Silver X Mining Corp. (CVE:AGX) shareholders won't be pleased to see that the share price has had a very rough month, dropping 27% and undoing the prior period's positive performance. Looking at the bigger picture, even after this poor month the stock is up 38% in the last year.

Although its price has dipped substantially, Silver X Mining may still be sending very bullish signals at the moment with its price-to-earnings (or "P/E") ratio of -4.2x, since almost half of all companies in Canada have P/E ratios greater than 12x and even P/E's higher than 26x are not unusual. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so limited.

With earnings growth that's exceedingly strong of late, Silver X Mining has been doing very well. One possibility is that the P/E is low because investors think this strong earnings growth might actually underperform the broader market in the near future. If that doesn't eventuate, then existing shareholders have reason to be quite optimistic about the future direction of the share price.

View our latest analysis for Silver X Mining

The only time you'd be truly comfortable seeing a P/E as depressed as Silver X Mining's is when the company's growth is on track to lag the market decidedly.

Taking a look back first, we see that the company grew earnings per share by an impressive 62% last year. Still, EPS has barely risen at all from three years ago in total, which is not ideal. Therefore, it's fair to say that earnings growth has been inconsistent recently for the company.

This is in contrast to the rest of the market, which is expected to grow by 11% over the next year, materially higher than the company's recent medium-term annualised growth rates.

In light of this, it's understandable that Silver X Mining's P/E sits below the majority of other companies. Apparently many shareholders weren't comfortable holding on to something they believe will continue to trail the bourse.

Silver X Mining's P/E looks about as weak as its stock price lately. Using the price-to-earnings ratio alone to determine if you should sell your stock isn't sensible, however it can be a practical guide to the company's future prospects.

As we suspected, our examination of Silver X Mining revealed its three-year earnings trends are contributing to its low P/E, given they look worse than current market expectations. At this stage investors feel the potential for an improvement in earnings isn't great enough to justify a higher P/E ratio. If recent medium-term earnings trends continue, it's hard to see the share price rising strongly in the near future under these circumstances.

There are also other vital risk factors to consider and we've discovered 4 warning signs for Silver X Mining (2 can't be ignored!) that you should be aware of before investing here.

Of course, you might find a fantastic investment by looking at a few good candidates. So take a peek at this free list of companies with a strong growth track record, trading on a low P/E.

Find out whether Silver X Mining is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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The Market Doesn't Like What It Sees From Silver X Mining Corp.'s (CVE:AGX) Earnings Yet As Shares Tumble 27% - Simply Wall St

Additional Copper Intercepts from Gladiator Metals' Compilation of Historical Drilling Data Indicate the Potential for a Shallow, High-Grade Mineralization Trend Near the Cowley Park Prospect

Vancouver, British Columbia--(Newsfile Corp. - May 11, 2023) - Gladiator Metals Corp. (TSXV: GLAD) (OTC Pink: GDTRF) (FSE: ZX7) ("Gladiator" or the "Company"), a mineral exploration company focused on the advancement of multiple high-grade copper prospects in Canada's Whitehorse Copper Belt, is pleased to announce an update on ongoing data compilation of historic drilling for the high-grade, historically producing Whitehorse Copper Project. Collation of the historic data from the Cub trend has identified 142 drill holes in addition to those to those previously reported by the Company on the Cowley Park prospect and defines a shallow high-grade mineralized trend just 3km to the west of the Cowley Park prospect for the Company to target in future exploration, including:

Mineralization in the Cub trend consists of multiple prospects with similar geological setting over more than 1km of strike and remains open at depth and along strike (with mineralization drilled to date to a maximum of 100m vertical depth only). The historic intercepts results represent an opportunity to demonstrate the geological continuity throughout this area linking these prospects and, on a wider scale, linking it to the Cowley Park prospect to the east.

Only limited exploration to date between Cowley Park and the Cub trend with an opportunity to consolidate the two target areas into a single target through planned regional mapping and geophysics.

Compiled historical drilling results were generally limited to selective sampling and assaying for copper only. Gladiator intends to assay all future drilling and sampling for additional credits including Molybdenum, Silver and Gold which were proven contributors to the economics of historic operations.

The Company has one drill active at the Cowley Park prospect and is working to compile historic data for 30 known prospects within a 35km x 5km area, with shallow, high grade copper drill results reported from multiple prospects.

Gladiator CEO, Jason Bontempo commented:

"Gladiator is pleased to have identified another priority work area from its data compilation of historic drilling datasets. Drilling and past production from this area remains shallow, and this data compilation on the Cub trend represents an opportunity to consoilidate multiple prospects within a 1km trend into a single target area through systematic exploration.

The Cub trend is only 3km to the West of the Cowley Park prospect area and Gladiator will be working to integrate the two target areas through regional mapping and geophysics. We look forward to updating the market in the coming months with results from this regional exploration, further data compilation of historic drilling, assays from previously unlogged and unsampled core as well as initial results from Gladiators ongoing, maiden drill campaign at Cowley Park."

The Cub Trend

The Company recently completed collating historic drilling at the Cub Trend. The Cub trend is comprised of the Gem, Black Cub South, Black Cub North and Keewenaw copper prospects. The Black Cub South Pit was mined in early 1971, and a start had been made on the Keewenaw Pit when falling copper prices forced the company to cease milling on June 30th, 1971.

Overall, there has been historic production reported from the GEM, Black Cub South, Black Cub North and Keewenaw copper deposits. The Gem deposit is the northern most and was the only deposit with no reported production. It was discovered in 1967 by geophysical methods which guided the initial diamond drilling. The Black Cub South open pit deposit saw advanced exploration by geophysical surveys and diamond drilling and produced 180,000 tonnes of copper ore grading 1.33 % Cu with gold, silver, and molybdenum credits (Watson,1984). In addition an unmined, historical reserve of 20,000 tonnes at 1.25% Copper was also defined. (Watson 1984).

The Keewenaw Deposit is the westernmost outlier of this southern group and received enough geophysical surveying and diamond drilling to advance this area to a production stage. It saw production of 159,000 tonnes of ore at 0.95 % Cu and a historic, unmined, residual reserve of 202,000 tonnes grading 1.06% Copper was defined (Watson,1984).

Historic drilling collated at Cub comprises 142 holes for 11,474 metres of previous drilling, none of which have been reported previously. This collation of historic drilling has identified high-grade copper skarn mineralization in historical drilling over more than 1,000m of strike lenght connecting multiple zones of past production (Figure 1). At those prospects previously mined, it is assumed by the Company (due to the closely spaced drilling), that the mineralization with the drill intercepts was mined out. Notwithstanding this, the results represent an opportunity to demonstrate the geological continuity throughout this area linking these prospects and, on a wider scale, linking it to the Cowley Park prospect to the east.

Previous successful exploitation of the Keewenaw and Black Cub South prospects was limited in scope and remains shallow (please refer to Figure 1 below for details). Very limited drilling has been undertaken outside of these past producing deposits with mineralization remaining open both along strike and at depth at all of the defined prospect areas.

Figure 1: Plan map of the Cub Trend Target Area. Recently collated historical drill results with a cumulative Copper%*m of >40 highlighted.

The Compilation at the Cub trend, identified significant "downhole mineralization," that has not been previously reported by Company, including:

Holes were drilled at various dips on variable, prospect specific, nominal grids. Gladiator obtained the drill records and logs from the Yukon Geological Survey archives and have been captured the data within an industry standard database and validated.

The drill results reported in this news release are historical in nature. Gladiator has not undertaken any independent investigation, nor has it independently analyzed the results of the historical exploration work in order to verify the results. The Company believes that the historical drill results do not conform to the presently accepted industry standards. Gladiator considers these historical drill results relevant as the Company will use this data as a guide to plan future exploration and drilling programs. The Company also considers the data to be reliable for these purposes, however, the Company's future exploration work will include verification of the data through drilling. The Company has provided drill results derived form the compilation of historic data relating to prospects which were mined or partially mined by prior operators. The Company is using this data as it attempts to identify trends within the prospect areas. The Company expects to use this data as a guide to plan future exploration and drilling programs.

The historical mineral resources discussed in this press release were calculated using mining industry standard practices for estimating Mineral Resource and Mineral Reserves prior to the implementation of the current CIM standards for mineral resource estimation (as defined by the CIM Definition Standard on Mineral Resources and Mineral Reserves dated May 10, 2014). The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. An independent Qualified Person ('QP'), has not done sufficient work to classify the estimate discussed as current mineral resources or reserves and therefore the estimate should be treated as historical in nature and not current mineral resources or mineral reserves. The historical resources have been included simply to demonstrate the mineral potential of the Whitehorse Copper Project. A thorough review of all historical data performed by a QP, along with additional exploration work to confirm results, would be required in order to produce a current mineral resource estimate for each of the key prospects. For greater certainty, the Company confirms that it does not have a current mineral resource on any part of its Whitehorse Copper Project. A complete list of the complied holes, significant intercepts and their details can be found here.

Exploration Update

The Company's 2023 exploration program at the Whitehorse Copper Project is categorized into four parts which includes:

The Company's recently commenced a 3,000m diamond drilling program, focused predominantly on defining and extending mineralization at the Cowley Park prospect. Cowley Park had reached feasibility stage before copper mining operations activity in the were ceased in the region 1982. Identified mineralisation at Cowley remains open along strike and down dip.

In addition to the Company's own diamond drilling above, Gladiator will continue its program of logging and sampling approximately 10,000 metres of unassayed core from exploration drilling completed in recent years. The 10,000 metres of core mostly relates to drilling at Cowley Park (including 18-CP-04 and 19-CP-03) but also includes drilling at other prospect areas including North Star, Grafters, and Verona that are situated on the Best Chance to North Star trend and includes the former Little Chief mine.

Gladiator will also assay for Molybdenum, Gold, Silver & other elements which were not historically systematically assayed for, along with incorporating potentially lower grade mineralized material within or adjacent to significant mineralized widths that was often not sampled in the past to allow for future assessment of modern bulk mining potential.

The Company is also carrying out a systematic consolidation of the historic drilling and mining activity representing the first time a comprehensive review of regional datasets has been undertaken since the last mining activity in the region ceased in 1982 with the closure of the Little Chief mine. Gladiator to date has identified over 800 historical surface drill holes drilled by Hudson Bay Mining & Smelting Co Ltd., Yankee Hat Minerals Ltd, Lobo Del Norte Ltd, and the Vendor H.Coyne & Sons Ltd which were logged and selectively assayed. This includes 219 holes for approximately 25,000 metres completed at the Cowley Park prospect which were reported to the market on April 3, 2023. As compilation and digitisation is completed the company will release the results of this historical drilling by prospect area along the Whitehorse Copper belt.

Regional Exploration

Work completed to date has identified more than 30 drill ready, high-grade regional targets associated with copper rich skarns at the contact between the Cretaceous age Whitehorse Plutonic Suite and the Triassic to Jurassic Lewes River Group's clastic and carbonate metasediments. Cumulatively, there is more than 35km of underexplored strike on the contact which is prospective for high-grade Copper+/-Molybdenum+/-Silver+/- Gold (refer to Figure 3 below).

Figure 3: Plan map of the Whitehorse Copper Project showing geology and location of key prospects within the main trend please refer to Company's news releases dated February 13, 2023, April 3, 2023, and April 27th, 2023, for details.

Gladiator's position is enhanced at Whitehorse, with the project having near year-round access for work programs, including an established road and drill access network, low capital infrastructure requirements due to the project's proximity to Whitehorse and a strong partnership with the owners of the Whitehorse Copper Project, an experienced local drilling service provider.

ABOUT GLADIATOR METALS CORP.

Gladiator Metals Corp. is a mineral exploration company focused on the advancement of multiple high- grade copper prospects at its Whitehorse Copper Project (the "Project"), an advanced-stage copper (Cu) molybdenum (Mo) silver (Ag) gold (Au) skarn exploration project in the Yukon Territory, Canada. The Project comprises 314 contiguous claims covering approximately 5,380 Hectares (13,294 acres) in the Whitehorse Mining District.

Copper mineralization was first discovered in 1897 on the Whitehorse Copper Belt, as it came to be known. The Whitehorse Copper Belt comprised over 30 copper-related, primarily skarn occurrences covering an area of 35 by 5 km in a northwesterly trending arc. Exploration and mining development have been carried out intermittently since that time with the main production era lasting between 1967 and 1982 where production totaled 267,500,000 pounds copper, 225,000 ounces of gold and 2,838,000 ounces of silver from 11.1 million tons of mineralized skarn ore were milled (Watson, 1984).

The Project is accessible through numerous access roads and trails located within 2 km of the South Klondike Highway and the Alaska Highway. An extensive network of historical gravel exploration and haul roads exists throughout the project area, providing excellent access to the majority of the claim package. Access to existing electric power facilities is available through the main Yukon power grid. In November 2022, Gladiator executed an option agreement to acquire 100% of the Whitehorse Copper Project by incurring exploration expenditure of $12m on the project, staged payment of $300,000 in cash and the staged issue of 15m shares over 6 years. Following the exercise of the Option, the Company must pay the Optionor, or such other person(s) as the Optionor may direct from time to time, a 1.0% net smelter returns royalty on the Whitehorse Copper Project.

Qualified Person

All scientific and technical information in this news release has been prepared or reviewed and approved by Kell Nielsen, a "qualified person" as defined by NI 43-101.

ON BEHALF OF THE BOARD

"Jason Bontempo" Jason BontempoPresident and CEO

For further information contact:Dustin Zinger, Investor Relations +1-604-653-9464This email address is being protected from spambots. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain of the statements and information in this news release constitute "forward-looking statements" or "forward-looking information." Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) that are not statements of historical fact may be forward-looking statements or information..

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks that development of the Company's material properties will not be acceptable for social, environmental or other reasons; availability of equipment (including drills) and personnel to carry out work programs; and that each stage of work will be completed within expected time frames. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.

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Gladiator Metals Announces Initial Drill Intercepts from Compilation ... - Junior Mining Network

LOS ANGELES: American Rolando Romero defeated Venezuelas Ismael Barroso on a controversial ninth-round stoppage to win the vacant World Boxing Association super lightweight title on Saturday.

Referee Tony Weeks stopped the bout at 2:41 of the ninth round in Las Vegas, Nevada, with Romero swinging but not landing against Barroso in the corner.

He was a warrior. He wanted to keep going. He should have been able to keep going, Romero said after the victory. I wanted to keep going. He wanted to keep going. We both wanted to keep going.

Instead, Romero improved to 15-1 with his 13th victory inside the distance, capturing a world crown in his debut at the 140-pound division.

Barroso, a 40-year-old southpaw, fell to 24-4 with two drawn, missing a chance to become only the 10th boxer to win a world title past his 40th birthday.

I think it was an injustice to stop this fight, Barroso said through a translator. I was giving the best shots.

Romero, 28, was knocked down for only the second time in his career by a punishing left to the head from Barroso late in the third round.

I boxed the entire time, Romero said. I came in a little cold, I got cracked and I finished the round like a champion and I kept going and I got the victory.

Romero was somewhat inactive for several rounds, being careful to avoid more punishing shots, the South American landing another hard left to Romeros head in the sixth.

I took my time, moved around. The man is strong. I had to be careful with him, Romero said. You think I wanted to get caught by one of those? I knew he could crack.

At the finish, Romero knocked down Barroso in the opening seconds of the ninth round, although Barroso called it more of a push down.

The first punch is where I had him hurt, Romero said.

Romero began swinging wildly in the corner without success late in the round before Weeks stepped in to end matters.

Alvarez batters Ryder to retain undisputed super middleweight crown

He just stopped the fight. He didnt tell me anything, Barroso said. You could see it clearly. I was hitting him. There was nothing he was hitting me with clearly. I dont understand.

Romero had not fought since being knocked out a year ago by unbeaten he wanted a rematch with Davis or to US southpaw Gervonta Davis, but said fight Ryan Garcia, who lost to Davis last month.

Unbeaten Dominican Alberto Puello, 21-0 with 10 knockouts, was to have defended the title against Romero but he had an A-sample test positive for a performance-enhancing substance last month and was made a champion in recess on Wednesday.

Read the rest here:

Romero wins on controversial stoppage but wanted more - Business Recorder

Image Credits: Jakub Porzycki/NurPhoto / Getty Images

Reminder: Today is the deadline for the Metas lead privacy regulator in Europe to adopt a final decision on a nearly decade-long complaint against Facebooks transfers of personal data from the EU to the U.S. that could see the company ordered to stop the flow of data.

The Irish Data Protection Commission (DPC) confirmed to TechCrunch it will adopt its final decision today.

However we understand there will be further delay (of just over a week) before the decision is made public. The date weve been told the order will officially be published is May 22 assuming details do not leak out beforehand.

The delay in publishing the adopted decision is because Meta will be given time to review the document to identify confidential and/or commercially sensitive info it may want redacted, we were told, and owing to a public holiday affecting another involved EU regulator.

The May 12th date for adoption of the DPCs final decision on the complaint follows a timetable set by a dispute resolution decision taken by the European Data Protection Board last month.

Applying mechanisms baked into the General Data Protection Regulation (GDPR), the Board stepped in to settle disagreement between a number of EU regulators over the substance of the decision taking a binding decision on Metas transfers and giving the DPC one month to implement it.

We dont yet know whats been decided since the Boards dispute resolution decision has not been made public as were waiting on the final DPC decision (which will implement it) so the fate of Facebooks European data flows still hangs in the balance.

That said, Meta is widely expected to be ordered to suspend data flows, given the company received a preliminary suspension order from the DPC, back in fall 2020.

At that time the company obtained a stay on the DPCs procedure which helped delay the GDPR enforcement timetable until the Irish courts dismissed Metas challenge. Further delays kicked in later, when the DPCs draft decision on the case faced objections from other EU data protection authorities with those disputes settled finally by the EDPBs binding decision last month.

This means the regulatory process is at least running out of road (but expect Meta to challenge any suspension order in the Irish courts).

The company has continuously sought to play down the saga claiming in its last statement that it relates to a historic conflict of EU and US law, which is in the process of being resolved. Which is a reference to a draft agreement between EU and U.S. lawmakers for a new high level transatlantic data transfer framework aimed at resolving the conflict between U.S. surveillance practices and EU data protection rights.

However this EU-U.S. Data Privacy Framework, as the agreement has been named, is still in the process of being reviewed by EU institutions whichhave raised concerns that it does not have strong enough safeguards. And, just this week lawmakers, in the European Parliament reiterated a call for the Commission to take more time to improve the proposal suggesting there could be further delays in adoption of an agreement Meta appears to be banking on to save its data transfers bacon.

While the data suspension question is the headline issue for this GDPR case, other major elements to look out for in Irelands final decision later this month include whether or not Meta will be ordered to delete European users data if its found to have been unlawfully transferred to the U.S.

Back in March, MLex reported that at least two data protection authorities were pushing for that and that Meta was lobbying EU institutions against any such move.

Add to that, leaked internal documents last year suggested the tech giants data management practices are, to put it politely, a mess. So how easily Meta could identify and isolate European users data, if ordered to delete it, is one big (expensive) consideration/complication.

Meta could also of course be issued with a fine if its found to have unlawfully transferred data.

The GDPR allows for penalties of up to 4% of global annual turnover, although to date Meta has had considerable success at being fined far less than the theoretical maximum.

Privacy rights advocacy group, noyb whose founder, Max Schrems, is behind the complaint against Facebooks EU-U.S. data flows wrote to the EDPB in January to complain over the size of a fine the DPC hit it with at the start of this year, over unlawful ads data processing, arguing the 390 millionpenalty was paltry vs the scale of the infringements (in fact he suggested it fell short by more than 3.5 billion).

Ireland had actually proposed a far lower level of fine for that breach of between 28 million to 36 million but the regulator was forced to increase it in order to implement the EDPBs binding decision.

Without that Board intervention Meta would have faced even weaker GDPR enforcement for unlawfully processing millions of Europeans personal data for behavioral advertising. So it will be interesting to see what level of penalty (if any) is included in Irelands final decision on Facebooks data transfers.

That said, financial penalties imposed on tech giants are typically less interesting than operational orders which have the chance to force changes to abusive business models. And while Meta is still data-mining European users for behavioral ad targeting it was at leastforced to offer an opt out as a result of the aforementioned GDPR enforcement. Something it has never offered before.

How Meta might be forced to amend its business model to fix unlawful transatlantic data transfers is an open question.

But theres no doubt it will throw everything its got at fighting any order to suspend in the courts so it may well find a way to delay having to for act long enough for the goalposts to be moved by the arrival of a new U.S. data adequacy agreement.

If not, the costs will be real.

In an earnings call with investors last month the company admitted that an order to suspend data flows from Europe could hit 10% of its global ad revenue.

Obviously its hoping it does not come to that and banking on the new EU-U.S. data transfer mechanism being adopted just in the nick of time. (A company spokesman declined to discuss contingencies if it is ordered to suspend data flows, pointing back to the progress policymakers have made towards a new pact.)

But even if the high level deal arrives soon enough to prevent a Facebook shut down in Europe from happening this year, Schrems suggests the new high level framework is likely to be struck down by the blocs top court, as the two predecessor arrangements were so he estimates Meta would only buy itself another two years or so before the issue rears its head again.

For a longer term solution, he has suggested Meta will need to federate Facebooks infrastructure. But such a major retooling of its business would obviously be very expensive too.

Original post:

Major decision on the legality of Facebooks EU-US data transfers is due to be adopted today - TechCrunch

Bitcoin mining company Marathon Digital MARA received a second subpoena from the U.S. Securities and Exchange Commission (SEC) concerning its 100-megawatt data center located in Hardin, Montana.

Marathon disclosed in a quarterly report on May 10 that the subpoena, issued on April 10, was connected to "transactions with related parties" that took place during the facility's construction in Montana.

"We understand that the SEC may be investigating whether there may have been any violations of the federal securities law," the company stated. "We are cooperating with the SEC."

Also Read:IRS Targets Bankrupt FTX Crypto Exchange With $44B Blow Will They Withstand Financial Assault?

The first subpoena regarding the Montana facility was received by Marathon in 2021, requesting the production of several related documents and communications.

On May 9, Marathon announced a partnership with digital assets infrastructure firm Zero Two to establish a large-scale immersion Bitcoin mining facility in Abu Dhabi.

The facility will comprise two mining mines with a total capacity of 250 megawatts. Marathon explained that although mining in Abu Dhabi would typically be unviable, its "custom-built immersion solution" would effectively keep mining rigs cool.

This development follows the Biden administration's proposal two months ago to introduce a new tax for cryptocurrency miners operating in the US, requiring them to pay a tax equivalent to 30% of the electricity costs incurred during crypto mining.

Read Next: UK Government Plans Crypto Seizures On Tax Evaders Are Your Coins Safe?

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Bitcoin Mining Giant Marathon Faces Another SEC Subpoena For ... - Benzinga