Bitcoin Halving and Crypto Mining Companies

Bitcoin is the biggest cryptocurrency when it comes to market capitalization and it was able to retain this status for years. Moreover, Bitcoin’s recent halving affected mining companies. Bitcoin halving is making the crypto mining industry more competitive. It means that companies have to adapt to the new reality or face consequences.

Crypto mining company Riot Blockchain purchased an additional 1,000 next-generation Bitmain S 19 Pro (110 TH) Antminers. The company paid $2.3 million for 1,000 Bitmain S 19 Pro Antminers.

Riot Blockchain purchased 1,000 Bitmain S 19 Pro by using available working capital. Interestingly, the company has no long-term debt. This year, the crypto mining company expanded its mining fleet and focused on Bitcoin mining. As a reminder, the supply of Bitcoin is limited to limit potential inflation.

Crypto exchange Coincheck and its customers

The world’s one of the oldest crypto exchanges Coincheck suffered a data breach. Notably, this data breach took place on May 31 and June 1. Unfortunately, the data breach purportedly affected roughly 200 customers.

Attackers gained access to the platform’s domain registration service. Moreover, they may have stolen email addresses, phone numbers, registration addresses, as well as other personal information.

In 2018, hackers also targeted the world’s one of the oldest exchanges. It is the biggest crypto theft in history, as Coincheck’s customers lost $500 million.

This time the breach had no impact on the customer’s assets. However, the exchange decided to halt its crypto remittance service, to investigate the problem.

Data breaches represent a serious challenge for the industry. In May, crypto lending provider BlockFi suffered a similar data breach. According to BlockFi, the company’s client data was breached as a result of the SIM card swap attack.

Crypto mining is a profitable business. Thus, Riot Blockchain made the right decision when it invested more than $2 million in crypto mining equipment.