Mining News in March, sponsored by Bitdeer
Colin Wu . 2024-04-03 . Mining
Title sponsored by Bitdeer, a NASDAQ-listed mining company.


Bitdeer introduced its inaugural cryptocurrency mining chip, the SEAL01. The SEAL01 was designed utilzing advanced 4-nanometer process technology. The chip level achieved an exceptional power efficiency ratio of 18.1 J/TH. Bitdeer is on the verge of unveiling its initial self-developed Bitcoin mining rig, the SEALMINER A1. The current official website pre-orders have exceeded 1.27 million.

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Bitdeer announced selected estimated unaudited preliminary financial and operating results for the fourth quarter ended December 31, 2023. Total Bitcoin mined (self-mining only) of approximately 1,299. The total revenue was US$114.8 million, of which self-mining revenue was approximately US$46.9 million, cloud hashrate was US$16.3 million, general hosting revenue was US$25.2 million, and membership hosting revenue was US$23.4 million. Adjusted EBITDA in the range of $32.1 million to $38.1 million. Cash and cash equivalents of approximately US$144.7 million as of December 31, 2023.

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Applied Digital announced the Company has closed a previously secured loan agreement with The Bank of North Dakota and Cornerstone Bank for $16 million in site-level financing for its 10MW Jamestown HPC data center campus. The Company intends to use the loan, which has a 5-year term, to bolster its operations at the independent data center, which will house graphics processing units (GPUs) and support various HPC/AI applications.

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Core Scientific announced a multi-year contract for Core Scientific to supply up to 16 MW of data center infrastructure to CoreWeave. The total potential revenue associated with the contract is more than $100 million. The partnership will expand Core Scientific’s hosting presence in Austin and support CoreWeave’s GPU computing needs, advancing both parties’ innovation in artificial intelligence and high-performance computing. As of January 31, 2024, Core Scientific operated seven data centers in five U.S. states, most with minimum operating capacity of 100MW, for a total operating capacity of 724 MW.

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On March 5, the single-day income of Bitcoin miners in US dollars reached US$75.951 million, the second highest level in history, of which block reward income reached US$69.116 million, which was related to the rise of Bitcoin price to a historical high that day; transaction fee income Only about 9%. The historical peak was on April 15, 2021, when Bitcoin miners earned $77.549 million that day.


Bitcoin miner Bitfarms has announced a $375 million market share offering that will allow the company, at its sole discretion, to sell shares of the company’s common stock through agents from time to time during the term of the plan. The Company intends that the net proceeds from the Program, if any, will be used primarily for capital expenditures to support the growth and development of the Company’s existing mining operations, as well as for working capital and general corporate purposes.

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Bitcoin miners are consuming energy at a record rate. Bitcoin miners consumed a record 19.6 gigawatts of electricity last month, up from 12.1 gigawatts during the same period in 2023. Bitcoin mining consumed 121 terawatt hours of electricity in 2023, similar to electricity usage in Argentina. However, with the halving of Bitcoin output rewards in April, full-text computing power and energy consumption are expected to decrease. (Bloomberg)

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Bitcoin miner earnings hit all-time highs last week as the price for the largest cryptocurrency continues to trade around record levels. Daily miner revenue reached $78.6 million on March 7, data from CryptoQuant show, surpassing the peak set in April 2021 during the last crypto bull market. Bitcoin’s halving is due in April, which will cut miner rewards in half and reduce Bitcoin’s supply growth, which also encourages bets on rising prices. Mining companies are racing to prepare for this. Since February 2023, 13 top mining companies have placed orders for mining rigs worth over $1 billion.

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Core Scientific said that last year, it mined 19,274 bitcoin, worth about $1.4 billion at current prices. Core Scientific reported that it had self-mined 13,762 bitcoin for its own account on top of “an estimated 5,512 for our hosting clients’ accounts.” The company also reported a net loss of $195.7 million, which it said was an improvement of $239.2 million. Core Scientific also said it owns and manages 724 megawatts of infrastructure, which it calls “the largest owned infrastructure footprint among publicly listed miners in North America.” Texas-based Core Scientific started trading again on Nasdaq in January after completing a reorganization following its 2022 bankruptcy filing.(The Block)

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U.S. President Joe Biden proposed a series of cryptocurrency-related tax and regulatory measures in his 2025 budget proposal that are expected to generate nearly $10 billion in revenue next year and more than $42 billion over the next decade. The proposal includes a proposal to impose a consumption tax on Bitcoin mining activities. According to the proposal, companies that use computing resources to mine digital assets will be required to pay a consumption tax equivalent to 30% of the cost of electricity they use, effective from December 31, 2024, and will be introduced in three phases: 10% in the first year, 20% in the second year %, 30% in the third year. The proposal states that this budget would save billions of dollars by closing tax loopholes that benefit the wealthy and large corporations, including loopholes that target wealthy cryptocurrency investors.

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SpiderPool, one of the top ten Bitcoin spider mining pools, recently announced that it has joined Core’s Satoshi Plus consensus mechanism for dual mining with its hashrate. Spider Pool’s decision to join Core highlights the need for miners to receive additional rewards and income as Bitcoin approaches its halving. Currently, 50% of Bitcoin’s hashrate is involved in Core’s simultaneous mining. Core will soon launch non-custodial Bitcoin staking.


Marathon Digital has entered into a definitive purchase agreement to acquire Applied Digital Bitcoin mining data center in Garden City, Texas, for a purchase price of $87.3 million. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024.

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Riot Platforms’ proposed new Bitcoin mining operation, which would be the largest Bitcoin mining facility in Texas, has not been approved by the US state of Texas. Texas commissioners said their offices were flooded with emails, text messages and even in-person visits from residents opposed to the deal. Residents have warned of the industry’s massive energy and water consumption, as well as noise pollution. None of the commissioners saw fit to proceed with Riot Platforms’ request.

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The upcoming Bitcoin block reward halving is spurring new global demand for last-generation crypto mining rigs owned by U.S. companies. Ethan Vera, COO of crypto mining services and logistics provider Luxor Technology, estimates that approximately 600,000 S19 series computers, the majority of machines currently in use, are moving primarily out of the United States to places such as Africa and South America, where energy sources cheaper. Bitmain’s Antminer S19 mining rigs cost up to US$11,500 each at peak times. After halving, each machine is estimated to only sell for about US$350.

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Iceland plans to prioritize food security over economic gain, grow corn and curb Bitcoin miners. Icelandic Prime Minister Katrín Jakobsdóttir said in an interview that renewable electricity should be reallocated from data centers to housing and other industries, and that Bitcoin and cryptocurrencies consume a lot of our energy and they are not part of this mission. According to research firm Luxor, dozens of Bitcoin teams consume 120 megawatts of electricity, more than the country’s household electricity consumption.

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Bitdeer announced a hash rate expansion plan of approximately 3.4 EH/s. The Company intends to install its own recently announced SEALMINER A1 miners at its mining datacenters in Rockdale, Texas in the United States ; and Norway in Q3 and Q4 2024 to accomplish this initial 3.4 EH/s expansion. The total hash rate under management as of the end of 2025 may exceed 46 EH/s.

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Arkon Energy, a U.S. data center infrastructure and mining firm, plans to list on Euronext Amsterdam through a merger with BM3EAC Corp., a Cayman Islands-incorporated shell company. The two parties agreed to a 90-day mutual exclusivity period on Feb. 21 to work towards a definitive agreement. Should the merger come to fruition, Hannibal, Ohio-based Arkon would become the first bitcoin mining company to list on the Euronext.(CoinDesk)

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According to people familiar with the matter, Bitdeer is in talks with private credit companies to raise $100 million in financing, which will be used to increase its Bitcoin mining capabilities. People familiar with the matter said conversations are ongoing and financing details could change.

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The Fourth Bitcoin Halving will occur on April 19, 2024 at approximately 13:30 UTC. If Bitcoin’s current price holds or increases moderately, it’s estimated that ~3–7% of Bitcoin’s hashrate may come offline after the halving, and we will see these approximate percentage decreases reflected in subsequent difficulty adjustments. If Bitcoin’s price drops from its current level to ~$48,000, then we estimate ~16% of Bitcoin’s hashrate could come offline. We anticipate that Bitcoin’s year-end hashrate will range between 639–674 EH/s.

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