Weekly Mining Newsletter
Bitcoin's hashprice plunges and miner fears mount—but some are capitalizing on the dip.
Highlights of the week
Although bitcoin's network hashrate has dropped by ~5% over the past week, it is still up 20% year-to-date. But bitcoin's price has plunged to the $20k level, causing the hashprice to go under $0.09 per TH/s. Mainstream media like the Financial Times and Bloomberg have published features on the spreading fear among miners and how they are scaling down expansion plans. But the market condition also creates opportunities for those who have long-term commitments. US miner CleanSpark, for example, announced this week that it acquired a purchase agreement contract of 1,800 S19XPs that are expected to arrive in August. Effectively, CleanSpark was able to purchase brand new near-spot stocks from a counter-party at a pre-order price that is cheaper than the fair market value.
Regulation
Plattsburgh Officials Weigh In on Bitcoin Mining Moratorium Bill — www.wcax.com
The bill awaiting the governor’s signature essentially follows in the footsteps of a 2018 measure in Plattsburgh.
NYC Mayor Eric Adams Wants New York Governor to Veto State’s Bitcoin Mining Ban
Bitcoin-friendly Eric Adams wants Governor Kathy Hochul to veto a recent bill passed by the New York State senate to cap PoW mining at its current level.
Inner Mongolia’s Closure of Crypto Mine Operations Slows Since September Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing.
Shanghai Tries New Tactics to Stamp Out Crypto Mining
Shanghai Tries New Tactics to Stamp Out Crypto Mining — companies running data centers are required to conduct self-checks and pledge not to engage in the power-hungry activity.
Finance
Bitfarms Looks to Boost Liquidity With Sale of 1,500 Bitcoin, New Loan — www.coindesk.com The miner paid down a credit line from Galaxy Digital while inking new equipment financing from NYDIG.
Bitcoin Mining Stock Prices Open Down Sharply as Us Equities Slide — www.theblock.co Bitcoin mining stocks were down by double digits as the markets opened on Monday.
Capitulation Fears Mount as Miners Send Record Amounts of Bitcoin to Exchanges
On-chain metrics have revealed that Bitcoin miners have been sending more of the asset to exchanges, with a new all-time high of 88,000 BTC sent on June 15, according to CoinMetrics.
TeraWulf plans to raise around $100M to support 2022 operations
Sustainable bitcoin miner TeraWulf is expecting to raise around $100M to support the company's operational objectives this year.
Hardware
Chinese Crypto Mining Rig Maker Nano Labs Eyes $50 Million Nasdaq IPO — www.scmp.com
Hangzhou-based cryptocurrency mining gear maker Nano Labs has filed for a $50 million IPO in New York, defying regulatory risks at home and in the US.
Capitalizing on Buyer’s Market, Cleanspark Acquires 1,800 Bitcoin Miners — www.theblock.co CleanSpark closed a deal to buy 1,800 miners, stating that market conditions helped the company secure a better deal.
Infrastructure
Russia's Gazpromneft and BitRiver Partner to Develop Crypto Mining Operations — www.coindesk.com The oil-producing subsidiary of state-owned natural gas giant Gazprom will provide energy to data centers set up by BitRiver.
Wattum Expands with 35 MW of Bitcoin Mining Capacity in Louisiana
Wattum is expanding its mining operations in the US with the launch of a new bitcoin mining site in Bastrop, LA.
Bitcoin Company TDI Eyeing off Old Lead and Zinc Que River Mine on Tasmania’s West Coast
An old lead and zinc mine on the west coast of Tasmania could become home to "Australia's largest emerging, 100 per cent renewable energy bitcoin mine."
General & Features
Ethereum Mining Tweak Leaves Some Crypto Tech In Need of New Use — www.bloomberg.com
The shift from proof-of-work to proof-of-stake will cut power consumption sharply — and leave some expensive technology searching for new uses.
Bitcoin Miners Stung as Fallout From Price Collapse Widens
Bitcoin miners are scaling down production as sinking cryptocurrency prices and rising energy costs squeeze profits and slam their shares.