Wu’s Weekly Mining News 0522-0528

1. During the activation period of Dash Core v19, there was an issue that stopped the production of blocks and is currently being investigated. Binance stated that due to the situation after v19 activated Dash Core, the DASH network has temporarily stopped producing new blocks. Therefore, Binance Pool will suspend the issuance of DASH mining rewards until the network resumes block production.

2. At Monday’s hearing, the federal judge overseeing the bankruptcy proceedings of bitcoin mining firm Core Scientific said the company should “shave” at least a month off its restructuring timeline because creditors are unhappy with the company’s progress and want the process to speed up. Core Scientific’s lawyer said the company could reach a restructuring plan by September 25. Core Scientific’s bankruptcy proceedings began in December 2022 and were originally slated to last six months but could be extended by roughly a year. (CoinDesk)

3. The cryptocurrency consortium Fahrenheit, backed by venture capital firm Arrington Capital and mining firm US Bitcoin Corp, has won the bid for Celsius Network, which was valued at approximately $2 billion in assets prior to the acquisition. Celsius and its creditors accepted the offer, but it still requires regulatory approval. Fahrenheit will acquire Celsius’ institutional loan portfolio, collateralized cryptocurrencies, mining division, and other alternative investments and must pay a deposit of $10 million within three days to solidify the deal. (CoinDesk)

4. Canaan released its Q1 2023 financial report, which showed total revenue of $55.232 million; total sales hash rate of 4.246 million TH/s, up 126.8% from Q4 2022; Q1 mining revenue of $11.089 million; Q1 AI revenue of $0.41 million; Q1 recorded operating loss of $85.666 million; and cash and cash equivalents of $71.972 million as of March 31, 2023. The company expects Q2 2023 revenue to be approximately $72 million.

5. Ridwan Kamil, governor of West Java province in Indonesia, said at Bitcoin 2023 that he is exploring opportunities for a Bitcoin mining overhaul and hopes to convert renewable energy into economic energy using geothermal and hydroelectric potential. Forty percent of the country’s population has no bank account, with more than 12 million cryptocurrency investors. He believes blockchain technology can bridge the gap and provide financial inclusivity for previously unreachable communities.

6,

Symbiont crypto mining enterprise, LM Funding, announced that it has acquired blockchain fintech company Symbiont’s assets for $2.6 million, pending approval from the bankruptcy court.

Last December, Symbiont filed for bankruptcy protection under US Chapter 11 bankruptcy law, with assets and liabilities between $1 million and $10 million. LM Funding subsequently provided Symbiont with a $2 million secured loan and is currently its only secured creditor. (prnewswire)

7,

Crypto mining enterprise Riot Platforms announced that it is forming an advisory committee to provide consulting services to its executive leadership team and board of directors, with the first advisory committee member being former interim president and CEO of the Texas Reliability Council (ERCOT), Brad Jones. The ERCOT committee manages 90% of the state’s power supply, monitoring more than 50,000 miles of transmission lines and over 1,100 generating units.

8,

High-performance computing facility supplier U.S. Bitcoin Corp (USBTC) will manage the mining division of restructured Celsius Network LLC (Celsius). Under the proposed Celsius restructuring, USBTC will enter into one or more operating and service agreements with the restructured company to become the exclusive operator of all previously owned mining assets by Celsius. USBTC will also receive $15 million per year in Celsius mining asset management fees (minus operating expenses) from Fahrenheit. USBTC expects to increase its total installed hash rate managed by approximately 12.2 EH/s after 121,800 mining machines are fully powered on.

9,

US Senator Cynthia Lummis said at the Bitcoin Miami conference that Biden’s previous proposal to tax crypto mining electricity consumption by 30% will not pass, stating that “because the bill fundamentally makes US bitcoin mining enterprises unprofitable, doing so is equivalent to forcing them overseas, after all, miners can mine anywhere.”

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