Category: Mining

[ad_1] Union Jack Oil (UJO), a UK-listed oil and gas firm, is exploring a new path to monetize its gas resources by turning to Bitcoin mining, per an Aug. 7 statement. According to the firm, the move is focused on harnessing the natural gas from its West Newton site in East Yorkshire to generate electricity…

[ad_1] Crypto projects captured $2.67 billion in investments last month and is equivalent to 85% of money raised during the entire second quarter. DefiLlama data shows that the funding amount in July is 6% larger than June, when crypto startups surpassed $2.5 billion by a small margin. Additionally, July was the second-largest month in funding,…

[ad_1] Paolo Ardoino, the CTO of Tether, posted a picture of large industrial containers sporting the logo of Tether Energy on Aug. 24.  The photo sparked a flurry of rumors and speculations which Ardoino addressed in a separate post on X on Aug. 26. Ardoino’s initial picture started speculations about whether the image was photoshopped,…

[ad_1] Bitcoin (BTC) miner Canaan‘s second-quarter financial report showed that the firm operated at a loss during the reporting period despite its increasing mining revenue and computing power. Per the unaudited financial report, the miner generated a total revenue of $73.9 million, while its “cost of revenues” were $143.9 million, resulting in a gross loss…

[ad_1] Continuing its strategic shift aimed at mitigating losses, Riot Platforms, a prominent Bitcoin miner, continues to capitalize on Texas’s energy credits system, earning a substantial $31.7 million in August alone. According to a report by CNBC, Riot voluntarily adjusted its operations during the state’s record-breaking heatwave, thus significantly reducing its power consumption and gaining…