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You are here: Home / Archives for Bitcoin Mining

Bitcoin Mining

Marathon Mines Record 687 Bitcoins, Boosts Production By 45%

February 3, 2023 by Ammar Raza

Marathon Digital Holdings, one of the largest Bitcoin miners in North America, announced its record production of 687 Bitcoins in January 2023. The company, which currently holds 11,418 BTC, also sold 1,500 of its holdings during the same month and intended to continue selling a portion of its Bitcoin this year.

Marathon’s Chairman and CEO, Fred Thiel, attributes the improvement in bitcoin production to the successful collaboration with their hosting provider in McCamey, Texas. The new partnership addressed technical issues that suppressed production in Q4 2022. The result is a 45% increase in bitcoin production from December 2022 to January 2023.

image 17

Marathon Sells 1,500 Bitcoin To Strengthen Balance Sheet

However, per the press release, the company’s BTC production has seen a significant surge, with a production of 687 units in January, marking a 49% increase from the previous month’s 462 units. It has resulted in an average daily production of 22.1 units, also a 49% rise from January’s 14.9 units.

Additionally, the operational and energized hash rate (EH/s) has seen a 103% increase, reaching 7.3 in January 2023 compared to 3.6 in January 2022. The installed hash rate (EH/s) has also seen a 206% boost, now standing at 11.0 compared to 3.6 in January 2022.

With more consistent bitcoin production, Marathon decided to sell some of its holdings to cover operating expenses. The sales did not significantly impact the miner’s unrestricted Bitcoin holdings, which increased from 7,815 to 8,090 from December 2022 to January 2023. Marathon ended January 2023 with $133.8 million in available cash on hand.

According to the press release, with production increasing, Marathon aims to focus on energizing more miners and optimizing their performance. The company aims to become one of the largest and most energy-efficient Bitcoin mining operations globally by installing 23 exahashes of computing power by the middle of 2023.

Marathon’s facilities in Garden City, Texas, and Ellendale, North Dakota, are also expected to commence operations in Q1 2023. In January, 2,100 of Marathon’s S19 XPs were energized at the Jamestown facility, increasing the company’s operating fleet to approximately 71,000 BTC servers with a theoretical capacity of 7.3 EH/s as of February 1, 2023.

Recently, Marathon Digital Holdings and FS Innovation, LLC entered into a Shareholders’ Agreement to form an Abu Dhabi Global Markets company to establish and operate one or more mining facilities to expand bitcoin mining operations.

The company’s commitment to strengthening its balance sheet and improving operational efficiency, along with its partnerships and expansions, has placed it in a solid position to achieve its growth and operational targets in 2023.

Related Reading | Solana-based DeFi Withdrew Its App Due To Liquidity Crunch

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Bitcoin Mining, Marathon

Electricity Crisis Takes A Toll On Bitcoin Mining Industry: A State-by-State Analysis

February 1, 2023 by Mishal Ali

A new report from the Hashrate Index provides insight into how the global energy crisis impacted the Bitcoin mining industry in 2022. With rising electricity prices and declining Bitcoin prices, some of the largest companies in the industry, such as Core Scientific, faced bankruptcy.

According to the report, a severe imbalance in the supply and demand of natural gas is a leading cause of the energy crisis and subsequent electricity price inflation. Natural gas is a crucial source of power for electricity markets, and its flexible nature allows it to adjust to spikes in demand.

image
Source: Hashrate Index

However, with Europe’s reliance on Russia for natural gas, the invasion of Ukraine in 2022 exposed the continent’s vulnerable energy security. As a result, Europe’s use of North American liquified natural gas caused energy price inflation to spread to the US and Canada.

Despite North America’s better energy security, most of the popular US states for Bitcoin mining saw double-digit increases in industrial electricity prices from 2021 to 2022. 

image 1
Source: Hashrate Index

Georgia experienced the largest surge with a 43% jump, which likely contributed to Core Scientific’s downfall. Meanwhile, Texas, home to large mining operations, also saw its electricity prices rise from $61 to $72 per MWh.

The report also revealed a correlation between a state’s electricity generation mix and its change in electricity prices in 2022. Hydro-rich states like Washington, Oregon, Idaho, and Montana were shielded from the worst electricity price increases, while those primarily powered by natural gas saw higher price rises. 

Additionally, the report emphasizes the importance of securing a low, long-term electricity price for the mining business, either through long-term physical or financial hedging or accessing stranded hydropower.

Hydro Power Provides Shield for Bitcoin Miners

States with abundant hydropower and independence from natural gas are less impacted by the global energy crisis, according to the report. In fact, no state powered by more than 40% hydro saw its electricity prices increase by more than 8% in 2022. 

image 3
Source: Hashrate Index

These hydro-rich states offer relatively cheap electricity for Bitcoin miners as long as the hydropower remains stranded or localized.

However, if there is sufficient transmission capacity to transport the excess hydropower to an area with high natural gas prices, customers in that area will bid up the price of the hydropower.

The report highlights the inverse correlation between states’ share of hydropower and their industrial electricity price changes in 2022, indicating that hydro-rich states saw lower electricity price increases. 

image 2
Source: Hashrate Index

On the other hand, the report shows a strong relationship between states’ share of natural gas and their electricity price changes, with natural gas-powered states experiencing higher price rises.

Related Reading | Despite Bitcoin Bull Ride Mass Layoffs in Crypto Land: At Least 2,900 Jobs Lost In January

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Bitcoin Mining, Core Scientific

Bitcoin Mining Powers Up Virunga National Park’s Conservation Efforts: Report

February 1, 2023 by Ammar Raza

Virunga National Park in the Democratic Republic of the Congo has made history by becoming the world’s first national park to run a Bitcoin mine, according to a report by journalist Adam Popescu, published in MIT Technology Review.

The decision to incorporate cryptocurrency mining came as a solution to protect the park’s forests and wildlife and to generate revenue after struggling for years.

Tourism, which accounted for 40% of the park’s revenue, was impacted significantly by the COVID-19 pandemic and Ebola outbreaks, causing a decline in visitors. 

Sébastien Gouspillou, CEO of Big Block Green Services, recognized the opportunity for Virunga to turn to Bitcoin mining to generate income and presented the idea to the park’s director, Emmanuel De Merode.

In 2019, Gouspillou met with Merode and a Belgian prince and proposed the idea of using Bitcoin mining to monetize the park’s untapped natural resources.

By early 2020, the mining operation was set up, and the park’s first coins were mined in September. The park’s BTC mine runs on clean energy from one of its three hydro plants, staffed by nine full-time workers. 

The facility has ten shipping containers, each with 250 to 500 mining rigs, with three containers owned by the park and seven by Gouspillou.

During the 2021 bull run, the park earned upwards of $150,000 a month, almost entirely offsetting lost tourist income. The Bitcoin mine is part of a larger plan to set up power-generating opportunities and connect local villages to electricity while mining more BTC. The park’s finance team manages the Bitcoin wallet and regularly sells the funds for park upkeep.

According to the report, the mine, powered by one of three hydro plants within the park, runs on clean energy and has hired nine full-time workers to operate the 250 to 500 rigs in 10 shipping containers, seven of which belong to Gouspillou. 

Protecting Biodiversity Through Bitcoin Mining

Virunga’s Bitcoin mine provides a unique solution to preserving the park’s biodiversity while generating revenue. Unlike traditional Bitcoin mining, which is highly energy-intensive, Virunga’s mine operates on sustainable clean energy, making it environmentally friendly.

De Merode remains confident in the project despite the ongoing bear market and manages the risk of Bitcoin disappearance by regularly selling the mined coins to fund the park’s upkeep. 

The project has faced skepticism from experts who question the connection between conservation and cryptocurrency. However, De Merode views the mine as a blockchain mining project, a more PR-friendly term, and a way to monetize surplus energy and preserve Virunga’s existence.

Nevertheless, Virunga National Park’s decision to run a Bitcoin mine serves as a shining example of how cryptocurrency can be used for good, preserving biodiversity and generating revenue in the process.

Related Reading | Bitcoin Best Month: 43% YTD Price Increase Amid Short Squeezes

Filed Under: News, Bitcoin News Tagged With: Bitcoin Mining, Virunga National Park

Bitcoin Mining Industry Enjoys Renewed Growth: 50% Revenue Boost Leads the Way

January 31, 2023 by Ammar Raza

After a difficult year of declining revenue, the Bitcoin mining industry has finally started to bounce back. In January 2023, mining revenue increased by 50% compared to the same period in 2022. This comes as Bitcoin experiences a minor bull run, giving a much-needed boost to the mining ecosystem.

image 99
Source: Blockchain.com

Last year, mining revenue dropped 37.5% from $15.3 billion in 2021 to $9.55 billion in 2022. The decline was due to various factors, including the collapse of several crypto-oriented firms and rising interest rates that put pressure on risky assets like stocks and cryptocurrencies. Miners also faced record-high electricity costs and difficulty, making profitability a challenge.

However, despite the difficult market conditions, the Bitcoin network remains well-positioned for a steady recovery. The hash rate continues to reach new all-time highs, attracting more miners to the network and boosting revenue. In January 2023, mining revenue jumped from $15.3 million to nearly $23 million, marking a significant increase.

MiningPoolStats data confirms a new all-time high in BTC’s hash rate on January 26th. The hash rate, reflecting the network’s miner processing power, reaches 321 exahashes-per-second (EH/s) as per the source’s information.

Green Energy Powers Bitcoin Mining

As the demand for greener energy solutions continues to grow, the Bitcoin mining industry is taking notice. To solve the high electricity costs and carbon footprint associated with mining, companies are turning to renewable energy sources.

Gridless, a mining company, recently tapped into a source of stranded energy in Malawi to test out a new Bitcoin mining site. The project uses 50 kilowatts of stranded energy, helping the power developer buy 200 more meters to connect more families.

1600 families connected to this remote hydro minigrid in the mountains of southern Malawi. They have 50kW of stranded energy that we are testing out as a new Bitcoin mining site.

Videos for context.

Still working on venting, wiring, etc. pic.twitter.com/Sxf8ABGPWH

— Gridless (@GridlessCompute) January 21, 2023

Erik Hersman, co-founder and CEO of Gridless spoke about the impact of the initiative:

The deal allowed the power developer to immediately buy 200 more meters to connect more families, solving their predicament of profitability and expansion.

The drive for greener energy solutions not only benefits the environment but also has the potential to increase profitability for mining companies and secure the decentralized Bitcoin network for years to come.

Related Reading | Weekly Market Watch: Bitcoin & Ethereum Soar As Crypto Market Surges Past $1T, Threshold, Aptos Lead The Way

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Bitcoin Mining, Gridless

Blockstream To Expand Bitcoin Mining Capabilities with $125 Million Funding

January 25, 2023 by Ammar Raza

Blockstream, a leading Bitcoin infrastructure provider, has announced a significant funding round, raising $125 million in a convertible note and secured loan financing to expand its institutional Bitcoin mining colocation services. 

The round was led by Kingsway Capital, with participation from Fulgur Ventures and other investors. The funding will be used to expand mining facilities and meet the high demand for Blockstream’s institutional hosting services. 

Sustainable Bitcoin Mining In 2023

The company boasts a solid reputation and a significant presence in the industry, cementing its spot as one of the world’s premier Bitcoin mining operators. With a strong trajectory of revenue growth projected for 2023, the company plans to not only expand its renewable energy mining offerings but also continue to innovate and develop its own Bitcoin miner.

Additionally, Blockstream remains a market leader in fast-growing BTC “layer-2” technologies such as Core Lightning and the Liquid Network. These technologies are focused on BTC micropayments, non-custodial trading, secure smart contracts, and the issuance of digital securities, stablecoins, and other financial products.

Blockstream President & CFO, Erik Svenson, said:
This fundraise allows us to accelerate the YoY revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy.

Svenson highlighted in the statement that their focus is on diminishing the risk for institutional bitcoin miners while empowering enterprise users to create valuable use cases on the most secure, sturdy, and scalable blockchain in the world, Bitcoin.

According to the press release, the recent happenings in the cryptocurrency sector highlight the significance of Blockstream’s contributions in the field of blockchain technology and Bitcoin mining.

Blockstream CEO Dr. Adam Back also said:

With 2022 being punctuated by multiple large-scale centralized party and protocol failures, we believe this has been a learning experience for the market: that the fundamental value of blockchains is in reducing the need to trust third parties.

Adam Back added that the recent emphasis on security and decentralization in the crypto industry presents an opportunity for market participants to transition to BTC-based non-custodial architectures such as the Liquid ecosystem of startups with decentralized market technology.

The Liquid platform, he noted, offers simple contracts that allow active traders to achieve self-custody through offline limit orders, non-custodial options, and collateralized loans, all while utilizing the security of their own hardware wallets and private keys. Mr. Back highlighted that this technology is compatible with both decentralized and centralized order-book exchanges.

Related Reading | Bitcoin Poised For Bullish Resurgence Amidst Reduced Miner Sales

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Bitcoin Mining, Blockstream

Bitcoin Mining In New Hampshire: Chris Sununu Weighs In With Final Report

January 20, 2023 by Ammar Raza

In a major move signaling a pro-crypto and Bitcoin mining stance, Governor Chris Sununu of New Hampshire has released the final report and recommendations of the Governor’s Commission on Cryptocurrencies and Digital Assets. 

The report, which the Commission unanimously approved at their December 2022 meeting, recommends convening a public process within the New Hampshire Department of Energy to clarify rules promoting partnerships between electricity generation projects and bitcoin mining businesses within the state.

This bold move by Governor Sununu and the Commission indicates a recognition of the growing importance of cryptocurrencies and digital assets in today’s economy and a willingness to support and encourage the development of this burgeoning industry in New Hampshire.

The report, which was developed by a group of experts in the field of crypto and digital assets, delves into the various legal, regulatory, and economic issues related to crypto mining and provides a comprehensive set of recommendations for how the state can foster a friendly environment for crypto businesses to thrive.

Governor Chris Sununu said:

This report is comprehensive and timely, providing specific recommendations that would establish New Hampshire as a leading jurisdiction for the development of sound and effective applications of blockchain technologies, including proposals to clarify current laws.

Bitcoin Mining Could Offer Benefits To Electricity Grids

The report has highlighted the energy-intensive nature of bitcoin mining and the potential negative impact it may have on the climate and environment when powered by fossil fuels. 

However, experts who presented to the Commission on the matter suggested that the highly interruptible nature of bitcoin mining’s electricity demand may actually offer benefits to electrical grids and even encourage the development of new energy resources such as renewables. 

The Commission has recommended that the state’s Department of Energy conduct a public review to explore how bitcoin mining operations can be integrated into the statewide energy plan with positive impacts for the electricity system, such as a more stable grid, more sustainable projects, and lower costs for consumers. 

This review will include an examination of how New Hampshire laws might enable “inside-the-fence” arrangements to support the development of renewable energy projects within the state.

Related Reading |  TRON: Huobi Comes Clear On Justin Sun’s Role 

Filed Under: News, Bitcoin News Tagged With: Bitcoin Mining, Cryptocurrency

CEO Of Hut8 Bitcoin Mining Calls 2022 “The Perfect Storm” for Miners: Report

January 19, 2023 by Mishal Ali

Jaime Leverton, the CEO of Hut8 Mining, a major player in the Bitcoin mining industry and a foremost authority on digital assets, claimed that 2022 was a year of great turmoil for those in the Bitcoin mining sector.

In an interview at the World Economic Forum in Davos, Switzerland, Leverton shared that depressed Bitcoin prices, an all-time high global hash rate, and an energy crisis created the perfect storm for miners.

Despite these challenges, Leverton explained that Hut8 Mining was able to avoid insolvency risks through a diversified strategy and successful mergers and acquisitions. 

The company recently opened a Bitcoin and mining repair facility for customers in Canada and Northern Europe. Also, it expanded its digital infrastructure offerings through the purchase of five enterprises, data centers, and the associated business, filling a gap in the market for Web3 digital infrastructure providers.

According to Leverton:

They tend to be really dependent on the traditional Web2 hyperscalers as they try to build out these decentralized platforms. And obviously, when you’re building a decentralized network, you don’t want to do that in centralized infrastructure.

Leverton delved into the topic of Bitcoin mining and its impact on the environment. As a founding member of the Bitcoin Mining Council, Leverton has been at the forefront of efforts to combat misinformation and promote sustainable practices in the industry. 

She explained that while Bitcoin’s transparency can be a double-edged sword, it also presents an opportunity for the industry to lead by example and set new standards for sustainable energy use. 

We’re their largest energy customer, their largest taxpayer, and a key provider of tech, labor and, in some cases, we also want to talk about joint curtailment with the city of Medicine Hat.

Bitcoin Mining Can Help To Stabilize Grids

The report highlighted the possibility of utilizing Bitcoin mining to stabilize electricity grids, an idea Texas has recently begun exploring. The software used would facilitate a more even distribution of supply and demand. Similarly, Canada, which experiences vast temperature fluctuations, is also looking for ways to improve its power grid regulation.

Leverton outlined how Bitcoin mining in Medicine Hat could benefit the grid and bolster eco-friendliness. Furthermore, if a snowstorm strikes, the miners can contribute up to 62 megawatts of power or, conversely, just half a megawatt to alleviate any potential peak demand.

Related Reading | Dogecoin: DOGE Loses CO2 Emissions By 25% Due To Elon Musk’s Efforts

Filed Under: News, Bitcoin News Tagged With: Bitcoin Mining, Hut8 Mining, Web3

Bitcoin Mining Firm Hive Blockchain Shares Skyrocket Over 100% YTD

January 17, 2023 by Ammar Raza

Hive Blockchain, a Bitcoin mining company, has seen a significant surge in its share value, with an increase of over 100% year-to-date. Specifically, between January 3rd and January 13th, 2023, the company’s shares rose by 104.6%. 

image 58
Source: Nasdaq

Starting at $1.53, the value of a single share reached $3.13 just ten days later, reaching a peak of $3.18 on January 12th. This impressive performance is likely due to the company’s recent adoption of Intel’s Blockscale chip for its mining machines, which is expected to increase the efficiency of its mining operations.

Bitcoin Miner deployed Intel’s (INTC) Blockscale chips

HIVE Blockchain announced in a press release on January 13th that it has successfully deployed its commercial version of the HIVE BuzzMiner, powered by the Intel Blockscale ASIC. 

The deployment follows months of planning, engineering development, quality assurance processes, field testing, and global collaboration. 

Frank Holmes, the Executive Chairman of HIVE, stated that the company has always been focused on innovation as a technology company. 

He highlighted that HIVE was the first public crypto miner to be green energy-focused, the first to mine both Bitcoin and Ethereum, and the first to own and build data centers. He added that the company is now the first public crypto miner to deploy its own ASIC mining rig.

He said:

The HIVE BuzzMiner is our testament to Proof-of-Work being the most secure and robust consensus mechanism for digital assets, of which Bitcoin is the most secure. 

The firm’s President & COO, Aydin Kilic, expressed his satisfaction with the successful deployment of the commercial version of the HIVE BuzzMiner, powered by the Intel Blockscale ASIC. He highlighted the high quality and robustness of the machine, and what sets the HIVE BuzzMiner apart is its dynamic range of operation.

Kilic added in the statement:

We are able to operate our machines from 110 TH/s to 130 TH/s, allowing us to optimize the profitability of our fleet by varying the power consumption and machine efficiency. Accordingly, our initial build of 5,800 HIVE BuzzMiners, can produce between 638 PH/s to 754 PH/s.

In addition, the company noted that it has successfully deployed over 1,500 machines globally, meeting expected performance targets. Their earlier projections of over 1 Exahash were based on the total allocation of Blockscale chips from Intel to produce 13,000 HIVE BuzzMiners.

Related Reading |  Recent Bitcoin Price Rally Is Due to Market Manipulation, Says Ex-SEC Member  

Filed Under: News, Bitcoin News Tagged With: ASIC, Bitcoin Mining, Ethereum, Hive Blockchain

Bitcoin Mining Difficulty Hits Record High About 10% Rise, As Price Rally Continues

January 16, 2023 by Ammar Raza

The mining difficulty for Bitcoin reached a record high of 37.59 T, a 10.26% increase, at block height 772,128 during the ongoing price rally. Additionally, the average hashrate for the entire network is now 269.02 EH/s, according to the data from BTC.com.

Screenshot 2023 01 16 154528
Source: BTC.com

The price of a Bitcoin had peaked at a record high of $65,000 by late 2021. This spectacular rise in the value of the cryptocurrency was quickly followed by a steep 70% plummet, significantly affecting the burgeoning crypto mining industry. 

As reported by TronWeekly, the Hashrate Index’s analysis of publicly traded Bitcoin mining firms showed that they owe more than $4 billion. Due to its overwhelming financial burden, the largest of them has already declared bankruptcy in 2022.

Upcoming Difficulty Looms A Concern for Bitcoin Miners

A recent report by Hashrate Index shows that only two weeks into the new year, the hash price is already on the rise. However, miners should be aware of the upcoming difficulty adjustment, which is expected to be the largest since Q4-2022.

Despite this potential challenge, the current high hash price is a positive sign for miners as they exit a difficult year. Only time will tell if this trend will continue for the next 11 and a half months.

As Bitcoin’s value surpasses $20,000, the hashrate has also seen a significant increase, reaching levels not seen since early October 2022. With a 23% increase over the past week, bringing the hashrate to $77/PH/day, the hashrate chart appears to be on a steady upward trajectory, similar to a quarter pipe in a skatepark.

Screenshot 2023 01 16 155229
Source: HashrateIndex

According to the report, the hash price on the rise after reaching low levels in 2022 won’t continue for long due to a change in the difficulty level. This adjustment, which is increasing by 9-10%, hasn’t happened since October 10, 2022, and it will wipe out most of the recent gains made by hash price.

Moreover, the report also revealed that after a tough period in late 2022, the stocks of companies involved in Bitcoin mining are off to a great start in the new year. Additionally, as the value of Bitcoin continues to climb, the stock prices of these companies are also experiencing a significant surge. The Index that measures their performance has seen an impressive 32% jump.

Screenshot 2023 01 16 154932
Source: HashrateIndex

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Bitcoin Mining, Crypto

Generation Hemp Pivots To Bitcoin Mining & Rebranding As EGSE

January 13, 2023 by Mishal Ali

In a bold move to diversify its operations, Generation Hemp, the leading mid-stream hemp processing firm in the US, has announced plans to venture into sustainable energy and Bitcoin mining, according to the January 12th press release.

In line with this shift in focus, the company will rebrand itself as Evergreen Sustainable Enterprises (EGSE). However, the press release also emphasized that the company’s existing operations will continue as normal, with all full-time personnel remaining in place.

The company has revealed that it has been actively researching and participating in sustainable bitcoin mining activities for the past year. With the management team’s extensive experience in the energy sector, the company recognized that it had the necessary skills to mine Bitcoin using sustainable energy methods successfully. 

As part of its sustainable energy initiatives, as per the release, EGSE’s subsidiary, Cryptorica LLC, has successfully closed a deal to acquire 80% of Toro Energía Sociedad Anonima, a Costa Rican corporation that owns a hydroelectric dam. 

This dam, capable of producing one megawatt of power, will be utilized to power Bitcoin mining machines at a low cost. The remaining 20% of Toro will be retained by the Kopper family, who have owned and operated the dam for over 30 years.

Bitcoin Upward Trajectory Is What The Company Waiting For

Gary C. Evans, CEO of Evergreen Sustainable Enterprises, said that the company’s recent changes would benefit shareholders in the long run. The mining sites currently under development, located in Arkansas, Kentucky, and Costa Rica, will generate immediate cash flow for the company, even in a down market. 

Evans asserts that these sites have low energy costs and a focus on green resources and have attracted interest from potential partners. The company’s financial projections show it can be profitable at lower Bitcoin prices than the current $18,000. They are also using newer, more efficient equipment at a cheaper cost than six months ago.

Additionally, Mr. Eduardo Kopper commented on the new 80% owner of Toro Energia:

We are already discussing additional new venture opportunities. We both have the same philosophy of maintaining very low costs in order to maximize profitability. When the price of Bitcoin starts its upward trajectory, we will be extremely well positioned.

Related Reading | Ethereum Prices Surge Leads Traders Liquidate $138.29M in Short & Long Positions

Filed Under: News, Bitcoin News, Press Release Tagged With: Bitcoin (BTC), Bitcoin Mining, Generation Hemp

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