Global Crypto Mining News (Nov 28 to Dec 4)
Colin Wu . 2022-12-05 . Mining

Hashrate Index points out that the supply shock of miners and lenders dumping machines could put significant downward pressure on the ASIC market in the coming months; due to these factors, ASIC prices will keep falling considerably. But as mining machine prices fall, the payback period for buying a bitcoin miner is shortening, with an estimated payback period of 29 months at the moment, 58 months in July of this year, and 47 months for buyers in September.


Binance is launching a new batch of Cloud Mining products for BTC mining. Users may now complete subscriptions to Cloud Mining products to purchase hashrates, and start accumulating mining rewards in their Funding Wallets. The estimated mining start time is 2022–12–04 04:00 (UTC).


In a speech to the Texas Blockchain Council, Texas Governor Greg Abbott says the states is open for Bitcoin business and wants to be the home of digital asset innovation, adding that his state “wants to be the centerpiece of that.” Previously, Texas was home to a large number of mining operations due to cheap electricity and favorable regulatory policies.(CryptoSlate)


Bitcoin miner Hut 8 has seen some of its operations disrupted by a breakdown in its relationship with electricity provider Validus, which claims that Hut 8 has failed to make regular payments and has therefore suspended energy deliveries to Hut 8’s North Bay, Ontario, Canada facility, which contributes about 20 percent of Hut 8’s overall hash rate.


According to Glassnode, Bitcoin’s network computing power has recently dropped from a high of 272 EH/s to 238 ETH/s, with a drop of about 13%. In addition, the Bitcoin network will see a mining difficulty adjustment in about a week, with a 5.8% drop in difficulty.


According to Russian newspaper “Kommersant”, demand for ASIC miners for cryptocurrency mining has grown significantly, with distributor Chilkoot’s sales in two months of the fourth quarter exceeding those of the entire third quarter. The cost of mining equipment fell by almost 20 percent from August to October alone, thanks to lower purchase prices.


Luxor, a provider of mining software services, announced the completion of its SOC 2 Type 2 audit and strategic investments and partnerships with Hivemind, Black Creek Digital, NYDIG, Bentaus and Bitsure. The company plans to use this latest funding to expand and refine these existing software and services, and bring new products to market in 2023.


Compass Mining, a firm that brokers bitcoin mining machines and hosting services primarily to retail clients, said it is offering its first protection product so that customers can safeguard their bitcoin mining machines. The new “low cost” plans protect in case of fire, theft, government action and electrical damage, said Will Foxley, director of content at Compass and a CoinDesk contributor. Compass doesn’t own the facilities where its clients plug in their machines. It acts as a broker between customers and facilities owners. The newly launched product is available to customers hosted in Texas, South Carolina, Nebraska and Oklahoma partner sites. Compass will expand it to other sites after completing the initial rollout to its core clients.(CoinDesk)


According to The Block Research, bitcoin miners earned $472.64 million in revenue in October, down 19.9% from a year ago. Most of that revenue came from overall incentive subsidies ($460 million), with only a small portion coming from transaction fees ($12.32 million), which accounted for about 3% of total revenue.


Alameda/FTX invested a total of about $1.15 billion in mining company Genesis Digital, the predecessor to Genesis Mining, which attracted widespread attention because of a lawsuit with with a company in Fuzhou, China, involving 500,000 graphics cards. The $1.15 billion in assets may now have shrunk significantly.(Bloomberg)

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