Autor Cointelegraph By Zhiyuan Sun

MicroStrategy subsidiary adds another 4,197 BTC to balance sheet

MicroStrategy subsidiary adds another 4,197 BTC to balance sheet

Uverejnil používateľ | apr 5, 2022 |

On Tuesday, enterprise software development firm MicroStrategy announced via a filing with the U.S. Securities and Exchange Commission (SEC) that its subsidiary MacroStrategy acquired 4,197 Bitcoin ($190.5 million) between February 15 and April 4.MacroStrategy has purchased an additional 4,167 bitcoins for ~$190.5 million at an average price of ~$45,714 per #bitcoin. As of 4/4/22 MicroStrategy #hodls ~129,218 bitcoins acquired for ~$3.97 billion at an average price of ~$30,700 per bitcoin. $MSTRhttps://t.co/Z45OuJU5KI— Michael Saylor⚡️ (@saylor) April 5, 2022The coins were bought at a weighted average price of $45,714, which is roughly equivalent to the price of the digital asset at the time of publication. As a result, MicroStrategy and its subsidiaries now hold a total of 129,218 BTC, with a total aggregate purchase price of $3.97 billion and an average purchase price of $30,700 per BTC. The week prior, MacroStrategy closed a $205 million BTC-collateralized loan from leading fintech and crypto-fiat gateway bank Silvergate. The firm said it would be using the loan to purchase more BTC while its own BTC deposits serve as collateral for the borrowing, effectively turning it into a sophisticated leverage trade.Microstrategy has been investing in BTC since August 2020, almost consistently purchasing the digital asset every quarter. But recently, the SEC rejected its Bitcoin accounting practices, sending its shares plunging on that day. The firm had been using methods to, in part, negate the effects of the volatility of the crypto market. MicroStrategy’s founder, chairman and CEO, Michael Saylor, has been a Bitcoin permabull, citing the digital assets’ potential as a “hedge against inflation” as part of his investment thesis.Though last Friday, despite his bullish outlook, Saylor said that financial markets are not ready for Bitcoin bonds and that El Salvador’s Volcano Bond was even riskier than his firm’s BTC collateralized loan. 

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Survey: More than a quarter of U.S. millennials plan to use crypto to fund retirement

Survey: More than a quarter of U.S. millennials plan to use crypto to fund retirement

Uverejnil používateľ | apr 5, 2022 |

According to a recent survey published by Investopedia, 28% of the U.S. millennials polled said they expect to use cryptocurrency to support themselves in retirement — a figure that was higher than those who said they would use savings (25%) and stock investments (27%) to fund their retirement. Meanwhile, 20% of Gen X and 17% of Gen Z respondents said the same. The survey, conducted in the spirit of Financial Literacy Month, was administered to 4,000 U.S. adults ages 18 to 76.In other fields, approximately 50% of respondents of all ages rated their financial knowledge in consumption, paying taxes, savings, debt management and insurance management as “advanced.” However, only 27% of those surveyed said that they understood a lot regarding cryptocurrencies, the lowest score among the eight concepts listed in the questionnaire.Nevertheless, a significant portion of millennials (41%) said they had advanced knowledge of digital assets, followed by Gen X and Gen Z, at 30% and 29%, respectively, and finally, baby boomers at 8%.According to the report, the younger the participants, the lower their expected median retirement age. While most unretired baby boomers plan to stop working at 68, most Gen Z surveyed wish to retire at 57. To combat financial illiteracy in the country, the U.S. Department of the Treasury has recently launched a new initiative to raise awareness of the risks involved in investing in digital assets.This includes designing educational materials to inform the public how crypto assets operate and differ from traditional investments such as stocks. As told by Treasury officials, the main spearhead is to “raise awareness without trying to stamp out new technology and new innovation.”

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Intel launches new Bitcoin mining chip Blockscale

Intel launches new Bitcoin mining chip Blockscale

Uverejnil používateľ | apr 4, 2022 |

On Monday, semiconductor manufacturing titan Intel unveiled its new Bitcoin (BTC) mining chip, Blockscale. The application-specific integrated circuit, or ASIC, hardware is designed to operate on proof-of-work blockchains using SHA-256 encryption.As told by Intel, Blockscale will have a hash rate of up to 580 gigahash per second (or 0.58 terahash per second, TH/s), consuming between 4.8 to 22.7 watts of power, and having an energy efficiency of up to 26 joules per terahash (J/TH). Each chip can be combined and merged into a single mining unit, increasing its output with a maximum of 256 integrated circuits per chain.Blockscale concept art | Source: IntelIn comparison, Bitmain’s Antminer S19 Pro, one of the leading Bitcoin mining machines on the market, has a hash rate of 110 TH/s, consumes 3,250 watts of power, and possesses an energy efficiency of 30 J/TH. Theoretically, a mining unit composed of 256 Blockscale chips would have a total hash rate of 148.5 TH/s and consume between 1,228 to 5,811 watts of power at around the same energy efficiency.Intel says it will start shipping Blockscale during the third quarter of 2022. Argo Blockchain, Block, Hive Blockchain Technologies and GRIID Infrastructure will be among the first companies to develop new systems based on the firm’s ASIC. Regarding the development, Jose Rios, general manager of blockchain and business solutions in the accelerated computing systems and graphics group at Intel, commented:”We are proud to collaborate with and provide solutions to companies that are creating a more sustainable cryptocurrency ecosystem globally. The Intel Blockscale ASIC will play a major role in helping Bitcoin mining companies achieve both sustainability and hash rate scaling objectives in the years ahead.”

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Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

Uverejnil používateľ | apr 1, 2022 |

On Friday, Bitcoin (BTC) mining company PrimeBlock announced that it is merging with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II. The deal places PrimeBlock at an enterprise value of $1.323 billion and is expected to close in the second half of the year.The company has installed 1.8 exahash per second of BTC self-mining equipment, accounting for approximately 0.89% of the Bitcoin network’s overall hash rate. According to PrimeBlock, its break-even price for mining is $9,000 per coin. Back in 2020, up to 59% of its energy sources were carbon-free. The firm seeks to become carbon-neutral on a net-zero basis by the year 2050.Last year, PrimeBlock brought in $21.8 million in revenue through mining 356.8 BTC. But in 2022, the firm expects to generate $220.1 million in revenue, or a forecasted 3,629 BTC, partly via rapidly expanding its mining capacities to over 10 exahash per second. It also has a small Ethereum (ETH) mining operation, extracting 699 of such digital assets in 2021.Regarding the business agreement, Hans Thomas, chairman and CEO of 10X Capital, commented:”Gaurav and the leadership team […] have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. They have built strong relationships with key partners […] with a commitment to net-zero carbon emissions by 2050.”

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Bitcoin miner Riot Blockchain files prospectus for $500M stock sale

Bitcoin miner Riot Blockchain files prospectus for $500M stock sale

Uverejnil používateľ | apr 1, 2022 |

In a document filed with the United States Securities and Exchange Commission (SEC) on Thursday, Bitcoin (BTC) mining company Riot Blockchain announced that it would be selling up to $500 million worth of common stock to finance general corporate expenses, such as working capital, repayment of corporate obligations, capital expenditures and acquisitions, and investing in existing and future projects. After the offering, the company would have more than 139 million units of common stock outstanding, giving it a market cap of close to $3 billion at Friday’s prices. The company is authorized to issue 170 million units of common stock in total.RIOT’s share price has experienced volatility over the past 12 months. Source: TradingViewCurrently, Riot Blockchain operates a fleet of Antminers manufactured by Bitmain Technologies. The firm expects its Bitcoin miners to grow to over 80,000 by the fourth quarter of 2022. Riot Blockchain projects its mining power will grow to about 7.7 exahash per second by then, which would theoretically account for 3.8% of the total hash rate of the Bitcoin network. Its mining rigs are concentrated in the company’s Whinstone facility in Rockdale, Texas, possibly due to the state’s inexpensive electricity costs.Related: Bosnian court sides with Bitcoin miner in frozen bank account caseLast October, Riot Blockchain said it tripled its Bitcoin production year-over-year and was, back then, hoarding $194 million in BTC. However, the company’s production took a big hit in February when it briefly shut down 99% of its operations as a winter storm approached Texas. At the end of 2021, Riot Blockchain possessed close to $834.6 million in tangible book value, mainly due to its plant, property and mining equipment.

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