Coin
Moody’s downgrades Coinbase due to bear: Warns it may not be the last
Credit ratings agency Moody’s has downgraded the Corporate Family Rating (CFR) and guaranteed senior unsecured notes of crypto exchange Coinbase, and stated that both ratings have been placed under review for further downgrade. The CFR, a rating assigned to reflect Moody’s opinion of a company’s ability to honor its financial obligations, was downgraded from Ba2 to Ba3 which is considered as below non-investment grade. Senior unsecured notes are a type of debt a company holds that is not backed by any assets and in the event of bankruptcy must be repaid before any others. Moody’s downgraded Coinbase’s from Ba1 to Ba2. Earlier in May, Cointelegraph reported Coinbase’s junk bonds tanked in response to an underwhelming first quarter and since the report, the bonds have continued to fall a fur...
Iran’s smog, blackouts made worse by power-sapping crypto mining
Outages have been compounded by cryptocurrency mining, which uses banks of high-powered computers. Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships. Tehran’s Hamshahri newspaper, the country’s most-read daily, ran the headline, “20 Days Living in Smoke,” on Wednesday over a photo of the capital covered in smog. Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are us...
