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Cloud Mining Scams: A Warning from Brave New Coin
Brave New Coin (BNC) has issued a stark warning regarding the prevalence of cloud mining scams in the cryptocurrency sector. Despite the existence of potentially legitimate platforms, BNC's extensive research has failed to identify a single credible cloud mining solution. The article highlights several dubious providers, many of which are still operational, and offers a practical guide to recognizing potential cloud mining frauds.
"The likelihood of being scammed in cloud mining is nearly 100%," BNC emphasizes, urging caution among investors.
Notably, the article mentions that many scams have recently rebranded themselves under names like "Cloud Computing" or "Cloud Infrastructure." Furthermore, automated, AI-driven trading platforms offering investment packages ranging from $5,000 to $10,000 with guaranteed returns should also be approached with skepticism.
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In a detailed list, BNC outlines various fraudulent cloud mining websites, including Sunminer, which began its operations in November 2023, and X.CGmining.com, which started its scam in early August of the same year. The article warns that many of these sites often pay out small amounts to lure victims into investing larger sums, only to create obstacles when larger withdrawals are attempted.
In summary, BNC's investigation underscores the critical need for due diligence in the cryptocurrency space, particularly regarding cloud mining services.
Bitfarms Exits Bitcoin Mining to Focus on AI Infrastructure
Bitfarms, a publicly traded Bitcoin miner, announced its decision to completely cease its cryptocurrency mining activities over the next two years, marking a significant shift in the industry. This decision follows a reported net loss of $46 million from continuing operations in Q3 2025, nearly double the $24 million loss from the same period last year. Despite a 156% increase in revenue to $69 million, the results fell short of analysts' expectations of approximately $83-85 million.
As a result of this announcement, Bitfarms' stock plummeted by about 15% to approximately $2.70 per share, continuing a downward trend that has seen the stock lose over 50% of its value in the past month. CEO Ben Gagnon stated that the company will systematically wind down its cryptocurrency operations throughout 2026 and 2027 while accelerating the development of high-performance computing infrastructure for AI workloads.
Bitfarms has already secured financing for this transformation, completing a $588 million convertible bond sale in October and converting a $300 million credit facility into project-specific financing for its Panther Creek, Pennsylvania location. As of November 12, the company reported total liquidity of $814 million, including $637 million in cash and $177 million in Bitcoin holdings.
In conclusion, Bitfarms' strategic pivot reflects the increasing pressures within the Bitcoin mining industry, particularly following the halving event in April 2024, which has significantly impacted profitability.
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