Gridless – a Kenyan-based Bitcoin mining company – has announced raising a $2 million seed investment round led by venture capital investor Stillmark and digital payments firm Block, Inc.

Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, expects to recover only $22 million of the $50 million it deposited with bankrupt bitcoin miner and data center provider Compute North.

Bitcoin miners seem to be giving up on the prospect of holding the maiden crypto for long-term profit as they continue to sell large sums of the digital coin.

Online forums are integral to the <a href="https://cointelegraph.com/news/the-btc-origin-story-who-designed-the-bitcoin-logo">Bitcoin origin story</a>, where <a href="https://cointelegraph.com/bitcoin-for-beginners/who-is-satoshi-nakamoto-the-creator-of-bitcoin">Satoshi Nakamoto</a> and early contributors collaborated to discuss and create a disruptive financial system from scratch. One of the oldest Bitcoin forums — bitcointalk.org — still preserves historical discussions around creating the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) logo and the payment system.

Demand for powerful computing devices designed to mint bitcoin has surged in Russia during the fourth quarter of the year, spurred by their low prices amid declining crypto markets, the Russian business daily Kommersant reported. The country’s cheap electricity rates and expectations for a higher supply of second-hand miners have played a role as well.

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value and in turn, this has put massive pressure on bitcoin miners. On Nov. 30, 2022, statistics show if miners paying for electricity pay roughly $0.12 per kilowatt hour (kWh), only three application-specific integrated circuit (ASIC) mining rigs are profitable. At a rate of $0.07 per kWh, profits begin to increase and data shows 16 different ASIC bitcoin mining devices are profitable with electrical costs at that rate.

An abusive new law requires of the Bitcoin mining industry what New York State does not require of any other industry.

Crypto mining and staking firm Foundry will buy Compute North's sites in North Sioux City, S.D. and Big Springs, Texas that have a fully operational capacity of six MW and 11 MW, respectively, according to a statement on Tuesday.