Global Crypto Mining News (Mar 6 to Mar 12)

WuBlockchain
4 min readMar 13, 2023

1.

TeraWraWulf has officially announced the launch of its bitcoin mining operations in Nautilus, Pennsylvania, claiming to be the first underground bitcoin mining facility in the United States to be powered by 100% nuclear power on a large scale, at a cost of just $0.02 per kilowatt hour for five years. Currently, the company has nearly 8,000 miners online with a hashrate of approximately 1.0 EH/s. The company expects to reach a total operating capacity of 50,000 miners (5.5 EH/s) by the beginning of the second quarter of 2023.

Read more

2.

Canaan released 2022 Q4 and full-year financial results, Q4 revenue was $56.8 million, down 60% from Q3; mining revenue was $10.5 million, up 16% from Q3. 2022 full-year revenue was $635 million, slightly lower than 2021. Canaan Chairman Nan-Gang Zhang said, entering the first quarter of 2023, the market price gradually fluctuates up, and It is believed that the darkest moment of the current cycle has passed and looks to start an upside recovery. Revenue for the first quarter of 2023 is expected to be approximately RMB 450 million, or approximately $65 million.

Read more

3.

Twitter co-founder Jack Dorsey’s Block is seeking feedback from developers for its Bitcoin “Mining Development Kit,” which includes a Bitcoin mining compute board, custom controller board, open-source firmware, software APIs and a Web front-end. The toolkit includes a bitcoin mining algorithm board, a custom controller board, open source firmware, software APIs and a web front end that Block says could add innovation to the bitcoin mining space and improve energy efficiency to reduce energy consumption.

Read more

4.

Bitcoin miner Hut 8 released its 2022 operating and financial results. Full-year revenue of $150.7 million, down $23.1 million from $173.8 million in 2021; net loss of $242.8 million, compared to a net loss of $72.7 million in 2021; and mining profit of $60.4 million in 2022, down from $108.1 million in 2021.

Read more

5.

President Joe Biden unveiled his $6.9 trillion budget proposal for 2024, in which the Treasury Department proposes a 30 percent excise tax on the cost of powering crypto mining companies, which would be phased in over the next three years, increasing by 10 percent each year, and the companies would also be required to report how much power they use and what type of power they use. In addition, the proposal highlights a separate provision that would close a so-called false sale loophole in the tax code that prevents people from evading taxes by selling digital assets at a loss.

6.

Crypto miner Argo Blockchain produced 162 bitcoins or bitcoin equivalents in February, an increase of 7% per day compared to December 2022. As of Feb. 28, 2023, the company held 101 bitcoins or bitcoin equivalents. In addition, Argo generated $3.76 million in mining revenue in February, compared to $3.42 million in January 2023. Despite a 10% increase in average network difficulty in February compared to the previous month, Argo was still able to achieve an increase in daily BTC production.(Proactive Investors)

7.

Crypto miner Bit Digital has announced a joint venture with Mega Matrix to jointly develop a proof-of-interest technology tool for digital assets through the pledge platform of MarsProtocol, an institutional-grade non-custodial pledge technology. Under the signed agreement, Bit Digital will own a 40% stake in the joint venture, with Bit Digital starting its Ether pledge business at the end of 2022. As of January 31, Bit Digital owned 10,222 ETH and 2,004 sETH-h, with a total value of approximately $19.4 million. 2,164 ETH have been pledged by Bit Digital.(PRNewswire)

Read more

8.

Paraguay’s national utility (ANDE) has signed a 100 MW power contract with Canadian crypto mining company Pow.re. The contract reportedly comes with a five-year fixed-rate agreement, but Pow.re did not specify the price of electricity. Paraguay has a large amount of cheap hydropower from Itaipu, one of the world’s largest dams, which it shares with Brazil. (CoinDesk)

Read more

9.

U.S. Senators are again taking a closer look at Bitcoin mining. Senator Ed Markey (D-Massachusetts) chaired a session of the Committee on Environment and Public Works yesterday, focusing on the energy usage of mining. The mining industry, Markey said, “deserves the spotlight.” Markey is the sponsor of a bill pushing for more transparency from miners regarding their environmental impact.

“It has grown explosively in the United States over the past two years. It is extremely energy-intensive. And we’ve seen it harm the general public while enabling the creation of heavily-concentrated wealth in our country,” he said. He said that the full extent of miners’ impact was not known, which was why his bill would require companies to disclose more information about their operations to the environmental regulator.(Decrypt)

Read more

10.

Bitcoin miner Marathon Digital Holdings said it repaid its term loan and ended its credit facilities with liquidating Silvergate Bank, reducing its debt by $50 million. “We have been actively building a more robust balance sheet that features increased levels of cash and unrestricted bitcoin holdings,” Hugh Gallagher, Marathon’s chief financial officer stated on Wednesday. “Given our current cash position, we determined that it was in the Company’s best interest to prepay our term loan and eliminate both the term loan and (revolving line of credit) facilities.” Gallagher added that the company also “freed up” about $75 million in bitcoin.(The Block)

Read more

11.

Compass Mining published an article identifying three issues with Bitmain Antminer ASICs, including the increased failure rate of aluminized arithmetic boards at higher temperatures and higher maintenance requirements; and the inability to continue underhashing without a PIC. Compass sees the design decision to switch to aluminized on arithmetic boards as a net negative — this will increase ASIC failures, as well as increase service and maintenance costs.

Read more

Follow us

Twitter: https://twitter.com/WuBlockchain

Telegram: https://t.me/wublockchainenglish

--

--

WuBlockchain

Colin Wu, Chinese journalist, won 2013 China News Award