Bison Seeks to Freeze MineOne’s Proceeds from Wyoming Sales
Bison added Bitmain as an additional defendant last year in the case against MineOne
MineOne, the bitcoin mining operator in Cheyenne, Wyoming halted by the Biden administration last month due to national security concerns, has allegedly provided “categorically false” representations when selling two Wyoming sites to CleanSpark before the White House’s emergent executive order.
That is according to Bison Blockchain, a Wyoming-based operation that had legal problems with MineOne as well. In May 2023, Bison accused MineOne of breach of contract and demanded $39 million in damages, among other things.
Now, following the recent news that CleanSpark would purchase the two sites from MineOne, Bison filed an emergency motion on May 15, petitioning the court to issue a protective order and freeze the proceeds that MineOne may receive from CleanSpark.
CleanSpark announced the $18 million Wyoming site purchase on May 9, four days before the Biden administration issued an executive order demanding MineOne to divest its assets because the sites – owned by Chinese nationals – were close to a nearby U.S. Air Force base.
In the emergency motion, Bison alleged that MineOne provided “intentional misrepresentations (fraud)” in the purchase and sale agreement with CleanSpark, where MineOne allegedly said:
“There is no litigation pending or threatened against Seller that arises out of Seller’s ownership or operation of the Property.”
Check out the full story from TheMinerMag here.
Production squeeze in first post-halving month
As many public mining companies have released the production updates for the first post-halving month, the table below compiled by TheMinerMag outlines their production decline on a month-over-month basis.
While most of the companies above had a production drop of around 45%, Marathon and Riot only experienced a decline of less than 30%.
According to Marathon’s update for May, its overall uptime has improved to 88%, up from 71% in April as its hosting provider Applied Digital continued to resolve issues at the Ellendale site. Marathon’s operating hashrate at the Ellendale site increased to 5.6 EH/s in May, up from 1.6 EH/s in April.
Riot, on the other hand, reported $7.3 million in energy credits in May from power curtailment and participation in ERCOT’s demand and response program. While it only operated 60% of its installed hashrate for actual bitcoin mining, the power credits were worth over 100 BTC equivalent.
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