A new week has ended for the Bitcoin mining industry, in which the halving stands out as the main focus of attention for companies in the sector. Faced with the imminent cut date on April 18, mining firms are rushing to have as many devices as possible connected, in order to withstand the impact of the 50% cut in rewards. It is in this context that the mining sector currently develops its main activities.
The Bitcoin mining giant, Marathon Digital, becomes the protagonist of this weekly news summary. This is due to the company’s new strategy, which focuses on seeking expansion in Africa. With this, the company would join its Chinese peers that take advantage of the low energy prices on that continent.
According to a recent work by Bloomberg, the company’s management would have specific plans in Ethiopia. The curious thing about this is that a large part of the population of that country lacks access to energy. In simple words, the company seems to be betting on a new controversy.
Regarding this project, the company’s president of corporate communications, Charllie Schumacher, commented that “We believe that bitcoin mining is, among other things, a technological solution for the energy sector, and Africa can be a great place to demonstrate this thesis.”
Oil and Digital Mining in Argentina: What Do They Have in Common?
In the South American country, the company Tecpetrol carries out an ambitious project with digital mining, which allowed it to increase oil activity.
The latter is confirmed by the Argentine company itself. The CEO of the firm, Ricardo Markous, stressed that vented gas to generate energy that sustains mining activities is a success. With this, the oil company’s exploration and exploitation capacity has increased, he assured.
This project is located in the Vaca Muerta region, specifically in Los Toldos II. Thus, the combination with digital mining makes it possible to make the most of the surpluses from hydrocarbon activity.
Iris Energy’s New Agreement
The board of directors of Iris Energy signed an agreement with its counterpart at Poolside AI. The agreement consists of the provision of cloud services.
The company listed on the New York Stock Exchange focuses on the diversification of its business. Therefore, collaboration between mining companies and artificial intelligence startups seems to be gaining traction. This would be one of the keys for the mining sector during periods of low profitability with Bitcoin.
Hut 8’s New CEO Comes with All the Power
Bitcoin mining company Hut 8 has hired Asher Genoot as its new CEO. The businessman assured that he comes with everything to improve the company’s prospects.
As a result of this merger, Genoot now replaces Jaime Leverton, who has been in charge since the end of 2020. Two months after the unification of the firms, the board is committed to undertaking strong cost savings to boost revenues.
Bitmain Mining Company Plans to Go Public in the United States
The BitFuFu firm, belonging to the Bitcoin mining equipment manufacturer, Bitmain, is seeking to go public in the United States. According to specialized media, the start of operations would be carried out through a SPAC.
The company’s desire to go public is longstanding and attempts can be found during the year 2022. However, some pending issues with the merger prevented the agreement from being implemented. Now it seems that all obstacles are behind us.
By Leonardo Perez