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Top related persons:
Dado Ruvic - 2 Dietrich Knauth - 2 Alexia Garamfalvi - 2 Martin Glenn of - 1 Glenn - 1 Chris Koenig - 1 Koenig - 1 Arrington - 1
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Search resuls for: "Bitcoin Corp"


6 mentions found


☆ Celsius Network faces roadblocks in pivot to bitcoin mining
  + stars: | 2023-11-30 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +3 min
REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsNEW YORK, Nov 30 (Reuters) - Crypto lender Celsius Network may have to seek a new creditor vote on its proposed transformation into a bitcoin mining business, a U.S. bankruptcy judge said during a court hearing on Thursday. Celsius said last week that it had reduced its post-bankruptcy business plans to focus only on bitcoin mining, citing the skepticism of the U.S. Securities and Exchange Commission (SEC) about its other planned business lines. The SEC did not definitively object to Celsius' bankruptcy plan before it was approved, but Celsius said the agency was unwilling to approve crypto lending and staking activity that the agency has opposed in the past. Celsius attorney Chris Koenig argued at Thursday's hearing that Celsius's court-approved bankruptcy plan gave the company flexibility to pivot to a mining-only business. Celsius creditors can expect a 67% recovery under the new plan, an increase from 61.2% under the Fahrenheit deal, according to court documents filed on Thursday.
Persons: Dado Ruvic, Martin Glenn of, Glenn, Chris Koenig, Koenig, Arrington, BRIC, Dietrich Knauth, Alexia Garamfalvi, Grant McCool Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Bankruptcy, US Bitcoin Corp, Arrington Capital, Recovery Investment, US, Thomson Locations: U.S, Martin Glenn of New York
☆ Celsius Network pivots to bitcoin mining after bankruptcy
  + stars: | 2023-11-21 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +3 min
[1/2] Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - Crypto lender Celsius Network has scaled back its post-bankruptcy business plans to focus only on bitcoin mining, citing U.S. regulators' skepticism of its other planned business lines. A U.S. bankruptcy court in Manhattan had approved Celsius' Chapter 11 plan on Nov. 9, clearing the company to return cryptocurrency to customers and create a new company owned by Celsius creditors. The SEC did not definitively say during Celsius' bankruptcy case whether the new company's business plans would violate U.S. law, but it reserved the right to make that determination later. Bitcoin mining was always meant to be the "core business" of the new company, Celsius said.
Persons: Dado Ruvic, BlockFi, Dietrich Knauth, Alexia Garamfalvi, Richard Chang Organizations: REUTERS, U.S . Securities & Exchange Commission, SEC, Arrington Capital, Bitcoin Corp, Voyager, Thomson Locations: U.S, Manhattan, New Jersey
☆ Bitcoin mining booms in Texas
  + stars: | 2023-03-23 | by ( Evan Garcia Daniel Fastenberg | Evan Garcia | Daniel Fastenberg | ) www.reuters.com   time to read: +2 min
MCCAMEY, Texas, March 23 (Reuters) - Cryptocurrency bankruptcies and worries over electric power consumption have failed to dent the industry's growth in Texas, according to a top trade group, citing the rise in the miners' power demands. Bitcoin miners consume about 2,100 megawatts of the state's power supplies, said Lee Bratcher, president of industry group Texas Blockchain Council. "There's been some challenges with the Bitcoin mining industry," Bratcher said, noting his group recently saw two prominent bankruptcies and other miners scaling back expansions. "Bitcoin mining is a very energy intensive business, which is why we tend to find places like West Texas to be full of Bitcoin miners," said Matt Prusak, chief commercial officer at cryptocurrency miner U.S. Bitcoin Corp, which has one of its mining operations in a 280-megawatt wind farm in Texas. In Texas, where about 250 people died during a winter storm blackout that exposed the fragility of the state's grid, the prospect of higher crypto demand has raised alarms.
☆ Despite industry headwinds, Bitcoin mining booms in Texas
  + stars: | 2023-03-23 | by ( Evan Garcia Daniel Fastenberg | Evan Garcia | Daniel Fastenberg | ) www.reuters.com   time to read: +2 min
MCCAMEY, Texas, March 23 (Reuters) - Cryptocurrency bankruptcies and worries over electric power consumption have failed to dent the industry's growth in Texas, according to a top trade group, citing the rise in the miners' power demands. Bitcoin miners consume about 2,100 megawatts of the state's power supplies, said Lee Bratcher, president of industry group Texas Blockchain Council. "There's been some challenges with the Bitcoin mining industry," Bratcher said, noting his group recently saw two prominent bankruptcies and other miners scaling back expansions. "Bitcoin mining is a very energy intensive business, which is why we tend to find places like West Texas to be full of Bitcoin miners," said Matt Prusak, chief commercial officer at cryptocurrency miner U.S. Bitcoin Corp, which has one of its mining operations in a 280-megawatt wind farm in Texas. In Texas, where about 250 people died during a winter storm blackout that exposed the fragility of the state's grid, the prospect of higher crypto demand has raised alarms.
☆ Canada's Hut 8 Mining to merge with US Bitcoin to weather crypto downturn
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: 1 min
Feb 7 (Reuters) - Canada's Hut 8 Mining Corp (HUT.TO) will merge with rival US Bitcoin Corp to create a crypto mining giant in North America, consolidating after a steep fall in valuations for the crypto sector that saw high-profile collapses in recent months. The companies said the combined entity will have a market capitalization of around $990 million, and be equally owned by shareholders of both the companies. The merged entity, to be called Hut 8 Corp, will be listed on both the Toronto Stock Exchange and the Nasdaq after the all-stock deal. In December, Binance.US said it will acquire assets of bankrupt crypto lender Voyager Digital in a deal valued at roughly $1 billion. read moreReporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Sohini Goswami and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
☆ Special interest groups representing Amazon to Uber oppose possible crypto regulation in California
  + stars: | 2022-09-23 | by ( Caroline Haskins | ) www.businessinsider.com   time to read: +8 min
Industry groups representing Amazon, Apple, Block, Coinbase, Genesis, Google, GrubHub, Lyft, Facebook/Meta, Uber, and other companies wrote to the state assembly opposing the law. Nine organizations representing consumers and advocating for economic justice wrote to the state assembly expressing support for the law. Several tech industry groups representing major companies and venture capital firms wrote in to oppose the law. Several organizations advocating for consumers and economic justice wrote to the state assembly expressing support for the law. Interest groups argued that regulation presents an "undue burden"on crypto companiesBlockchain Advocacy CoalitionThe Blockchain Advocacy Coalition wrote to Assemblymember Grayson on August 26.
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