Green BTC miner Bitfarms’ production up 50% after China ban, as Compass goes ...
Bitfarms is producing more BTC at a lower cost due to the drop in difficulty. Publicly traded North American Bitcoin mining company, Bitfarms, has doubled its productivity this year amid the Chinese crackdown and resultant miner migration.The Canadian hydroelectricity mining outfit claims to be currently powering an estimated 1.5% of the entire Bitcoin network with more than 99% renewable green energy.In a July 14 production update, the firm revealed that it had mined 1,357 BTC in the first six months of 2021, adding that this was the largest number of BTC mined in North America as....
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The IRS has considered crypto mining revenue as part of taxable income since 2014. North American mining and hosting firm Compass Mining is offering a new tax avoidance method for savvy crypto miners that file in the United States. In a Thursday announcement, Compass Mining said it had partnered with IRA provider Choice by Kingdom Trust to help Bitcoin users mine directly to their IRAs “without ever triggering a taxable event.” Under current U.S. law, income is often the only taxable source of funds for many who file returns. Crypto users who purchase tokens may be required to declare the....
The U.S.-based company Compass Mining plans to sell $30 million worth of bitcoin mining equipment that’s currently located in Siberia. The decision to sell the mining rigs follows the U.S. government sanctioning the bitcoin mining operation Bitriver and ten subsidiaries. Compass is hoping to offload 12 megawatts of capacity, according to a company executive. Compass Hopes to Sell 12 MW of Bitcoin Mining Capacity in Russia to Pay Clients According to Compass Mining’s CEO Whit Gibbs, the firm is selling $30 million in mining equipment that is currently located in Siberia.....
Bitcoin's production cost is dropping, and price action often rebounds to new highs if it dips below it, data shows. China's crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests.In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin's potential price floor.Don't believe the China FUDAs a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin's electrical cost — the combined cost of keeping the network running — is dropping.As Edwards....
Through the facilitation of the Human Rights Foundation, Compass has committed to a one-year donation of $80,000 to Jon Atack.
The facility owner Dynamics Mining publicly took to Twitter to share the letter terminating its hosting agreement with Compass Mining, saying it had unpaid bills. Bitcoin (BTC) mining hardware and hosting company Compass Mining has lost one of its Maine-based hosting facilities after the owner, Dynamics Mining, terminated the hosting agreement between the two, claiming Compass failed to pay the required bills.Dynamics posted on Twitter late on June 26 a letter it sent to Compass Mining which stated as of June 14th, the hosting contract between the two was terminated. Dynamics alleged....