Bitcoin mining
Bitdeer, B. Riley Financial enter into agreement for $150M share purchase
Published
11 months agoon
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Bitdeer, a crypto mining firm spun off from mining manufacturer Bitmain, has entered into an agreement with the special purpose acquisition company (SPAC) B. Riley Financial to sell up to $150 million of its Class A ordinary shares.
According to an Aug. 9 filing with the United States Securities and Exchange Commission (SEC), B. Riley will have the right, but not the obligation, to purchase a specified number of Bitdeer’s shares over three years. The agreement’s rules include a maximum purchase of 1 million shares or 25% of Bitdeer’s shares traded on the Nasdaq during the purchase period.
“Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares, par value US$0.0000001 per share (the “Class A Ordinary Shares”), subject to certain limitations and conditions set forth in the Purchase Agreement,” reads the filing.
![](https://s3.cointelegraph.com/uploads/2023-08/cc4495e3-1284-45a3-be67-65b085aea843.png)
Bitdeer went public in a SPAC deal with Blue Safari Group in April, following months of delays due to the crypto winter. A SPAC deal involves a special purpose acquisition company merging with a private firm, taking it public without a traditional initial public offering (IPO) process.
The deal gives B. Riley a special seat at Bitdeer’s table. Class A shares are typically not sold to the public, as it provides shareholders more voting rights than Class B shares. In other words, the deal gives B. Riley an ownership stake in the crypto mining company.
As part of the transaction, Bitdeer will pay B. Riley 0.5% of the deal’s value in exchange for its commitment to purchase the shares. B. Riley will also be reimbursed for legal fees and disbursements up to $50,000.
Founded by former Bitmain co-founder Jihan Wu, Bitdeer provides cloud-mining services through its U.S.-based data centers in Tennessee, Washington and Texas. According to Bitdeer’s latest operations report, it mined 220 Bitcoin (BTC) through its self-mining business in July, a 41% increase year-over-year. In May, the company announced a partnership with Druk Holding and Investments (DHI) to create an eco-friendly and carbon-free digital asset mining operation in the Kingdom of Bhutan.
Cointelegraph reached out to Bitdeer for comment but did not receive an immediate response.
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Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?
Bitcoin
Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?
Published
4 hours agoon
July 8, 2024By
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Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.
Bitcoin Mining Difficulty Drops To 79.5 T
Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.
Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.
This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income.
Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range.
Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.
What This Means For Bitcoin’s Price
The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.
Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.
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Bitcoin mining
Digital Shovel Sues RK Mission Critical for Patent Infringement on Bitcoin Mining Containers
Published
6 days agoon
July 3, 2024By
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Digital Shovel Holdings Inc. has filed a lawsuit against RK Mission Critical LLC, RK Mechanical LLC, and RK Industries LLC in the US District Court for the District of Colorado, accusing them of patent infringement, according to a press release sent to Bitcoin Magazine. The dispute revolves around Digital Shovel’s V-Shape technology, designed to increase miner density in crypto mining containers.
Digital Shovel developed the V-Shape technology in 2018, securing patents in 2022, 2023, and 2024. These patents enable a 30% increase in miner density, providing significant operational advantages. According to the complaint, Compute North, a client of RK Mission Critical, initially sought to license this technology from Digital Shovel in 2019 but was refused. Despite this, RK Mission Critical allegedly produced containers strikingly similar to Digital Shovel’s, with some staff initially mistaking them for their own products.
“Instead of competing fairly, defendants are exploiting the innovative technologies that Digital Shovel has worked hard to develop and protect through patents,” the complaint stated.
Digital Shovel’s CEO, Scot Johnson, stated that based on RK Mission Critical’s marketing, they believe they’ve sold approximately 850 units which were sold for over $200,000 per unit, resulting in sales of $170 million worth of product.
“A variety of publicly traded mining companies are using the product from RK,” Johnson said. “However, our focus is not on them or any other end user at this time. It’s on enforcing our intellectual property on the company that is building products using our technology and stealing customers from us.”
Despite being aware of the pending patents since 2021, Digital Shovel claims RK Mission Critical continued its production without authorization, and their refusal to engage in settlement negotiations has led Digital Shovel to seek legal redress. The company aims to obtain compensation and a court order to prevent further sales of the infringing containers.
Bitcoin Magazine will be interviewing Johnson in an upcoming spaces on X later today at 1:15PM EST, where those interested in learning more about this lawsuit are encouraged to attend.
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Bitcoin mining
Marathon Uses Bitcoin Mining To Heat Town of 11,000 in Finland
Published
3 weeks agoon
June 20, 2024By
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Today, Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leader in Bitcoin mining, has launched an innovative pilot project to recycle heat generated from Bitcoin mining to warm a community in Finland. The 2-megawatt data center, energized at the end of May, is located in the Satakunta region, home to 11,000 residents.
JUST IN: Marathon is now warming a town of over 11,000 in Finland using heat from #Bitcoin mining 🤯 🇫🇮
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
“This pilot project in Finland is a critical step forward in our strategy to expand globally and innovate sustainably,” said Fred Thiel, Marathon’s chairman and CEO. “We are not just producing digital assets; we are heating homes and integrating sustainable practices into our business model. We believe that this kind of innovation can drive the advancement of the digital asset compute industry and further strengthen Marathon’s leading position in the field.”
The initiative marks Marathon’s first district heating project and its debut in Europe. District heating involves centrally heating water and distributing it through underground pipes to heat local buildings. Finland, known for its clean energy mix, relies heavily on biomass for district heating. By utilizing heat from digital asset data centers, the project aims to reduce carbon emissions and operating costs.
Marathon's ASIC Heating Setup
“Europe’s colder climate has given rise to an extensive network of district heating systems that provide warmth to millions of residents,” Marathon stated in its new Heating with Hashes report, published in full below. “This same climate has attracted a different industry – data centers – which benefit from reduced energy consumption and infrastructure costs associated with the cooler temperatures. The share of electricity consumed by data centers in the EU is at least double the global average, with data centers accounting for around 3% of the EU’s electricity consumption compared, to 1.0-1.5% globally. These energy-intensive facilities generate 3 significant amounts of heat, creating a unique opportunity for strategic partnerships with district heating systems.”
“One industry needs heat, while the other generates plenty of it,” Marathon continued in the report. “Instead of wasting the abundant heat produced by data centers, it could be recycled to meet heating demand. This innovation transforms an unwanted byproduct of data centers into a valuable resource for district heating systems, reducing costs and waste for everyone involved while reducing the need for inefficient, carbon-emitting heat sources.”
Marathon's Heating with Hashes Report
The project is part of Marathon’s broader commitment to sustainability, expanding its footprint to twelve sites across four continents. According to Future Market Insights Inc, the district heating market is projected to grow from $198 billion to $340 billion by 2033, offering significant growth opportunities. By recycling heat, Marathon aims to enhance its sustainability portfolio and explore new revenue streams, aligning with its goal of achieving zero-cost power for digital asset computing.
“Following the success of our pilot project in Utah, where we demonstrated that it is both economically viable and environmentally beneficial to use landfill gas for digital asset compute, we have continued to experiment with innovative ways that our operations can add value beyond securing distributed ledgers, like Bitcoin’s,” stated Adam Swick, Marathon’s chief growth officer. “This pilot project in Finland is our first attempt to convert the heat that we produce as a byproduct of our operations into a valuable resource for a local community. We look forward to gathering more data from this project as we look for additional ways to leverage digital asset compute to build a more sustainable future.”
For more information about Marathon’s sustainability initiatives, visit their website here. Those interested in reading Marathon’s full Heating with Hashes report can do so below:
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