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5 mentions found


☆ Bitcoin miners brace for impact as halving goes live
  + stars: | 2024-04-21 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +17 min
The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.' The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining. Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC.
Persons: AUSTIN , TEXAS — Adam Sullivan, bitcoin, Sullivan, they'll, it's, Core's Sullivan, Bitdeer, Needham, Haris Basit, Basit, Cantor Fitzgerald, Greg Beard, Beard, Bitdeer's, Jason Les, Les, Fred Thiel, Capex, Thiel, Stronghold's Beard, Nic Carter, Blackrock, Bill Barhydt, Barhydt, Island's Carter isn't, Carter, CoinShares Organizations: bitcoin, CNBC, JPMorgan, Cipher, Bitdeer Technologies, Mining, Miners, Riot, Island Ventures, Circuits, Nvidia, CoreWeave, Bitcoin, HPC Locations: AUSTIN , TEXAS, Texas, bitcoin, U.S, Rockdale , Texas, Singapore, Bitcoin, Hong Kong, Abra, Europe, Dalton , Georgia, North America
☆ Bitcoin ETF is huge for its credibility but there's more work to be done, says Riot Platforms CEO
  + stars: | 2024-03-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin ETF is huge for its credibility but there's more work to be done, says Riot Platforms CEOJason Les, Riot Platforms CEO, joins 'Power Lunch' to discuss if people are beginning to feel more comfortable with cryptocurrency, if Bitcoin ETFs are a net positive force to cryptocurrencies, and much more.
Persons: Jason Les
☆ Bitcoin miners beef up Texas operations ahead of extinction-level event, exclusive data shows
  + stars: | 2023-09-26 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +12 min
Bitcoin miners are barreling toward the "halving" — a major market-making event that some fear will be a death knell to many in the industry. "We're taking a long-term bet on bitcoin and on the fact that bitcoin mining will survive and will bounce back even stronger." Texas has grown to dominate bitcoin mining partly because of support from local authorities and the operator of the Texas energy grid, ERCOT. Even during the bear market, Texas miners are building out, buying new sites and fresh fleets of hardware. The mining company was spun off from Chinese bitcoin mining giant Bitmain and went public via SPAC earlier this year.
Persons: Kevin Zhang, Jihan Wu, Bitmain, Kevin Zhang Crypto, He's, China — he's, Zhang, bitcoin, Barry Silbert's, Foundry's, —, Chad Harris, ERCOT, Nic Carter, Shaun Connell, Brad Jones, Brandon Arvanaghi, Jason Les, Navarro, Les, hashrate, Morgan, Bitdeer Organizations: Foundry, Mining, CNBC, U.S, Riot, Cipher Mining, Georgia, Securities Exchange Commission, JPMorgan Chase Locations: Sweden, Republic of Georgia, China, America, Beijing, Shenzhen, Montana, North America, Texas, Wyoming, New York, United States, U.S, . Texas, Castle, Rockdale, Austin, Milam, Odessa , Texas, Minden , Nebraska, , Texas, New Hampshire, Pennsylvania, Nebraska, North Carolina , Kentucky , Oklahoma, Washington
☆ Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August
  + stars: | 2023-09-06 | by ( Mackenzie Sigalos Jordan Smith | Mackenzie Sigalos | Jordan Smith | ) www.cnbc.com   time to read: +2 min
During the crypto boom of 2021, Riot Platforms was raking in cash from bitcoin mining. Now the company is losing so much money that it's counting on energy credits from selling power back to the Texas grid to keep its costs under control. Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. "August was a landmark month for Riot in showcasing the benefits of our unique power strategy," said Jason Les, CEO of Riot, in the company's press release. It's a dramatic strategy shift for Riot, whose revenue soared almost 8,000% in 2021 from booming demand for bitcoin.
Persons: Riot, Jason Les Organizations: Riot, JPMorgan Chase Locations: Texas, U.S
☆ Bitcoin hovers near one-week low, and SBF tries to bail out FTX as a third party: CNBC Crypto World
  + stars: | 2022-11-21 | by ( Pippa Stevens | Jordan Smith | Talia Kaplan | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin hovers near one-week low, and SBF tries to bail out FTX as a third party: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Riot Blockchain CEO Jason Les explains how the company is weathering the bitcoin bear market and how contagion from FTX could affect crypto miners.
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