Canaan Inc., a leading Bitcoin mining hardware maker, has secured new orders from Cipher Mining and Stronghold Digital, totaling over 17,000 mining machines. Tether Holdings also revealed plans to invest $500 million in Bitcoin mining operations, aiming to establish facilities in South and Central America. These developments highlight the growing competition and investment in the Bitcoin mining industry ahead of the next halving event.
read moreNangeng Zhang
0 posts last weekBitcoin Miners Expand Operations in Response to Rising Transaction Fees
Cipher Mining and Stronghold Digital have announced expansions in their Bitcoin mining capabilities, with Cipher planning a 60 MW expansion and the purchase of 16,700 new miners, while Stronghold aims to add 5,000 miners to its mining capability. These expansions come as Bitcoin miners adapt to the increasing importance of transaction fees as a source of revenue, particularly in anticipation of the upcoming halving event in 2024.
read moreCanaan Seeks New Capital Amid Revenue Slump and Challenging Market Conditions
Bitcoin miner Canaan is seeking new capital after experiencing a significant decline in revenue and profit. The company plans to raise $148 million through an equity offering and has already secured $125 million by issuing preferred stock. Canaan attributes the decline in revenue to a decrease in the number of Bitcoin mined and a fall in the sales of ASIC mining rigs, and expects challenging market conditions to continue in the fourth quarter.
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