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  • Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium
    • Rhodium filed for Chapter 11 with debts of up to $100M and assets of up to $500M.
    • The debtor-in-possession financing plan is offered by Galaxy Digital.
    • Galaxy Digital offers Rhodium a $30M loan or 500 BTC with a 9.5%-14.5% interest.

    Rhodium Enterprises, a Texas-based Bitcoin mining firm, has recently garnered significant attention following its Chapter 11 bankruptcy filing on August 24, 2024.

    With liabilities ranging between $50 million and $100 million, and assets valued between $100 million and $500 million, Rhodium’s financial struggles have highlighted the growing challenges within the cryptocurrency mining sector.

    Riot Platforms claims Rhodium owes it $26M

    At the heart of Rhodium’s financial distress is its strained relationship with its landlord and power supplier, Whinstone.

    This tension contributed to Rhodium defaulting on a $54 million loan in July, shortly before the company raised $78 million in additional lending. The strain has culminated in the filing of a lawsuit by rival mining firm Riot Platforms, which claims Rhodium owes over $26 million in unpaid fees.

    Texas approves debtor-in-possession financing plan for Rhodium

    Despite these setbacks, Rhodium has secured an unusual debtor-in-possession financing plan approved by a Texas court.

    This plan, offered by Galaxy Digital — a blockchain firm led by Mike Novogratz — provides Rhodium with a choice between a $30 million loan with a 14.5% annual interest rate or a 500 Bitcoin loan with a 9.5% interest rate.

    Notably, the Bitcoin miner has the option to repay the Bitcoin loan in US dollars, based on market prices at the time of repayment.

    The approval of this financing plan is particularly striking given the volatility of Bitcoin price, which adds a layer of uncertainty to Rhodium’s repayment obligations. Over the last month, Bitcoin has seen a nearly 11% decline, reflecting broader market instability.

    Rhodium’s struggles are not isolated; they are emblematic of the broader challenges facing the cryptocurrency mining industry. The recent Bitcoin halving has reduced mining rewards while rising electricity costs have eroded profit margins.

    As Rhodium endeavours to reorganize and recover, its journey underscores the precarious state of the crypto-mining sector in an increasingly volatile market.

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  • CleanSpark acquires Bitcoin miner GRIID for $155 million

    CleanSpark acquires Bitcoin miner GRIID for $155 million

    • CleanSpark announced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
    • The company expects the all-stock deal to close in Q3, 2024 subject to GRIID shareholder approval and other customary requirements.

    Bitcoin miner CleanSpark announced today that it has entered an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.

    According to a press release the merger agreement also saw the two Bitcoin mining companies seal an exclusive hosting agreement for all of GRIID’s currently available power. 20 MW of this power will immediately be allocated to CleanSpark.

    “We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” CleanSpark CEO Zach Bradford said in a statement.

    CleanSpark eyes 400 MW by 2026

    CleanSpark, which has closed other deals before, expects to build out its operations in Tennessee over the next three years. This should see the miner reach operational capacity it managed in Georgia over the same period.

    “That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bradford noted.

    The miner targets surpassing 100 MW in Tennessee by the end of this year, 200 MW in 2025 and over 400 MW in 2026.

    Deal expected to close in Q3

    Per the announcement, CleanSpark’s acquisition of GRIID has already received unanimous approval from the Boards of Directors of both companies.

    As such, they expect the deal will close in Q3, 2024. However, this is still subject to approval by GRIID shareholders as well as other customary closing conditions.

    CleanSpark’s acquisition of GRIID comes as another Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the latest development around the saga, Riot has reportedly decided to go for an overhaul of the Bitfarms’ board by taking up three seats.

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  • SEC Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud
    • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
    • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
    • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

    The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

    Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

    Let’s delve into the details of these developments.

    SEC’s charges against Geosyn Mining and its co-founders

    According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

    According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

    Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

    The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

    Bitbot: a Telegram bot revolutionizing crypto trading

    While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

    Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

    The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

    Bitbot presale nears $3 million

    In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

    Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

    Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

    $BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

    Conclusion

    SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

    As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

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  • SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud
    • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
    • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
    • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

    The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

    Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

    Let’s delve into the details of these developments.

    SEC’s charges against Geosyn Mining and its co-founders

    According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

    According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

    Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

    The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

    Bitbot: a Telegram bot revolutionizing crypto trading

    While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

    Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

    The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

    Bitbot presale nears $3 million

    In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

    Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

    Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

    $BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

    Conclusion

    SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

    As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

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  • Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    • GRIID begins trading on NASDAQ post-SPAC merger, enhancing market presence.
    • NASDAQ debut follows a successful merger with Adit EdTech Acquisition Corp.
    • GRIID’s listing underscores the growing integration of cryptocurrency firms into traditional markets.

    GRIID, a US-based Bitcoin mining company, has officially commenced trading on the NASDAQ Global Market, heralding a new chapter in its journey. Known for its vertically integrated mining facilities leveraging sustainable energy, GRIID’s foray into the NASDAQ marks a notable milestone in the cryptocurrency sector’s intersection with traditional financial markets.

    The move signifies a pivotal moment for GRIID, emphasizing its strategic expansion and commitment to delivering value to shareholders.

    GRIID’s SPAC merger

    GRIID’s NASDAQ listing comes on the heels of a successful merger with Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC). This strategic move underscores GRIID’s dedication to fortifying its market position and enhancing shareholder value. With the completion of the merger on January 2nd, GRIID swiftly transitioned to public trading, showcasing its agility in capitalizing on market opportunities.

    As GRIID joins the ranks of publicly traded Bitcoin miners on NASDAQ, including industry giants like Coinbase Global and Marathon Digital, the cryptocurrency ecosystem continues to integrate into mainstream finance. GRIID’s presence on NASDAQ not only bolsters its visibility and liquidity but also underscores the growing investor interest in cryptocurrency-related ventures.

    GRIID’s NASDAQ debut marks a significant milestone for the company and the broader cryptocurrency industry. With its innovative approach to Bitcoin mining and strategic market moves, GRIID is poised to make waves in the financial landscape, further bridging the gap between traditional finance and the burgeoning world of digital assets.

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  • Solo Bitcoin miner wins 6.25 BTC block reward

    Solo Bitcoin miner wins 6.25 BTC block reward

    • A solo Bitcoin miner earned the 6.25 BTC block reward after beating the odds to solve block 793607.
    • The miner reportedly used an Antminer S9 with about 17 TH.
    • At today’s Bitcoin mining difficulty and with 17 TH, a solo miner would need an average of 450 years to land a block.

    With Bitcoin price struggling below $26,000, and the wider crypto market impacted by recent regulatory events, there’s has been very little to cheer Bitcoiners.

    But for a solo BTC miner, a lucky break had them strike gold with the winning of a block reward. According to on-chain data, the miner beat staggering odds to mine block 793607 and earn the 6.25 BTC block reward.

    BTC miner with single Antminer S9 hits jackpot

    The solo miner reportedly achieved the once-in-a-life-time feat using a single Antminer S9 and accounted for only 17 terahashes (TH). Their “lottery” win was worth about $160,000 at the time of block reward.

    “Congratulations to miner 151XTfHBfaDqoNWGGeYobNX2YzFFWuB5YD with only ~17TH for solving the 275th block at http://solo.ckpool.org! That is likely a single S9 miner. A miner of this size would only solve a block once every ~450 years on average,” tweeted Con Kolivas, a CGMiner software engineer and the admin of Solo CKPool.  

    It’s not the first time a solo miner has hit such a jackpot, with CKPool apparently seeing seven such instances since January. However, the feat is increasingly difficult as the Bitcoin hashrate and mining difficulty have increased.

    According to data from Blockchain.com, the current Bitcoin mining difficulty is 51.23 trillion hashes. Mining difficulty looks at how difficult it is to mine the next block, that is how many hashes a miner must generate to find and solve a valid block. The current difficulty is at all-time highs and has most blocks solved by major mining pools and companies.

    The difficulty adjusts every 2016 blocks (about two weeks’ time) and can go up or down. The next adjustment expected on June 14 will see the difficulty jump by about 2.92% to 52.73 T.

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