Wu’s Weekly Mining News 0612-0618


Bitcoin mining companies and custody service providers will find solutions even in the face of regulatory pressure. Once a particular exchange stops its service, users will turn to other exchanges or international exchanges. If US wire transfers are restricted, Bitcoin traders can choose to trade by opening bank accounts in Europe or Switzerland. The market is elastic and there will always be new choices. (Decrypt)


Bitcoin infrastructure company Blockstream plans to launch a dedicated application-specific integrated circuit (ASIC) miner in Q3 2024. The company acquired Israeli miner manufacturer Spondoolies in 2021 and brought the manufacturer’s core team into its mining department. Blockstream initially planned to launch a new ASIC in 2022, but now expects the miner to be available in the second half of 2024. Previously, Blockstream raised $125 million through convertible notes and secured loans to expand its mining business. (CoinDesk)


Bitcoin miner Bit Digital released its unaudited financial results for the first quarter. As of March 31, 2023, total revenue was $8.3 million, mainly from Bitcoin mining operations; a total of 362 bitcoins were produced; the company has cash, cash equivalents, and restricted cash of $29.2 million, and total liquidity (defined as cash and digital assets) of about $71.3 million, with total assets of $92.2 million.


According to BTC.com, Bitcoin welcomed a mining difficulty adjustment at block height 794,304, with mining difficulty increased by 2.18% to 52.35 T, once again setting a new historical high. The current average network computing power is 383.87 EH/s.


BitDeer released its May operational status. The company owns about 62,000 self-owned miners for self-mining and cloud computing businesses, and about 129,000 miners for hosting businesses. The total power capacity of the five mining data centers is 795 MW, and the Gedu mining data center in Bhutan is expected to be delivered in July 2023.


Chainalysis said in a report released on Thursday that ransomware hackers have a new money laundering trick: mining new tokens to replace “contaminated” tokens. Chainalysis found 372 exchange deposit wallets that received both mining profits and ransomware profits. Since 2018, these addresses have received a total of $158.3 million from ransomware-related wallets. (CoinDesk)


According to the latest research released by Coinmetrics on Tuesday, three models of Bitmain’s mining machines account for 76% of Bitcoin’s network hash rate.

Coinmetrics found that Antminer S19j Pro accounted for 34.3% of the network hash rate, S19 accounted for 28.1%, and they have been the most used machines on the network since March 2021. The report stated that Antminer S19 XP accounted for an additional 13.7% of the network hash rate. At the same time, the researchers stated that MicroBT’s M50 is below the detectability threshold. The report also found that the Bitcoin network consumes 13.4GW of electricity, 13% lower than the commonly used index published by Cambridge University’s Alternative Finance Center. (CoinDesk)


According to Glassnode analysts, miners sent $70.8 million worth of BTC to exchanges during the period from June 5 to June 11. In addition, according to CryptoQuant’s report, the bitcoin reserves of US crypto exchanges have fallen to the lowest level since January 2017. The amount of ETH held is also decreasing, with about 56% of total exchange assets located outside the United States. In addition, the market value of US stablecoins is expected to decline by 35% in 2023, reducing by $15 billion. (Forklog)


Ivan Chebeskov, director of the Financial Policy Department of the Russian Ministry of Finance, estimates that Russian miners earn about $4 billion in cryptocurrency mining revenue and about 100 billion rubles ($1.198 billion) in profit each year. According to his calculations, taxing the industry under current conditions can bring about 20 billion rubles ($240 million) in revenue to the budget. A bill on legal regulation of cryptocurrency mining was submitted to the State Duma in the fall of 2022. Ivan Chebeskov expects that the bill will be passed at the spring meeting of the State Duma. (Forbes)


Bitcoin mining company Hut 8 will merge with US Bitcoin Corp (USBTC), a US-based mining company and high-performance computing infrastructure provider, in an all-stock equal merger, and the merged company will be named Hut 8 Corp. (New Hut) and become a registered entity in the United States. This transaction is expected to make New Hut a large-scale listed bitcoin mining company, focusing on economic mining, highly diversified sources of income, and industry-leading ESG practices.

New Hut has filed a further amendment to its S-4 registration statement with the U.S. SEC. The statement discloses that New Hut’s pre-mining hash power at its mining facilities in Medicine Hat and Drumheller in Alberta has increased from the previously disclosed 7.02 EH/s to 7.5 EH/s. (PR Newswire)


The Development and Reform Commission of Chengdu City recently sent out a group SMS announcement: According to relevant national regulations, “virtual currency mining activities” belong to the national elimination category of “backward production technology and equipment” and related business activities are illegal financial activities, facing credit risks, as well as risks of loan, power and network cutoff, and legal liability. Relevant personnel will also be held accountable for disciplinary and administrative responsibilities.

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