Weekly Mining Newsletter
Intel's new chip debut, MicroBT’s water-cooled M53 under development, and Bitcoin miners’ strong Q1 production.
Highlights of the week
Fourteen bitcoin mining companies have disclosed March production results so far, concluding yet another strong quarterly growth. They collectively mined 12,131 BTC over the last three months. Core Scientific, with an operating hashrate of 8.3EH/s, is leading the pack with over 3,200 BTC mined. BlocksBridge client CleanSpark is the sixth largest mining operation by publicly disclosed Q1 production. Meanwhile, during the Bitcoin 2022 conference, MicroBT launched its M50 series of equipment that adopts Samsung’s 5nm technology. Read more below!
Regulatory
Greenidge's Seneca Lake Crypto Project Wins NY Supreme Court Ruling to Continue Operations A local judge ruled that Greenidge's project "would not impact the air or water of Seneca Lake."
NY delays Finger Lakes Bitcoin mining plant’s permitting decision
The New York State Department of Environmental Conservation pushed back its deadline to reach a decision over Greenidge's power plant and mining facility.
Texas Grid’s Review of Crypto Miners Connection May Take Months
Texas crypto miners may have to wait up to a few months for approval to connect to the state power grid, according to operator Electric Reliability Council of Texas Inc.
Finance
Ethereum Miners Reach $1.29 Billion in March Revenues
Revenues increased month-over-month by 7.2%. They had been on a declining trajectory since November of 2021, when the revenue total was $2.07 billion.
Bitcoin Miner PrimeBlock to Go Public via $1.25 Billion SPAC Deal
The company has secured $300 million in equity financing for the deal from an affiliate of Cantor Fitzgerald & Co.
Applied Blockchain Files for $60M Nasdaq IPO
Applied Blockchain, which builds data centers to host bitcoin mining operations, is offering 3.2 million shares at an estimated $18.54 per share on the Nasdaq Global Select Market under the ticker "APLD.
Bitcoin Miner Marathon Open To Acquisition With Right Valuation
Marathon Digital Holdings Inc. is open to the possibility of being acquired for the right price, its chief executive officer said.
Gryphon Digital Mining Ends Plans to Go Public Through Merger With Sphere 3D
The companies agreed to terminate their agreement, which was first announced last June. Gryphon previously postponed the listing timeline to Q1 this year, which failed through.
Digihost Becomes First Publicly Traded Miner to Offer BTC Dividend Payments
The miner also expects a 1.5 EH/s of average hashrate for 2022, which is about 5.5x more than its 2021 mining power.
Hardware
MicroBT Unveils New WhatsMiner M50, M50s and M53 Bitcoin Miners
The M50s and M50 can achieve an efficiency of 26 J/TH and 29 J/TH, respectively. The water-cooled M53 is still under development and can reach 226 TH/s at 29 J/TH.
Canaan Unveils Bitcoin Mining Machine, Sees Speedier ASIC Market Growth
The Avalon 1266 will have 100 TH/s of hashrate and 35 J/TH power efficiency, a company executive said during the Bitcoin 2022 Conference in Miami.
Bit Digital Partners With BitMine to Host 7K ASIC Miners
BitMine will store the machines in immersion coolers for greater efficiency. The two partners have agreed to a revenue split of the mined bitcoin under the multi-year deal.
Intel Previews Second-generation 'Blockscale' Bitcoin Mining Chip
Boasting an efficiency of 26J/TH, Intel said its new generation Bitcoin mining chip will start shipping in the third quarter of the year.
Marathon On Track to Meet Its Hashrate Guidance, Despite Delay
It mined 1258.6 BTC during Q1 and currently holds 9,373.6 BTC. Marathon expects to meet its hashrate guidance of 23.3 EH/s by early 2023.
Riot Deployed 4,440 S19j Pros in Immersion-cooling
The firm also sold 200 bitcoin during March to raise $9.4 million. By January 2023, Riot expects to have a hashrate capacity of 12.9 EH/s, which assumes full deployment of about 120,150 AntMiners.
Infrastructure
Blockstream And Block Will Launch A Bitcoin Mining Center Powered By Tesla Batteries And Solar Tech
The $12 million pilot project will be located in Texas and should be concluded in the next few months. The two companies each put in $6 million to fund the Texas pilot project.
Marathon To Move Bitcoin Miners From Montana To New Locations With 'More Sustainable' Power Sources
The move is part of its larger goal to be 100% carbon neutral by the end of 2022.
LM Funding In Tampa Is Putting More Than $30m Behind Bitcoin Mining
Nasdaq-listed LM Funding Inc has spent $31 million that it raised through an equity offering on expanding its digital asset expansion, including buying 5,046 S19j Pros from Bitmain