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IMF Economists Suggest Electricity Tax to Lower Crypto and AI Environmental Impact

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International Monetary Fund (IMF) economists have warned of the environmental impact of crypto mining and AI data centers, which are projected to increase global electricity consumption to 3.5% by 2027, leading to higher carbon emissions. Proposing a targeted electricity tax, the authors estimate a potential reduction in emissions by 100 million tons annually, while generating … Read more

Tough Times for Bitcoin Miners: First Half of August Yields Just a Fraction of July’s Profits

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With the first half of August in the rearview mirror, it’s clear that bitcoin miners are facing a challenging month, having only accumulated 36.36% of the total revenue they made in July. A combination of bitcoin’s price fluctuations and reduced onchain fees has left miners in a much tighter spot. Bitcoin Miners Face a Hard … Read more

Bitcoin Mining Profits Crushed by Record Difficulty and Historic Hashprice Drop

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On Aug. 7, 2024, bitcoin’s price moved within a 24-hour range between $55,742 and $57,607. This lower price bracket has significantly reduced bitcoin mining revenue, causing the estimated daily value of 1 petahash per second (PH/s), also referred to as the hashprice, to drop below $36 two days prior. Miners Grapple With Unprecedented Low Hashprice … Read more

Historic Drop in Bitcoin Revenue Leaves Miners Struggling

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After peaking at 677 exahash per second (EH/s) on July 25, Bitcoin’s network hashrate declined to 629 EH/s as of Aug. 4. The recent uptick in Bitcoin’s mining difficulty, coupled with the subsequent drop in its price, has driven bitcoin mining revenue to record lows. Monthly Bitcoin Fee Revenue Drops 75%, Hashrate Slides 48 EH/s … Read more

MARA Reports Q2 2024 Earnings: Revenue Surges Amid Rising Losses and Hashrate Increase

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MARA, a leader in digital asset compute, reported a significant revenue increase of 78% to $145.1 million for the second quarter of 2024. Despite this growth, the company faced a substantial net loss of $199.7 million, driven by a $148 million fair value loss on digital assets. MARA Reports Q2 Earnings: Revenue Rises 78% Despite … Read more

Coinbase Reports $1.4 Billion in Q2 Revenue Amid Industry’s Regulatory Advances

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Coinbase posted $1.4 billion in total revenue for the second quarter of 2024, marking a period of continued growth and progress in the crypto industry. The company’s earnings report said it also made strides toward regulatory clarity in the U.S., a key development for the broader crypto economy. Coinbase Publishes Q2 2024 Earnings and Shareholder … Read more