NYDIG set to take over another 5.5 EH/s in bitcoin ASIC collateral
Plus an interesting update from China
After taking over tens of thousands of bitcoin miners from Stronghold Digital and Iris Energy in recent months, NYDIG is on track to collect more from Greenidge and Core Scientific.
Greenidge announced this week a debt restructure deal, which will see it transferring the ownership of mining equipment totaling 2.8 EH/s to NYDIG. The lender will then host the miners on Greenidge’s site.
Meanwhile, Core Scientific filed a motion on Thursday after having reached an agreement with NYDIG to transfer 27,403 miners (~2.7 EH/s) to NYDIG in exchange for the extinguishment of its debts. Below is a model and batch breakdown of the 27,000 miners. Effectively, the financial servicing firm is poised to be one of the largest mining equipment owners.
Another interesting news this week is Shenzhen-listed internet media and digital marketing firm Genimous revealing that it will record ~$9.4 million in BTC impairments in 2022.
Genimous has a market capitalization of ~$1 billion and made $17 million in net profits on revenue of $340 million in the first nine months of 2022. This may be the first known instance of a mainland China homegrown and listed company holding bitcoin through mining despite China’s tough stance on bitcoin activities.
Genimous said the carrying value of its intangible BTC assets is at 54.12 million yuan, or ~$8 million. Based on bitcoin’s price on Dec. 31, the company could hold about 480 BTC.
Per Genimous’ Q3’21 financial statement, it invested $12 million in April 2021 purchasing bitcoin cloud hashrate from BitDeer’s overseas sites through a Hong Kong subsidiary. Between April and September 2021, Genimous mined 232 BTC from the cloud hashrate. The cloud mining contract would last for 720 days, which should mature soon this year.
Financial news
Giga Energy raising $10 million in Series A - The Block
Crypto Miner Pow.re Raises $9.2M Series A at $150M Valuation - CoinDesk
Bitcoin Miner TeraWulf Restructures Debt - CoinDesk
Corporate news
Marathon Sells Mined Bitcoin for First Time - CoinDesk
CleanSpark bitcoin production up 50% in January to 697 - The Block
Core Scientific to Borrow $70M From B. Riley - CoinDesk
Argo Blockchain's CFO Alex Appleton Quits - CoinDesk
Luxor Starts Marketplace for Bitcoin Mining Machines - Bloomberg
Riot Chief Commercial Officer Harris Departs - Bloomberg
Hardware and Infrastructure
Bitcoin Mining Difficulty Hits a New All-Time High - Decrypt
Texas Bitcoin Miners Face Damage, Higher Power Costs From Ice Storms - Bloomberg
Feature
Troubled Crypto Miners Get Breathing Room as Bitcoin Rebounds - Bloomberg
Luxor mines largest Bitcoin block ever, contains Taproot Wizard NFT - The Block
BankProv Stops Offering Loans Collateralized With Crypto Mining Machines - CoinDesk
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