New African Bitcoiners Website

Bitcoin miner Canaan posts $88.7M net loss in Q1 amid BTC decline

Canaan, a prominent Bitcoin mining equipment manufacturer, announced a net loss of $88.7 million for the first quarter. This significant financial setback was largely driven by a $25 million inventory write-down. The company also reported a steep decline in its equipment sales, experiencing a 75% quarterly drop. These adverse results are directly attributed to the general retreat in Bitcoin prices from their previous highs, which impacted both the demand for mining hardware and the valuation of existing inventory.

Lolli launches automatic bitcoin cashback on linked debit and credit card purchases

Lolli, a prominent platform facilitating Bitcoin rewards, has rolled out an innovative feature designed to automate and simplify the process of earning Bitcoin cashback. This new functionality allows users to passively accumulate Bitcoin by linking their existing debit and credit cards to their Lolli account. The primary benefit of this update is the elimination of common friction points associated with online shopping rewards, meaning users no longer need to activate browser extensions, input specific promotional codes, or make any changes during the checkout process. Once a card is linked, the system automatically detects eligible purchases made at any of the thousands of participating merchants, subsequently crediting Bitcoin cashback to the user. This initiative aims to seamlessly integrate Bitcoin earnings into everyday spending, making it an effortless and automatic way for consumers to acquire Bitcoin without altering their purchasing habits.