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Touching a new zenith of success, the United States of America has added a fresh badge of honor by becoming one of the top producers of crude oil globally.  Joining the league alongside giants like Russia and Saudi Arabia, the US is pioneering the crude oil arena via a new extraction technique called fracking.  Also Read: Ripple vs SEC Lawsuit: A Settlement on the Cards? The US is embracing the crude oil industry.  Source: Pexels Per a recent report shared by Oil Price, the US has been leading the oil production arena since 2018.  It all started in 2010 when an increased demand for domestic oil compelled the nation to explore “hydraulic fracking.” In simpler terms, fracking, or hydraulic fracking, is a technique deployed by engineers to extract crude oil from the earth’s surface. The technique entails cracking the surface of the earth open by injecting water, chemicals, and sand at high pressure.  Also Read: Ripple vs SEC Law...

The firm managed to narrow net loss in the quarter as it ramped up Bitcoin production. Colorado-based Bitcoin mining firm Riot Platforms narrowed its second quarter net loss to $27.7 million as it ramped up its Bitcoin production and reached record hash rate capacity. The crypto miner posted total revenue of $76.7 million — up 5.2% from Q2 2022 — which was primarily driven by a 27% year-on-year increase in Bitcoin (BTC) production, offset by a decline in Bitcoin prices, according to the firm’s Aug. 9 results filing. The firm’s mining revenue of $49.7 million attributed to 64.7% of the firm’s total revenue over the quarter. An additional $13.5 million was made through the firm’s power curtailment credits. Meanwhile, its Q2 net loss was a massive reduction from the prior year period, which was $353.5 million. It was also around half the net loss posted in the first quarter of 2023. Riot Platforms managed to cut its net loss to $27.7 million in Q2. Source: Riot Platforms The firm produc...

One observer suggested Bankman-Fried may be reluctant to discuss FTX due to the legal implication of lying under oath to the U.S. Congress. Former CEO of FTX, Sam Bankman-Fried, has signaled he's unwilling to testify before the United States Congress until he’s “finished learning and reviewing what happened.” Bankman-Fried was responding to a Dec. 2 tweet from U.S. Representative Maxine Waters inviting him to testify in a scheduled U.S. House Committee on Financial Services hearing on Dec. 13 to discuss "what happened" at FTX. In a Dec. 4 response on Twitter, the former FTX CEO said he feels it is his “duty to appear before the committee and explain,” but only once he's “finished learning and reviewing what happened," adding he wasn't “sure” whether it would happen by the 13th.  Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee...