Global Crypto Mining News (Dec 5 to Dec 11)
Colin Wu . 2022-12-12 . Mining

Riot produces record 521 BTC and achieves new all-time high hashrate capacity in November 2022. Riot had a deployed fleet of 72,428 miners, with a hashrate capacity of 7.7 EH/s. Riot held approximately 6,897 BTC, all produced by the Company’s self-mining operations, as of November 30, 2022.

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HIVE produced 264 BTC in November, with a monthly average hashrate of 2.51 Exahash. HIVE has received 262 units of its new HIVE BuzzMiner, powered by the Intel Blockscale ASIC. An additional 420 units are expected to be received in the next week. Total production allocation of the HIVE BuzzMiner for 2022 is 5,800 units which are all expected to be delivered throughout December 2022 and January 2023. The 5,800 HIVE BuzzMiners, powered by the Intel Blockscale ASIC, are expected to produce upwards of 630 PH/s.

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Argo Blockchain, a crypto mining company, has reportedly accidentally revealed a petition for bankruptcy. This news was reported by Will Foxley, the Content Director at Compass Mining, who shared a screenshot of the special announcement from Argo Blockchain, which was dated for Dec. 12. As previously reported, Argo’s shares had been temporarily suspended by the UK’s Financial Conduct Authority (FCA) after the company disclosed a decline in revenue for November.(Cryptoslate)

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According to, Bitcoin saw a mining difficulty adjustment at block height 766,080, with mining difficulty plummeting 7.32% to 34.24 T, the largest drop since July 3, 2021. The current network-wide average hasharate is 245.1 EH/s.


f2pool has launched the mining services on Aleo testnet 3. Users can mine on Aleo testnet 3 with Nvidia GPUs at f2pool. Mining rewards will be settled daily as credits, according to the payout scheme of PPLNS, and then accrue in f2pool account. After the end of Aleo Testnet 3, the mining proceeds will be paid according to the official Aleo reward program to be released later.

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Gridless, a bitcoin mining company in East Africa, said that it secured $2 million in a seed investment round led by bitcoin venture-capital firm Stillmark and payments company Block, a firm that is led by Twitter co-founder Jack Dorsey.

Gridless designs, builds and operates bitcoin mining sites alongside small-scale renewable energy producers in rural Africa where excess energy is unused. Gridless serves as the anchor tenant, financing the construction and managing the operation of data centers in rural communities where traditional industrial or commercial customers are unavailable.

In its first year, Gridless started five projects in rural Kenya with African hydroelectric energy company HydroBox, three of which are operational. The company plans to expand to other East African regions in the near future.(CoinDesk)

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Paraguay’s lower house failed to pass a bill that would have regulated crypto. The bill wants to set cryptocurrency mining at 15 percent of the maximum industrial electricity rate. The local grid, on the other hand, wants to set it at 60%. Paraguay has cheap energy prices to attract bitcoin miners due to the presence of the Itaipu Dam, the world’s largest hydroelectric dam.(CoinDesk)

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Marathon announces bitcoin production and mining operation updates for November 2022. The contents indicate that it has written off $8 million of the $50 million operating deposit it previously paid to Compute North, of which only approximately $22 million was recoverable due to Compute’s bankruptcy. Marathon also invested $10 million in convertible preferred stock and $21.3 million in unsecured senior promissory notes in Compute.

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Hashrate Index: Quantitative Analysis of Asset Sales Under Compute North Bankruptcy Reorganization 363 Compute North, once the second largest bitcoin mining hosting provider in North America, had 84 customers with a total of approximately $700 million worth of mining equipment when it filed for bankruptcy in late September. The company had 96 total creditors and accumulated $247 million in debt. Now let’s take a closer look at each of the transactions that took place.


Crypto Firm Blockstream Seeks Funding at a Lower Valuation in Tight Market. Company plans to expand capacity for hosting crypto miners. People familiar say latest valuation may be under $1 billion. Founded in 2014, the company closed a $210 million Series B round in 2021 for $3.2 billion. (Bloomberg)

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New crypto regulations in Kazakhstan. The Majilis approved the bill “On Digital Assets of the Republic of Kazakhstan”, as well as four related bills on the regulation of digital mining in Kazakhstan. Miners can purchase electricity from the common power grid only if there is a surplus and exclusively through the KOREM exchange. Add new extensive tax rules involving cryptocurrencies. Plan to ban publicity related to cryptocurrency trading.

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Hong Kong’s Pando Finance launches blockchain-themed ETF to give investors a taste of cryptocurrencies ‘with minimum risk’. The ETF invests at least 70% of its net assets in shares of blockchain-related companies, such as crypto miners, decentralized databases, and other companies, including Coinbase and MicroStrategy.

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Bitcoin miner 360 Mining raised $2.25 million in a new funding round and plans to deploy the funds to increase natural gas production and mining capacity. The company’s plans were revealed by Bitcoin mining software company Luxor, which said it is participating in the funding around, along with BT Growth Capital.

360 Mining previously raised $6 million in a seed round in October 2021 360 Mining currently operates a 2 megawatt capacity site in Texas, allowing for a hashrate of 45 PH/s. The new funds will allow it to increase gas production eightfold, CEO Chris Alfano told The Block over Telegram. He anticipates adding 90 PH/s by the first quarter of 2023. (The Block)

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Datamall Chain (DMC) Foundation, a public chain project, announced a partnership with OKX Ventures, Gate, BIT Mining, IPFSMain, and BCT Inc. As strategic partners, these five organizations will support the decentralized storage ecosystem built by the DMC Foundation and ecological partner Fog Works, a Web3 decentralized application company.(PANEWS)


Kentucky’s Public Service Commission (PSC) is opening formal proceedings to investigate two proposed contracts that would give reduced electricity rates to new cryptocurrency mining operations in the state, according to a press release from environmental group Earthjustice.

The action was taken in response to comments from Kentucky Attorney General Daniel Cameron and advocates such as the Kentucky Resources Council, with the concern being that discounted rates for the energy-intensive act of proof-of-work cryptocurrency mining could lead to higher electric bills for state residents.(YahooFinance)

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Texas is offering an interim, voluntary power curtailment program for “Large Flexible Loads (LFL),” intended to give bitcoin miners incentives to lower their power consumption during periods of high electricity demand.

The program should help the state’s grid operator, Electric Reliability Council of Texas (ERCOT), ease worries about mining adding extra stress during periods of high system demand.

“Due to the anticipated interconnection of an increasing number of large flexible Loads in the ERCOT Region, ERCOT is establishing an interim, voluntary curtailment program that would allow these Loads to assist ERCOT in ensuring reliability during periods of high system demand,” ERCOT said in a statement.

The temporary program is expected to go live around Jan. 1, 2023. However, the program might be terminated at any time because ERCOT said it plans to develop a permanent reliability framework for LFLs.(YahooFinance)

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The Russian central bank continues to maintain an extremely negative stance on cryptocurrencies, proposing to ban local miners from selling coins to local people.

“We believe that cryptocurrency obtained as a result of mining can be sold exclusively using foreign infrastructure and only to non-residents,” the Bank of Russia’s press office said, adding:“In general, we adhere to the position on the inadmissibility of the circulation of digital currency on the territory of the Russian Federation.”

In November 2022, Russia introduced a draft bill on crypto-mining, the original version of which did not prohibit the sale of cryptocurrencies to Russian residents. (Cointelegraph)

This post is sponsored by TSE.

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