Global Crypto Mining News (Jan 9 to Jan 15)
Colin Wu . 2023-01-16 . Mining

Investment bank Jefferies downgraded its rating for bitcoin miner Marathon Digital Holdings (MARA) to “hold” from “buy” due to construction delays. Jefferies expects all of Marathon’s ordered machines, which total 23 EH/s of computing power, to be running at the end of 2023, instead of the company’s projected mid-year. The bank also lowered its price target to $4 from $12.50.(CoinDesk)

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Hive Blockchain (HIVE) earned $3.15 million, or the equivalent of about 184 bitcoin, by curtailing its power use in December whereas it mined 213.8 BTC for the month. Hive also deployed the first machines that it has designed itself using Intel’s Blocksale chips. Hive mined the equivalent of 4,752 BTC throughout 2022, up 18% compared to the previous year.(CoinDesk)

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Core Scientific, the bitcoin miner that filed for Chapter 11 bankruptcy, generated 1,356 and 1,435 bitcoins in November and December, respectively, with a self-mining hashrate of 15.4 EH/s and 15.7 EH/s. In addition, law firm Pomerantz has opened a claim against Core Scientific on behalf of its investors. The law firm Pomerantz has launched a claims investigation on behalf of Core Scientific investors against the miner.


The Nepal Telecommunications Regulatory Authority issued a notice on January 8 instructing all Internet Service Providers (ISPs) to prohibit the operation and management of crypto-related “websites, applications or online networks. The country’s central bank banned cryptocurrency activities, including trading and mining, in September 2021.


Bitmainland launched an upgraded version of the S19j Pro+ with a hashrate of up to 122T, power consumption of 3355W and an energy efficiency ratio of 27.5J/T. The overall performance has been improved by 10% compared to the S19j Pro. Bitmain said its new power supply has an input voltage range of 220~277V, which can be adapted to most mining sites around the world.


Bitcoin miner Iris Energy reported monthly that its December revenue fell 27% to $2.1 million; mined 123 bitcoins in December, down 19%; average operating hashrate fell 25% to 1,086 PH/s; operating capacity increased 30% to 1.5 EH/s; and held $39 million in cash and no debt at year-end.

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Binance Pool says it invites Bitcoin miners to join its Cloud Mining Partner Program, which requires a reliable and stable power source, a total BTC hashrate that is greater than 500 PH/s, an average daily online rate that is higher than 95% for their mining machines, and a predetermined amount of BTC collateral on their Binance Pool account.

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Bitcoin miner Bitfarms said that its subsidiary Backbone Mining Solutions, Inc. (BMS) had signed a $32 million equipment financing agreement with BlockFi on February 18, 2022, secured by BMS’s mining machines and bitcoin production, with the current market value of the secured assets at approximately $5 million. Outstanding principal and interest remains at $20 million.

Bitfarms said it is planning to negotiate the loan agreement with BlockFi, including not making installment payments and acknowledging defaults, and said that BlockFi’s exercise of its rights over BMS and its collateral could result in additional costs to the company and could even result in the cessation of operations at the Washington state facility.

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The New York Public Service Commission (PSC) is being sued by environmental groups for approving the takeover of a cryptocurrency mining facility in the state. The PSC is primarily responsible for regulating utilities and authorized the conversion of the Fortistar North power plant into a crypto mining facility in September 2022. In response, environmental group sources claim the approval violates New York’s 2019 climate law and say the state must conduct environmental reviews when reviewing projects.

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Bitcoin miner Cipher Mining released its unaudited production and operations for December 2022. As a result of Cipher’s expansion and commissioning of 8,326 Bitmain and MicroBT miners in December, Cipher Mining ended the month with a hashrate of 2.8 EH/s, a 40% increase compared to the previous month, and mining output subsequently increased to approximately 225 BTC, a 137% increase from the previous month’s production.

In addition, in the regular financial management process, Cipher sold about 39 BTC in December and ended the year with a balance of about 394 BTC.

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Mining firm Northern Data released data showing that for the full year 2022, the company produced 2,798 BTC, up 315% year-on-year with hashrate reached 3.6 EH/s. 3,005 BTC were sold at an average price of €23,849, generating €71.7 million in cash receipts. Adjusted EBITDA of €40–50 million and annual revenues of €190–194 million.(eqs)

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Argo Blockchain was pleased to provide the following operational update for December 2022. During December, Argo mined 147 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 198 BTC in November 2022. Based on daily exchange rates and cryptocurrency prices for the month, mining revenue for December was $2.9 million, down from $3.46 million in November, with a mining margin of 48%. However, total losses narrowed to $0.847 million from $1.7 million.

As of 31 December 2022, the Company held 141 Bitcoin, of which 116 were Bitcoin Equivalents. The Company’s total hashrate capacity continues to be 2.5 EH/s.(Yahoo Finance)

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Only about half of the $1.15 billion Alameda Research invested in bitcoin miner Genesis Digital was used for the company’s operations, and more than $500 million of the funds were used to purchase existing shares from Genesis Digital’s two co-founders, a Genesis Digital spokesman said, adding that the company A Genesis Digital spokesperson said the company received funding “at market value” from Alameda during the fundraising process, and that its founders own a majority of the company’s shares.


Oregon lawmakers have introduced a bill aimed at curbing carbon emissions from ‘high-energy’ facilities such as cryptocurrency mining, with a goal of reducing emissions by 60 percent by 2027.

The proposed new baseline is set at 0.428 metric tons of carbon dioxide equivalent per megawatt-hour. It would mandate those crypto companies to cut their emissions according to the following timeline: 80% by 2030; 90% by 2035; and 100% five years after that.

Failure to comply, each step of the way, would result in civil penalties of some $12,000 per megawatt-hour for each successive day not in compliance. The bill, which has just hit the legislature’s table, is yet to be assigned to a committee and has not yet faced a hearing. That process could take two to three weeks.(Blockworks)

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Agora Digital Holdings, owner of U.S. crypto miner Bitstream Mining, has canceled plans to raise up to $127 million through an initial public offering. Last month, Agora entered into a partnership with BitNile (AULT) to provide digital asset mining escrow services.

Agora reportedly filed for an IPO for the first time in November 2021, indicating it was interested in raising up to $100 million. The company later raised that figure to $127 million, which included the sale of shares attached to certain warrants.


The bitcoin mining arm of bankrupt crypto lender Celsius is selling machines worth $1.3 million.The firm is letting go of nearly 2,700 “new-in-box” MicroBT M30S units, according to a Jan. 11 notice of sale filed with the U.S. Bankruptcy Court for the Southern District of New York.

The buyer is investment firm Touzi Capital, which will be responsible for all shipping costs. Touzi is a small firm based in Cupertino, Calif. that invests in multifamily apartment buildings, senior living real estate and bitcoin mining.(The Block)

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