Weekly Mining Newsletter
Current miner breakeven hashprices; Miner sales may continue; Intel ships Bitcoin ASIC chips.
Highlights of the week
Bloomberg and CoinDesk reported this week that mining companies may continue to sell their bitcoin and equipment as they have ramped up an increasing level of debt since last year. For an ASIC-backed loan, lenders may not liquidate the underlying miners even if the collateral value drops underwater as long as borrowers can keep hashing and meet their interest expenses. But the pain may kick in if bitcoin's price continues to tank and squeeze a miner's profitability even further.
Bitcoin's mining hashprice has relatively stabilized at $90 per PH/s over the past week. So we provide an update in the table above on the current breakeven hashprice for a miner model at various energy rates. The red ones are mining at loss right now.
Regulation
Bitcoin Miner Greenidge’s Permit Renewal Denied by New York Regulator — www.theblock.co
Greenidge now has the right to request an adjudicatory hearing within 30 days of the decision. Its mining operations will continue in the meantime.
Argentina Customs Investigating Alleged Scheme Involving Mining Hardware: ÁMbito Argentina's customs authority is reportedly investigating an alleged scheme involving a Florida-registered company said to have overvalued 2,223 crypto mining machines imported into the country.
Hardware
Morgan Stanley: GPU Demand Likely to Slow if Ethereum Moves to Proof-of-Stake — www.coindesk.com Moving to PoS also won't solve Ethereum’s scaling problems, the report said.
Ethereum Miners Likely Lost Money During the Past Two Years
Tom's Hardware took a look at the potential profits from mining with various graphics cards over the past two years.
Samsung’s First 3NM Foundry Customer Is Chinese Bitcoin Chip Firm Microbt
Samsung will start trial production of its 3-nm foundry process for customers this week at the earliest. The first customer for the process will be the Chinese ASIC firm PanSemi, a subsidiary of MicroBT.
Nvidia (NVDA) Game Card Prices Plunge Along With Crypto Mining Demand
The turmoil in the cryptocurrency industry has ravaged portfolios and also taken a toll on a corner of the tech world that once benefited from crypto’s rise: Nvidia Corp.
Intel Ships Crypto-mining Asic at the Worst Possible Time
Raja Koduri, the head of Intel's Accelerated Computing Systems and Graphics group, tweeted Wednesday the company has started initial shipments of the Blockscale ASIC chips.
Infrastructure
Bitcoin Miner White Rock Management Launches in the US — www.theblock.co
White Rock Management has started bitcoin mining in the U.S., using flare gas as a power source.
Montana Storm Knocks 75% Of Marathon’s Active Crypto Mining Fleet Offline Due to a storm in Montana earlier this month, 75% of Marathon's active mining hardware fleet is currently offline.
Bitcoin Miner Mawson To Defer All Major Capital Expenditures Until Market Conditions Normalize Mawson controls approximately 1.65% of the Bitcoin network's overall hash rate.
General & Features
Luxor Technologies Release Bitcoin MIning Marketplace — bitcoinmagazine.com Luxor’s new marketplace allows those looking to mine bitcoin to find hosting facilities and ASICs by delivering industry knowledge about each provider.
Bitcoin Mining Firms Compass and Dynamics Spar Over Payments and ‘Hostage’ Hardware Compass mining sued its hosting provider Dynamics Mining after the company terminated their agreement, alleging missed payments.
Compass Mining CEO and CFO Resign as Company Cites ‘Multiple Setbacks and Disappointments'
Compass Mining announced that its CEO and CFO resigned, citing in a statement "multiple setbacks and disappointments."
Fried Circuits at the Bitcoin Miners
Electricity costs up, margins down — though it’s a bit more complicated than that.