Weekly Mining Newsletter
New York mining moratorium in the Senate, Argo's Helios facility and Riot's latest 250 BTC sale.
Highlights of the week
The New York Mining Moratorium is again making headlines this week. The bill, which seeks to put a 2-year moratorium on new PoW facilities that run on non-renewable energy sources, passed a vote in the lower chamber of the state legislature (as we covered in the last issue.) As the bill makes its way to the Senate, CNBC and CoinDesk have laid out what this means for the future of mining in New York. The Block also reported how the crypto industry has mobilized in New York over mining moratorium.
Meanwhile, some of the biggest names in Bitcoin — including Jack Dorsey and Michael Saylor — have joined forces to "refute claims made by House Democrats calling on the Environmental Protection Agency to investigate the environmental effects of crypto mining."
More stories on hardware, infrastructure and mining financing updates below.
Regulation
GPU maker NVIDIA settles with the SEC over crypto mining disclosure issues — www.theblockcrypto.com NVIDIA has settled with the SEC for $5.5 million over allegedly failing to disclose that crypto mining drove GPU sales in 2018.
Kazakhstan Formalizes Reporting Regime for Cryptocurrency Miners
An April 29 order from the Kazakh Ministry of Digital Development codifies registration and reporting requirements for cryptocurrency miners in the country.
Uzbekistan Legalizes Solar-Powered Crypto Mining
Uzbekistan will allow companies to mine cryptocurrencies using solar energy, according to a presidential decree published this week.
Crypto Mining Rig Maker Canaan Added to SEC List of Scrutinized Chinese Companies
Canaan has until May 25 to dispute its inclusion, which could eventually force it to delist from the Nasdaq.
Finance
Argo Blockchain Borrows $70M From NYDIG to Buy Mining Rigs The miner is getting more machines for its Helios facility in Texas.
Riot Sells Half of Bitcoin Mined in April After 150% Month-over-Month Production Increase
Riot produced a total of 508 bitcoin in April, which is a 150% increase compared to the previous month.
Marathon Digital May Start to Sell Some of Its Bitcoins The miner said any sale would not be imminent, but that it might need about a half-billion dollars in investments to reach its growth objectives this year.
Bitcoin Mining Revenues Fell in April While Ethereum’s Rose Bitcoin mining revenues dropped in April by 4.3%, while Ethereum revenues went up by 6.2%.
Hardware
A Look at the Trends Driving Down GPU Prices — And What This Means for Ethereum Miners Prices for GPUs have been steadily declining for the past few months, as demand from Etherium miners seems to be dwindling.
Marathon Digital ‘Cautiously Optimistic’ About Meeting Early-2023 Hashrate Guidance as Delays Continue The firm mined 299 bitcoins in April, a near 31% dip from the previous month, citing weather and maintenance issues.
Infrastructure
Why Fossil Fuel Companies See Green in Bitcoin Mining Projects — www.theverge.com ExxonMobil and other fossil fuel companies have turned to Bitcoin mining to address a gas problem. But their plans come with risks.
Argo Blockchain to Open Flagship Texas Mining Facility Next Week, Shares Rise The stock was up 12% on the London Stock Exchange.
Bitcoin Mining Data Center To Be Hosted Next to Monowai Power Station, New Zealand
Crypto-mine will use up to 30 percent of power station’s electricity.
Cathedra Bitcoin and Great American Mining Announce Wind Up of Business Relationship
Due to severe winter weather conditions in multiple storms, the Cathedra and GAM bitcoin mining operation saw its performance impaired throughout April, operating at an average of 45% of expected hash rate.
General & Features
Texas Bitcoin Miners Seek Cheap Power, Land and a Place To Stay — www.bloomberg.com Cryptocurrency miners that set up shop in remote parts of Texas are coming up with creative solutions to cope with the lack of housing.
Crypto Mining Industry’s Greening Campaign Raises New Questions
With the U.S being the world's largest mining destination and the industry's energy demand continuing to surge, the crypto mining greening campaign faces some headwinds.
Bitcoin Miners Are Selling Options to Raise Cash, Avoid Selling Tokens Bitcoin miners are deploying their own version of “yield farming,” the often-discussed cryptocurrency money-making strategy, but with an old-school twist.