TSE Sponsored：Global Crypto Mining News (Aug 15 to Aug 21)

The latest sell-off by BTC miners could force the price down in the short term, CryptoQuant analysts said in a research note. The data shows that miner reserves have been slowly increasing during the recent $18,000 and $22,000 consolidation phases, yet after the bitcoin price has rallied slightly to the $25,000 level over the past few weeks, miners have started selling off BTC assets, and if this continues then the selling pressure caused by these forced sellers could push the price down to the $20,000 mark in the short term.

Miner reserves are a measure of the total amount of bitcoin currently stored in all miners' wallets, and when the value of the indicator rises it indicates that miners are depositing BTC into their wallets; a fall in the value of the indicator indicates that miners are transferring BTC out of their reserves, a trend that could be detrimental to cryptocurrency value growth.

Bitcoin miner Bitfarms posted a net loss of $142 million in the second quarter, down from a net income of $5 million last quarter. The company also increased its hash rate by 33% during the quarter to 3.6 EH/s. Despite the significant drop in bitcoin value during the quarter, Bitfarms reported a 5% increase in revenue to $42 million.（The Block）

Bit Origin Ltd announced that the Company entered into an asset purchase agreement with About Offshore Limited, a company engaging in the business of trading Bitcoin mining machines, to purchase 622 Antminer S19j pro Bitcoin Miners. Pursuant to the Agreement, the Company agrees to purchase 622 S19j pro Bitcoin Miners for an aggregate value of $3,110,000 in the form of 8,685,574 ordinary shares of the Company, valued at $0.36 per share. In theory, it is expected to produce approximately 54 BTCs per month when all miners are deployed.（Globenewswire）

Moxian (BVI) Inc announced that the Company’s wholly-owned subsidiary, Moxian Group Limited, has signed an Equity Transfer Agreement with Jiantao Liu, for the disposal of all of the equity interest of Moxian (Hong Kong) limited for a cash consideration of HKD 1,000.

According to a fresh prediction from crypto analysis firm Arcane Research, miners will continue selling more Bitcoin than they earn. As Arcane notes, one public miner alone — Core Scientific — sold around 12,000 BTC in the period from May to July. The public miners sold 158% of their bitcoin production in July, making it the third month in a row where they sold more than 100% of production. They expect the selling pressure to continue at between 100% and 150% of production unless something significant happens to the bitcoin price. This is equivalent to between 4,000 and 6,000 BTC per month. Bitcoin miners sold 6,500 bitcoins in July, compared to around 14,600 in the previous month.

Blank-check vehicle 10X Capital Venture Acquisition Corp II (VCXA.O) said on Monday it has mutually ended its $1.25 billion merger deal with crypto mining and infrastructure company Prime Blockchain.

The two companies announced their merger in April this year, but no reason has been given for the deal to end. This comes after Galaxy Digital cancelled its planned $1.2 billion acquisition of BitGo.

Bitcoin miner Riot Blockchain reported a net loss of $366.3 million in the second quarter of 2022, including a $349.1 million goodwill impairment, a $99.8 million bitcoin impairment and a $4.8 million loss on marketable securities, after selling some of its bitcoin for $14.4 million in the second quarter, according to its Q2 2022 results. Riot currently has 44,720 bitcoin miners，with a hashrate capacity of 4.4 EH/s. This comes after Riot delayed the release of its quarterly earnings report, citing the fall in cryptocurrencies and other macroeconomic issues.

According to Taizhou Daily, Sanmen County cracked a virtual currency "mining" case worth more than one million yuan. According to the report, "Since June this year, he has placed 108 sets of virtual currency mining equipment in a tin shed for mining ethereum, which belongs to the energy-using equipment that the state has explicitly ordered to be eliminated." The Sanmen County Comprehensive Administrative Law Enforcement Bureau imposed an administrative penalty on He for confiscating all the "mining" equipment.

According to BTC.com, Bitcoin has seen a mining difficulty adjustment at block height 749,952, with a small 0.63% increase in mining difficulty to 28.35T.

10.

Bitfly, the parent company of the Ethermine pool, has announced that the mining phase of Ethermine will end on September 15, after which it will no longer be possible to mine ETH on the Ethermine network using GPUs or ASICs. Once the PoW mining phase ends, the Ethermine Ethermine pool will switch to withdrawal-only mode. An accurate countdown timer will be provided on the miner dashboard and users can continue mining Ethermine until the countdown goes to zero.

This means that all Ethermine tier servers will be shut down and users will no longer be able to connect their miners to the Ethermine ethereum pool. After careful evaluation, Bitfly has decided not to offer a dedicated mining pool for any of the planned PoW forks. However, Ethermine will continue to offer ETC, RVN, Ergo, and Beam mining pools.

11.

The House Energy and Commerce Committee sent letters to Core Scientific, Marathon Digital Holdings, Riot Blockchain, Inc. and Stronghold Digital Mining on Wednesday. The committee is studying the impact of proof of work and how it relates to emissions and “excess electronic waste.”

The committee requested information on how much energy each company's mining facilities used in 2021, what energy sources the facilities use and the proportion of energy used that is offset by renewable energy credits.（The Block）

12.

According to Bloomberg, SBI Holdings Inc., Japan’s biggest online brokerage, said it would shut crypto-mining operations in Russia, Russia’s invasion of Ukraine has created uncertainty over the prospects of the mining business in Siberia, while crypto’s global market rout has rendered it less profitable to mine tokens, a spokesman said.

13.

According to takenstheorem, Ethermine, the largest Ethereum miner, stopped including Tornado 1 ETH internal transactions a week ago. Several mining pool technical sources also confirmed the news to WuBlockchain, saying that after setting this precedent the probability is that the Ether POS nodes will also submit to censorship and refuse to interact with sanctioned addresses.

14.

Bo Yu, chairman of Bitcoin mining company BIT Mining, said on Friday that the share price would not affect the company's normal business operations. In addition, BIT Mining said it had recently closed two rounds of funding totalling $25.3 million and was developing a new generation of mining machines.（The Block）

15.

William Clemente, Chief Analyst at Blockware, tweeted that bitcoin's hash ribbons have flashed a buy signal for the first time since August 2021, marking the end of a 2+ month-long period of miner capitulation and deep pressure on miner's margins.

The Hash Ribbon is a market indicator that assumes that bitcoin tends to reach a bottom when miners capitulate, i.e. when bitcoin becomes too expensive relative to the cost of mining. The Hash Ribbon indicates that the worst of miner capitulation is over when hashrate's 30d MA crosses the 60d MA. When this happens, the price momentum turns from negative to positive, indicating a good buying opportunity.

16.

Bitcoin miner Greenidge Generation reported $107.9 million in net losses in the second quarter, mainly due to a $71.5 million nonrecurring, non-cash charge. At the same time, the company will pause parts of its expansion into Texas, and it has opted to prioritize liquidity and capital preservation over aggressive growth. It expects to reach a hash rate of at least 3.6 EH/s by the first quarter of 2023, having finished the second quarter at 2.5 EH/s.（TheBlock）

17.

Stronghold Digital Mining (SDIG) said it had negotiated with its lenders to dramatically restructure its financing agreements to eliminate more than half of its total debt and associated interest and principal payments.

It also said that it was unable to meet the required deadline for quarterly reports mainly because the company was in negotiations with its lenders on potentially significant transactions to restructure or refinance certain financing agreements to improve the company's financial position and enable it to continue operating for at least the next 12 months.

The restructuring consists of returning roughly 26,200 miners to NYDIG to eliminate $67.4 million in equipment financing agreements, restructuring and expanding its financing agreements with Whitehawk Finance, and amending its May 2022 convertible notes and warrants.

Shares in Stronghold Digital were down almost 11% during the day, and were down another 6% after-hours following the release of details of the restructuring. Stronghold reported revenues of $29.2 million for the second quarter, below the consensus analyst estimate of $30.3 million, according to FactSet. It also reported a net loss of $40.2 million for the quarter, compared to a net loss of $3.2 million in the second quarter of 2021, with the increase driven primarily by a rise in expenses and impairments on its bitcoin holdings, the company said.

18.

Glassnode data shows BTC Miners' Balance just reached a 1-month low of 1,837,559.279.

19.

Cryptocurrency on-chain analyst Ali Martinez tweeted that bitcoin miners appear to have taken advantage of the recent upswing to book profits. Data shows that miners sold 5,925 $BTC in the last two weeks, worth roughly $142 million.

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