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Binance joins Neo Council, 2.1 million NEO used to secure two Top 21 positions

Binance Staking has secured two positions on the Neo Council. At the time of press, Binance has voted with approximately 2.1 million NEO to secure its places in the Top 21. Binance is the world's largest custodial exchange with nearly US $9.07 billion in 24-hour volume, according to CoinCap.io. Binance Staking is a service that allows users to earn distributions offered on proof-of-stake or other networks that distribute rewards to participants. The platform provides two types of staking: flexible and locked. Flexible staking offers fewer rewards but allows users to move the underlying assets at any time. Locked staking requires users to deposit a token for a specific time frame but provides higher yields. For example, a minimum of 0.01 NEO locked for 15, 30, 60, or 120 days will earn increasing yields of 5.79%, 7.49%, 8.79%, and 13.56% (made in GAS distributions), respectively. In the announcement post, Neo Global Development said "Binance Staking's new membership in the ...
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New York Power Plant Sells 30% of Its Bitcoin Mining Hashrate to Institutional Buyers



Greenidge Generation, an upstate New York power plant that's using proprietary facilities to mine bitcoin (BTC), has sold up to 30 percent of its computing power to institutional buyers.

The firm said in an announcement on Friday that the deal, brokered by BitOoda Digital, proceeded the sale of 106,000 terahashes per second (TH/s) of bitcoin mining power to undisclosed buyers consisting of hedge funds and family offices.

The sale was enabled through the execution of BitOoda's hash contracts, which allow institutional buyers to get exposure to bitcoin mining without having to go through the process of purchasing and setting up equipment.

At the Bitcoin network's current mining competition level, 1 TH/s of computing power would be able to produce about 0.00001709 BTC in a day. As such, the deal would give the buyers a daily yield of about 1.8 BTC – worth around $13,000 – in addition to having the corresponding hardware pledged as collaterals.

That said, with the Bitcoin network's halving event approaching in about 30 days, the total newly minted BTC in 24 hours will be reduced from right now around 1800 units to 900 after mid-May.

Greenidge said in the announcement it benefits from locking in profits and receiving an upfront source of capital to continue expanding its operations. The firm declined to disclose the amount earned in the deal. But major bitcoin miner manufacturers have been recently advertising around $23 per TH/s for several of their newest machines.

"Providing the same kind of time-tested hedging capabilities seen in traditional commodity markets, such product brings the benefits of clean and energy-efficient bitcoin mining from Greenidge to institutional investors throughout the United States," Greenidge CFO Tim Rainey said in the announcement.

In early March, it was reported that Greenidge was producing on average 5.5 BTC a day by utilizing 14 megawatts of its total 106 megawatts capacity.

The Bitcoin network's total hashrate back then was around 118 million TH/s on average, which means the firm possessed roughly 357,000 TH/s of computing power at the time. It has plugged in additional equipment over the past several weeks.

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