BTC Mining Firm Compute North Files for Bankruptcy

Compute North is the latest crypto-related firm to file for chapter 11 bankruptcy.  The filing states that the firm owes $500M to 200 creditors. Earlier this month, the firm’s CEO stepped down to serve as a chairman. Compute North, one of the largest companies that hosts Bitcoin mining, has filed for chapter 11 reorganization bankruptcy amid the uncertainty of increasing energy costs and the ongoing crypto meltdown. According to the filed document in the Southern District of Texas, the Minnesota-based company owes up to $500 million to not less than 200 creditors, while its evaluated assets accounted for between $100

Irish Bitcoin Mining Farm Uses Organic Waste as Energy Source

A BTC mining farm in Ireland is using organic waste as the energy source for its operations. The mining farm is operated by Scilling Digital Mining, an Irish crypto mining firm. The mining farm generates around 0.42 BTC per month — over $8,000 given the current market price. A Bitcoin (BTC) mining farm situated in Ireland revealed that it is using organic waste as the energy source for its operations.  According to a blog by content marketing agency Adaptive Analysis, the bitcoin mining operation is happening in Armagh, a county on the upper-right side of Ireland. In detail, there are

Iran Resumes Granting Cryptominer Licenses

Iran`s minister for industries is now authorized to resume issuing crypto mining licenses. The central bank of Iran had earlier banned crypto trading in the country. Iran has issued more than 1,000 permits for cryptocurrency mining. According to local media, Iran’s Minister of Industry, Mine, and Trade, Reza Fatemi Amin, claimed his department is now authorized to resume issuing permits for cryptocurrency mining. During a meeting last week, the Iranian government adopted a set of “complete and precise” crypto rules that include guidelines for mining. As the use of cryptocurrencies grows, so are the restrictions that have been put in

Bitcoin Could Power the World With Green Energy Initiative

Bitcoin gives hope to a long-forgotten renewable energy project.  The project is the Ocean Thermal Energy Conversion initiative (OTEC). OTEC will harness thermal energy from the oceans to ecologically fuel Bitcoin mining. An almost forgotten 150-year old renewable technology has just come back to life. In detail, the Ocean Thermal Energy Conversion (OTEC) initiative could just be revived to fulfill Bitcoin’s unique appetite for energy consumption.  To elaborate, Bitcoin poses the potential to help bring between 2-8 terawatts of clean, renewable, and continuously fueled energy. In fact, the year-round baseload power will be harnessed from the thermal power lying latent

Mining Bitcoin Now Costs $13K Now, Dropped From $24K in June

The cost to mine 1 Bitcoin (BTC) is now $13,000. This is a considerable drop from the $24,000 it cost last month.  Only 9.1% of the Bitcoin (BTC) supply is left unmined. It seems that Bitcoin mining is now more affordable than it was last month. According to JPMorgan, the production cost of Bitcoin mining has fallen from $24,000 to $13,000 per Bitcoin (BTC).  At the time of writing, the price of each Bitcoin (BTC) stands at $19,794. Of the total 21 million Bitcoins that exist, 19,093,362 Bitcoins have already been mined and are in circulation. This leaves only 9.1%

Kazakhstan President Imposes Bill for Higher Tax Rates on Crypto Miners
Kazakhstan President Imposes Bill for Higher Tax Rates on Crypto Miners

The President of Kazakhstan has signed a bill that raises tax rates on crypto miners. Tax rate will depend on the amount of electricity used by the miners. The government states that the tax will reduce the power load. As per reports, the president of Kazakhstan Kassym-Jomart Tokayev, has signed a bill to impose a high tax rate on crypto miners. In a recent Tweet by Wu Blockchain, this will depend on the amount of electrical energy that the cryptocurrency miners will be using. The tax will be charged on the average use of energy consumption, which will further be