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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Carrieverse and Disney Ink Content Deal

    Carrieverse and Disney Ink Content Deal

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    Somnia Launches Playground App to Empower Metaverse Creators

    Somnia Launches Playground App to Empower Metaverse Creators

  • NFT
    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

    Courtyard Tops Sales, Doodles Leads in Growth

    Courtyard Tops Sales, Doodles Leads in Growth

    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

    Trump’s controversial memecoin dinner elicited mixed responses from attendees

    Trump’s controversial memecoin dinner elicited mixed responses from attendees

    NFT sales drop to $129.8m, Avalanche sales surge 200%

    NFT sales drop to $129.8m, Avalanche sales surge 200%

    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

    BeraTone NFT Avatars Are Now Minting Live on OpenSea

    BeraTone NFT Avatars Are Now Minting Live on OpenSea

  • Gaming
    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

    The Biggest Shutdowns So Far in 2025

    The Biggest Shutdowns So Far in 2025

    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

    Blockchain And Crypto Are Future of Online Gambling

    Blockchain And Crypto Are Future of Online Gambling

    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

    Why GamStop Players Try Competitive Gaming

    Why GamStop Players Try Competitive Gaming

    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    SoonVerse Partners with Arris to Enhance User Experience

    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

    I asked ChatGPT to predict Ethereum’s prospects as billionaire holders accumulate

    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    Key Innovations, Challenges, and What Comes Next

    Key Innovations, Challenges, and What Comes Next

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    Types, Use Cases and Why They Matter

    Types, Use Cases and Why They Matter

    What’s the Real Difference for Beginners?

    What’s the Real Difference for Beginners?

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    The Main Differences Between Crypto Exchanges

    What Is a DEX? How DEXs Work and Why They Matter

    What Is Blockchain? Blockchain Technology Explained for Beginners

    What Is Blockchain? Blockchain Technology Explained for Beginners

    Blockchain Layers Explained for Beginners: L1, L2, L3 Solutions

    Blockchain Layers Explained for Beginners: L1, L2, L3 Solutions

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoins
    • DeFi
  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Carrieverse and Disney Ink Content Deal

    Carrieverse and Disney Ink Content Deal

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    Somnia Launches Playground App to Empower Metaverse Creators

    Somnia Launches Playground App to Empower Metaverse Creators

  • NFT
    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

    Performance Art Duo Operator ‘Make Movement Collectible’ With NFTs

    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

    NFT Market Sees $3.91M Volume on OpenSea Amid CryptoPunks’ Dominance

    Courtyard Tops Sales, Doodles Leads in Growth

    Courtyard Tops Sales, Doodles Leads in Growth

    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

    a new collection of NFT stamps inspired by Mozart and Hedy Lamarr

    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

    Too Early? ‘Networked’ Fashion Label 9dcc Is Shutting Down

    Trump’s controversial memecoin dinner elicited mixed responses from attendees

    Trump’s controversial memecoin dinner elicited mixed responses from attendees

    NFT sales drop to $129.8m, Avalanche sales surge 200%

    NFT sales drop to $129.8m, Avalanche sales surge 200%

    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

    Alchemy acquires NFT launchpad HeyMint to accelerate smart wallet development

    BeraTone NFT Avatars Are Now Minting Live on OpenSea

    BeraTone NFT Avatars Are Now Minting Live on OpenSea

  • Gaming
    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

    Dæmons Taps Orochi Network to Power GameFi with Verifiable On-Chain Data

    The Biggest Shutdowns So Far in 2025

    The Biggest Shutdowns So Far in 2025

    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

    PCM Wallet Announces Collaboration with DegenVerse to Redefine Web3 Gaming

    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

    OpenSea Ends Beta, Launches OS2 with Multi-Chain Support, XP Rewards & SEA Token

    Blockchain And Crypto Are Future of Online Gambling

    Blockchain And Crypto Are Future of Online Gambling

    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

    DeepLink Partners with AscendEX to Power Web3 Gaming in Global Markets

    Why GamStop Players Try Competitive Gaming

    Why GamStop Players Try Competitive Gaming

    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Ethereum Games ‘Realms of Alurya’ and ‘Wonder Wars’ Latest to Go Offline

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

    Real-World Asset NFTs Emerge as the Next Big Crypto Trend in May 2025

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    SoonVerse Partners with Arris to Enhance User Experience

    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

    I asked ChatGPT to predict Ethereum’s prospects as billionaire holders accumulate

    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    Key Innovations, Challenges, and What Comes Next

    Key Innovations, Challenges, and What Comes Next

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    Types, Use Cases and Why They Matter

    Types, Use Cases and Why They Matter

    What’s the Real Difference for Beginners?

    What’s the Real Difference for Beginners?

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    The Main Differences Between Crypto Exchanges

    What Is a DEX? How DEXs Work and Why They Matter

    What Is Blockchain? Blockchain Technology Explained for Beginners

    What Is Blockchain? Blockchain Technology Explained for Beginners

    Blockchain Layers Explained for Beginners: L1, L2, L3 Solutions

    Blockchain Layers Explained for Beginners: L1, L2, L3 Solutions

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

Shareholder Sues Crypto Mining Firm Over Unrealistic Pre-IPO Claims

February 6, 2024
in Mining
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Shareholder Sues Crypto Mining Firm Over Unrealistic Pre-IPO Claims
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A shareholder sued crypto mining firm Stronghold’s senior officials, claiming that they made impractical pre-IPO pledges.

Glenn Bruno’s Friday complaint targets Stronghold’s officers and directors for alleged legal violations between July 2021 to March 2022. The violations include breaches of fiduciary duty and corporate asset misallocation.

READ ALSO

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The lawsuit concerns alleged false statements in Stronghold’s IPO documents. These statements relate to agreements with bitcoin miner suppliers, including China-based MinerVa Semiconductor Corp, and their expected hash rate deliveries.

Stronghold made a purchase agreement with MinerVa for 15,000 miners, totaling 1.5m terahashes, according to the complaint. MinerVa was expected to deliver these miners at the time of Stronghold’s IPO, which took place Oct. 22, 2021.

Stronghold’s Alleged IPO Misrepresentations

In the IPO documents, Stronghold was presented as having “superior access to Bitcoin miners with multiple miner procurements channels.” It also supposedly showed specific purchase orders from multiple Bitcoin miner suppliers, showcasing its capability to swiftly increase its mining capacity.

But Bruno alleged that company executives were aware the stated delivery schedules and quantities in the IPO materials were unattainable.

“That included the first scheduled delivery, which would purportedly take place less than two weeks after the IPO,” he wrote.

However, Stronghold’s IPO went forward and raised $132.5m, according to the lawsuit. The money was meant to go toward general company needs, like buying more miners and power-related assets.

Stronghold and Bruno’s lawyers didn’t return Cryptonews’ request for comment by press time.

See also  Auradine Expands Bitcoin Mining Solutions with Advanced ASIC Chips, Cooling Systems, and Modular Megawatt Containers

Lawsuit Claims Crypto Mining Execs Knew About MinerVa’s Assembly Struggles

Bruno’s suit further claimed that Stronghold’s executives were allegedly aware of major challenges faced MinerVa faced at its assembly facility in China. These challenges included power outages and restrictions that hindered the assembly of miners.

Additionally, MinerVa was unable to obtain essential components required to assemble a considerable portion of the ordered miners.

“Despite its declarations to the contrary, [Stronghold] knew that the advertised 100TH/s rate was impractical as it has not yet been achieved in real-world conditions,” Bruno said.

In actuality, however, the MinerVa MV7 miners were plagued with faults and performance issues, with one in three of the miners being defectively non-operational. These failures led to Stronghold producing only 40% of its advertised 2,100 PH/s goal by the end of 2021.

The MinerVa miners had frequent defects and performance issues, resulting in one-third of them being non-operational, the suit claimed. Consequently, Stronghold only reached 40% of its initially stated hashing power goal by the end of 2021.

Bruno’s lawsuit seeks compensation, legal fees, and governance improvements at Stronghold.

The miner also faces a securities class action in New York over similar claims.

US Targets Crypto Miners’ Electricity Usage

Cryptocurrency mining is a process that releases new coins into circulation. It involves verifying transactions and adding them to a blockchain. Mining demands substantial energy and computational resources, typically better suited for specialized entities rather than individual enthusiasts.

US regulators are starting to take action against mining. The Energy Information Administration (EIA) recently announced its intention to gather data on electricity usage from American miners starting in February.

The Biden administration plans to impose a 30% federal tax for all electricity usage for digital asset mining.

—The U.S. Energy Information Administration (EIA) has announced that it would start tracking electricity consumption and power use by #crypto mining companies actively…

— Nuke Rockwell (@Tradingheavy) February 2, 2024

The EIA has so far pinpointed 52 crypto mining operations within the US crypto sector while examining their immediate and long-term impacts.

See also  Wall Street Bitcoin Miners Equipment Worth Millions Stranded as U.S. Tightens Screws

Tags: claimsCryptoFirmMiningPreIPOShareholderSuesUnrealistic

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