher BTC Transaction Fees have Been Correlated to Bull Markets, Analyst at Compass Mining Explains

The team at Compass Mining writes in a blog post that it is noticeable that in every crypto bull market, there seems to be “a lot of new entrants.” As noted by Compass Mining, a frenzy takes place and people get really excited when they… Read More

Recent Bitcoin Mining Revenue Declines but Miner Economics May Improve from Previous Year-End Estimates: Report

BitOoda, an international digital asset financial technology & services platform offering risk management solutions, best-execution brokerage & expert market analysis, notes that Bitcoin declined 3.3% week-on-week, settling at around $48,830 as of midnight UTC on December 15, but has now dropped further to about $46,300 at… Read More

Bitcoin focused Fintech Firm Blockstream Reports that Recent BTC Price Correction Is One of 2021’s Mildest

Bitcoin-focused Fintech firm Blockstream has published its Markets Weekly report., Blockstream‘s report, dated December 3, 2021, notes that Fidelity has established a new BTC ETF in Canada, while GS is considering BTC lending. As mentioned in the report, VanEck has filed for a mining ETF,… Read More

Bitcoin Mining: Supercomputing Solution Provider, Canaan, Delivers 2000 Avalon Miner Units in Kazakhstan

Canaan (NASDAQ:CAN), a provider of supercomputing solutions, has confirmed the successful delivery of more than 2,000 Avalon Miner units in Kazakhstan, “marking the commencement of joint mining operations by Canaan’s overseas-registered operating entity,” according to an update shared with CI. As mentioned in the announcement, more… Read More

Atlas to Expand US Cryptocurrency Mining Operations in 100MW+ Deal with Compute North

Atlas Technology Group LLC, a leader in the digital asset space and one of the largest ASIC mining firms; and Compute North, a company focused on mining infrastructure, have announced a new hosting service agreement under which Compute North will offer more than  100MW colocation… Read More

BIT Mining Ltd, a Crypto Mining Firm, Extends Collaboration with Viking Data Centers

BIT Mining Limited (NYSE: BTCM), a technology-driven cryptocurrency mining firm, announced that it has “strengthened” its collaboration with Viking Data Centers, LLC. BIT Mining Ltd said it will increase its investment in the Ohio crypto mining data center, which is being developed with Viking Data… Read More

Compass Mining, an Online Marketplace for Bitcoin Mining Hardware, Launches Compass Payment Plan

Compass Mining, which claims to be the first and largest online marketplace for Bitcoin mining hardware and hosting, announced the launch of its effort to make BTC mining accessible to all — Compass Payment Plan. This new program allows customers to “purchase Bitcoin mining equipment… Read More

Viridi Cleaner Energy Crypto Mining and Semiconductor ETF Achieved Milestone of $10M in AUM

Viridi Funds, a registered investment advisor and emerging asset manager offering environmentally-focused cryptocurrency investment products, reveals that the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSE: RIGZ) achieved the milestone of $10 million in AUM. Adding to Viridi’s steady growth, it has also hired Cameron… Read More

Bitcoin (BTC) Mining Difficulty Increases Again, Marking its Longest Streak Since Feb 2020: Report

Bitcoin (BTC) difficulty, a parameter that virtual currencies use to keep the average time between blocks fairly steady as the blockchain network’s hash power changes (where a relatively high difficulty may help with securing the blockchain against attacks), increased for the fifth straight  time –… Read More

Bitcoin Is Most Institutionally Investable Crypto, as BTC Mining Margins Stay Strong Despite Market Uncertainty: Report

The team at BitOoda, an international digital asset financial technology & services platform providing next-gen risk management solutions, best-execution brokerage & expert market analysis, notes in a recent crypto market update that Bitcoin (BTC) dropped around 5.1% WoW, settling at $46,187 “as of midnight UTC… Read More

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