Weekly Mining Newsletter
Bitcoin hashprice hits multi-year lows amid market tumble and all-time-high difficulty.
Highlights of the week
The recent market turbulence and bitcoin's new mining difficulty record have caused the hashprice to drop to the lowest point since late 2020. While the AntMiner S9s and other machines are facing the capitulation pressure, institutional miners remain profitable thanks to the deployment of the S19s or equivalent new-gen machines.
That being said, public mining companies are facing a bigger issue: the lack of capital, more so than before, according to this feature by CoinDesk. Many of them have significant remaining miner installment and power capacity payments rolled over from 2021 but the market decline creates a challenge for them to raise external capital.
Even Core Scientific and Marathon Digital, two of the largest bitcoin holders among public mining firms, have indicated the potential plan to sell some of their reserves.
Regulation
Norway Votes Against Bitcoin Mining Ban — bitcoinmagazine.com A bill banning bitcoin mining, authored by the communist party in Norway, was struck down by a majority vote in the Norwegian parliament.
GPU Maker Nvidia Settles With the SEC Over Crypto Mining Disclosure Issues NVIDIA has settled with the SEC for $5.5 million over allegedly failing to disclose that crypto mining drove GPU sales in 2018.
Russian Crypto Mining Giant Bitriver Considers Challenging US Sanctions Russia’s crypto mining operator Bitriver may take legal action against the U.S. over the decision to place it under sanctions.
Uzbekistan, Kazakhstan Regulate Crypto With Eyes on Energy Deficits
Central Asia’s two biggest economies still want in on the crypto mining craze, but with safeguards for their grids.
Finance
Core Scientific Cuts Hashrate Outlook, Q1 Revenue Misses Estimates — www.coindesk.com Despite the shortfalls, the bitcoin miner's shares were up in after-hours trading.
Bitcoin Miner Riot First-Quarter Revenue Misses Estimate
The miner reported first-quarter revenue of $79.8 million and reiterated its hashrate guidance of 12.8 EH/s by the end of the year.
Bitcoin Miner CleanSpark Tops Quarterly Estimates The company funded its growth and capital expenditure plans with the sale of mined bitcoin.
CleanSpark, Hut 8 Stocks Lead Bitcoin Miner Rally as Markets Bounce Back Those miners with larger operations and lower costs are winning favor with investors amid volatile market conditions.
Hardware
Bitcoin Mining Hash Price Hits Multi-year Lows As hash rate and energy costs grow, bitcoin mining becomes less profitable and equipment is less cost-effective which impacts mining companies.
Cipher Mining, WindHQ Joint Venture Secures $46.9M Loan From BlockFi The Alborz JV will use the proceeds to purchase S19j Pro crypto mining rigs for its 40 megawatt data center in Texas.
Crypto Mining Platform Nicehash Says It Developed Workaround to Nvidia Hash Rate Limiter Last May, Nvidia reduced the possible hash rate production of its GeForce graphics cards to discourage their use for mining.
Cipher Raises Year Hashrate View While Cutting Power Guidance The stock of the miner lost almost 50% of its value in one day.
Infrastructure
Crypto Mining Center Enters Next Phase of Construction on 31-Acre Lot — dentonrc.com
Core Scientific has broken ground on the next phase of its cryptocurrency datacenter near Denton Municipal Electric’s Jim Christal Substation.
The9 Buys Data Center in Kyrgyzstan to Host 7,500 Antminers The firm expects the 31.5 MW facility to be ready in July.
Bitcoin Mining Difficulty at a Record High Bitcoin mining difficulty hit another all-time-high on Wednesday, recording a 4.9% increase from the previous adjustment last month.
General & Features
Bitcoiners Take It as a Given That a Mining Rush Will Improve Texas’s Grid. Not Everyone Is Convinced — www.theblockcrypto.com Advocates say a crypto mining rush will only help Texas's electrical grid. Researchers familiar with the grid aren't sold.
‘Pretty Compelling’: Aussie Bitcoin Miner Unfazed Over Plummeting Crypto Markets
The head of Australian-founded sustainable bitcoin miner Iris Energy has remained unfazed by the cratering price of Bitcoin and other cryptocurrencies.