Crypto

Bitcoin mining industry flashes loss signal as difficulty drop looks likely

Bitcoin mining difficulty is increasingly likely to record its first annual net decline, as miners face weakening profitability. Mining difficulty has fallen from 148.3 trillion at the end of last year to 126.2 trillion, U.Today reported. Bitcoin is down 26 percent this year and average mining costs are estimated at $76,100 per coin versus a market price of around $65,000. Weather-related power costs and halted ASIC operations have also weighed on hashrate.

Crypto

Bitcoin mining pool Poolin files for Chapter 11 bankruptcy protection

Bitcoin mining pool Poolin filed for Chapter 11 bankruptcy protection in the United States and began a process to sell two West Texas mining sites for $52 million as part of a creditor recovery program. Cointelegraph reported that Poolin and two U.S. affiliates filed on July 23 in a New Jersey court. Court filings put liabilities at $100 million to $500 million and assets at $1 million to $10 million.