Bitfarms reported its financial results for the second quarter, with revenue of $35 million, net loss of $25 million. Bitfarms increased their hashrate by 10% during Q2 2023 to 5.3 EH/s and mined a total of 1,223 BTC in the quarter. The Company held $31 million in cash and 549 BTC valued at approximately $17 million.
2.
Bitdeer announced that in July 2023, it mined 220 bitcoins through its mining operations, representing a 41% year-on-year growth. Additionally, the company reduced the electricity consumption of its mining data centers in Texas to participate in a demand response program. Furthermore, 15,000 mining machines arrived at its data center in Bhutan, of which approximately 11,000 machines are currently operating stably. As a result, the company’s total hashrate increased from 6.2 EH/s to 7.9 EH/s.
3.
Crypto miner Cipher Mining has reported Q2 results, achieving 6.8 EH/s of self-mining capacity with the completion of the Odessa facility, and plans to complete the Odessa project in Q3, increasing self-mining capacity to 7.2 EH/s. The company reported a GAAP-diluted net loss for the second quarter of $0.05 per share, and non-GAAP-diluted net income of $0.04 per share. Non-GAAP diluted net income was $0.04 per share.
4.
Canadian digital asset miner Hut 8 reported revenues of C$19.2 million in the second quarter, down 56.2 per cent year-over-year; 399 bitcoins were mined (396 bitcoins were sold), down 58 per cent year-over-year, due to the increased difficulty of the bitcoin network, as well as suspensions of operations at some of its facilities and power issues.
5.
Crypto miner Argo Blockchain has released its semi-annual financial report, reporting a net loss of $18.8 million on revenues of $24 million for the first half of 2023. $4 million of debt has been repaid in 2023, bringing total debt down to $75 million. Argo mined a total of 947 bitcoins in the first half of the year.
6.
Bitcoin mining company Genesis Digital Assets, also known as GDA, has added three new data centers for bitcoin mining in western South Carolina. GDA also intends to use South Carolina’s renewable energy to power its new data centers. GDA also intends to use South Carolina’s renewable energy to power its new data centers. （The Block）
7.
Bitmain has announced that it will host the World Digital Mining Summit 2023 in Hong Kong from 22–23 September 2023 as well as the launch of its latest ANTMINER S21 miner, which claims to have an energy efficiency ratio of less than 20J/T for the first time.
8.
Kucoin announced that it would suspend the operation of the KuCoin Pool on 16 August, users need to switch the BTC hashrate and LTC hashrate to the backup mining pool before then, and download and retain the corresponding mining data before 27 August. The current KuCoin Pool BTC hashrate is 7.72 EH/s and the LTC hashrate is 3.85 TH/s. Previously, Wublockchain exclusively reported that KuCoin will lay off nearly 30% of its staff, and KuCoin said it will focus on its core business development.
9.
Bitcoin miners are adding significant capacity, with the 16 largest publicly listed mining companies accounting for 16% of total BTC mined, Bernstein said in a research report. Bernstein says their combined mining capacity is currently 72 EH/s, and notes that these firms are planning to increase it by 182% in the next 2–3 years. However, the larger miners with low cost of production and low debt are likely to be the big beneficiaries of capacity addition. The bitcoin price is currently in the vicinity of $30,000, and 15 of the companies have production costs below $15,000 per BTC, the report said.（CoinDesk）
10.
Tether CTO Paolo Ardoino said that Tether’s development team has essentially completed the JavaScript libraries for controlling interactions with Antminer, Whatsminer and Avalonminer, and is working directly on writing the core architecture of the Moria mine management tool, all based on Holepunch technology, which will eventually be expanded to cover energy production monitoring, with the possible intention of open-sourcing some of it.
11.
Bitmain has announced that within three months of a customer signing up for an S19j XP miner, Bitmain will provide S19j XP customers with a $1.89/T volatility rebate if the market fluctuates downward by more than 20%. The volatility rebate is refunded directly to the customer’s balance account and can be used to purchase any Bitmain product with no expiration date limit. Customers who have previously purchased S19j XP also enjoy this volatility protection policy.
12.
Kyrgyzstan’s President Zaparov has said that cryptocurrency mining will be allowed in areas where power generation capacity permits, in order to generate revenue for the power sector and generate millions of dollars in tax revenue. Sufficient power generation is available during the summer months, and in the event of power shortages during the winter, the operation of these “mining farms” will be suspended for the remaining nine months.
13.
Bitfarms will be building a new 50 MW farm at Paso Pe, Paraguay, and it expects its new farm to be fully commissioned at 50 MW in Q1 2024. Bitfarms will construct a 50 MW substation to power a 30 MW air-cooled warehouse and install 20 MW of containers specifically built for MicroBT M53S+ hydro-cooled miners.
14.
Bitmain released the XMR Miner X5 with metrics of 212K 1350W and 6.37 J/K; notably the miner supports the open-source CPU system RISC-V, which can be used for a number of different cryptocurrency mining.
15.
Bitcoin mining rig maker, Bitmain, and crypto platform Anchorage Digital are expected to take equity stakes in Core Scientific, the second-largest publicly listed bitcoin miner, as part of Core’s bankruptcy. Core Scientific will buy 27,000 units of Bitmain Antminer S19j XPs, for $77.1 million, according to the documents filed with the bankruptcy court. The purchase will be funded by $23 million in cash and $54 million in equity in the company once the plan is effective.（CoinDesk）
16.
Bitdeer entered into an Ordinary Share Purchase Agreement and a registration rights agreement with B. Riley Principal Capital II, LLC. Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares. B. Riley Financial has been extensively involved in investments in and mergers and acquisitions of publicly traded cryptocurrency mining companies, and is one of the largest creditors of Core Scientific, Inc. having signed a $100 million equity transaction agreement in 2022 with Iris Energy.
17.
Bitcoin network has diligently processed in excess of 800,000 blocks. The top position is occupied by unidentified miners from 99 diverse pools, with unknown miners, including Satoshi and early miners, having found a cumulative 227,800 blocks, or 28.37% of the total. F2pool has discovered 80,364 blocks, approximately 10.01% of the total. Following closely, Antpool ranks second to F2pool and third overall, with 75,829 blocks, or 9.44% of the total. (Bitcoin.com)
18.
Canaan will celebrate its 10th anniversary in Singapore on 12 September. In May this year, Canaan had launched the submerged liquid-cooled miner A1366I, with a hashrate of 165 EH/s and an energy efficiency ratio of 30 J/T, which helps to save cooling costs and prolong service life.
19.
BIT Mining reported its unaudited financial results for the second quarter ended June 30, 2023. Revenue for the quarter was $74.1 million, with $65.9 million in revenue from the mining pool business and an operating loss of $1.5 million, resulting in a net loss of $0.9 million. Output for the quarter was 29.4 million DOGE and 16,027 LTC (revenues of approximately $3.6 million), with 22.6 bitcoins produced (revenues of approximately $0.6 million).
20.
NYDIG’s bitcoin production costs were around $18,000 in Q1 and Q2, with a total escrow cost of 7 cents/kWh, according to a study by TheMinerMag; the other two asset-light mining competitors, Marathon and Bit Digital, have bitcoin costs estimated to be around $18,000/BTC as well.
21.
Nodal Power, who mitigates methane at landfills by powering Bitcoin mining data centers, announced that the company has successfully raised $13 million in a seed funding round aimed at aggressively curbing methane emissions from landfills while harnessing their latent energy potential, according to a press release sent to Bitcoin Magazine.
22.
Paolo Ardoino, Tether’s chief technology officer, tweeted that Tether’s bitcoin mine in Latin America is scheduled to begin operations in a few weeks. He said that team members are working around the clock, but was not at liberty to disclose the exact location. Additionally, Tether launched its “Tether Energy” programme a few months ago to partner with companies around the world to build renewable energy production and bitcoin mines.
23.
In August, the Omani government announced close to $800 million in fresh investments in cryptocurrency mining operations. On August 23, a $300 million deal was announced with the Abu Dhabi-based Phoenix Group to develop a 150-MW crypto-mining farm. Muscat approved a $370 million farm operated by Exahertz International with plans to launch 15,000 more machines by October, according to a local news report.（Decrypt）
24.
Electricite du Laos (EDL) has announced that it will no longer supply electricity to cryptocurrency mining operations in Laos, local media reported. The notice, issued by EDL on August 24, states that Laos experienced drought conditions during the first six months of 2023, with extreme heat causing high electricity demand, while hydropower plants struggled to generate enough electricity. According to EDL, 95% of the nation’s electricity is generated by hydropower plants through its system.
25.
Vyacheslav Pak, deputy director of Uzbekistan’s National Agency for Prospective Projects (NAPP), revealed in an interview that the agency is working on regulations governing the operation of crypto miners and mining pools, as well as assisting entrepreneurs in issuing tokens. The main legal moves include establishing a licensing system for trading and mining crypto assets; updating the conditions for mining, including more available alternative energy sources; and setting legal liability for the illegal circulation of crypto assets. The Agency also approved five special legal acts covering everything from licensing crypto-asset transactions to the registration of participants in special regulatory regimes.
26.
Canaan released its Q2 financial results with total revenue of $73.9 million, up 33.7% YoY relative to $55.2 million in Q1 2023; of which $57.8 million was generated from the sale of mining machines and $15.9 million was generated from mining revenue; the company’s costs for the second quarter were $143.9 million; the company held 1,125 bitcoins and $66.1 million in cash and cash equivalents. million. In the third quarter of 2023, the Company expects to generate total revenues of approximately $30 million.
27.
Cryptocurrency mining company Stronghold Digital Mining sought approval from the Pennsylvania Department of Environmental Protection in July to use shredded tyres to produce up to 15 per cent of its energy at its Panther Creek plant in Nesquehoning, citing the US Environmental Protection Agency’s approval of the use of the energy at other industrial facilities in the state. Local environmental activists are preparing to oppose the initiative.（Cointelegraph）
28.
The Kentucky Public Service Commission on Monday rejected Kentucky Power’s proposed power supply contract for a planned 250-MW cryptomining operation over concerns it would increase rates for other customers. The contract involves with Ebon International, which plans to build a crypto mining facility in the Louisa, Kentucky area. The proposal calls for Kentucky Power to supply electricity to bitcoin mining operations under a demand response tariff, but there is insufficient power capacity. Multiple agencies opposed the contract.
29.
Bitcoin miners are turning to Iceland for safe haven in the face of rising global energy costs and increased regulatory pressure on cryptocurrencies. Not only is Iceland rich in renewable energy, but it has also attracted crypto miners due to its cool climate, according to a study by Luxor Technologies, which noted that Iceland’s power system is isolated from the world and protected from electricity price inflation. Bitcoin mining in Iceland already consumes about 120 megawatts of electricity, and despite a population of only 370,000, it is the most densely populated country in the world for bitcoin mining. (Bloomberg)
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