Argo received a warning from Nasdaq in December that it would be delisted if its price stayed below the threshold $1 mark as it struggled in the bear market.
Law enforcement confirmed that block reward mining rigs and machines were discovered at the two locations, and both used illegal electricity connections to mask their mining activity.
Compass Mining filed the lawsuit in June after Dynamics terminated a hosting agreement with the miner—a rare win in a year that has not favored the miner.
The next 'halving' of the BTC block reward, expected to take place in mid-2024, would further reduce margins and squeeze out smaller miners struggling to make a profit from their existing operations.
Argo sold the facility for $65 million while also securing an extra $35 million loan from the Mike Novogratz-owned firm as it struggles with the bear market.
London-based Faes & Company claims that Blockware lied about owning hosting facilities and BTC mining machines' uptime and wants $250,000 in damages.
Industry players behind the BTC software control the hash power, while companies with weak cash positions and low debt suffer, cementing BTC's position as a 'very, very' centralized system.
An 18-month suspension in electric supply to digital asset miners will be implemented in British Columbia as officials seek time to engage with industry leaders to develop a permanent framework.
The incoming legislation will require miners to buy electricity from the state-owned KOREM, which miners believe could impose unnecessary bureaucracies.
The Zero-Knowledge Proof Hackathon was declared "an overwhelming success," with 928 participants, of which three emerged as winners, taking home $45,000 each.
Despite the filing, Core Scientific expects to continue operating normally, won’t liquidate assets and has entered into restructuring support agreement with creditors.