Hive Digital is expanding its operations by constructing a Bitcoin mining facility in Paraguay, marking its fourth country of operation. The company has purchased 6,500 Canaan Avalon A1566 ASICs, which will increase its hashrate from 5.6 EH/s to 6 EH/s by March 2025, with plans to reach 12.5 EH/s upon completion of the facility. This expansion follows a strategic shift after the Ethereum Merger, leading Hive Digital to repurpose Nvidia GPUs for artificial intelligence.
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Generated 0 posts last week Bitcoin Mining Bans May Increase Global Carbon Emissions and Economic Harm
Bitcoin mining bans in eco-friendly nations may inadvertently increase global carbon emissions by shifting mining activities to regions with higher carbon footprints. Researchers warn that such policies could lead to significant environmental harm, particularly if countries like Canada, which rely on low-emission energy sources, impose restrictions. For instance, a ban in Canada could raise network emissions by approximately 5.6%, equating to 2.5 million tonnes of CO2 annually.
read moreBONK Crypto Shows Strong Recovery with Bullish Trend Indicators
BONK, the first memecoin on Solana, has seen a price increase of nearly 7% in the last 24 hours, currently trading at $0.00000178 with a market cap of $88.7 million. A bullish trend reversal is indicated by a breakout from a Falling Wedge pattern, suggesting potential upside to $0.000024. Technical indicators show a neutral short-term trend, while the Relative Strength Index approaches overbought territory.
read moreBitfarms Settles Dispute with Riot Platforms and Expands Board Membership
Bitfarms has settled its dispute with Riot Platforms, leading to Riot withdrawing its requisition and supporting an expansion of Bitfarms’ board from five to six members. Amy Freedman will join the board, and Riot has agreed to a standstill arrangement until 2026, refraining from takeover attempts. The settlement, which follows a rejected $950 million acquisition offer, aims to enhance shareholder value and will be filed with the U.S. Securities and Exchange Commission.
read moreBitfarms Expands US Operations with New 120 MW Bitcoin Mining Site
Bitfarms has taken control of a 120 MW Bitcoin mining mega-site in Sharon, Pennsylvania, marking its first major expansion in the U.S. The site is expected to support up to 8 exahashes per second and is part of an aggressive growth strategy that aims to increase its energy portfolio to over 950 MW by 2025. Following the acquisition of Stronghold Digital Mining, the company is diversifying its operations beyond Bitcoin mining to enhance long-term shareholder value.
read moreEl Salvador Secures 1.61 Billion Investment Amid Crypto Developments in Latin America
El Salvador is set to receive $1.61 billion in private investment for its economic overhaul plan, focusing on port infrastructure improvements through a partnership with Yilport Holding. Meanwhile, the Venezuelan government has blocked access to Binance, impacting thousands of users, while Paraguay has convicted an individual for energy theft linked to cryptocurrency mining activities.
read moreBitfarms’ “Poison Pill” Strategy Terminated Amid Riot Takeover Attempt
Bitfarms’ “poison pill” strategy to fend off a takeover bid from Riot Platforms has been halted by a Canadian tribunal. The strategy involved diluting the value of shares for potential acquirers, but Riot Platforms successfully challenged it. The battle continues as Riot seeks to elect its director nominees to Bitfarm’s board at the next shareholder meeting.
read moreBitcoin Miner Bitfarms Increases Production Amid Riot Takeover Attempts
Bitfarms increased Bitcoin production by 21% in June, despite fending off takeover attempts by Riot Platforms. The company now holds 905 Bitcoin in its treasury, with plans to reach a 21 EH/s target by 2024. Additionally, Bitfarms expanded its operations in the United States and faced setbacks in Paraguay due to severe weather.
read moreBitcoin Mining Companies Clash Over Hostile Takeover Attempt
Bitfarms and Riot Platforms are locked in a battle for control, with Riot making a $950 million takeover offer that Bitfarms rejected. Bitfarms accused Riot of undermining the acquisition process and adopted a shareholder rights plan to prevent a hostile bid. The Canadian Bitcoin miner operates in four countries and is undergoing leadership changes following a lawsuit against its former CEO.
read moreParaguay Proposes Bill to Regulate Bitcoin Mining for Economic Development
A new bill in Paraguay aims to regulate Bitcoin mining to promote economic and technological development in the country. The proposed law emphasizes the importance of using renewable energy for Bitcoin mining in Paraguay and seeks to ensure compliance with environmental regulations. The bill also aims to implement a transparent and efficient regulatory framework, highlighting the potential to attract foreign and domestic investment, generate employment, and position Paraguay as a technological hub in the region.
read moreEthereum ETF Uncertainty and Futures Market Impact on ETH Price
The uncertainty surrounding the launch of Ethereum spot ETFs in the U.S. has led to a struggle for Ether’s price to surpass the $3,900 resistance. Traders are debating whether bullish bets are being made through ETH derivatives markets or if the price of Ether is being artificially suppressed due to bets on the spot Ether ETF taking longer than expected. The odds for a rally above $4,000 in the near term are slim according to ETH futures pricing.
read moreChallenges and Opportunities in Paraguay’s Bitcoin Mining Industry
Paraguay’s Bitcoin mining industry is booming due to the country’s surplus hydroelectric energy, sold at a premium to miners. However, the rapid growth has raised concerns about energy theft and legislative lag, with debates ongoing about potential regulations that could impact the sector’s future. The industry’s proponents are lobbying for laws that address energy theft while supporting the sector, but there is a risk of stricter constraints being imposed.
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