Wu’s Weekly Mining News 0515-0521

1. Bitfarms, a bitcoin mining company, has released its Q1 2023 financial report. The company generated $30 million in revenue, $12 million in mining gross profit, and a gross margin of 42%. The company mined 1,297 BTC at an average cost of $17,600 per BTC and sold 1,267 BTC at an average price of $22,500 per BTC, resulting in total revenue of $28 million, part of which will be used to pay off device-related debt.

2. Bitcoin Little Deer has released its Q1 financial report, with total revenue of $72.6 million and a net loss of $9.5 million. The company’s total management computing power is 18.3 EH/s, including 3.9 EH/s of self-mining, 1.8 EH/s of cloud computing, and 12.6 EH/s of hosting business. The company obtained 552 BTC through its self-mining business in the first quarter, with a total of 196,000 mining machines and 129,000 hosting machines. The power capacity of the five mining sites has reached 795 MW, with an additional 100 MW under construction in Bhutan.

3. Cryptocurrency mining company Soluna Holdings announced that it has received a $14 million investment from private data center development company Navitas Global for the development of its Dorothy 1B data center in Texas. Navitas will receive a 49% stake in the Dorothy 1B project. The transaction includes a $2 million loan for the construction and a $12 million equity investment to complete the development. (Businesswire)

4. Last week, miners mined an average of 328 BTC per day (about $8.9 million), with about 36% of mining rewards coming from transaction fees, earning a total of 2,294 BTC (about $62 million) in fees. The 7-day average hash rate of Bitcoin has quietly reached a new all-time high under the stimulation of all fees, and it is predicted that the next difficulty adjustment may increase by 1-2%. (Hashrateindex)

5. KuCoin Mining Pool has announced the launch of LTC mining services, which will start supporting LTC mining and joint mining with DOGE on May 16, 2023, and there are 79 days left until the LTC halving on August 3, 2023.

6. The current popularity of BRC-20 has gradually stabilized the problem of high transaction fees and network congestion in the bitcoin network. According to data from the OKLink multi-chain browser of Ouke Cloud Chain, after BTC miner mining fee income reached a new high in nearly 5 years on May 8, the daily miner fee income of BTC has continued to decline for six consecutive days. Yesterday, the miner fee income was only 106.61 BTC, falling back to the level at the beginning of May.


Emerging Bitcoin mining company Cormint announced today that it has completed a $30 million Series A equity financing. The round was jointly led by the company’s president Jamie McAvity and Silicon Labs Chairman Nav Sooch. The funds from the financing will allow Cormint to rapidly expand the scale of its flagship location in Fort Stockton, with the goal of achieving a self-mining capacity of 2.4EH by the end of 2024. (Businesswire)


Bitmain has launched the KasBlocking KS3 miner, which has performance indicators of 8.3T, 3188W, and 0.38 J/G. The price of KAS has fallen 31% in the last 30 days. Yonatan Sompolinsky, the founder of KAS, invented the GHOSTDAG protocol in 2013 and applied it to KasBlocking.


According to BTC.com, Bitcoin encountered a mining difficulty adjustment at block height 790,272, with the mining difficulty increasing by 3.22% to 49.55 T, breaking a new historical record. The current average network hashrate is 354.55 EH/s. The recent popularity of Ordinals BRC20 has led to an increase in the opening of more mining machines.


Publicly traded North American mining company Marathon announced a partnership with Brink to raise up to $1 million to support Bitcoin Core developers. Marathon has pledged to match all donations up to a total of $500,000 by 2023.


Shenma Mining launched three new miners at the Bitcoin2023 conference in Miami, with the M53S++ providing 320 TH/s of computing power and an energy efficiency ratio of 22J/T. The other two models are the M50S++, designed for air cooling with a computing power of 150 TH/s, and the M56S++, designed for immersion cooling with a computing power of 230 TH/s. Both machines have an energy efficiency ratio of 22 J/TH. (CoinDesk)


Bitcoin mining company Bit Digital plans to expand its business to Iceland in an attempt to counter regulatory risks from the Biden administration’s proposed cryptocurrency mining tax. The company spent $5 million on 2,500 new Bitcoin mining machines and placed them in Iceland. This is the first time that Bit Digital has shipped new computers to a location outside the United States in two years.


Jia Nan Technology has launched an immersion liquid-cooled miner A1366I with a hash rate of 165 EH/s and an energy efficiency ratio of 30 J/T. Its official website claims an overclocking rate of up to 38%, and only two mining boards are needed for a single module, providing computing power equivalent to three air-cooled mining boards, which helps save cooling costs and extend service life.


Cynthia Lummis, a Republican senator friendly to Bitcoin, said it is unlikely that the Biden administration’s proposal to impose a 30% consumption tax on Bitcoin miners will pass the House of Representatives. “That won’t happen,” she said. “The development of this technology and Bitcoin mining itself is absolutely important in the United States.” “Bitcoin actually helps stabilize the power grid,” she added, “because you can mine Bitcoin when the [energy] usage is low, and then scale back when usage is high.”


Following a major operation by the Anti-Kidnapping Department (DAS) in Paraguay, police recovered 300 Bitcoin miners stolen from a farm in Paraguay. The operation was carried out after a theft of 492 Bitcoin miners in Paraguay’s Upper Parana province in April. According to police at the time, attackers “subdued” a farm manager, who then stole 492 Bitcoin miners.

DAS explained that they conducted a raid on a commercial property in the town of Franco, where they found 300 mining equipment, as well as mobile devices, firearms, and ammunition. A man was arrested and charged with serious injury. (Cryptonews)


The White House has released a report focusing on digital asset mining, sustainable development, and “fair” taxation of the industry. Miners will pay a 10% tax based on their energy use starting in 2024. That number will gradually increase each year until it reaches 30%. The government believes the tax will help reduce its deficit by $74 million in 2024 and further skyrocket to $444 million in 2023, which is beneficial to the community and the government. As part of the proposed legislation, cryptocurrency miners will be required to disclose their entire operational energy use and where it comes from.

17, USBTC has signed agreements to host 150,000 Bitcoin miners with major companies including Marathon Digital Holdings (MARA). Foundry, Sphere 3D (ANY), Decimal Group, and TeslaWatt are new hosting clients for USBTC. Foundry is owned by CoinDesk’s parent company Digital Currency Group. USBTC is in the process of merging with Hut 8 (HUT), which is said to be one of the largest integration measures in the industry. (CoinDesk)

18, Bitcoin mining company Vinanz Ltd said that 100 S19J Pro units will arrive at a data center in Labrador, Canada next Thursday. Vinanz aims to establish Bitcoin mining businesses in the US and Canada. With the deployment of new mining machines, Vinanz’s computing power will reach 12,000T/s. (lse)

Note: Blocking all articles only represents the author’s point of view and does not constitute investment advice.
Original link: https://www.bitpush.news/articles/4422402

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