22. Februar 2024

Crypto Industry Warns US Govt: ‚Don’t Kill Crypto!‘

Summary

  • Bitfarms Bitcoin production declined 10% in April despite hashrate growth.
  • The miner sold 349 BTC to generate $10.1 million and reduced its debt by $2 million as of April 30.
  • Bitfarms regained compliance with Nasdaq listing requirements.

Bitfarms Bitcoin Production Decline

Bitfarms reported that its Bitcoin (BTC) production decreased 10.6% to 379 BTC in April despite its corporate hashrate growing by 4% to 5.0 EH/s. The miner sold 349 units of the assets to generate $10.1 million, reducing its debt balance to $19 million as of April 30. Bitfarms noted a net addition of 30 BTC to its treasury in April — bringing it total to 465 BTC ($13.6 million).

Bitfarms Regains Compliance with Nasdaq Listing Requirements

In December 2022, Nasdaq told Bitfarms that it no longer complied with the minimum bid price requirement of $1 over the previous 30 consecutive trading days and risked being delisted if it failed to trade above $1 for at least ten days within six months. However, Bitfarm said Nasdaq determined that its stock traded above the $1 benchmark for 13 consecutive days between April 11 and April 23, allowing them regain compliance with Nasdaq listing requirements.

Improved Mining Economics

Due to improved mining economics, Bitfarm was cash flow positive in April and added an additional 30 BTC ($853k) to their treasury which now stands at 465 BTC ($13.6M). Additionally, they increased their corporate hashrate by 4%, reaching 5 EH/s while reducing their debt balance by a further 2 million dollars last month.

Binance Action Against Justin Sun Binance is taking action against Justin Sun if he farms SUI token on their platform as part of his efforts towards decentralizing finance (DeFi). If successful this will allow users access liquidity pools without having to trust any third-party provider or custodian service while also providing higher returns on investment than traditional services through yield farming activities such as staking and liquidity provisioning .

< h2 > JPMorgan Takeover First Republic Bank JPMorgan announced plans for takeover First Republic Bank – one of the largest private banking operations in the US – for approximately $4 billion this week which has caused some speculation among crypto enthusiasts about how this could impact crypto adoption in America going forward given that JPMorgan is seen as one of the biggest opponents of cryptocurrencies currently operating within financial markets .