Mining News in June,sponsored by Bitdeer
Colin Wu . 2024-07-03 . Mining

Title sponsored by Bitdeer, a NASDAQ-listed mining company.


Northern Data AG is speaking with potential advisers about a US initial public offering of its combined artificial intelligence cloud computing and data center businesses. Banks asked to pitch for a role have suggested valuations for the business from about $10 billion to $16 billion, the people said. Under the current plan, Northern Data would list an entity comprising its cloud computing activities, dubbed Taiga, and its data centers, called Ardent, on the Nasdaq as early as in the first half of next year.

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Bitcoin miner Bitfarms released its latest monthly production data. Bitfarms said it earned 156 BTC in May, a 42% drop from the previous month and down 66% year over year. Of that earned, it sold 136 BTC for total proceeds of $8.9 million (down from $16.1 million in April). Bitfarms had rejected a nearly $1 billion acquisition proposal from Riot Platforms, another Bitcoin mining company.(The Block)

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Core Scientific announced its 12-year contract with AI Hyperscaler CoreWeave. Core Scientific expects the agreement to generate approximately $290 million worth of average annual revenue, a total cumulative revenue of over $3.5 billion over the 12-year period. Core Scientific plans to supply 200 megawatts of infrastructure and revamp its existing sites to accommodate CoreWeave’s operations. The mining company said it expects to have the sites prepared for operation by the first half of 2025.(The Block)

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Marathon Digital disclosed in its monthly report that it produced 616 BTC in May, down 27 percent year-over-year, primarily due to the halving event in April. Marathon sold 390 BTC in May, or 63 percent of its production for the month, to support its monthly operations, manage its finances, and for general corporate purposes, and at the end of May was holding a total of 17,857 BTC.

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Bitcoin miner Riot Platforms opens new tab said it has acquired ownership of 12% stake in rival Bitfarms. The company bought around 1.5 million shares in Bitfarms at the price of about $2.45 per purchased share Riot said, prior to this acquisition it beneficially owned about 11.63% of shares in Bitfarms. The company said it intends to request a special shareholder meeting to add independent directors to Bitfarms’ board citing concerns regarding its corporate governance.

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Bitcoin miner Bitdeer has agreed to acquire Desiweminer, a designer of chips for ASIC mining machines, in an all-stock transaction worth $140 million. Bitdeer agreed to acquire all outstanding shares in Desiweminer for a consideration of 20 million Class A ordinary BTDR shares on June 3. The Desiweminer team will join Bitdeer’s ASIC design team in Singapore, and products featuring the integrated technologies of the two entities are slated for immediate release. Bitdeer received an investment worth $150 million from stablecoin company Tether at the end of last month. ( CoinDesk )

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Bitdeer announced its research & development (R&D) technology roadmap for the SEALMINER Bitcoin mining machine. Bitdeer’s 4nm process Bitcoin mining chip SEAL01 has an energy efficiency of 18.1 J/TH. The first batch is expected to be mass-produced and delivered in Q3 2024. The SEAL02 chip is scheduled to be launched in Q3 2024, with an expected chip energy efficiency of 14 J/TH. The second-generation SEALMINER mining machine is expected to be mass-produced and delivered starting in Q4 2024. Planned for launch in Q4 2024, SEAL03 has an expected chip energy efficiency of 10J/TH. The third-generation SEALMINER mining machine is expected to be mass-produced and delivered in Q2 2025. Slated for launch in Q2 2025, the SEAL04 chip is expected to have a chip energy efficiency of as low as 5J/TH. The fourth-generation SEALMINER mining machine is planned for mass-produced with expected delivery starting in Q4 2025.

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Bitcoin miner Bitfarms said on Monday it had approved the adoption of a “poison pill” to fend off a potential hostile takeover attempt by rival Riot Platforms. The rights plan is subject to shareholder ratification within six months of its adoption, failing which it will terminate. Under Bitfarm’s plan, if an entity accumulates more than 15% of Bitfarms’ stake after June 20 and up to Sept. 10, the company would issue fresh shares, diluting the entity’s stake. After Sept. 10, the threshold would be relaxed to 20% as long as any takeover attempt meets certain conditions.

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Transfers from bitcoin (BTC) mining pools to exchanges reached a two-month high this week as BTC hovered around its local high $70,000, according to a report by CryptoQuant. Miners sent more than 3,000 BTC ($209 million) to exchanges. The spike in transfers coincided with a temporary correction in bitcoin as it fell from $70,000 to $66,000 before rebounding days later. Selling activities among bitcoin miners in the U.S. have also increased with Marathon Digital selling 1,400 BTC ($98 million) since the start of June. Daily revenue for miners stands at $35 million, down 55% from the peak of $78 million in March. The reduction in revenue can be attributed to lower transaction fees after the halving. ( CoinDesk )

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ERCOT recommends that Bitcoin mining be integrated as a Controllable Load Resource to ensure grid reliability. ERCOT is understood to be a U.S.-based organization that operates the Texas power grid, which supplies power to more than 25 million Texas customers and accounts for 90 percent of the state’s electrical load.

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Bitmain rolled out the Antminer S21XP and S21XP Hydro during its World Digital Mining Summit in Las Vegas. According to the specification disclosed at the event, the air-cooled S21XP has a hashrate capacity of 270 TH/s at an energy efficiency of 13.5 J/TH. The release of S21XP Hydro comes with hydro and immersion cooling models. The hydro-cooling model is said to be able to increase the hashrate output to 473 TH/s at an efficiency of 12 J/TH.

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Digital Polaris Investment SPC has announced its full operation, founded by veteran mining community members Zhang Min and Xiao Guihua, etc. It is distributed by Mulan Investment Management Company, which holds Hong Kong №1, 4 and 9 licenses, and is supervised by Hong Kong’s Securities and Futures Commission, with a lock-up period of 24 months, and can be subscribed through USD/USDT/USDC/mining machines, and is issued only for professional investors.


CleanSpark, a publicly traded US bitcoin mining company, has acquired a total of 60 megawatts of bitcoin mining farms in rural Georgia for $25.8 million. The company said in a statement that it has entered into definitive agreements to buy five turnkey sites for a cash payment of $25.8 million. This implies a cost of $430,000 per MW. According to the release, the size of the five sites ranges from 8 MW to 15 MW with load-interruptible power purchase agreements.

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The unrelenting growth of Bitcoin’s hashrate, or computing power of the network, may finally slow down, summer heatwaves force curtailments of some operations Mitigating this heat becomes an even greater issue during summertime as the companies need more power to cool their machines and/or shut down operations due to high demand from energy consumers cranking their air conditioning. This seasonal phenomenon has resulted in lower hashrate over the past two summers. As of June 17, it is lower by 10% to 589 EH/s, according to Hashrate Index data.(CoinDesk)

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Bitmain announced the release of the 40' all-in-one water-cooled container ANTSPACE HW5 and the 40' oil-cooled container MD5 and the upgraded version HK3. ANTSPACE MD5 is a one-stop solution for oil-cooled mining, consisting of a 40' oil-cooled container with a 40' dry-cooler placed on the top of the container. ANTSPACE HK3 is available in conjunction with a variety of modules, and is equipped with PTC heaters as standard, enabling fast preheating in low-temperature environments. The ANTSPACE HK3 is available in tandem with a variety of modules and comes standard with a PTC heater for fast warm-up at low temperatures, and a Solar Roof, Air Conditioner, and Sand Filter to support 1.3 MW of heat dissipation.


Foundry announced the launch of Foundry Hardware, its latest suite of products designed specifically for institutional cryptocurrency mining operations, including power supply unit (PSU), immersion optimization kit, and control board. Foundry Hardware products aim to optimize mining systems, improve uptime efficiency, and enhance long-term reliability. In addition to proprietary hardware, Foundry also facilitates the sourcing of OEM replacement parts for miners across North America.

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Marathon Digital Holdings has announced a new 2-megawatt (MW) pilot project aimed at recycling heat generated from its bitcoin mining operations to warm a community of 11,000 residents in Finland. This initiative marks the company’s first digital asset compute operation designed for district heating solutions. The project centers on heating water at a centralized location and distributing it through underground pipes to serve the local area. Marathon is exploring ways to monetize its computational power by generating recycled heat instead of relying on fossil fuels.

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Hut 8 announces $150 million strategic investment from Coatue to partner in building next generation AI infrastructure platform. Coatue has agreed to invest $150 million in the company through convertible notes bearing interest at 8.00% per annum with an initial term of five years, with options to extend the term by up to three additional one-year terms. The issuance of the notes is expected to close on or before July 11, 2024.

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Marathon Digital announced that the Company is mining Kaspa. Kaspa is an open-source, decentralized, and fully scalable Layer-1 protocol that uses proof-of-work as its consensus mechanism. However, unlike Bitcoin’s blockchain, Kaspa utilizes a BlockDAG (Directed Acyclic Graph) that enables multiple blocks to be produced simultaneously. As of June 25, 2024, Marathon has mined 93 million KAS, which are currently valued at approximately $15 million.

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Bitdeer announced a 30-year lease at the Monroe County Port Authority’s Hannibal Industrial Park in Clarington, Ohio, U.S.A., formerly an aluminum fabrication facility, with an initial 266 MW of the total 570 MW of power capacity under the agreement expected to be in service in the third quarter of 2025, and the remaining 304 MW currently under review to be formally included in the regional transmission planning process.

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During Mining Disrupt, held June 24–26, 2024 in Miami, ElphaPex announced the next generation of home miners, the ElphaPex DG Home 1.0. The home water-cooled miner is said to have a hashrate of 2000M, a power consumption of 620W, and an energy-efficiency ratio of 0.31J/M. It is expected to go live in the fourth quarter of 2024, and is expected to be available for purchase in the fourth quarter of 2024. In addition, ElphaPex gave a presentation titled “Alternative Revenue Strategies for Miners”, sharing innovative revenue strategies.

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