Global Crypto Mining News (May 2 to May 8)

Marathon Digital Holdings Reports First Quarter 2022 Results. Revenue increased to $51.7 million, Bitcoin production increased to 1,259 bitcoin, GAAP net loss for the quarter totaled $13.0 million. The total number of miners deployed increasing to 36,830 miners, which could generate approximately 3.9 EH/s

Bitcoin miner Argo entered into an agreement to take up to $70.6 million in loans from crypto financial services firm NYDIG The new capital will be used to continue the development of its Helios facility in Texas. The first tranche was scheduled for April 29 and the subsequent ones will be on May 31 and June 30. All of them have a 12% interest rate and are secured by mining machines at the Helios facility. Argo is listed on the London Stock Exchange and launched an IPO in the United States last year. Argo saw a 291% revenue increase in 2021.（The block）

In April 2022, Riot produced 508 BTC, an increase of approximately 150%, as compared to April 2021 production of 203 BTC. Riot sold 250 Bitcoin generating net proceeds of approximately $10.0 million. As of April 30, 2022, Riot held approximately 6,320 BTC, all produced by the Company’s self-mining operations. Riot currently has a deployed fleet of approximately 46,375 miners, with a hash rate capacity of 4.7 EH/s.

Alborz LLC, a joint venture affiliate of Cipher Mining Inc. and WindHQ LLC today announced that it has entered into a two-year $46.9 million secured credit facility with BlockFi Lending LLC, a leading crypto financial services company. The loan proceeds will finance Bitmain S19J Pro mining rigs at the Alborz data center.

Hut 8 Mining monthly production update for April 2022. 309 Bitcoin were mined, resulting in an average production rate of 10.3 Bitcoin per day; ethereum mining is at an average cost of less than C$3200 per Bitcoin; installed operating capacity currently sits at 2.58 EH/s. Total Bitcoin balance held in reserve is 6,769 as of April 30, 2022.

May 7, Guangdong Province on the rectification of virtual currency "mining" equipment notice, virtual currency "mining" equipment ordered to stop using and confiscated in accordance with the law; the circumstances are serious, reported to the people's government at the same level in accordance with the authority specified by the State Council ordered to cease operations or closed.

According to TheBlock, total revenue for ethereum miners in April was $1.39 billion, up nearly 4% sequentially, compared to $1.16 billion for bitcoin miners.

BitFarms mined 405 new BTC mined during April 2022, up 75% from April 2021. 5,646 BTC in custody on April 30, 2022, representing a total value of approximately US$217 million based on a BTC price of US$38,500. B BitFarms has a hashrate of 3.3 EH/s and a total power capacity of 137 MW.

As previously reported, Bitfarms reported revenues of $60 million in the fourth quarter of fiscal 2021, up 33% sequentially and 426% year-over-year, according to its fourth quarter and annual report for fiscal 2021.（Globenewswire）

April crypto market analysis data released by The Block shows，April summary overall a mixed month. Total adjusted on-chain volume increased by 40% to $831B (BTC: +55.8%, ETH: +1.6%).

Adjusted on-chain volume of stablecoins decreased by 6.8% to $477B (issued supply contracted, for the first time since Jan 2020, by 1.9% to $154.4B; with USDT increasing to 53.9% and USDC decreasing to 28.2% respective market share).

BTC miner revenue decreased by 4.3% to $1.16B, while ETH miner revenue increased by 6.2% to $1.33B. This is the 12th consecutive month where ETH miner revenue > BTC miner revenue.

A total of 137,088 ETH, equivalent to $429M, was burned in April. Since the implementation of EIP-1559 in early August, a total of 2.18M ETH, equivalent to $7.72B, has been burned.

Monthly NFT marketplace volume on Ethereum increased by 21.6% to $7.2B. Legitimate CEX spot volume decreased by 6.7% to $694.6B; Notable market share: Binance at 67%, Coinbase at 10.4%, FTX at 7.1%, and Kraken at 3.2%.

In addition, Daily average volume of GBTC further decreased by 14.7% to $106M.

10.

Northern Data reports on operations for April 2022：

- 44,900 ASIC systems equating to 4.07 exahash per second (EH/s) in operation by the end of April 2022;

- By the end of the year, as planned, a total of more than 100,000 ASIC systems are expected to be in operation, representing approximately 9.3 EH/s；

- Year-to-date 2022, Northern Data has generated 19,452 Ethereum and 1,055 Bitcoin；

- Northern Data holds 1,390 Bitcoin and 39,800 Ethereum，, with a current value of EUR 153 million by the end of April;

- Bitcoin generation in April 2022: 324 (an increase of around 13% month-over-month)；

- Ethereum generation in April 2022: 4,583 (planned maintenance for inventory caused decrease of around 9% month-over-month).（DGAP.DE）

11.

Texas crowdfunding platform EnergyFunders has started selling equity shares of Bitcoin mining operations through its Bitcoin Discovery Fund.

According to an SEC filing submitted yesterday, the company will sell equity in Bitcoin mining operations attached to off-grid natural gas mining rigs for $5,000 per share. The company said in the filing it will sell up to $10 million worth of shares.

That means investors can fund the Bitcoin mining for a minimum $5,000 investment and receive monthly payouts.

If Bitcoin stays within the $45,000 price range, EnergyFunders estimates investors will see returns “above 100%.” The mined Bitcoin will be distributed among investors each month, in either U.S. dollars or Bitcoin.（Decrypt）

12.

Alborz, a joint venture between bitcoin miner Cipher (CIFR) and renewable energy firm WindHQ, received a two-year $46.9 million secured credit facility from crypto lender BlockFi Lending to buy crypto mining rigs. Proceeds will be used to buy Bitmain S19J Pro mining rigs. Once the rigs are delivered, the mining facility will generate approximately 1.3 EH/s of mining power.（CoinDesk）

13.

Russia’s Federal Anti-monopoly Service (FAS) has designed a scheme to charge amateur crypto miners increased rates for the electricity they use. The agency insists its approach to solving the problem with rising consumption in residential areas, due in part to the growing popularity of mining, can reduce the load on the electrical networks.

Authorities in the Russian Federation maintain differentiated electricity tariffs depending on the status and location of consumers, the Rossiyskaya Gazeta daily explains in an article. Businesses subsidize household prices through their own tariffs, which can be up to two times higher than the rates for the general population.

Private consumers often try to exploit their low rates to earn money by powering anything from car repair shops to woodworking shops, the Community of Energy Consumers association notes. As a result, grids in residential areas are overloaded as they are not designed to cope with the excessive power usage, which has also spiked due to home mining.

The FAS now wants to introduce a threshold for electricity consumption, above which higher rates will be imposed. Thus, according to the anti-monopoly service, household needs will be separated from commercial ones. The consumption of various household appliances, including those with increased power usage like air conditioning units, will be accounted for.（Bitcoin.com）

Twitter: https://twitter.com/WuBlockchain

Telegram: https://t.me/wublockchainenglish