The cryptocurrency miner Argo continues to undergo a series of company changes in light of its major acquisition and newly filed lawsuit. Peter Wall, the CEO of Argo Blockchain, announced his resignation from his executive position at the company on Feb. 9. According to the announcement, Wall will remain an advisor to Argo throughout the next three months in support of the transition out of the position. He also commented that he was “pleased” to have spearheaded the recent Galaxy Digital acquisition deal. In the same announcement, the company also revealed the resignation of Argo board member Sarah Gow. This …

Crypto exchange FTX’s collapse and overall crypto market turmoil were not key factors in the decision to merge crypto mining firm Hut 8 with US Bitcoin Corp., according to Hut 8 CEO Jamie Leverton. On Feb. 8, Leverton said that the merger was mainly about providing diversified revenue and helping scale the combined businesses, stating: “I think this deal would have happened regardless. The ability for us to bring these businesses together we think is so incredibly complementary.” The all-stock merger was announced on Feb. 7 with the combined company, now called Hut 8 Corp or “New Hut,” to be …

Canada-based cryptocurrency mining company Hut 8 Mining has announced plans to merge with U.S. Bitcoin to form Hut 8 Corp, or "New Hut". In a Feb. 7 announcement, Hut 8 said the boards of directors of the two firms had unanimously approved a definitive business combination agreement aimed at combining the mining firms in what will become a United States-based business. Once the deal is finalized, Hut 8 Mining and U.S. Bitcoin, or USBTC, will become subsidiaries of New Hut, with shareholders collectively owning 50% of the new merged firm. "Bringing together Hut 8's operational track record and diversified revenue …

The CEO of crypto miner Layer1 Technologies has filed a lawsuit against the firm’s two other board members — including co-founder Jakov Dolic — for allegedly commandeering Layer1's operations for their own gain. Chief executive John Harney and DGF Investments Inc — a British Virgin Islands-based investment firm — filed the lawsuit against Dolic and fellow board member Tobias Ebel in Delaware’s Chancery Court on Feb. 2. The lawsuit alleges that both Dolic and Ebel used a power vacuum at Layer1’s equity parent Enigma to seize control of the Bitcoin mining company and operate it as their own personal fiefdom.” …

Crypto mining firm Riot Platforms — formerly Riot Blockchain — reported that 17,040 rigs deployed at its operations in Texas were offline due to “severe winter weather” in the state. According to a Feb. 6 announcement, Riot reported two of the buildings at its Whinstone facility in Rockdale, Texas were damaged in December 2022 as the state experienced days of sub-zero temperatures. From Dec. 22 to Dec. 25, temperatures across many parts of Texas — and the United States — dropped to below freezing. “Some sections of piping in Buildings F and G were damaged during the severe winter storms …

Crypto mining firm Core Scientific made a deal with the New York Digital Investment Group (NYDIG) to pay off an outstanding debt of $38.6 million by handing over more than 27,000 mining machines used as collateral. In a court filing, the company said that the mining rigs were no longer essential to its operations and any future plans. The firm is now waiting to get the approval of the United States Bankruptcy Court for the Southern District of Texas, which is in charge of the proceedings. While the company accepted that the move will have a short-term negative impact on …

The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years. A spokesman told Cointelegraph this was not a result of financial distress. As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month. While some crypto miners have been forced to sell Bitcoin due to distress, Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon. Schumacher said Marathon has been diamond-handing its Bitcoin until …

The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022. According to a Jan. 31 filing with the United States Securities and Exchange Commission (SEC), BankProv has already nearly halved the proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022. The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million worth of loans collateralized by crypto mining rigs which “will …

Core Scientific has received permission from the bankruptcy court for the Southern District of Texas to take out a loan of up to $70 million from investment bank B. Riley, one of the company’s biggest creditors. The loan would be used to pay off the bankrupt Bitcoin miner’s existing debtor-in-possession (DIP) financing loan, which also came from B. Riley. Core Scientific stated its intention of replacing its original DIP loan in advance at the beginning of its Chapter 11 bankruptcy process, saying it would find better terms with more flexibility. The company is seeking to use $35 million to replace …

Dennis Porter, chief executive officer of the Satoshi Action Fund, is taking the fight for hearts and minds on Bitcoin mining to Washington, D.C. and beyond in an effort to support friendly legislation. Porter, who first discovered Bitcoin (BTC) in 2017, told Cointelegraph his path on advocating the benefits of mining has taken him to support bills in at least six U.S. states with federal lawmakers also in his crosshairs. The Satoshi Action Fund CEO met with U.S. Senators and Representatives on Jan. 25 in support of proposed legislation aimed at eliminating discrimination against miners. According to Porter, the Lummis-Gillibrand …

Bitcoin (BTC) mining company Greenidge Generation has significantly reduced its debt with the investment management firm, New York Digital Investment Group (NYDIG). On Jan. 30, Greenidge entered into several agreements associated with its secured debt with NYDIG, transferring ownership of Bitcoin mining hardware and certain credits to NYDIG. The transaction reduced the principal and accrued interest balance of debt with NYDIG from about $76 million to roughly $17 million, resulting in total aggregate debt reduction of around $59 million. One of the agreements, the senior secured loan agreement, also enables an opportunity for a voluntary prepayment of the loan by …

Bankrupt crypto lender BlockFi has been granted court approval to sell off its crypto mining equipment as part of ongoing efforts to repay its creditors. A court document filed on Jan. 30 in the United States Bankruptcy Court for the District of New Jersey stated that the approval for BlockFi to sell its assets was on the grounds that it was “fair, reasonable and appropriate under the circumstances.” The court acknowledged the sale of the assets is “designed” to maximize the recovery and “realizable value” of the company. With the court giving BlockFi the green light, more bids are now …