This week was loaded with abundant news in the world of Bitcoin mining and it covered laws, lawsuits, and more.
The laws continue to put pressure on the nascent US Bitcoin mining industry with numerous incidents this week. Since the rebirth of many of these companies began, the authorities of the North American country seem to increase their force towards them. This week was no exception.
Still, the negative news failed to outweigh the continued business recovery and expansion. This is evident in the recovery of production and the better results of many companies. The explosiveness of mining ETFs on the stock market so far this year is clear evidence of good timing.
Once again this week laws and lawsuits took center stage in the Bitcoin mining industry. The five most important pieces of news are summarized below.
Marathon Receives New SEC Lawsuit
Bitcoin mining company Marathon Digital Holdings has again been harassed by securities law regulators (SEC). The agency would have applied a new complaint against the company for alleged violation of the regulations related to securities or securities. According to Bloomberg, the irregularity would have occurred at its mining center in Montana.
This negative episode contrasts with the company’s recent announcement to expand its mining operations in the United Arab Emirates (UAE). In that country, the company would be preparing the provision of mining infrastructure under the liquid immersion modality.
Riot Blockchain Productivity Grows 200% This Year
Another company in the sector, Riot Blockchain, made a more positive announcement and it is a substantial improvement in its productivity in 2023. Among the 17 mining companies listed on the stock exchange, this one is at the top of production thanks to its consistent orientation towards the expansion of your business.
As reported this week by the Fool.com portal, so far this year the company has grown by more than 200% in terms of production. Analysts from the aforementioned medium consider that the company now has a good road ahead.
Washington Passes Law to Regulate Emissions from the Mining Industry
The objective of this law is to protect the environment from the high consumption of mining and data centers of technology companies. Thus, the regulation obliges customers in rural utility districts to reduce emissions from any electricity they purchase on the market. The latter in accordance with the deadlines approved in the state’s Clean Energy Transformation Law.
Bitfarms Accumulates 21,000 Mined Bitcoins with Clean Energy
Other positive news for the sector comes from Bitcoin mining company Bitfarms. The firm announced the issuance of some 21,000 bitcoins through clean energy. The news was released this week in a company statement in which they report that the goal of 21,000 mined coins was reached on May 7.
A Mining ETF Leads the US Market
A recent Bloomberg report indicates that of the five ETFs (unleveraged) with the best performance in 2023, all belong to the mining sector. Among these, the Valkyrie Bitcoin Miners ETF stands out, enjoying a 119% rally so far this year. This demonstrates the growing appetite of investors for the crypto sector.
By Audy Castaneda
