Weekly Mining Newsletter
New mining data from Cambridge, earnings season for public miners and New York State uncertainty continues.
Highlights of the week
The Cambridge Centre for Alternative Finance has released an update to its bitcoin mining map with data up until January this year. The data has been consistently contributed by 4 pools: FoundryUSA, Poolin, BTC.com and ViaBTC. The key takeaway the Centre highlighted was that the hashrate located in China could be as much as 20% as of January. The release has drawn a wide range of coverage from crypto and mainstream media suggesting the resurgence of the mining force in China. In fact, The Block already reported last October that a lot of the miners in China went underground after the ban instead of giving up for good. While the 20% share is debatable given the data came from just four pools, Chinese miners were never gone out of business completely. Read more below.
Regulation
New Data Confirm That Many Bitcoin Miners Kept Operating China Even After Ban — www.theblockcrypto.com China still has the second-most mining hash rate even after the government's crackdown, according to a new study.
NY Bitcoin Miners Start To Give Up on State Amid Regulatory Uncertainty — www.coindesk.com New York was once a draw for miners, but environmental concerns are weighing on the industry.
Authorities Seize Over 1,500 Crypto Mining Rigs in Dagestan Crackdown Law enforcement and other authorities in Dagestan have closed down two illegal crypto farms, confiscating more than 1,500 mining machines.
Texas Bitcoin Miners Turned Off To Conserve Power for the Grid
The Texas Blockchain Council said that some facilities shut down immediately after receiving the notice from ERCOT while many ramped down over the last weekend when power was in high demand.
Finance
Stronghold Digital Beats Q1 Revenue Estimates, but Misses on Earnings — www.coindesk.com Shares of the bitcoin miner that uses waste coal for energy fell slightly in after-hours trading.
Celsius Announces Plans for an IPO of Its Bitcoin Mining Subsidiary — www.theblockcrypto.com The crypto lending platform has revealed plans to list its mining subsidiary on the stock market.
Digihost Technology Q1 Crypto Mining Revenue Jumps 52%
Digihost Technology (DGHI) experienced a sizable boost to its mining revenue during the first quarter, driven by increased production of bitcoin.
Argo Blockchain Q1 Net Income Plunges 90% to $2.1M Bitcoin was priced in the $40,000 range for much of Q1 compared with nearly $60,000 in the same period a year earlier.
Bitcoin Miner Argo Blockchain Emerged Unscathed From Its UST Stake The company said it was able to sell its minimal UST stake for around 93 cents per token before the price completely collapsed.
Hardware
Mining-Rig Maker Canaan Q1 Revenue More Than Triples — www.coindesk.com Canaan shares climbed after first-quarter earnings beat one analyst's estimates.
ASUS: Crypto Gpu Demand Is Slowing Down, Gaming Demand Is Still Strong ASUS says that cryptocurrency mining GPU demand is slowly coming down, with demand in gaming 'still strong' throughout 2022.
Bit Digital Announces Interruptions To Certain Hosting Partners' Operations
The interruptions at Bit Digital's hosting partners Digihost and Blockfusion have resulted in an approximate 46.8% reduction to its operating hashrate.
Infrastructure
Mawson To Develop New Bitcoin Mining Site in Texas — www.coindesk.com The facility could accommodate up to 4 EH/s of mining power.
Bitcoin Miner Bitfarms Scales Back Growth Plans for 2022 After Drop in Revenue, Net Profit The company said during its Q1 2022 earnings call that it will slow down the deployment of miners to a new facility in Argentina.
General & Features
Bitcoin Price Fall Hits Thailand’s Would-be Crypto Miners Like Jasmine — www.bloomberg.com
For Thailand’s market authorities, the rout in Bitcoin has been one of the few tools to cool down the once-unstoppable Jasmine Technology Solution PCL.