Global Crypto Mining News (Feb 20 to Feb 26)
Colin Wu . 2023-02-27 . Mining

BitFuFu, a cloud mining company, has started a marketplace for discount coupons on the Antiminer branded rigs manufactured by Bitmain, the world’s leading manufacturer of crypto mining machines. Bitmain started issuing coupons for Antminers to loyal customers last year. Many remain unused because miners are short on cash to spend on new equipment. Bankrupt companies including Celsius Network and Core Scientific (CORZ) have been trying to sell their coupons to raise funds that they can return to their creditors.

Ethan Vera, chief operating officer at mining services firm Luxor Technologies, estimates there are $50 million worth of coupons circulating in the market.(CoinDesk)

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Crypto miner Hive Blockchain has reported quarterly earnings that show it achieved $14.3 million in revenue for the third quarter ended Dec. 31, with gross mining profits of $3.6 million, down 77 percent from $15.9 million in the previous quarter. HIVE posted a net loss of $90.4 million for the quarter due to the Ether merger and falling cryptocurrency prices, among other reasons.


Luxor bought OrdinalHub, a platform for trading the Bitcoin-based NFTs that have recently surged in popularity, for an undisclosed amount. The two will continue operating as separate brands. The firm has been gradually expanding its product offering in bitcoin mining, launching an auction-style platform for mining machines earlier this month and a derivatives product based on bitcoin mining revenue back in October.(The Block)

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Sabre56, a company that consults miners on the development and operations of facilities, has raised $35 million to build its own hosting sites, aiming to have 150 megawatts (MW) of energy capacity ready by the end of the year. The first four sites will total 115 MW and be located in Wyoming and Texas, where construction has already begun. The $35 million investment is coming primarily from private individuals, company CEO Phil Harvey said.(CoinDesk)

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Mining difficulty jumped 9.95%, as the network hashrate rose over 300 EH/s. More machines have been coming online, likely due in part to the recent rally in bitcoin prices, combined with declining power costs, which have provided some much-needed relief for struggling miners.

Mining difficulty refers to the complexity of the computational process used in mining, and it adjusts about every two weeks (or every 2,016 blocks) in sync with the network’s hashrate.(The Block)

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The Montana State Senate passed a bill protecting crypto miners from a range of possible actions against the industry. The bill protects at-home mining, prevents discriminatory utility rates for miners and stipulates that crypto used as payment will not be subject to additional taxes.(CoinDesk)

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Bit Brother Limited is pleased to announce that BTB’s Texas mining farm has been operating as expected since it started operations on January 17, 2023. As of February 23, 2023, the mining server has mined over 15 bitcoins, generating approximately $370,000 in revenue based on the current bitcoin price.

With another 400 S19J Pro mining servers delivering expected in April, assuming that all mining servers are operating as expected and the bitcoin price remain stable, total revenue from our Texas mining farm for the full fiscal year ending June 30, 2023 is expected to reach approximately $1.8 million.(PR Newswire)

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Metalpha Technology Holding Ltd (MATH), a wealth management company for cryptocurrencies, said on Friday it would work with Litecoin Foundation to develop sustainable mining solutions for the Litecoin ecosystem. The partnership’s specific areas of research will include developing derivative products, facilitating renewable energy use, increasing energy efficiency and lowering carbon emissions from mining on the Litecoin Network. Metalpha will develop financial derivative products for LTC tokens, it also aims to support crypto miners with hedging products against market risk and to lower the environmental impact of crypto mining.(CoinDesk)

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Cathedra Bitcoin Inc. announced that the board of directors of the Company has approved the settlement of a portion of the outstanding principal amount of Debentures into common shares of the Company as is equal to the (i) up to 9.9% of the total outstanding Shares at the time of such settlement, (ii) the settlement of an aggregate principal amount of Debentures into Shares equal to C$2,500,000. The Shares will be issued at a deemed price of $0.135 per Share.

The debt is payable to certain debenture holders in respect of 3.5% senior secured convertible debentures of the Company due November 11, 2024 in the aggregate principal amount C$25,000,000 issued to the debenture holders on November 11, 2021.(Business Wire)

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This post is sponsored by TSE.

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Being a local player in North America, TSE poses itself as a trustworthy partner to international clientele — it can assist foreign clients with local incorporation registry, tax planning among with legal advice to help them enter the North American mining market safely and worry-free, in a compliant way.

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