The most recent class-action suit was filed on Sept. 5 in San Francisco by a law firm representing a pair of unnamed engineers.Continue Reading on Coin Telegraph More
According to a Sept. 6 announcement, users affected by the Xirtam rug pull can receive their money by connecting their wallets to Etherscan, passing a verification check and calling the claim function through the contract address. Users must have submitted their applications by Aug. 2 to be eligible for recovery.Continue Reading on Coin Telegraph More
In a Sept. 6 filing in the United States Court of Appeals for the Second Circuit, Clerk of the Court Catherine O’Hagan Wolfe said a circuit judge had denied a motion from SBF’s legal team requesting his immediate release from the Metropolitan Detention Center in Brooklyn. The former FTX CEO’s lawyers had petitioned the court for temporary release, claiming the current measures aimed at allowing SBF to help prepare for his defense at trial were inadequate due in part to limited internet access.Continue Reading on Coin Telegraph More
Riot received an estimated $24.2 million in power curtailment credits under its contract with Texas grid operator Electric Reliability Council of Texas (ERCOT) and $7.4 million from ERCOT’s demand response program. Those monthly credits are greater than the credits the company received for all of 2022, Les said. Continue Reading on Coin Telegraph More
Bitcoin Production and Operations Updates for August 2023“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” said Jason Les, CEO of Riot. “Riot achieved a new monthly record for Power and Demand Response Credits, totaling $31.7 million in August, which surpassed the total amount of all Credits received in 2022. Based on the average Bitcoin price in August, Power and Demand Response credits received equated to approximately 1,136 Bitcoin. The effects of these credits significantly lower Riot’s cost to mine Bitcoin and are a key element in making Riot one of the lowest cost producers of Bitcoin in the industry. Riot’s power strategy is a key competitive advantage, and when placed alongside our strong financial position and efficient miner fleet, put Riot in a leading position heading into the upcoming Bitcoin ‘halving’ event next year.”Estimated Hash Rate Growth As previously disclosed, Riot is in the process of repairing damage incurred in Building G during the severe winter storm in Texas in December 2022, and Riot now anticipates achieving a total self-mining hash rate capacity of 12.5 EH/s at its Rockdale Facility by the end of 2023.The Company has also entered into a long-term purchase agreement with MicroBT, which includes an initial order of 7.6 EH/s of next-generation Bitcoin miners for its Corsicana Facility. Upon full deployment of this initial order by mid-2024, Riot’s total self-mining hash rate capacity is expected to reach 20.1 EH/s.Riot’s Power Strategy Assists in Stabilization of Texas Energy Grid During August Heat WaveTexas experienced another month of extreme heat in August 2023, causing demand for electricity to spike, in some cases approaching total available supply. Riot continued to execute its power strategy by curtailing its power usage by more than 95% during periods of peak demand, forgoing revenue from its Bitcoin mining operations to instead provide energy resources to ERCOT. The Company’s curtailment of operations meaningfully contributed to reducing overall power demand in ERCOT, helping to ensure that consumers did not experience interruptions in service.For more information on Riot’s power strategy, please refer to the Company’s updated Corporate Presentation, available on the Company’s website.Conference Schedule:Legal UpdateRiot is pleased to announce that on August 25, 2023, the New Jersey District Court dismissed Creighton Takata’s shareholder class action against Riot with prejudice resulting in the final dismissal of all claims. This victory is another example of Riot’s aggressive stance and determination to prevail when litigating matters.Human Resources UpdateRiot is currently recruiting for positions across the Company. Join our team in building, expanding, and securing the Bitcoin network.Open positions are available at: https://www.riotplatforms.com/careers.About Riot Platforms, Inc.Riot’s (RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform.Our mission is to positively impact the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has data center hosting operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.For more information, visit www.riotplatforms.com.Safe HarborStatements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about the benefits of acquisitions, including financial and operating results, and the Company’s plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the Navarro site expansion; our expected schedule of new miner deliveries; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; megawatt (“MW”) capacity under development; we may not be able to realize the anticipated benefits from immersion-cooling; the integration of acquired businesses may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from our acquisitions; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.Investor Contact:Phil McPherson303-794-2000 ext. [email protected] Contact:Alexis Brock303-794-2000 ext. [email protected] More
Despite this setback, the US-based crypto mining firm produced 1,072 Bitcoin (BTC), a figure that quintuples the output from August last year.According to the company’s latest mining operations report, Marathon has been on a steady growth trajectory, enhancing its operational hash rate in the US by 2% to reach 19.1 exahashes and elevating its installed hash rate by 1% to 23.1 exahashes in August. This increment results from upgrading their Bitmain Antminer S19j Pro miners to the more efficient S19 XP (NASDAQ:XP) models.Marathon Digital’s US operational highlights I Source: GlobeNewsWire.Having achieved its initial domestic growth target of 23 exahashes, Marathon is setting its sights on a new goal of 30 exahashes. The company plans to acquire two through international facilities, while the remaining five will be secured via contracts with other entities.The company has successfully met its primary domestic growth target of 23 exahashes and is now setting sights on achieving 30 exahashes. The company plans to acquire two of these through international facilities, while the remaining five will be secured via contracts with other entities.Currently, the firm is completing the necessary paperwork for its upcoming mining facility in Garden City, Texas. Moreover, its collaborative venture in Abu Dhabi successfully mined 50 Bitcoin in August.Marathon CEO, Fred Thiel, addressed the recent dip in Bitcoin production, attributing it to the adverse climatic conditions experienced in Texas.In its Q2 2023 financial report, Marathon disclosed a remarkable 228% surge in revenue compared to Q2 2022.This spike was fuelled by a $23.4 million profit from the sale of 63% of the Bitcoin mined during the quarter, a strategy employed to cover operating expenses. The firm also noted an impairment charge of $8.4 million on its digital assets’ value.The broader Bitcoin mining community seems to echo a similar trend, with numerous miners opting to sell parts of their holdings, reacting to the volatile Bitcoin prices.Recent data from Glassnode highlights a significant sell-off initiated by miners from Aug. 26, coinciding with the Bitcoin price dipping below the $26,000 mark. This sell-off saw about 4,000 BTC being liquidated over the past week.Bitcoin (BTC) Price Threatened by Miner Sales? | Miner Reserves, September 2023. Source: Glassnode.In other developments, Marathon Digital is facing legal challenges. On May 2, a class-action lawsuit was filed by The Klein Law Firm, representing the company’s shareholders.The lawsuit accuses Marathon of making misleading statements over nearly two years, allegedly withholding information that could potentially negatively affect its financial health.This unfolding scenario places Marathon Digital at a critical juncture, balancing growth aspirations with environmental and legal hurdles. The coming months are poised to be a decisive phase for the company as it navigates through these challenges.This article was originally published on Crypto.news More
Grayscale’s lawyers on Sept. 5 wrote a letter to the SEC seeking a meeting with the securities regulator on the way forward for a spot Bitcoin ETF approval. In the letter, the lawyers stated that the SEC’s review of Grayscale’s application has taken nearly three times longer than what is permitted by securities law.According to the lawyers, the сommission has no grounds to treat spot Bitcoin ETFs differently from futures-based Bitcoin ETFs. Grayscale urged the regulator to “move expeditiously” to green light its application, as Grayscale is ready to launch its product.Furthermore, the lawyers stated, “If any other reason could be offered in attempting to differentiate spot bitcoin ETPs from bitcoin futures ETPs…we are confident that it would have surfaced by now.” The SEC has consistently rejected spot Bitcoin ETF applications because applicants did not show how they would adequately protect investors from market manipulation and fraud. Meanwhile, the latest development comes shortly after a panel of three judges in Washington vacated the SEC’s decision to deny Grayscale’s application to convert its GBTC into an ETF. While the ruling means the regulator must give Grayscale’s filing another review, the Commission has time to appeal the decision. Grayscale’s lawyers said that U.S. investors preferred spot Bitcoin ETFs, adding that they should not be “forced into less efficient and more complicated product structures simply because these are the only product types yet to gain Commission approval.” According to the letter, continuous delay by the SEC harms investors. The letter also noted that the company continues to face more competition from other applicants, referring to several spot Bitcoin ETF filings pouring in recently. Grayscale maintains that the SEC cannot impose more requirements on spot Bitcoin ETFs, with the recent court ruling stating that the firm’s proposed product bore similarities to existing futures Bitcoin ETFs, which include both offerings having the same surveillance-sharing agreement with the Chicago Mercantile Exchange. The SEC recently postponed its decision on six spot Bitcoin ETF filings from BlackRock (NYSE:BLK), Fidelity, VanEck, Invesco, WisdomTree, and Fidelity by another 45 days, giving the Commission until October to either reject or approve the applications or further delay its decision. This article was originally published on Crypto.news More
According to this data, a significant number of ETH holders are currently experiencing losses, particularly in the price range of $1,633 to $1,681, where approximately 6.39 million tokens are in the red. Below this range, down to a minimum of $1,385 per ETH, buying support appears weaker, as indicated by the size of the corresponding green circles on the infographic.Source: This combination of a substantial number of Ethereum tokens incurring losses for their holders and weaker buying support at lower price levels raises concerns about the cryptocurrency’s stability. Martinez suggests that unless there are catalysts for growth in the near future, Ethereum may be vulnerable to what experts refer to as “time capitulation.” In this scenario, the worst-case scenario could be a flash crash, for sure leading to a significant increase in unprofitable addresses among holders.The crypto community is now hoping for positive developments that could prevent the potential crash and push the ETH price up to $1,681 and higher. As faces a critical juncture, crypto investors should be paying close attention to market trends in anticipation of potential changes within the space.This article was originally published on U.Today More
