Global Crypto Mining News (Nov 14 to Nov 20)
Colin Wu . 2022-11-21 . Mining

Canaan Inc. reported financial statements for the third quarter of 2022 and its third quarter revenue was $978.2 million, compared to total revenue of RMB 3.99 billion for the first three quarters, an increase of 42.3 % year-over-year. Mining revenue for the third quarter was $8.7 million, up 19.0% sequentially, with the increase primarily due to increased computing power used for mining and improved power availability for mining machines.

Revenue for the third quarter was $137.5 million, down 40% from the second quarter, and gross profit was $32.9 million, down 74% from the second quarter. Mr. Nangeng Zhang, Chairman of Canaan, commented that in a bearish market, we continue to scale our mining business and expand our Singapore headquarters with the U.S. market, while the top priority is to preserve our cash and minimize our expenses.

The CFO said that the downward trajectory of bitcoin, rising energy prices and increased cash pressure on miners are expected to continue to worsen market conditions over the next two quarters. We have been through multiple market cycles and have experienced numerous challenges. Right now, we are focused on securing our cash flow.

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The Securities and Exchange Commission(SEC)filed 760 enforcement actions in FY 2022, which represents a 9% increase from the prior year, with 462 of those being entirely new cases — a 6.5% increase year-over-year. Penalties and remedies totaled $6.4 billion, including a $100 million fine to BlockFi, a $5.5 million settlement with NVIDIA (which the SEC found did not adequately disclose how crypto mining affected the company’s business), and etc.(The Block)

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Foundry, also a DCG subsidiary and the number one bitcoin mining pool, said they operate independently of Genesis Lending, and their daily operations are not affected by the recent announcements. They continue to make payouts daily and do not hold any earnings, meaning members of the pool don’t have to worry about receiving their funds.

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Crypto mining firm Core Scientific has been hit with a lawsuit after failing to disclose a series of adverse financial circumstances in its statements to shareholders this year. Plaintiff and shareholder Mei Pang alleged the company knowingly provided false information to its shareholders throughout the period beginning March 3 this year and ending October 28. The company has previously said it would file for bankruptcy protection if the financing alternatives fail.(Decrypt)

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A bankruptcy court allowed the sale of Compute North assets for $1.55 million to Crusoe Energy Systems. Crusoe had already made a deposit worth $187,000 on Oct. 28. Compute North, which previously filed for Chapter 11 bankruptcy protection, has estimated liabilities and estimated assets in the range of $100 million to $500 million.(The Block)

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Arkon Energy, the data center startup that uses renewable electricity to mine bitcoin (BTC), raised $28 million. The financing was a combination of senior debt and equity capital. The startup has also bought Hydrokraft AS, a renewable energy-based data center in Norway. The company was founded in 2019 and previously raised $2.6 million in pre-seed funding.。(CoinDesk)

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Bitmain officially launched the new generation of CKB miner ANTMINER K7 at 3999 USD per unit: hashrate 63.5T, power consumption 3080W, energy efficiency ratio 48.5J/T. The price of CKB has dropped 88% in the last year.


On Nov. 15, Canadian-listed miner Hive Blockchain reported earnings for the third quarter ended Sept. 30, 2022. Hive Blockchain’s revenue for the quarter fell 44% year-over-year to $29.6 million, and net income decreased to a loss of $37 million from $59.8 million in the same quarter last year.

During the quarter, the company produced 858 BTC, a 31% increase year-over-year, primarily due to expanded capacity with new ASIC miners, now operating a total of approximately 17,300 units; ETH production for the quarter was 7,309, a 15.9% decrease year-over-year, primarily due to the company’s cessation of mining in the third quarter as Ethereum shifted to POS.

At the end of the quarter, Hive Blockchain reported holding 1,116 BTC (valued at $48.4 million) and 25,154 ETH (valued at $74.7 million) on its balance sheet.


Bitcoin miner Cipher Mining announced its third quarter results, showing that the company’s Alborz data center hashrate of about 1.3 EH/s, producing about 4.5 bitcoins per day; Bear and Chief data center was completed in October, hashrate of about 0.6 EH/s, producing about 2 bitcoins per day;. The Odessa data center is expected to begin operations this month with an initial hashrate of about 2.3 EH/s, with an additional 2.6 EH/s miners partially shipped and partially scheduled to ship by the end of the year.

Cipher Mining said it produced a total of 196 bitcoins in the third quarter and its total hashrate is expected to be reached by early 2023.(Globe News Wire)

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Bitcoin miner Bitfarms reported third quarter results, mining 1,515 bitcoins and reducing direct production costs by 5% compared to the second quarter to $9,400 per bitcoin. A total of 2,595 BTC were sold in the third quarter for total proceeds of $56 million. During October 2022, a total of 486 bitcoins were mined, generating $10 million in revenue. Hashrate of 4.2 EH/s at the end of the third quarter, up 17% from June 30, 2022. Began deleveraging since June 1 and has repaid $94 million in debt.(Globe News Wire)

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Bitcoin miner Tera Wulf reported third quarter earnings, with just $4.5 million in its liquidity position as of Sept. 30, 2022, and $138.5 million in principal on outstanding loans.Tera Wulf’s cost of revenue increased significantly in the third quarter as energy prices in New York State, where it has its main operations, soared and it increased its energy needs through new operations, paying for every dollar of revenue paid 134 percent of the cost, compared to 43 percent in the second quarter.

As previously reported, on October 10, bitcoin miner Tera Wulf announced it had raised $17 million in equity and debt. This included the sale of $9.5 million in common stock through a non-brokered transaction with existing investors and an additional $7.5 million from an existing $50 million loan that closed in July to help complete the expansion of TeraWulf’s facilities in New York and Pennsylvania.


The FTX bankruptcy triggered a continued downturn in the market, which suffered the largest single-day miner selling pressure since January 2021, with data analyzed by CryptoSlate showing that the average hashrate price reached $0.05 in November 2022. Bitcoin’s current price of $17,500 makes mining unprofitable not only for smaller miners, but for larger ones as well. At around $9,000 per Bitcoin miner, the latest Bitmain S19Pro ASIC miner has a payback period of 1,500 days and an average hashrate price of $0.06.(cryptoslate)


Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” to regulate cryptocurrency mining and to ban the circulation of cryptocurrencies in the country. The legislation also bans untargeted advertising of crypto-related products and services. After months of deliberation, Russia continues its efforts to establish a more comprehensive regulatory framework for cryptocurrencies. The latest initiative in this regard came from a group of prominent deputies in the State Duma, the lower house of parliament, including Anatoly Aksakov, chairman of the Financial Markets Committee.

The lawmakers submitted a bill to amend the law, “On Digital Financial Assets,” which has been in effect since January 2021. Under the proposed provisions, crypto mining activities would be overseen by a special government-appointed body. The executive power would also coordinate with the Central Bank of Russia to determine the requirements for legal entities or individual entrepreneurs wishing to get involved in the industry. If passed, the new legislation would prohibit advertising or other forms of promoting crypto assets to an unlimited audience.(News Bitcoin)

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