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Gryphon Digital is requesting dismissal from a suit filed by its former partner Sphere 3D over a scam-related Bitcoin transfer. According to Gryphon, the incident was caused by Sphere's security failures. Crypto miner Gryphon Digital is seeking dismissal from a lawsuit brought by its former partner Sphere 3D over a spoofing attack that resulted in 26 Bitcoins (BTC) being transferred to a fraudulent address. According to the initial complaint filed by Sphere 3D in April, Gryphon CEO Rob Chang allegedly wired 18 BTC in January to a fraudster posing as Sphere 3D’s chief financial officer through a spoofing attack. Within a few days, eight more Bitcoins were sent to the same address, resulting in a total loss of over $500,000 at the time. Gryphon claims, however, to be a victim of Sphere's "gross negligence" that allowed a malicious actor to access Sphere’s computer system, send spoof emails from its domain, and cause Gryphon to send cryptocurrency intended for Spher...

All-time high hashrates and mining difficulty indicates that miners are bullish on Bitcoin, while recent sell-offs could be a means to hedge positions. Bitcoin (BTC) mining companies are employing derisking strategies by offloading Bitcoin to exchanges, according to a market report from Bitfinex. The cryptocurrency trading platform’s latest newsletter addresses the Bitcoin mining sector at length, highlighting a recent surge in miners selling large volumes of BTC to exchanges. This has led to a corresponding increase in value of shares in Bitcoin mining companies as institutional interest in BTC picks up in 2023. The report notes that Poolin has accounted for the highest amount of BTC sold to the market in recent weeks. Bitfinex analysts also note that the Bitcoin mining difficult recently hit an all-time high, which it labels as an indicator of “robustness and miner confidence”: “Miners are clearly bullish on Bitcoin as they commit more resources to mining, hence triggering the m...

Also Read: PePe Coin Rally Ain’t Stopping Here; PEPE Bags Another Exchange Listing advertisement Earlier, CoinGape reported that the President’s Council of Economic Advisers (CEA) pointed to effects of crypto mining related high energy consumption. The Council is said to have mentioned in an upcoming report about the negative spillovers on environment, quality of life, and electricity grids. Nic Carter Says Taxing Would Increase Emissions Ventire capitalist and popular crypto figure Nic Carter argued that the Biden taxation move could actually be counter-productive to the environment. He added that jurisdictions like China, Russia, Kazakhstan, Iran, Venezuela and Malaysia have higher carbon intensity for Bitcoin mining related power generation. “Banning mining in the U.S. won’t cause there to be less BTC mining. It will simply mean that mining occurs elsewhere. Other places with higher carbon intensity BTC mining.” ...

With the tough conditions that faced Bitcoin miners last year, Iris’ co-founder said the purchase was a “significant milestone” for the company. Australia-based Bitcoin (BTC) Mining company, Iris Energy, revealed it will nearly triple its Mining capacity with the addition of thousands of Mining rigs. On Feb. 13 the firm said it purchased an additional 4.4 Exa Hashes per second (EH/s) worth of Bitmain Antminer S19j Pro ASIC miners bringing its self-mining capacity to 5.5 EH/s from 2.0 EH/s. Based on the S19j Pro’s maximum hashrate of 100 Tera Hashes per second (TH/s), the purchase adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations. Daniel Roberts, Iris’ co-founder and Co-CEO said the purchase “is a significant milestone” for the company and added its been a “challenging period for both the industry and markets more generally.” Iris said the new miners will be installed in the company’s centers but did not mention in which locations. The firm operat...

The loan would allow Core Scientific to keep its mining and hosting operations afloat while it restructures. A U.S. Bankruptcy court has granted Bitcoin (BTC) miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund the firm amid its liquidity issues. Core Scientific is one of the largest cryptocurrency mining companies in the United States, but filed for Chapter 11 Bankruptcy on Dec. 21 as a result of rising energy costs, declining revenue and the price of BTC in 2022. In a public statement made on that same day, Core Scientific outlined that it intends to “move swiftly through the restructuring process” and maintain its self-mining and hosting operations. The loan comes from a group of creditors called the Ad Hoc Noteholder Group — which holds more than 50% of Core Scientific’s convertible notes — which agreed to provide debtor-in-possession (DIP) facility commitment loans up to a total of $75 million, according to court filings. The fi...