Bitcoin mining
Coinbase’s lending bet, a new ads policy at Google and Marathon’s mining performance
Published
10 months agoon
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Crypto giant Coinbase seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter, when firms such as Celsius Network, BlockFi and Genesis went bankrupt.
The move comes after the company shut down its Borrow service for retail customers in May amid regulatory scrutiny. The service allowed certain customers to use crypto as collateral to receive a cash loan. The new lending solution, however, focuses on institutional investors — companies or organizations investing on behalf of their clients, such as mutual funds and pension plans.
Coinbase’s new venture amassed millions in capital within a few days of launching, documents filed with the United States Securities and Exchange Commission (SEC) show. Despite headwinds and uncertainty, the service debut indicates that crypto lending among high-profile investors is still in demand in the United States.
This week’s Crypto Biz also explores Marathon Digital’s latest Bitcoin mining report, Hana Bank’s move to offer crypto custody and Google’s new crypto ads policy.
Coinbase launches crypto lending platform for U.S. institutions
Crypto exchange Coinbase has rolled out a crypto lending service for institutional investors in the U.S., which reportedly seeks to capitalize on massive failures in the crypto lending market. According to a filing with the SEC, Coinbase customers have already invested over $57 million in the lending program since the first sale occurred on Aug. 28. In another headline, Coinbase’s recently released Base network reached over 700,000 nonfungible tokens (NFTs) minted in August. The tokens minted were part of the launch’s strategy to spur adoption. Base’s launch, however, has not been flawless. The network suffered an outage on Sept. 5 when its sequencer stopped producing blocks. Several scams have also been promoted on the network, including a $6.5 million rug-pull by Magnate Finance.
![](https://s3.cointelegraph.com/uploads/2023-09/c9996010-0a8a-4b00-9175-35db1e6256f2.png)
Marathon’s Bitcoin mining rate fell 9% in August
Crypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin in August — 9% less than in July. According to the company, the smaller production resulted from increased curtailment activity in Texas due to record-high temperatures. The term curtailment refers to the reduction of electricity generated to maintain a balance between demand and supply. The temporary shutdowns more than offset the progress made by the company to increase its operational hash rate and optimize operations, according to its CEO, Fred Thiel. Marathon increased its U.S. operational hash rate by 2% month-over-month to 19.1 exahashes in August. The performance increase is attributed to the upgrade of Bitmain Antminer S19j Pro miners to the more efficient S19 XP models.
Google will allow ads for NFT games starting Sept. 15
Google has updated its cryptocurrency advertising policy to allow for blockchain-based NFT gaming advertisements as long as they don’t promote gambling or gambling services. The new policy will continue to ban advertisements for games that allow players to wager or stake NFTs against other players or for rewards. NFT casino games offering players to wager or play for prizes — such as NFTs, cash or cryptocurrency — will also continue to be banned. Google previously banned all cryptocurrency-related advertising across its platforms in March 2018.
NFT gaming advertisements will soon be welcome on Google’s Search platform as long as they don’t promote any form of gambling. https://t.co/gSVeHxxkjx
— Cointelegraph (@Cointelegraph) September 6, 2023
South Korean Hana Bank enters crypto custody business with BitGo
One of the largest South Korean banks, KEB Hana Bank, is moving to offer digital asset custody services through a new partnership with cryptocurrency custody firm BitGo Trust Company. According to local media reports, KEB Hana Bank signed a strategic business agreement with BitGo to jointly establish digital asset custody in South Korea. The commercial bank has a network of 111 branches with local banking assets of nearly $10 billion and equity of $490 million. Together, Hana Bank and BitGo plan to launch their joint cryptocurrency custody venture in the second half of 2024.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
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Bitcoin mining
Digital Shovel Sues RK Mission Critical for Patent Infringement on Bitcoin Mining Containers
Published
3 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
2 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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Biden Administration
Trump’s Appeal to Bitcoin Miners Is a Wakeup Call for Crypto to Stay Apolitical
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3 weeks agoon
June 12, 2024By
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Many see it as frankly embarrassing to be buddying up with any politician, putting aside Trump’s Napoleonic sized ego. Bitcoin writer and privacy advocate L0la L33tz, for one, wrote a whole essay about the subject, arguing that politicians cannot be trusted, that Trump failed to deliver on many of his previous campaign promises, and that Bitcoin doesn’t really even need political support.
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