Hut 8 announced today that, together with its subsidiary, Hut 8 Holdings Inc. (the “Borrower”), it has entered into a US$50 million credit facility with Coinbase Credit, Inc., as lender. This credit facility gives Hut 8 additional financial flexibility. At the same time, it ensures that Hut 8 can a maintain dynamic Bitcoin treasury management strategy going into the halving.
2.
Riot announced that it has entered into a long-term purchase agreement with MicroBT. Under the Agreement, Riot has secured an initial order of 33,280 next-generation Bitcoin miners from MicroBT. The miners will be produced by MicroBT in the United States for Riot’s Corsicana Facility, for total consideration of $162.9 million, equating to approximately $21.50 per terahash.
The order consists of 8,320 units of M56S+ (hashrate: 220 T, efficiency: 24 J/T) and 24,960 units of M56S++ (hashrate: 230 T, efficiency : 22 J/T). Riot has also secured the option to purchase up to 66,560 additional M56S++ miners from MicroBT, on the same terms as the initial order, under the Agreement. These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed. MicroBT will manufacture these miners at a facility in Pittsburgh to secure a robust domestic supply chain in the United States.
3.
Bitfarms provided a BTC production and mining operations update for June 2023. In June, BTC production was 385 as compared to 420 BTC in June 2022. In addition, the production of BTC decreased by 16.1% compared to May’s output of 459 BTC. The main reason for this decline was the surge in transaction fees such as the BRC20 inscriptions in May. In June, Bitfarms installed 2,900 MicroBT miners in Argentina and plans to install an additional 4,950 news miners in July and August.
4.
DMG Blockchain Solutions announces June preliminary mining results: DMG mined 53.2 bitcoin with 0.71 EH/s realized hashrate. DMG also announces it has granted 1,638,790 stock options to employees and directors of the company. The Options are exercisable for a period of five years at a price of $0.33 per share and will vest as to 25% on each of the six-, 12-, 18- and 24- month anniversaries of the grant date. The inability to access its digital assets held at Prime Trust will have no effect on DMG’s business operations nor plans.
5.
Canadian digital asset mining company Hut 8, listed on Nasdaq, announced that it produced 120 BTC in June and currently holds a total of 9,136 BTC. It is one of the publicly traded companies with the largest Bitcoin reserves.
6.
Bitcoin mining company Iris Energy announced that it mined 428 BTC in June, a decrease of 16% compared to the previous month. The company generated $11.7 million in revenue in June, a decline of 14% month-on-month. The average hashrate was 5.6 EH/s, and the company plans to expand it to 9.1 EH/s by 2024. The decrease in monthly operating income and mining (compared to May) was primarily due to the return of network transaction fees and an increase in mining difficulty.
7.
Bernstein’s report states that the mining stocks have rebounded this year due to the improved sentiment towards institutional ETF applications and the potential diversification of income through high-performance computing and artificial intelligence. Bitcoin mining is a game of survival, consolidation, and potential AI diversification. Only first-class mining companies with low costs and conservative debt conditions can survive, consolidate capacity and gain market share. The first round of consolidation has already ended, and surviving mining companies are increasing their capacity to cope with the halving of Bitcoin mining rewards, which is expected to occur in April 2024.（CoinDesk）
8.
Bitdeer announced its unaudited mining and operations updates for June 2023. Bitdeer self-mined about 239 BTC, down from 283 in May. Proprietary hash rate as of June 30, 2023 increased by approximately 0.8 EH/s from 5.4 EH/s as of May 31, 2023, primarily attributable to the arrival of approximately 8,000 newly-purchased mining machines at the Company’s Gedu mining datacenter in Bhutan. The Company began construction of a 175MW immersion cooling datacenter in Tydal, Norway. The expansion of the Tydal Datacenter is expected to be completed in 2025.
9.
Vanguard Group, the world’s second-largest fund management company, has increased its holdings of Bitcoin mining companies’ stocks to approximately $560 million, according to documents filed with the SEC on July 10th. This includes a 60% increase in its holdings of Marathon Digital stock (MARA), from 10.9 million shares to 17.5 million shares (approximately $280.5 million), and an 18% increase in its holdings of Riot Blockchain stock, from 15.2 million shares to 17.9 million shares (approximately $281 million). Two years ago, Vanguard Group stated on its website that the long-term investment case for cryptocurrencies was “weak.” Now, it is the largest shareholder of Marathon Digital.
10.
Hive Digital Technologies has ambitions to exponentially grow revenues derived from its graphics processing unit (GPU) card capabilities to $100 million annually. The capabilities of its machines formerly used to mine ETH, Hive CEO Aydin Kilic told Blockworks. Hive is one of the largest publicly traded miners of ether and has a fleet of 38,000 Nvidia graphics processing unit (GPU) cards. The company made plans to launch its Hive Performance Cloud business in the second quarter, adding its proof-of-concept to utilize its fleet of GPUs, which produced annual revenue on a run-rate basis over $1 million.
11.
SAI announced today that its subsidiary, Atomic Evolution Limited, has entered into a seed financing subscription agreement with JIUDE Capital, a venture capital investor with a post-investment valuation of US$50 million. SAI is committed to developing the third-generation modular nuclear reactor and strategically planning for fourth-generation Small Modular Reactors (SMRs) to meet long-term demand for stable and clean power resources.
12.
Evertas, a cryptocurrency insurance providers, has acquired Bitsure, a specialist insurer of Bitcoin mining operations, for an undisclosed amount. As part of the deal, Bitsure co-founder and president Thomas Shewchuck joins Evertas as head of underwriting. Evertas, which asked Bitsure to be its dedicated mining policy underwriter earlier this year.（CoinDesk）
13.
Bitcoin mining firm TeraWulf will increase its self-mining hashrate by 58% with the purchase of 18,500 Antminer S19j XP bitcoin mining machines from crypto mining hardware manufacturer Bitmain for $53.4 million. The new machines will be deployed at the company’s Lake Mariner facility in New York, the company said in a statement.（The Block）
14.
Cryptocurrency miner Argo Blockchain has raised 5.7 million British pounds ($7.5 million) through the sale of new shares. The funds will be used to reduce the company’s outstanding debt. The sale comprised a private placing that raised 5.134 million pounds and a public sale that raised 616,000 pounds. Argo sell its Helios mining facility in Texas. It also agreed a $35 million loan from the Michael Novogratz crypto-focused financial-services firm, secured by its mining equipment. ARB shares are down more than 20%.（CoinDesk）
15.
Bitcoin miner Bitfarms (BITF) has secured two power purchase agreements in Paraguay to add up to 150 megawatts (MW) of hydropower capacity. Bitfarms said that one deal, worth up to 50 MW, is located in Villarrica, close to where Bitfarms already has operations, while the second deal, worth up to 100MW, is located in Yguazu, close to the Itaipu hydroelectric power plant. Bitfarms currently has 11 mines in Canada, the United States, Paraguay and Argentina.（CoinDesk）
16.
The Capital Markets Authority (CMA), the financial regulatory agency of Kuwait, has issued a notice regarding the regulation and issuance of virtual assets in the country. The notice completely prohibits the use of cryptocurrencies as a means or tool of payment and does not recognize them as decentralized currencies in Kuwait. It also prohibits the use of cryptocurrencies as investment instruments and bans all mining activities related to cryptocurrencies.
17.
According to The Borneo Post, Sarawak Energy Berhad (SEB), a Malaysian energy company, in collaboration with the local police, conducted a joint raid to investigate an alleged electricity theft incident. They discovered 34 cryptocurrency mining servers illegally powered through direct cable connections in a house at Miri Waterfront Plaza. All equipment used for mining operations has been seized, and the case is currently under investigation.
18.
The largest Bitcoin mining equipment manufacturer, Bitmain, has announced the launch of Filecoin mining machines, marking its entry into the Filecoin field. Each machine is priced at $38,888 and has a hashrate of 4300 T. The minimum monthly service fee for staking is 0.5%. Sales will commence on July 21st.
19.
Semiconductor industry research firm TechInsights said it has found that Samsung’s 3nm GAA (gate-all-around) process has been incorporated into the crypto miner ASIC (Whatsminer M56S++) from MicroBT. TechInsights points out that the significance of this development lies in the commercial utilization of GAA technology, which facilitates the scaling of transistors to 2nm and beyond. MicroBT ASIC chip, the first commercialized product using GAA technology in the industry.
20.
Cryptocurrency mining hardware retailer Phoenix is engaged in preliminary IPO negotiations with the United Arab Emirates. The discussions are ongoing, and details regarding the timeline and scale of the offering are yet to be determined. Phoenix is currently constructing a massive mining facility in the Middle East, having previously signed a $650 million deal in 2021 to purchase mining equipment to increase its capacity to 1.4 GW.
21.
Bitdeer, the environmentally friendly Bitcoin mining platform, is currently selling a private equity fund called the Bitdeer Green Bitcoin Fund (BGB). The investment objective of this fund is to generate returns through owning and operating a Bitcoin mining industry in Bhutan. The planned construction target is 600 MWs, with an estimated total hashrate of close to 20 EH/s. The BGB fund operates as a closed-end fund with a duration of 6 years (unless extended according to the fund’s documents), and the minimum investment amount is $5 million. The first phase of the project is expected to raise $80 million in funds. Earlier, Bitdeer had been collaborating with Bhutan’s governmental investment department on the construction of a Bitcoin mining farm.
22.
Kyrgyz President Sadyr Japarov has given a nod to building a crypto mining farm at a hydroelectric power plant. The government of Kyrgyzstan plans to spend up to $20 million, and by establishing the mining farm, the Kyrgyz government will be able to deploy the remaining energy wisely and bring benefits to the country’s budget, the president noted. On July 24, the Kyrgyz president announced a state of emergency in the energy sector of Kyrgyzstan, which is scheduled to start on Aug. 1, 2023, and expected to end on Dec. 31, 2026.（Cointelegraph）
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