Bitfarms Expands into Pennsylvania Amid Riot’s Growing Stake
On June 14, Bitcoin mining company Bitfarms announced a significant expansion into the United States by establishing a new 120-megawatt (MW) facility in Sharon, Pennsylvania. This move is set to enhance Bitfarms’ operational capacity, aiming to support an 8 EH/s capacity by 2025 and boost the company’s total power capacity to 648 MW, marking a 170% increase from its current capacity.
In conjunction with Bitfarms‘ expansion news, Riot Platforms revealed an increased ownership stake in Bitfarms, now holding 14% of the company. Riot acquired an additional 1,432,063 common shares, representing approximately 0.35% of Bitfarms’ issued and outstanding shares.
Holograph Token Plummets 80% Following Exploit
The token of the tokenization platform Holograph experienced a dramatic 80% drop after a hacker exploited the protocol’s operator contract, minting 1 billion HLG tokens worth $14.4 million on June 14.
Taking advantage of a smart contract vulnerability, the attacker minted the 1 billion HLG tokens across nine transactions. Within ten minutes, HLG’s price began to plummet. Over the next nine hours, the token’s value nosedived 79.4%, from $0.014 to a low of $0.0029, with its market cap shrinking from nearly $22 million to $4.8 million.
CMT Digital crypto researcher Matt Casto suggested that the hacker might be a “rogue dev” who had funded Holograph’s operator contract address 26 days prior. Holograph announced on X that it has launched its own investigation and is collaborating with law enforcement authorities.
Spot ETH S-1 Approvals Expected This Summer
SEC Chair Gary Gensler has provided a tentative timeline for the debut of spot Ether ETFs in the United States. During a June 13 hearing before the Senate Banking Committee, Gensler indicated that the SEC expects to approve S-1 registration statements for ETH asset managers “sometime over the course of the summer.”
On May 23, the SEC approved 19b-4 filings for several asset managers. However, before the new ETH ETFs can begin trading, their S-1 filings must also receive approval.
Gensler remarked, “The Ethereum exchange-traded product filings that were in front of us from stock exchanges — I think there were eight or nine of them — were all jointly approved. Individual issuers are still working through the registration process, which is proceeding smoothly, and I would envision approvals sometime over the course of this summer.”
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