Latest news with #Application-SpecificIntegratedCircuits
Cision Canada
2 days ago
- Business
- Cision Canada
Mint Announces $150 Million Investment Commitment and Initial Exchange Offering
BETHESDA, Md., Aug. 19, 2025 /CNW/ -- Green Minting Technologies, Corp. ("Mint"), announced today the strategic investment commitment of up to $150 Million USD with GEM Digital Limited through a token subscription agreement to develop a state-of-the-art, 600-Megawatt, off-grid, renewable energy, Bitcoin mining and AI datacenter project. The partnership is set to accelerate Mint's mission of bringing renewably-powered cloud computing to the masses through its $MINT token, which enables tokenholders to buy compute power by the hash in order to leverage low-cost, renewable energy to power applications like Bitcoin mining on Application-Specific Integrated Circuits ("ASICs") or training Artificial Intelligence ("AI") on Graphics Processing Units ("GPUs"). As part of the $150 Million USD investment commitment, Mint will be listing its $MINT tokens on a number of the leading centralized exchanges in its Initial Exchange Offering ("IEO"), where it is targeting to raise $400 Million USD. "Mint is re-democratizing the Bitcoin mining landscape by fractionalizing the energy and computing infrastructure into $MINT Tokens. In the beginning, Bitcoin mining was truly distributed across individual users. As Bitcoin mining infrastructure becomes increasingly expensive, individual users can't compete, particularly at today's retail energy prices. Through this partnership with GEM, we can deploy our $MINT Tokens to enable individual users to gain the benefit of renewable, scaled operations - without the upfront costs associated with developing utility-scale energy generation and datacenter infrastructure. Bitcoin mining can now be powered by the masses once again, thanks to the $MINT Token," said Alex Wey, CEO and co-founder. As part of the 600-Megawatt project, Mint will dedicate a portion of the infrastructure to developing a Tier III/IV datacenter to host GPUs and power AI tools, alongside its core Bitcoin Mining operations. To learn more about $MINT, the project, and about how to participate in this Initial Exchange Offering and its Presale, visit the $MINT website About GEM Digital Limited Based in the Bahamas, GEM Digital Limited is an asset investment firm focused on utility tokens. Its parent company, Global Emerging Markets ("GEM"), is a $3.4 Billion alternative investment group with offices in Paris, New York, and the Bahamas, spanning asset classes like Small-Mid Cap Buyouts, Private Investments in Public Equities (PIPEs), and select venture investments. About Mint Green Minting Technologies, Corp. ("Mint"), a Delaware corporation, is a renewable energy developer focused on deploying wind and solar power generation to enable its own on-site, off-grid cloud computing infrastructure that powers applications such as bitcoin mining, AI / ML, and HPC. By deploying its own energy generation infrastructure off-grid, Mint moves some of the most energy-intensive commercial applications away from the residential grid, while simultaneously developing future-proof, carbon-neutral cloud infrastructure for a sustainable cloud computing future. (202) 573-9286
Business Recorder
16-06-2025
- Business
- Business Recorder
The curious case of Bitcoin mining in Pakistan
Recent media reports have highlighted the allocation of 2000 MW of power for Bitcoin (BTC) mining. In a country like Pakistan, where such developments are relatively uncommon, this marks a significant and noteworthy milestone. However, amid the rapidly evolving global energy landscape, this initiative also presents a complex dilemma i.e., balancing the potential economic benefits of innovation with the challenges of managing the existing energy resources. To fully grasp the situation, it is essential to understand how Bitcoin mining operates, including its key inputs and outputs, the valuation associated with the process, and the potential advantages it may bring to Pakistan. 'Bitcoin mining involves solving complex computational problems using specialized hardware (Application-Specific Integrated Circuits - ASICs), which requires significant energy consumption as an input. The output is the creation of new bitcoins as well as the validation of transactions on the blockchain for which the miners earn a transaction fee.' The total computational power used to mine bitcoinand process transactions on the Bitcoin network is referred to as Hash rates. It increases when more miners or more powerful hardware are used. Bitcoin's mining difficulty adjusts over time to ensure consistent block times (10 minutes), which may indirectly influence the required computational effort. 'The hash rate is directly proportional to the computational effort required to solve cryptographic puzzles in the Bitcoin network. Since this computational effort relies on continuous processing by specialized hardware, it is also directly proportional to energy consumption. In essence, a higher hash rate reflects increased computational intensity, which in turn demands greater electrical power input.' Figure 1: The increase in Bitcoin Hash rate since 2018 (source: Think of the Bitcoin network like a city bus system. Each bus represents a new block of Bitcoin transactions, and passengers are the transactions waiting to be confirmed. A bus arrives roughly every 10 minutes, picks up passengers based on available space, and drives off just like how new blocks are added to the blockchain. But here's the twist: Before a bus can leave, the driver has to solve a tricky puzzle, kind of like solving a brain-teaser under pressure. The first driver to solve it gets to leave with passengers and earns a reward (Bitcoins and transaction fees). To solve these puzzles faster, drivers (miners) need powerful engines (hardwares, ASIC, GPUs, etc.), and those engines burn a lot of fuel (electricity). As more drivers join the race with faster, more energy-hungry machines, the whole system ends up using more and more energy. Bitcoin mining hardware, like powerful bus engines in our analogy, consumes significant energy. High-performance ASIC miners (200–300 TH/s) use around 3,500 to 4,000 watts continuously, equating to 3.5–4 kWh per hour per device. As the network's hash rate has surged to around 900 EH/s, global competition has intensified, driving both energy use and mining difficulty higher. To estimate daily Bitcoin mining output and costs: a high-performance ASIC mining hardware (250–300 TeraHash/s puzzle solving rate) costs around USD 3,500–5,000. At the current network hash rate of 900 ExaHash/s, one such machine can mine about 0.00014 BTC per day. This translates to the following: Assuming a 2, MW load (allocated by Government) for Bitcoin mining, roughly 350,000 number of ASIC machines (worth of USD 1.25-1.75 billion) could be deployed, potentially generating around 49 BTC per day. At a Bitcoin price of USD 150,000, this translates to daily revenue of approximately USD 7.35 million. But the catch is that as the hash rate of Bitcoin starts to increase it will require more hardware to mine the same number of bitcoins on daily basis. Hash rate growth projection (source: Gomining, May 1 2025) However, the profitability of such an operation depends on several factors, including: Number of machines deployed USD exchange rate Profit-sharing arrangement with the government Electricity cost Future Bitcoin price Energy price remains a critical factor in the viability of crypto mining. While Pakistan is often described as energy-surplus, the reality is more nuanced. During peak summer months (May to September), the gap between available generation capacity and peak demand ranges from 4,700 to 6,700 MW. With ongoing revenue-based load shedding of 2,000–3,000 MW, this margin shrinks to just 2,700–3,700 MW. Adding a continuous 2,000 MW crypto mining load could place significant stress on the generation system during these critical months. Furthermore, the reported energy price for the 2,000 MW crypto mining allocation is around 5–6 cents/kWh. However, this may fall below the marginal cost of generation during summer peaks, when expensive, imported-fuel-based plants are dispatched. As a result, miners may be implicitly subsidised, with the cost burden effectively shifted to other consumers. Given the concessional energy pricing offered to crypto mining, it is worth questioning whether this electricity could be more productively allocated to sectors such as textiles, manufacturing, or automotive; industries that generate greater value through job creation, exports, and foreign exchange inflows. In contrast, crypto mining is highly capital and energy intensive, offers minimal employment, and may depend on imported fossil fuels, thereby adding to the global GHG emissions. Additionally, as more miners join the Bitcoin mining network and the global hash rate increases (as forecasted), mining becomes even more energy intensive. Ultimately, the national benefit will depend on the structure of the revenue-sharing model and whether the returns from mining justify its economic and opportunity costs. Therefore, the government should carefully evaluate energy allocation priorities to ensure long-term economic resilience, industrial competitiveness, and equitable value creation. Copyright Business Recorder, 2025
Yahoo
31-03-2025
- Business
- Yahoo
Trump Brothers Team Up With Hut 8 in Bitcoin Mining Venture
Eric Trump and Donald Trump Jr. will partner with Hut 8 to create a new Bitcoin mining and reserve business. The Trumps' American Data Centers will merge with Hut 8 to form American Bitcoin, with Hut 8 holding an 80% stake. The venture aims to become the world's largest and most efficient pure-play Bitcoin mining platform Hut 8 (HUT) and Donald Trump's sons have joined forces to launch a new firm called American Bitcoin focused exclusively on "industrial-scale Bitcoin mining and strategic Bitcoin reserve development." Virtually all of Hut 8's Application-Specific Integrated Circuits (ASIC) miners will take a majority stake in American Data Centers, which includes Eric Trump and Donald Trump Jr. as investors. American Data Centers will be renamed American Bitcoin as part of the arrangement. The transaction will give Hut 8 an 80% stake of American Bitcoin, with the owners of American Data Centers holding the other 20%. Hut 8 noted that the aim is for American Bitcoin is "to become the world's largest, most efficient pure-play miner while building a robust strategic Bitcoin reserve." Eric Trump, who was named to the three-person management team as Chief Strategy Officer, said that by combining with Hut 8, "we are poised to strengthen our foundation and drive significant future growth." Donald Trump Jr. explained that the family has believed in Bitcoin "from the start," both personally and through its businesses, but owning the cryptocurrency was "only half the story." Trump Jr. added that mining it on favorable economics "opens an even bigger opportunity." Shares of Hut 8, which rose 4% about 30 minutes after the opening bell, have added about 11% of their value in the past year. Read the original article on Investopedia
