China News Official Today TheBitTimes.com

Celsius Network is revamping into a Bitcoin mining company, promising customer repayments and an exit from bankruptcy .  Cryptocurrency lending platform Celsius Network has secured court approval to transition into a Bitcoin mining company owned by its creditors. This development is part of a comprehensive strategy to compensate account holders whose funds have been inaccessible for over a year. The confirmation of this strategy was announced by U.S. Bankruptcy Court in the Southern District of New York on Thursday. The approval signals a turning point for the company following its financial collapse last year. According to representatives for Celsius, the platform may commence asset distribution by early next year. BREAKING: THE PLAN HAS BEEN CONFIRMED. pic.twitter.com/SK1SwRDiUq — Celsius NewCo Community (@CelsiusNewCo) November 9, 2023 Celsius exiting Chapter 11 bankruptcy The company’s restructuring strategy, which garnered significant backing from its creditors,...

Singapore-based Bitcoin (BTC) mining company Bitdeer Technologies wants to buy back its share s for up to $2 million. The Nasdaq-listed firm’s board of directors approved a new share repurchase program effective until April 17, 2024, the statement said. The program provides the opportunity to repurchase share s in a number of ways. Those include “open market transactions, privately negotiated transactions, any combination thereof or other legally permissible methods.” Representatives of the mining company explained that they were going to finance the ransom from the available balance of money. “By gradually executing the share repurchase program, Bitdeer seeks to minimize the impact on its share price and generate greater long-term returns for its share holders.” Bitdeer statement In August, Bitdeer announced the completion of construction of a large farm with 23,000 ASIC miners in the Bhutanese city of Gedu. According to founder and CEO Linghui Kong, there...

Although Bitcoin mining is a complex and expensive business, specialized services are emerging to lower the entry barriers for beginners. With Bitcoin mining difficulty at an all-time high, is it too late for beginners to start mining the largest cryptocurrency by market cap? The short answer is No — there are specialized services that make the whole mining process look easy. Bitcoin mining is a tricky business. It requires expensive hardware equipment, cheap and stable electricity and a lot of maintenance to keep the facility in shape, like cooling systems and hardware updates. These days, starting Bitcoin mining operations from scratch as an individual is not a good business plan. Many factors need to align perfectly, including geography, energy costs, regulation, weather and the Bitcoin (BTC) price itself. Still, the upfront costs are too high for regular people. Beginners can start mining by joining specialized mining pools. However, due diligence is needed because mining pools ch...

Tether’s chief technology officer, Paolo Ardoino dropped a hint that the operations are based in Latin America, but hesitated to reveal any more details beyond that. Paolo Ardoino, chief technology officer of stablecoin issuer Tether (USDT), recently found himself addressing rumors about images of large industrial containers online. These speculations led him to rejecting questions about where Tether is mining Bitcoin (BTC).  In a post on X (formerly known as Twitter) published on Aug. 26, Ardoino shed light on the curiosity sparked by the photo he shared on Aug. 24. The image displayed a container with a photoshopped Tether Energy logo, leaving many people pondering over what it's all about.  One of #Tether energy production and #Bitcoin mining sites coming along well. pic.twitter.com/6Z8o6A5OaE — Paolo Ardoino (@paoloardoino) August 24, 2023 He clarified that the photo shows a control room at a Bitcoin mining site that Tether is currently completing and will soon begin ...

U.S. miner TeraWulf expanded its Bitcoin mining capacity in 2023, resulting in 70% more BTC mined in Q2. Bitcoin (BTC) mining firm TeraWulf has seen a drastic increase in BTC rewards since increasing its mining capacity in the first half of 2023. According to the company’s latest quarterly filing with the United States Securities and Exchange Commission, TeraWulf mined a total of 1,441 BTC through the first half of the year. 508 BTC was mined in Q1, while the firm added another 375 self-mined BTC to its balance sheet in Q2. The increase in hash rate and mined BTC also led to an uptick in quarterly revenue for the company, up from $11.5 million to $15.5 million in Q2. The company pointed to its increase d hash rate and the recovering market value of Bitcoin as primary reasons for its improved quarterly financials. Related:  TeraWulf goes nuclear: 8,000 rigs spool up in Nautilus mining facility The firm now has over 50,000 new-generation Bitcoin miners, which it operates across its La...

Bitcoin mining stocks have been on a triple-digit-tear in 2023, but an uptick in BTC sent to exchanges hints at waning momentum. Bitcoin mining companies outperformed BTC price by a huge margin amid the recent bullish price action in the top cryptocurrency. The average year-to-date gains in 2023 across the stock s of top nine public Bitcoin mining firms by market capitalization stood at 257.14%. The figure is almost three times higher than BTC’s gain in the same period. The higher gains represent the leveraged beta effect that mining stocks enjoy. Leveraged beta suggests that during Bitcoin upside, these stocks outperform. Whereas, when Bitcoin slumps, they face deeper downside risk. Due to a high levered beta, Bitcoin’s price performance will remain a crucial factor in deter mining the direction of mining stock s. The trends within the mining sector show that miners are positioning themselves for the long-term by buying more machines. However, they have yet to exhibit accumulation...

DHI CEO Ujjwal Deep Dahal said that the partnership would contribute to a more sustainable domestic economy in Bhutan. Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) have teamed up to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan.  In an announcement sent to Cointelegraph, Bitdeer and DHI said they would launch the partnership by creating a closed-end fund with an approximate value of $500 million. The firms aim to start their fundraising efforts at the end of May to attract investments from around the world. Bitdeer chairman Jihan Wu expressed enthusiasm about collaborating with DHI. According to Wu, the company will work with DHI to utilize Bhutan’s zero-emission energy to support blockchain technologies, which will eventually establish an unchangeable foundation for a universal store of value. He also added that the fund would provide a platform to develo...

Discover the fundamentals of blockchain technology, its use cases and its impact on various businesses through the top five books about blockchain. Reading blockchain books can be an effective way to understand blockchain technology comprehensively. These books can provide insights into the history and principles of blockchain, and how it works in practice. By reading these books, you can gain a deeper appreciation of the potential of blockchain technology and its various use cases across different industries. Furthermore, these books can help you understand how blockchain can be used to solve real-world problems and transform existing business models. By staying up-to-date with the latest blockchain developments, you can position yourself for success in this emerging field. Here are five books to learn about blockchain: “Mastering Blockchain: Distributed Ledger Technology, Decentralization, and Smart Contracts Explained” by Imran Bashir This book provides an in-depth overview of b...

Argo Blockchain reduces its total debt by $41 million by selling its flagship Helios mining facility and getting a $35 million loan from Galaxy. Cryptocurrency Mining firm Argo Blockchain has taken a difficult decision to sell its flagship Mining facility Helios in order to survive the ongoing bear market. Argo Blockchain CEO Peter Wall officially announced on Dec. 28 a deal with Mike Novogratz’s crypto investment firm Galaxy Digital to sell Helios facility for $65 million. Argo has already been cashing its mined Bitcoin (BTC) to reduce the loan to Galaxy. Additionally, Galaxy will also provide Argo with a new $35 million equipment finance loan to help the troubled miner reduce its debt. “We’ve used the proceeds of that sale in a new Galaxy loan to pay off the debt that we owed to NYDIG and a tiny bit to another secured lender,” Wall noted. The new transactions aim to reduce Argo’s total debt by $41 million, improve liquidity and operating structure, allowing the firm to continue its...