Cryptocurrency

William B. Horne, Chief Executive Officer of Ault Alliance, stated, “Sentinum continues to work on improving operations and will begin transferring machines from its Michigan site to its Montana site, which is expected to occur this month. A shift of machines to our Montana site will allow us to focus on expansion at our Michigan site. This expansion is expected to support the rapid growth of High-Performance Computing and Artificial Intelligence use cases. Obviously, if the recent uptick in Bitcoin prices holds, Sentinum expects to achieve a new monthly run rate record for March 2024.”Ault Alliance notes that all estimates and other projections are subject to the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, the ability to build out and provide the necessary power for miners, and other factors that may impact the results of Bitcoin mining production or operations. The Company also notes the upcoming halving of Bitcoin and with that, the halving of the block reward for miners. The Company makes no prediction on the price of Bitcoin prior to or after the upcoming halving but is prepared to adjust its mining operations accordingly.For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov. More

The world’s largest cryptocurrency traded up 5.6% at $72,156.6 by 22:51 ET (02:51 GMT), remaining close to a record high of $72,771 hit on Monday. Bitcoin’s latest record highs come as an extension of a rally triggered by the approval of the spot ETFs in January, which invited a heavy amount of institutional capital into the token.The token was also boosted by MicroStrategy Incorporated (NASDAQ:MSTR), the biggest corporate holder of Bitcoin, buying 12,000 tokens on Monday using debt. A report from digital asset manager CoinShares showed on Monday that investment products tracking Bitcoin saw capital inflows of about $2.7 billion in the week to March 10.BlackRock Inc’s (NYSE:BLK) iShares Bitcoin ETF (NASDAQ:IBIT) commanded the lion’s share of these inflows, seeing nearly $2.1 billion, while Fidelity (NYSE:FBTC) saw an inflow of $1.34 billion. Bitcoin remained the sole driver of capital inflows into crypto markets, with other major tokens, such as Ethereum and Solana, either seeing minimal inflows or outflows. Digital assets manager Grayscale (NYSE:GBTC) also saw sustained outflows from its Bitcoin ETF, of $1.7 billion in the past week, as it continued to struggle with increased competition in the crypto ETFs sector. The Bitcoin ETF approvals earlier in 2024 triggered a mad rush of institutional capital into the world’s largest cryptocurrency, given that they allow for exposure to the token without having to directly invest in crypto.But even as Bitcoin’s price surpassed 2021 highs, trading volumes in the token, especially in the retail sphere, remained at a fraction of those seen during the 2021 bull run, according to Investing.com data.The trend raised questions about just how sustainable Bitcoin’s recent rally remained, while also drawing accusations of market manipulation by exchanges and stablecoin operators. Retail interest had largely dwindled in crypto over the past two years, following a sharp price decline marked by rising interest rates and a string of high-profile frauds and bankruptcies. Crypto stocks had a mixed performance on Monday. While Microstrategy, which is largely seen as a Bitcoin proxy, rose 4%, exchange operator Coinbase Global Inc (NASDAQ:COIN) and miner Marathon Digital Holdings Inc (NASDAQ:MARA) fell 1% and 12%, respectively.Coinbase in particular is still squaring off against the Securities and Exchange Commission over the nature of cryptocurrencies. More

The acquisition, priced at US$14/TH for the T21 miners and US$17.50/TH for the S21 variants, comes as the company prepares for what it anticipates to be a bullish market for Bitcoin. Geoff Morphy, President and CEO of Bitfarms, stated that securing these miners is a strategic move aimed at rapidly improving the company’s operating metrics, including hashrate, energy efficiency, and operating costs per terahash.The newly acquired miners are expected to be delivered within the year and are projected to enable Bitfarms to achieve a target hashrate of 21 EH/s in 2024. The company also plans to liquidate its older miners to offset the cost of the new equipment.Bitfarms, founded in 2017, operates 11 Bitcoin mining facilities across Canada, the United States, Paraguay, and Argentina, with two additional sites under development. The company is known for its commitment to sustainability, primarily using hydroelectric power and long-term power contracts to minimize its environmental footprint.This news is based on a press release statement from Bitfarms Ltd.As Bitfarms Ltd. (NASDAQ/TSX: BITF) gears up for a bullish Bitcoin market with its recent expansion in mining operations, investors are closely monitoring the company’s financial health and market performance. According to recent data from InvestingPro, Bitfarms holds a market capitalization of 807.81 million USD. Despite the company’s aggressive growth strategy, it is important to note that Bitfarms has been trading with a negative price-to-earnings (P/E) ratio of -9.64 for the last twelve months as of Q4 2023, which highlights the company’s current lack of profitability.InvestingPro Tips reveal that Bitfarms has experienced strong returns over the last year, with a 276.06% price total return. This performance is complemented by a large price uptick over the last six months, boasting a 142.73% return. However, the company does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income.Additional insights from InvestingPro indicate that Bitfarms has a high EBITDA valuation multiple and is trading at a price/book ratio of 3.07. These metrics suggest that the stock may be valued richly relative to its book value and earnings before interest, taxes, depreciation, and amortization. For investors looking for more in-depth analysis and tips, there are 11 additional InvestingPro Tips available for Bitfarms at https://www.investing.com/pro/BITF. To access these tips and further enrich your investment strategy, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Its trading volume for February exceeded $100 billion, marking a dramatic increase from previous months, according to AltIndex, which is using data from CoinMarketCap. This surge in activity has made Dogecoin the seventh most-traded cryptocurrency for the month.The meme coin’s price jumped by 94% month-over-month, a notable rebound after a period of subdued performance throughout 2023. Last week, the coin’s 24-hour trading volume saw an astonishing 2,300% increase from the beginning of February, rising from approximately $280 million to over $5 billion.This growth has propelled Dogecoin up the ranks of the most traded coins in the crypto space.In February, Dogecoin’s monthly trading volume reached $105 billion, placing it just behind Shiba Inu, which had a volume of $108.8 billion. The top five spots were occupied by Tether, Bitcoin, Ethereum, First Digital USD, and USDC.Despite trading at $0.161 last week, 70% below its all-time high from April 2021, Dogecoin has doubled its market cap in just one month, increasing from $11.3 billion to $22.8 billion. This leap has moved Dogecoin up to the ninth position in the ranking of the top ten cryptocurrencies by market cap.The overall market performance of Dogecoin suggests a growing investor interest in meme coins.CoinMarketCap data indicates that the largest meme coins by market cap, including Dogecoin, Shiba Inu, Pepe, and Bonk, all experienced four-digit growth in trading volume last month.Shiba Inu’s daily trading volume surged by 4,800%, Pepe’s by 3,500%, and Bonk’s by 2,400%, with Dogwifhat also showing significant growth.Meme coins have made a notable impact on the trading volume rankings, with three meme-based cryptocurrencies featuring in the top ten most-traded list for February. Shiba Inu took the sixth spot, Dogecoin the seventh, and Pepe rounded out the list, highlighting the sector’s increasing prominence in the digital asset market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

MSTR shares popped more than 9% at the market open on Monday, while Bitcoin (BTC) was trading around $72,000 at the time of writing.The purchase was made using the funds the software technology firm raised through a convertible note offering announced earlier this month. The offering was finalized on March 8, raising a total of $800 million in principal amount.“MicroStrategy has acquired an additional 12,000 BTC for ~$821.7M using proceeds from convertible notes & excess cash for ~$68,477 per bitcoin,” the company’s founder and chairman Michael Saylor said in a post on X.With this latest acquisition, MicroStrategy’s Bitcoin holdings have grown to 205,000 BTC, bought at an overall cost of $6.91 billion, which averages out to $31,500 per Bitcoin. More

As previously disclosed, on March 8, 2024, MicroStrategy Incorporated (“MicroStrategy”) completed a private offering of convertible senior notes (the “Offering”). The Offering, which included a 0.625% coupon and an approximately 42.5% conversion premium over the last reported sale price of MicroStrategy’s class A common stock on March 5, 2024, was well received in the marketplace and upsized to a total of $800 million in aggregate principal amount. This amount included the exercise by the initial purchasers of their option to purchase $100 million of additional notes. Net proceeds from the Offering to MicroStrategy totaled approximately $782.0 million.On March 11, 2024, MicroStrategy announced that, during the period between February 26, 2024 and March 10, 2024, MicroStrategy acquired approximately 12,000 bitcoins for approximately $821.7 million in cash, using $781.1 million of proceeds from the Offering and $40.6 million of Excess Cash (defined in our annual report on Form 10-K for the fiscal year ended December 31, 2023), at an average price of approximately $68,477 per bitcoin, inclusive of fees and expenses.As of March 10, 2024, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 205,000 bitcoins, which were acquired at an aggregate purchase price of approximately $6.91 billion and an average purchase price of approximately $33,706 per bitcoin, inclusive of fees and expenses. More

The increase has coincided with the BTC/USD rally above the $71,000 mark, marking a new record peak for the cryptocurrency. The price of Bitcoin surged to $71,837. It currently trades at $71,615, reflecting an intraday jump of around 3.75%, highlighting the ongoing bullish momentum in the cryptocurrency market. At the time of writing, Coinbase shares are trading at $274, up 6.77% The Coinbase share price increase and Bitcoin’s record-high rally reflect the renewed investor interest in cryptocurrencies, particularly amid the introduction of spot Bitcoin ETFs in the US. The rise in the cryptocurrency space on Monday was also helped by the UK’s Financial Conduct Authority announcing it will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK-listed market segment for cryptoasset-backed Exchange Traded Notes (cETNs). Furthermore, the London Stock Exchange said it will accept applications for bitcoin and ether ETNs in the second quarter of this year. More

Since February 2023, according to TheMinerMag’s analysis of public documents, the top 13 mining companies have spent over $1 billion on high-tech mining hardware. CleanSpark (NASDAQ:CLSK) and Riot Platforms (NASDAQ:RIOT) are at the forefront, having invested about $473 million and $415 million, respectively.These investments aim to boost operational efficiency and secure cost-effective electricity, a crucial factor given the energy-intensive nature of mining, which involves verifying blockchain transactions to earn Bitcoin. However, it has simultaneously raised the industry’s power usage, which hit a record 19.6 gigawatts last month, up from 12.1 gigawatts a year earlier, as estimated by Coin Metrics. This level of electricity consumption is enough to supply power to roughly 3.8 million households in Texas, which hosts a significant number of these mining facilities.These stats ignited discussions across social media platforms, where American billionaire and hedge fund manager Bill Ackman was among those who commented on the issue.“A scenario: Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues,” Ackman wrote in an X post.“Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin,” he added.This increased activity in the crypto sector is driven by a significant surge in Bitcoin’s value, spurred on by the introduction of spot Bitcoin exchange-traded funds (ETFs) and the anticipation of the halving event set for April. Following a 64% decline in 2022 due to various crypto industry crises, BTC’s value has since quadrupled. More