Pubco miners slow down BTC sales
Looks like April was a good month
Although bitcoin’s network hashrate rise in April resulted in another low in terms of the daily production benchmark, the price rally of BTC itself pushed the hashprice to stay mostly above $75/PH/s last month. And the increasing on-chain activities continue to bring in more transaction fees. After the first week of May, bitcoin’s hashprice has reached over $90/PH/s, the highest since September.
And on the mining operation front, it appears that some of the largest pubco miners have further slowed down the pace of liquidating their mined assets.
As of this writing, 10 major mining companies have released monthly updates for April. They added up to 58.6 EH/s in realized hashrate, accounting for 17.1% of bitcoin’s block rewards last month.
For most of the second half of 2022, these companies had consistently been selling more than 100% of what they mined after the liquidation-to-production ratio peaked in June. Since then, that figure has mostly remained between 110% and 120% but declined to less than 100% in March for the first time in over six months. The liquidation ratio further dropped to 95% in April as bitcoin’s price bounce let everyone catch a breath — at least for now.
Regulation news
White House Pushes for Punitive Tax on Crypto Mining - link
N.B. Power Hits Pause on Large New Electricity Customers During Crypto Review - CBC.ca
Corporate News
Bhutan Plans a $500 Million Fund for Crypto Mining in the Himalayas - Bloomberg
Hardware & Infrastructure News
Stronghold Digital to Add 400 PH/s Capacity Via 4K Bitcoin Miners From Canaan Subsidiary - CoinDesk
Mawson Signs New 24MW Site in Ohio to be Fully Online in Q3’23 - Link
Feature
The Age of Crypto Miner HODLing May Be Over - Blockworks
Texas Power Demand Seen Shattering Summer Record in Test to Grid - Bloomberg
How This Former Beef Farmer Is Turning His Grass Into Mining for Bitcoin - Independent.ie
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