BlackRock and Apollo are among a group of creditors that lent around $500 million to bankrupt Bitcoin miner Core Scientific by buying its secured convertible notes bloomberg.com/news/articles/ via
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BlackRock and Apollo are among a group of creditors that lent around $500 million to bankrupt Bitcoin miner Core Scientific by buying its secured convertible notes
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Sources: bankrupt crypto lender BlockFi plans to sell $160M of loans backed by ~68K bitcoin mining rigs; some have already defaulted or seem undercollateralized ( / Bloomberg)
bloomberg.com/news/articles/
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Scoop: Bankrupt crypto lender BlockFi Inc. plans to sell about $160 million of loans backed by around 68,000 Bitcoin mining machines. Deadline for bidders to submit offers is on Jan. 24
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Ethereum founder Vitalik Buterin proposed “a stealth address system” to boost privacy as regulators ramp up scrutiny over financial transactions on the blockchain bloomberg.com/news/articles/ via
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Binance says Signature Bank will only handle transactions of over $100,000, starting on February 1, as the US bank decreases its exposure to crypto markets ( / Bloomberg)
bloomberg.com/news/articles/
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Binance said Signature Bank will only handle crypto user transactions of more than $100,000 as the bank decreases its exposure to digital-asset markets bloomberg.com/news/articles/ via
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Full article available on the web:
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Some clarity regarding the most recent Binance rumors on CT. More details on the terminal
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Digital Currency Group, the struggling crypto empire, said it’s suspending quarterly dividends until further notice as the company seeks to preserve cash bloomberg.com/news/articles/ via
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Bitcoin miners are turning their machines back on as the largest digital asset posts biggest weekly gain in nearly two years bloomberg.com/news/articles/ via
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With the value of next-gen Bitcoin mining rigs down an estimated 85%, some crypto lenders flooded with repossessed rigs are keeping them running for the income ( / Bloomberg)
bloomberg.com/news/articles/
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Crypto lenders have repossessed so many Bitcoin mining rigs they’re resorting to plugging them in and extracting tokens themselves bloomberg.com/news/articles/ via
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Crypto lenders have repossessed so many Bitcoin mining rigs they’re resorting to plugging them in and extracting tokens themselves 🏦💵➡️⛏️⚡️
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After hefty losses, forced sales of equipment and regulatory uncertainty, what’s in store for Bitcoin miners as the crypto winter moves in 2023?
and Blockware Solutions CEO Mason Jappa discuss in the latest Bloomberg Crypto podcast
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Over $1B in total: $100M last Aug, $550M in Jan, $250M in Feb and $250M in Apr. The timeline and amounts dovetail to the investing sentiment in Bitcoin mining. Didn't know Alameda was such a major force behind the crypto-mining boom
bloomberg.com/news/articles/
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Cash-strapped Bitcoin miners like Core Scientific are scaling back their operations as the industry weathers a plunge in digital-asset prices bloomberg.com/news/articles/ via
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Miners deleverage, spending on infra among major miners sees a quarterly decline that is as much as 77% in late 2022 with some Q4 filings still pending to be published, according to data compiled by
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Due to rising electricity costs and the ambiguity of pass-through costs in their hosting agreements, legal disputes have emerged. Miners and hosting sites are arguing who should pay the electricity bills that are in the range of tens of millions of dollars
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ICYMI: Story with , Celsius has agreed to let Core Scientific shut down its 37k rigs. Important legal precedent for disputes between miners and hosting sites. Lots of deep-pocketed investors invest in mining by buying rigs and pay hosting cos like Core to run them -
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The case could serve as legal precedent for some of the miner’s hosting customers who have about 100,000 pricey Bitcoin mining servers on site
bloomberg.com/news/articles/
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The case could serve as legal precedent for some of the miner’s hosting customers who have about 100,000 pricey Bitcoin mining servers on site
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Remember when blockchain was the crypto industry buzzword everyone was adopting a few years back? bloomberg.com/news/articles/ via
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FTX founder Sam Bankman-Fried asked a judge to keep confidential the identities of two people who are helping to secure his bail bloomberg.com/news/articles/ via
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Bitfarms, one of the first public companies that started using specialized computers to secure the Bitcoin network, says its CEO has resigned bloomberg.com/news/articles/ via
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Solana is drawing immense scrutiny over its former close ties to Sam Bankman-Fried.
Its founders are doing everything they can to break that connection
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Argo shares rallied after it agreed to sell its Helios Bitcoin mining facility to Galaxy Digital for about $65 million, giving the embattled company some breathing room bloomberg.com/news/articles/ via
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Story by answers a lot of the questions related to SBF's bail. Much needed given the amount of misinformation on CT
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Core Scientific filed for bankruptcy yesterday, so naturally it surged as much as 273% today $CORZ with
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Look at the amazing graphics! 👀👀
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When I joined the @crypto team at the beginning of 2022, I did not anticipate it being **this** eventful.
My colleagues @emilyjnicolle, @olgakharif and @s_m_i detail how crypto’s horrible 2022 unleashed a cascade of contagion, with graphics from @kyleykim trib.al/ELNf1wt
GIF
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Story w/ : Core Scientific surged by a record 273% on Thursday. Roughly 409M shares changed hands by 12:40 pm in NY, more than 2,200% its daily average over the past 3 months. Retail investors appeared to be avoiding the frenzy. More 👇
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It will take a while for its creditors to decide on what the best course of action would be. Shareholders are not happy with the situation
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Depending on what they do with the operations, there might be significant impact on the amount of computing power that secures the Bitcoin network. As for other public miners, we still need to wait and see. Mining stocks are relatively calm as of now
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So what happens next? Likely to be liquidations as part of the bankruptcy process, whose consequences may ripple through the whole industry given its scale. Significant impact on demand for hosting sites and supply of used mining machines
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6) Core said it will continue to self mine and host and claimed cash flows are positive and debt-free
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5) Celsius Mining execrated liquidity crunch. The filing said the hosting customer has continuously failed to pay "power pass through" charges in addition to the amount owed before its parent filed for bankruptcy in July. There is a dispute for those charges with a lawsuit
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