Posts tagged “crypto” (Page 2)

NYDIG, a leading bitcoin and power firm, has announced it has entered into a definitive agreement to acquire Crusoe’s Bitcoin mining operations.  As part of the transaction, NYDIG will acquire over 270MW of power generation technology that drives the production of near-zero direct cost of electricity, expanding NYDIG’s already significant role in supporting bitcoin’s proof-of-work security. 

NYDIG will integrate and expand the world-class team that pioneered Crusoe’s bitcoin mining business, supporting NYDIG’s mission of advancing the modern global economy through innovation at the intersection of power, compute, and sound money.  The two firms will maintain an ongoing strategic partnership that leverages each firm’s unique capabilities in the HPC industry, with Crusoe contributing its expertise in AI data center development and NYDIG providing its specialized securitization and financing capabilities.

Since its founding in 2017, NYDIG has been at the forefront of innovation with a proven track record of breakthrough product development, including closing an industry-first Investment Grade (IG) credit-rated facility invested solely in a pool of bitcoin-collateralized fiat loans (“HODL loans”) last month.  NYDIG combines technology expertise with operational, risk management, and financial markets excellence in two industry-leading, vertically-integrated franchises: Power & Bitcoin Mining and Bitcoin Financial Infrastructure.

As an affiliate of Stone Ridge Holdings Group, NYDIG benefits from significant synergies across a wide variety of products and services.  The industry-leading Stone Ridge Energy (SRE) franchise owns and controls over 10GW of U.S. natural gas production, providing a complementary source of power to drive the evolution of bitcoin mining, and reducing energy input cost through the consumption of stranded energy available throughout the life cycle of a natural gas well.

This full-scale Stone Ridge ecosystem makes Crusoe’s Digital Flare Mitigation (DFM) technology a natural fit for NYDIG.  DFM captures natural gas that would have otherwise been burned off or “flared” and converts it into electricity to power advanced, modular data centers co-located onsite.  Crusoe’s Bitcoin mining operation, growing rapidly, includes more than 20 sites across 7 states and a joint venture in Argentina.  NYDIG will operate and expand the business inside its existing Power & Bitcoin Mining division. 

“With fiat currencies collapsing against bitcoin around the world—and since I founded NYDIG even the U.S. dollar down 97% for Americans and American firms not yet saving in bitcoin—it is critically important to keep the bitcoin network secure, and at the lowest possible cost,” said Ross Stevens, Founder & Executive Chairman of NYDIG.  “At the same time, natural gas is a powerful weapon in the fight against global energy poverty and, across Stone Ridge, we chose to be leaders in this battle.  In the years to come, NYDIG will invest in and expand the footprint of DFM and bitcoin—separately and in combination—across the country and around the world, doing our part to advance human flourishing.”

“The proof-of-work consensus mechanism in the bitcoin blockchain algorithmically incentivizes the convergence of energy and computing.  Crusoe is proud to have been a pioneer in repurposing otherwise wasted energy resources such as gas flaring to power the bitcoin network.  Our innovative approach to energy utilized for mining is uniquely complementary to NYDIG’s bitcoin custody, institutional trading and mining businesses, creating a consolidated business that is more valuable than the sum of its parts,” Chase Lochmiller, CEO and co-founder of Crusoe said.   “We will continue to channel the same energy-first mentality towards scaling AI infrastructure and accelerating the adoption and proliferation of AI in our everyday lives.”

“Our partnership with Crusoe was founded on a shared cultural alignment and mutual commitment to driving advancements at the intersection of power and compute,” said Tejas Shah, CEO of NYDIG.  “Crusoe has built an extraordinary bitcoin mining business by demonstrating remarkable innovation—bringing together the industry’s top talent to solve complex challenges and unlock untapped energy sources.  We’re incredibly excited to integrate this world-class team and their capabilities into our growing business.”

The final closing of the transaction is subject to regulator approvals and customary consents.

New mining partnerships to add ~4.7 EH/s

Mining machines to be hosted at facilities in Pennsylvania and Texas

Self-mining energization expected in coming months

SINGAPORE, March 26, 2025 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today announced that wholly owned subsidiaries of Canaan have signed agreements that expand the Company’s self-mining capabilities at two new partners’ mining facilities in Pennsylvania and Texas.

A three-year master colocation agreement has been entered into with Mawson Hosting LLC, an affiliate of Mawson Infrastructure Group Inc. (NASDAQ: MIGI), for its facility in Midland, Pennsylvania. This expansion in Pennsylvania, together with another recently executed 24-month equipment hosting agreement for a facility in Edna, Texas, is expected to add around 4.7EH/s of North American hashrate to Canaan’s self-mining computing power. The majority of this hashrate is expected to be installed by the second quarter of 2025.

“Our team has been evaluating mining sites across North America for several months, patiently looking for self-mining and partnership opportunities that made sense for our business.  We believe that these two new partners have goals that align with Canaan’s and that we can build long-term relationships with them,” said Nangeng Zhang, chairman and chief executive officer of Canaan.  “The U.S. has regulatory policies that support our Company’s ambitions, and we believe that we will be able to find additional partnerships and sites that will help us to increase our presence in the U.S. through self-mining activities and provide us with additional opportunities for mining machine sales.”

“We are delighted to announce the partnership between Canaan and Mawson. This agreement aligns with our strategy of optimizing digital infrastructure and compute management capabilities with the latest-generation machines. By combining Canaan’s cutting-edge hardware and Mawson’s digital infrastructure innovation, we expect to create long-term value that will benefit both companies as well as the overall ecosystem,” said Rahul Mewawalla, chief executive officer and president of Mawson Infrastructure Group Inc.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world’s first batch of mining machines incorporating ASIC technology in bitcoin‘s history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, Canaan Inc.’s anticipated financing plans and its intended use of proceeds contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com 

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com 

View original content:https://www.prnewswire.com/news-releases/canaan-inc-expands-self-mining-footprint-in-north-america-302411876.html

SOURCE Canaan Inc.

The Russian Ministry of Internal Affairs has warned citizens that hackers are infecting smart home devices with crypto mining malware.

Officials claim cybercriminals aim to create networks of compromised devices that could also be used for DDoS attacks, surveillance, and even robbery.

To mitigate risks, the ministry advises regularly changing passwords, updating firmware, and purchasing devices from reputable manufacturers.

Crypto-related fraud is also rising in Russia, with criminals posing as brokerage employees to lure victims into fake exchanges.

Prosecutors in Yakutsk are investigating a case where a resident allegedly lost $4,600 to such a scheme. Authorities have launched a criminal case and a broader inquiry into fraudulent crypto operations.

Illegal crypto mining remains a pressing issue, particularly in regions like the North Caucasus and Siberia. Moscow has enforced seasonal bans on crypto mining until 2031, aiming to conserve electricity during peak winter months.

However, officials in Irkutsk report that while 308 MW of power was freed up, the unused capacity provided no tangible benefit to consumers.

Despite concerns, some government officials argue that mining bans are improving energy reliability. Transbaikal authorities claim no legal mining operations remain in the region and have found no evidence of illegal mining activity. Industry experts remain sceptical about the overall impact of these restrictions.

For more information on these topics, visit diplomacy.edu.