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Core Scientific sold a Cedarvale, Texas-based mining location to bankrupt crypto lender Celsius for $14 million, while also releasing $31 million worth of claims against the company. According to a court filing, Core Scientific jettisoned the mining location in Ward County, Texas. The deal with Celsius came to light in a Thursday court filing, which also revealed that Core Scientific is releasing its $31 million worth of claims against Celsius, elevating the overall transaction to $45 million. Celsius Network and Core Scientific settlement. In exchange, Core will sell the Cedarvale site to Celsius and release all of Core’s own claims against Celsius. https://t.co/NN2Zs4WYBa pic.twitter.com/o5MCD3rdVA — Ang (@Ang_0ne) September 15, 2023 Celsius court filing The court filing stated, “After months of negotiations, Celsius and [Core Scientific] have now consensually resolved their long-running disputes and agreed to a global settlement that will fully resolve this litigation...

Blockstream intends to buy and store ASIC mining hardware ahead of Bitcoin’s halving in 2024. Blockchain technology firm Blockstream is looking to raise up to $50 million to purchase and store mining equipment that it perceives to be undervalued on secondary markets. Speaking exclusively to Cointelegraph, Blockstream mining sales head James Macedonio unpacked the company’s plans to take advantage of a “huge separation” in the value of Bitcoin (BTC) and ASIC mining equipment. Blockstream is partnering with Luxembourg-based digital securities marketplace STOKR to launch the Blockstream ASIC (BASIC) Note. Macedonio said that blockstream will look to initially secure $5 million for its Series 1 BASIC Notes, each valued at $115,000, to buy ASICs at scale, store and then sell them back to the market as demand for hardware picks up into 2024. The 24-month investment note is set to be available to accredited international investors, while Macedonio said that the firm anticipates seeing retu...

Several suspects have been apprehended in China for selling used graphics cards as new to crypto miners in a counterfeit operation, reports on July 20 reveal. Their modus operandi involved purchasing relatively new GPUs in bulk from miners, cleaning them, removing identifying marks, and repackaging them to appear as brand-new models. The arrest came after a year-long investigation by police in the Bincheng district of Binzhou City. During the operation, authorities discovered numerous mining enclosures missing their graphics cards in a warehouse.  You might also like: China’s digital yuan hits $250 billion in transactions Seven people have been arrested in connection with the $2 million graphics card counterfeit scheme . The suspects, all Chinese nationals, are accused of producing and selling counterfeit graphics cards that look like genuine products from well-known manufacturers. The group exploited the current global chip shortage and the resulting hi...

Recent data from blockchain analytics company IntoTheBlock indicates that approximately 29% of the total Bitcoin supply, which has remained stagnant for over five years, might be lost forever. Fresh data unveiled by the blockchain analytics firm, IntoTheBlock, reveals that close to 29% of Bitcoin’s total circulating supply might be lost forever, showing no signs of movement for over five years. This highlights an inherent attribute of Bitcoin (BTC) – its scarcity – as only 21 million coins can ever be mined. However, the very feature that augments Bitcoin’s appeal to investors is a double-edged sword, leading to the risk of irreversible asset loss if private keys are mislaid or forgotten. IntoTheBlock recently brought attention to the substantial surge in dormant Bitcoin addresses. “Our data shows that 29% of $BTC hasn’t moved in over five years. It’s possible that a large part of this concerns lost coins,” the company noted in their tweet. #B...

Block has completed the design of its new prototype ASIC chip which it says will fast-track its plan to bring “open source” Bitcoin mining rig design to market. Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey has announced it has completed the prototype design of its new five-nanometre (5nm) Bitcoin (BTC) mining chip — which it claims is key to decentralizing the supply of Bitcoin mining rigs. According to a blog post published on April 28, Block explained that developing Bitcoin mining ASIC rigs is both financially and technically challenging. The result of this has been “the excessive concentration of custom bitcoin mining silicon” in the hands of a select few companies. Block deems this centralization harmful to both miners and the Bitcoin network as a whole. We have an update on our Mining initiative. This one is about ASICshttps://t.co/bJOM9YNxfl — Thomas Templeton (@TempletonThomas) April 28, 2023 Notably, the San Francisco headq...

The Massachusetts-based man is alleged to have stolen nearly $18,000 worth of electricity to run 11 miners in a school’s crawl space. A former facilities worker who allegedly set up a secret cryptocurrency mining operation inside a Massachusetts school’s crawl space is due for arrest after missing a scheduled court hearing to answer to charges.  Nadeam Nahas was scheduled to be arraigned on Feb. 23 facing charges of vandalizing a school and fraudulent use of electricity, according to media reports. JUST IN: an ex-town employee is accused of running a "Cryptocurrency mining operation" out of Cohasset High School. pic.twitter.com/cdBlMIxnnH — whalechart (@WhaleChart) February 24, 2023 A default warrant is a type if warrant issued by courts when a person fails to appear in court or comply with an order, and authorizes law enforcement officers to arrest the person. Nahas, who is said to have previously worked in the facilities department for the town of Cohasset, Massachu...

Join us as we discuss everything you need to know about mining crypto from the comfort of your home. Hosting the show will be Cointelegraph’s head of markets, Ray Salmond, with special guest Justin Kramer. On this week’s episode of Market Talks, Cointelegraph welcomes Justin Kramer, CEO of Badgerland Home Crypto Mining — a home-based crypto mining equipment business. This week, to kick things off, we get to know a little bit about Kramer and his mining business. What are his expertise and experience with crypto mining, and how did he gravitate toward it? We also get his take on the current market conditions and the price of Bitcoin (BTC). Doing anything from your house, whether it’s working from home or mining cryptocurrencies, comes with its own set of challenges, especially when you’re first starting out. We find out what some of those challenges are and how to overcome them. This is especially useful for anyone looking to set up their own mining rig at home. We discuss the five maj...

The Bitcoin network hashrate has returned to 241.29 EH/s after a temporary 38% fall to 170.60 EH/s from a weekly peak of 276.40 EH/s. Bitcoin’s network hashrate has returned to regular levels again, days after freezing temperatures across the United States put a strain on the nation's electricity grid — leading to a temporary drop in hashrate. In the days leading up to Christmas, bone-chilling temperatures swept across the United States, leading to millions without power and claiming at least 28 lives. According to reports, Bitcoin miners in Texas, which accounts for a significant portion of the country's hashrate, voluntarily curtailed operations to give power back to the grid — so that residents can keep their homes heated.  The disruptions appear to have put a dent in Bitcoin’s hashrate, which typically hovers around 225-300 Exahashes per second (EH/s). This fell to 170.60 EH/s on Dec. 25. As of Dec. 26 however, the hashrate has returned to 241.29 EH/s, according to data f...

B. Riley suggested the embattled miner’s issues were “self-imposed” and outlined a path for it to avoid bankruptcy. Financial services platform B. Riley has offer ed Bitcoin (BTC) miner Core Scientific $72 million in financing to avoid Bankruptcy and preserve value for Core Scientific stakeholders. B. Riley, a top lender to Core Scientific with $42 million in loans currently outstanding, outlined the terms of the financing agreement in a Dec. 14 letter noting it's prepared to fund the first $40 million “immediately, with zero contingencies.” The finance platform suggested the remaining $32 million would be conditional on the BTC miner suspending all payments to equipment lenders while Bitcoin prices are below $18,500. The last time the price of Bitcoin was above $18,500 was on Nov. 9, before it fell over 14% in one day. B. Riley’s assessment of the predicament Core Scientific is in was scathing, suggesting it had deployed “an aggressive, ill-conceived strategy […] to continue to...