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Rhodium filed for Chapter 11 with debts of up to $100M and assets of up to $500M. The debtor-in-possession financing plan is offered by Galaxy Digital. Galaxy Digital offers Rhodium a $30M loan or 500 BTC with a 9.5%-14.5% interest. Rhodium Enterprises, a Texas-based Bitcoin mining firm, has recently garnered significant attention following its Chapter 11 bankruptcy filing on August 24, 2024. With liabilities ranging between $50 million and $100 million, and assets valued between $100 million and $500 million, Rhodium’s financial struggles have highlighted the growing challenges within the cryptocurrency mining sector. Riot Platforms claims Rhodium owes it $26M At the heart of Rhodium’s financial distress is its strained relationship with its landlord and power supplier, Whinstone. This tension contributed to Rhodium defaulting on a $54 million loan in July, shortly before the company raised $78 million in additional lending. The strain has cul...

TBC and Riot Platforms sue EIA over Bitcoin data demands, alleging intrusion. Senator Warren’s involvement is seen as part of a broader political strategy. Bitcoin mining faces scrutiny for energy consumption, environmental impact. In a bold move against the US Energy Information Administration (EIA), the Texas Blockchain Council (TBC) and crypto miner Riot Platforms have filed a lawsuit, alleging unlawful data collection demands targeting the Bitcoin mining sector. EIA’s data collection plan  Last month, the EIA announced plans to collect data on electricity consumption by certain US-based crypto miners, effective from early February. Commercial miners were mandated to disclose intricate details, including the types of machines used and the locations of their mining operations. The controversial move followed an emergency approval from the Office of Management and Budget on January 26. We're initiating collection of data regarding #elect...

A newly published working paper on Bitcoin mining has worked to counter claims from anti-crypto politicians that Bitcoin is melting the planet. Bitcoin mining is a “critical tool” for clean energy and balancing the grid, according to a new working paper penned by Bitcoin advocates and the former president of ERCOT, the operator of Texas’ electrical grid.  The Nov. 22 paper titled “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency” argued that Bitcoin mining’s inherent interruptibility and swift load response capabilities could enhance grid flexibility to better integrate variable renewable energy sources. Authors of the working paper included Castle Island Ventures partner Nic Carter, Satoshi Action Fund CEO Dennis Porter and  Science Advisor Murray Rudd, former ERCOT (Electric Reliability Council of Texas) President and CEO Brad Jones — who recently passed away, along with Executive vice president of power at Houston-based tech company L...

Hive Digital Technologies has acquired land and a data center to expand its operations in Sweden, house generation ASIC servers, and increase Bitcoin production. The cryptocurrency mining company Hive Digital Technologies revealed plans to expand its global presence through a new acquisition of property and a data center in Boden, Sweden. On Nov. 27, the company announced that it's entered a property transfer agreement with Turis AB to take over the property of a data center previously constructed as a part of the EU Horizon 2020 project. Hive said this new property is in “close vicinity” to its existing data center in Sweden and it plans to further develop the facility in its portfolio. It says the property will also house its incoming generation ASIC servers and increase its Bitcoin (BTC) production. Johanna Thornblad, Hive's country president for Sweden, said that “The new data center will enable HIVE to grow its regional footprint while further demonstrating its commi...

1. According to Hashrate Index data, as of August 4 the price of a miner with an energy efficiency ratio below 38J/TH is $35/TH and $21/TH for 38-68J/TH. bitmainland has started to adjust the price of its S19 XP orders, the first of which were delivered in July and August. marathon will save $100 million in machine costs. 2. Ether miners are the unsung heroes of the Ether ecosystem and have been quietly protecting the Ether chain for the past 7+ years, says F2pool, the second largest Ether mining pool. Whether we support an Ether fork or not is no longer important and will be left to the miner community to decide. However, we acknowledge that the era of ETH PoW is over and will be history. Let's remember and say goodbye to the glory days and move on to a new era of PoS. 3. Microblogs, posting accounts and WeChat public websites that induced netizens to invest in digital assets under the banner of "financial innovation" and "blockchain" were shut down in accordan...

The hype around Bitcoin Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months, according to JAN3 CEO Samson Mow. The latest hype around Bitcoin (BTC) Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months , according to JAN3 CEO Samson Mow.  “These guys are basically paying massive amounts of fees that go directly to Bitcoin miners, and there is no way this can be sustained," Mow said in an exclusive interview with Cointelegraph.  "They will fade away after even months , let's not talk about years here," he continued.  Growing activity around Ordinals and BRC-20 – a crypto technology that allows users to mint fungible and non-fungible tokens on the Bitcoin blockchain – is the main cause provoking a spike in transaction fees, which resulted in the congestion of the Bitcoin network. Related: Bitcoin BRC-20 token standard becomes new destination for meme tokens While many members of the Bitcoin community se...

Cointelegraph went to the NFT.NYC event in New York and learned how industry leaders feel about the state of play-to-earn gaming. In this week’s newsletter, read about how Mastercard launched an accelerator program for musicians powered by nonfungible tokens (NFTs), and how online safety groups urged Meta to refrain from allowing minors into its new metaverse. Check out what happens to NFTs when a collector dies, and, in other news, find out how publishers are looking for alternatives to play-to-earn gaming. And don’t forget this week’s Nifty News, featuring Bitcoin (BTC) miners earning from Ordinals and Reddit facing backlash for Gen 3 avatars.  Mastercard launches NFT-gated musician accelerator program Payment processing company Mastercard announced an artist accelerator program with a Web3 twist. The program aims to help musicians by giving them access to artificial intelligence tools and other experiences. However, it will only be accessible to those with the limited-edition Maste...

The surge in crypto mining stocks came as a relief for the industry after a crippling last year, where in public crypto miners incurred $4 billion in liabilities. The Bitcoin (BTC) price rebound to a multi-month high has rubbed onto the mining stocks as well. Many of these crypto-mining stocks recorded their best monthly performance in a year. The surge in mining stocks also came as a relief for the troubled miners who had to sell a significant chunk of their mined coins to boost liquidity last year. Bitfarms, one of the top BTC Mining firms registered a 140% surge in the first two weeks of January followed by Marathon Digital Holdings Inc. with a 120% surge . Hive Blockchain Technologies Ltd. saw its stock value nearly double in the same period while MVIS Global Digital Assets Mining Index is up by 64% in the first month as well. The Luxor Hashprice Index, which aims to quantify how much a miner might make from the processing power used by the Bitcoin network, has increased by 21%...