Australian bitcoin miner Iris Energy is the latest to suffer from crypto bear market pressure, losing a significant portion of its mining power after defaulting on a loan.
a filing By the company to the US Securities and Exchange Commission on November 21, it disclosed that it had separated its hardware used as collateral in a $107.8 million loan as of November 18.
The company noted that the units “generate insufficient cash flows to service their debt financing obligations.” The operation generates about $2 million in total bitcoin earnings per month but cannot cover debt obligations of $7 million.
Iris has now reduced its capacity by about 3.6 EH/s (exahashes per second) of mining power. He stated that capacity remains at around 2.4 EH/s which includes 1.1 EH/s for rigs in operation and 1.4 EH/s for rigs in transit or pending deployment.
The company has stated that its “data center capacity and development pipeline are unaffected by recent events,” and it will continue to explore opportunities to leverage its capacity. Iris is also looking at the possibility of “using the $75 million in advance payments already made to Bitmain in connection with an additional 7.5 EH/s for contracted miners to further self-min.”
Earlier this month, the company Served with default notice For $103 million. Iris Energy primarily operates Canadian BTC mining centers that are powered entirely by renewable energy. In early August, the company Double your hash rate After activating the facilities in Canada.
Iris Energy (IREN) stock is down 18% on the day to trade at $1.65 in after-hours trading. It reached an all-time low on November 21, down 94% from its all-time high of $24.8 when it first traded in November 2021.
Bitcoin miners are currently experiencing a triple whammy of high hash rates, difficulty, high energy prices, and low bitcoin prices.
This causes many of them to either turn off their machines or start selling the asset. On November 21, Charles Edwards, founder of Capriol Fund, noted that the current rates of selling miners were the most aggressive in nearly seven years.
“If the price doesn’t go up soon, we will see a lot of bitcoin miners out of business,” he added.
It’s a bloodbath for a bitcoin miner.
Mine has been selling the most aggressive for almost 7 years now. 400% increase in just 3 weeks!
In October 2017, Dutch citizen Didi Taihutu and his family sold all their valuable possessions and home for Bitcoin. The decision paid off and the Taihoto family has traveled all over the world and recently moved to the island of Phuket. On November 30, 44-year-old Didi Taihutu told CNBC that after storing cryptocurrency in cold storage, central exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family decided to preemptively transfer $1 million. digital assets to dex protocols in order to gain more control via self-preservation.
Didi Taihutu and his family are taking proactive steps to safeguard their crypto assets
Just over five years ago, Bitcoin.com News mentioned on the Taihuttu family after they decide to sell their house, toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the family’s patriarch, Didi Taihutu, Wire With CNBC she explained that the family is moving $1 million in crypto assets to dex protocols after the collapse of FTX.
Taihuttu explained that prior to the decision to proactively move funds from cex platforms to dex protocols, the family stored a small portion of the funds on exchanges such as Bybit and Kraken. Taihutu said: “If you never send your bitcoins to an exchange, your bitcoins remain in your private wallet, which means you have full custody of your coins. [But] You connect to the dex, and by making that connection you are trading from your own wallet.”
If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.
Taihuttu explained that he learned his lesson in 2017 when cex Cryptopia was hacked and he lost four bitcoins. “From that moment on, I was always looking for alternatives,” said Taihutu. As far as FTX is concerned, “a lot of influencers got a lot of money promoting this guy,” Taihuto insisted. The family did not disclose how much crypto assets they have, but they said close to $1 million BTCAnd the ETHAnd the LTCDOT and other tokens will be transferred to decentralized exchanges.
Taihuttu says the current FTX-related drama is similar to what happens in every Bitcoin cycle. “It seems like we got this lesson every Bitcoin cycle — ‘It was Mt Gox, it was banning Bitcoin in China, it was banning mining. He added, “There is drama every time.” Taihuttu believes wholeheartedly BTC stable, and simply does what the leading crypto assets have always done.
“Looking at the current situation: we have a huge war going on, we have a huge financial crisis, we have FTX, we have a percentage point, we have a lot of bear market signals,” Taihuto told CNBC. “I think bitcoin is having strength at $16,800. For me, bitcoin is still doing perfectly and still doing what it’s always done: being a decentralized currency that can be used by all people around the world,” Taihoto concluded during his interview on Wednesday.
What do you think of the progress of the Taihuttu family and the family’s million dollar conversion from cex applications to dex protocols? Tell us your thoughts on this topic in the comments section below.
Jamie Redman is the Chief News Officer at Bitcoin.com News and a financial and technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Recently, PancakeSwap worked with Hashflow to offer HFT payouts on their staking platform. The tweet notes that this will make it possible for someone to “farm” HFT tokens to make a profit using PancakeSwap.
For a decision to be voted on by PancakeSwap users, it must be supported by the votes of 60% of HFT token holders, as is the norm in the DeFi community.
Let’s take a quick look at Cake’s recent performance:
Overall, DEX is making great strides
When compared to its risks, CAKE’s volatile price and low yield make it unattractive
If a bearish breach occurs, the price could drop below $3.575
PancakeSwap’s positive developments don’t end here. DEX made headlines in October when it offered its community to switch from BNB chain to Aptos mainnet. The vast majority of the local population responded positively to this plan.
In contrast, CAKE, the native currency of PancakeSwap, is Struggle. From what we can tell, CAKE is on an upward trend, but a monthly pessimistic commentary overshadows the positive picture.
Not attracting potential funders enough?
CAKE might be a nice asset, but it’s currently performing poorly. After dropping sharply due to the demise of FTX, the price is now only fluctuating sideways.
The coin has since recovered, with the latest support at $3,943. Its price fluctuates between $4,433 and $3,575 per share.
Chart - TradingView
As a symbol, my path scales Likewise, it does not look particularly attractive. The Sharpe ratio is -1.96, which indicates a discrepancy between the risk inherent in the asset and the return on investment. Asset volatility is at its highest level since June.
Technical indicators are a mixed group of neutral and bullish indicators. With an R-value of 0.22, the regression analysis indicates that the sideways trend will continue.
The RSI is rising, which may indicate a price increase in the near term.
Can cake ever be delicious again?
The unexpected stability of the Bollinger Band increases the sideways price movement.
Since most moving averages, including the EMA bar, show strong sell signals, moving averages pose a problem.
The support at $3.93 is undoubtedly strong, as the red candle currently has a longer bottom wick as a sign of strength. However, the ascending triangle formation will provide some support for the bears.
If the bears gain momentum and break through $3.93, investors and traders can take consolation at $3.847, and a drop to $3.575 is possible.
CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com
Russia’s largest bank – formerly Sberbank – continues to develop its blockchain platform by integrating it with the Ethereum blockchain.
on November 30 officially announce New opportunities for its blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This will allow developers to move smart contracts and entire projects between the Sber blockchain and public blockchain networks, the bank said.
Sber’s latest addition also brings integration with the MetaMask cryptocurrency wallet into the main software, which is used to interact with the Ethereum blockchain. The integration allows users to perform transactions using tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.
“The Sber Blockchain Lab works closely with third-party developers and partner companies, and I am excited that our community will be able to run DeFi applications on Sber’s infrastructure,” said Alexander Nam, Head of Blockchain Lab. He noted that the newly integrated features will help Sber unite developers, businesses, and financial institutions to explore practical business applications from blockchain, Web3, and decentralized finance.
In late November, Russian lawmakers also discussed possible legal amendments so the government could do so Launching a national crypto exchange. The effort is said to be backed by both the Finance Ministry and the Bank of Russia, which are known to have a lot of contention when it comes to regulating the local crypto market.