Global Crypto Mining News (Mar 27 to Apr 2)

Bitcoin miners earned more than $718 million in March, a new high since May 2022. In addition, Bitcoin hashrate has risen about 20% since the beginning of the month.

Securities and Exchange Commission (SEC) has declared effective the registration statement of Bitdeer Technologies Group (“BTG”) on Form F-4 (as amended, the “Registration Statement”). Bitdeer will hold an Extraordinary General Meeting on 11 April to approve, among other things, the business combination; the combined company, BTG, will become a NASDAQ-listed company valued at approximately $1.18 billion under the ticker symbol “BTDR”. It is worth noting that the valuation was $4 billion in 2021 when the merger and IPO were announced.

Tengchong Court, Yunnan: The court recently concluded the first case of bitcoin “mining” contract dispute in Tengchong, the court ruled that the contract related to mining was invalid. Liao transferred 7.28 million CNY to Liu’s account to purchase mining machines for mining, and Liu and Xu transferred a total of 4.78 million CNY to Liao, after which the two failed to make payments to Liao, as the plaintiff could not guarantee the supply of electricity. As the two sides failed to negotiate, Liao filed a lawsuit with the court.

North Korean hacking group APT43 may be using cloud mining services to launder stolen cryptocurrencies, according to research by Google-owned cybersecurity firm Mandiant. APT43 pays for these services with stolen cryptocurrencies and receives cryptocurrencies unrelated to the crime into wallets of its choice.（CoinDesk）

Bitcoin miner Marathon Digital’s (MARA) CFO Hugh Gallagher plans to retire from his role on May 12. Gallagher, who was appointed CFO in March last year, comes at a time when the bitcoin miner has had a difficult year, with Marathon’s share price down around 71% over the past 12 months and the bitcoin price down around 40%, according to TradingView.（CoinDesk）

The majority of power used in Bitcoin mining comes from renewable energy sources, according to research by ESG analyst and investor Daniel Batten. Hydropower makes up 23.12% of all energy used in mining. Additionally, the wind is used to generate power for 13.98% of Bitcoin mining, while nuclear and solar account for 7.94% and 4.98% of all power used in mining, respectively. Other renewable energy sources are used in about 2.40% of Bitcoin mining. All in all, roughly 52.4% of all Bitcoin mining relies on renewable energy for its power needs.

Bitcoin mining firm TeraWulf (WULF) saw a 146% increase in revenue between the third and fourth quarters of 2022 as the company ramped up deployment of machines, according to its quarterly report published Thursday. Revenue amounted to $9.6 million in the final three months of last year.

TeraWulf generated $15 million in revenue in 2022, producing a total of 524 bitcoins on its own. Total self-mining hashrate reached 1.4EH/s as of December 31, 2022 and 2.6EH/s as of February 28, 2023, an 86% increase in two months. The company expects total operating capacity to reach 50,000 miners (5.5 EH/s) by the second quarter of 2023.（CoinDesk）

Stronghold Digital Mining raised its year-end bitcoin mining computing power forecast to 4 EH/s from 3 EH/s. For the fourth quarter, the company’s net loss widened 45% to 74 cents per share from the year-earlier quarter.

The company widened its 12-month revenue forecast to between $94 million and $129 million from a previous range of $108 million-$114 million. Mining profitability, which is measured as the hashprice, is seen 7 cents to 10 TH/s per day. Previously, it said it expected a hashprice of approximately 9 cents/TH/s.（CoinDesk）