Arkon Energy, a bitcoin mining startup that uses renewable power, has secured $26 million in new funding to enter the U.S. Arkon Energy plans to expand by acquiring an energy-based data center in Ohio with a design capacity of 100 MW, which is expected to increase the company’s hashrate by the end of 2023. The financing will be used to fund Arkon’s aggressive expansion plans in North America. The acquisition is likely to be “the first of several” over the next year, CEO Joshua Payne said in the statement.（CoinDesk）
2.
Iris Energy said it is reviving its strategy around hosting high-performance computing alongside bitcoin miners on Tuesday, as interest in AI continues to boom. Iris Energy plans to increase its data center capacity to 9.1 EH/s by early 2024, from its current 5.6 EH/s. Iris Energy has procured items with long lead times to expand to build out another 100 MW facility, which would bring its mining hashrate to 13.6 EH/s if filled with mining rigs.（CoinDesk）
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3.
Bitcoin miners with low electricity costs and a high sustainable energy mix are the only ones likely to survive in a progressively more competitive environment, JPMorgan said in a research report Thursday. The average price of electricity for bitcoin miners globally is about $0.05/kWh, however, some large mining firms have been able to pay as little as $0.03/kWh, the note said. JPMorgan says that over time the bitcoin mining industry will consolidate and become more competitive because only miners with lower production costs will be able to survive.（CoinDesk）
4.
Hut 8 Mining has entered a hosting agreement for approximately 6,400 ASIC miners previously energized at the Company’s North Bay site.
“Relocating our miners will provide us with approximately 600 PH/s of additional installed operating capacity,” said Jaime Leverton, CEO of Hut 8. “Once the machines are energized, our total installed hashrate will increase to approximately 3.2 EH/s.”
The agreement includes a 3-month initial term which will renew for successive one-month periods unless terminated by either party by providing 30 days’ notice. The machines are being shipped immediately and are expected to be energized in late July.（PRNewswire）
5.
Bitcoin mining firm CleanSpark has agreed to acquire two facilities in Dalton, Georgia for $9.3 million in cash. The facilities will host over 6,000 Bitmain Antminer S19 XPs and S19J Pro+s. The miners were ordered and paid for by CleanSpark earlier this year. The acquisition is part of CleanSpark’s plan to achieve a growth target of 16 EH/s by the end of 2023.（CoinDesk）
6.
Bitcoin miner Core Scientific has filed a Chapter 11 bankruptcy plan under the bankruptcy code. The plan was filed in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. Core Scientific said that it has experienced improved liquidity since filing for Chapter 11 and has focused on revamping its business plan to achieve a successful comeback.
A Chapter 11 bankruptcy allows a company to continue operations until stakeholders can agree on a plan of reorganization, which may involve measures such as downsizing business operations to reduce debt or liquidating assets to pay creditors. A Chapter 11 bankruptcy plan is a formal document that outlines how the company intends to reorganize and repay creditors.
Core Scientific has received permission from the Bankruptcy Court for the Southern District of Texas to obtain a loan of up to $70 million from B. Riley, an investment bank that is one of the company’s largest creditors. The loan will be used to repay its existing debtor-in-possession financing loan, which also came from B. Riley.（Cointelegraph）
7.
Singapore-based bitcoin mining company HAG Holding Limited (HAG) has officially announced that it will issue digital securities (Security Token) on the US digital securities issuance platform INXS for global distribution in compliance with US securities regulations. The official issuance date is June 21, 2023 EST, with a total planned issuance size of $500 million. Digital securities code: HAG Token.
8.
Glassnode tweeted that the current average daily revenue of bitcoin miners is $24.9 million, with an estimated average daily output cost of $18.3 million and an estimated net profit of $6.6 million.
9.
Libyan authorities have arrested 50 Chinese citizens in Zliten on suspicion of engaging in illegal cryptocurrency mining activities at an abandoned iron factory. This is the latest arrest following the detention of 10 Chinese nationals in Misrata the day before.
Despite official prohibition, Libya has become an ideal place for cryptocurrency mining due to its low electricity costs. However, political instability has caused serious damage to Libya’s power grid. The authorities are intensifying efforts to crack down on such activities and investigate other potential mining sites.
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