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Marathon Digital Holdings reported a production of 1,202 Bitcoins in October, selling 961 to cover costs, with a remaining holding of 13,396 unrestricted BTC as of month-end. Marathon Digital Holdings, Inc., a major player in the Bitcoin mining sector, has shared a snapshot of its performance and ongoing developments for October 2023. In the latest update, the company detailed a slight increase in its energized hash rate, signaling continued growth in its mining capabilities. Fred Thiel, Marathon’s Chairman and CEO, noted a 1% rise in the energized hash rate, now reaching 19.2 exahashes. This advancement is particularly attributed to the progress in the company’s Garden City, Texas facility, which contributed 4.1 exahashes. As this site approaches full operational capacity, Marathon is set to exceed its target of 23 exahashes, aiming to become the largest Bitcoin miner in North America. Marathon’s presence is not just growing in the U.S.; its international ventur...

The executive chairman and co-founder of CleanSpark Inc (NASDAQ: CLSK) uncovered JPMorgan’s most recent research on Bitcoin (BTC) mining companies stocks, distributed on October 11. This report is called “Bitcoin Mining: Expanding Coverage”, and initiates an Analysis of CLSK, CIFR, RIOT, and MARA fundamentals. JPMorgan’s North America equity research team addresses the challenges being faced in the Bitcoin mining industry, related to the growing hashrate, and the risks imposed by the upcoming block subsidy halving to BTC: “The bitcoin mining industry is at a crucible moment as management teams (and investors) weigh the prospects of a Bitcoin ETF, which may catalyze a rally, against record hashrate increases and the looming block reward halving that threaten industry revenues and profitability.” — JPMorgan In this context, the report explains that the market cap of the 14 largest U.S. listed Bitcoin mining companies is 36% larger than what JPMorgan’s research team ex...

Marathon Digital reportedly mined an invalid Bitcoin transaction at block height 809478. The publicly traded miner disordered a transaction — spending first, then receiving bitcoin — leading it to lose its 6.25 BTC (~$150,000) Coinbase reward for the erroneous block. Full nodes logged an error message indicating that the block included missing or already-spent bitcoin. In other words, Marathon Digital mined a block of transactions that included a transaction prohibited by Bitcoin’s consensus rules. Specifically, Marathon included this transaction within its block , which spent coins outputting from this transaction which was already mined in the block after the initial transaction. In other words, it was classic, prohibited reordering of coin outputs: spending coins first, then receiving them . Not allowed. Bitcoin doesn’t permit the creation of expenditures ex nihilo, even if they’re accounted for in the very next block. All bitcoin since genesis have bee...

The Supreme Court of British Columbia has given Hut 8 final clearance to complete proposed merger with USBTC. Canadian Bitcoin mining firm Hut 8 is set to wrap up its planned merger with US Bitcoin (USBTC) following final approval from the Supreme Court of British Columbia. Hut8 and USBTC had announced the move in February 2023 which was subject to shareholder and regulatory approval. The merger will see Hut 8 and USBTC form Hut 8 Corporation, or “New Hut”, which will become a publicly traded United States-based business. An initial announcement from Hut 8 highlighted that the merger would open up 825 megawatts of capacity across six different Bitcoin mining and data center facilities. While the Supreme Court of British Columbia has issued a final order approving the merger , the closing of the deal is subject to a handful of outstanding requirements, including the approval of USBTC shareholders. Hut 8 anticipates that the final transaction confirming the merger and creation of Ne...

Despite trimming debt and operational expenses, Argo Blockchain posted a net loss of over $18 million in H1 2023, records show. Argo Blockchain, a leading crypto mining company (LSE: ARB; NASDAQ: ARBK), has released its performance report for the first half of 2023. According to the report, in Q2 2023, Argo Blockchain decreased its non- mining operational costs and expenditures by 21% from the prior quarter, yielding a positive Adjusted EBITDA of $1.0 million for the quarter ($2.3 million for H1 2023). While its revenue dropped by 31%, the company achieved a 1% growth in its Bitcoin (BTC) mining operations during that period. The company’s debt was reduced by $4 million in the quarter, resulting in a cumulative debt decrease of $68 million from June 2022 to June 2023. The firm noted that it generated a revenue of $24.0 million in H1 2023, representing a 31% decrease from H1 2022. Argo attributes its revenue decline to the fall in the price of  Bitcoin and the surge in glob...

UK-based research company Quantum Blockchain Technologies has developed algorithmic search methods that boost Bitcoin mining efficiency and reward probability, CEO Francesco Gardin says in an interview. Quantum Blockchain Technologies (QBT), a research company based in the United Kingdom, has developed artificial intelligence-powered algorithms that could significantly increase the mining winning probability of certain ASIC Bitcoin (BTC) miners, CEO Francesco Gardin said in an interview with Cointelegraph. Speaking exclusively to the publication, Gardin unpacked how Quantum Blockchain Technologies (QBT) has incorporated AI to enable the smart search of winning hashes as an alternative to conventional random searches. In the space of two years, the company has developed a number of different patented methods by tapping into the expertise of some twenty experts from the fields of quantum computing, machine learning, cryptography, ASIC chips design and algorithm optimization theory. Rela...

Diluted net loss per American depositary share in Q1 2023 stood at $0.51 from $0.55 in the previous quarter. Chinese Bitcoin mining company Canaan reported slight improvements in some of its financial metrics in the first quarter of 2023. The progress, however, is still far behind where it was last year in this period. According to an unaudited report posted on its investor relations page, Canaan's net loss was at $84.4 million in Q1, lower than its $91.6 million net loss in the previous quarter. The net loss represents a major reversal compared to the same period of 2022, when the firm reported a net income of $65.1 million. Diluted net loss per American depositary share (ADS) in the first quarter of 2023 was $0.51 from $0.55 in the previous quarter, while diluted net earnings per ADS in the same period of 2022 stood at $0.38. According to Investopedia, an American depositary share, or ADS, is an equity share in a non-U.S. company, held by a U.S. depositary bank and available f...

Crypto mining firm Riot Platforms seeks to terminate “certain hosting agreements” with Rhodium and requests exemption from any owed power credits to the counterparty. Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner , Rhodian Enterprises, according to its Q1 2023 report. Published on May 10, Riot's Q1 2023 financial report stated that Whinstone – a wholly owned subsidiary of Riot – has filed a petition against Rhodium Enterprises on May 3, alleging a breach of contract for failing to pay “certain hosting and service fees under agreements." Riot seeks to recover “more than $26 million,” plus legal fees and other expenses that are incurred during the legal proceedings, as outlined in the report. It was further requested that “certain hosting agreements” with Rhodium are terminated and "no power credits are owed to Rhodium.” Extract of Riot Platforms qua...