Weekly Mining Newsletter
Core Scientific’s big bitcoin sale, Mara and Hut8 still 100% hodling, another small difficulty drop.
Highlights of the week
June was a painful month for many mining companies, particularly the ones that had chosen to retain their mined BTC throughout the bull market but were forced to sell at a steep discount last month. Collectively, 11 public miners sold more than 13.8K BTC in June, which equaled 378% of their production.
But they still owned 35.3K BTC as of June 30. Marathon, Hut8 and Riot are the biggest three holders, with more than 24K BTC on their balance sheets. Mara and Hut8 are still sticking to the 100% hodling strategy. Time will tell if that changes.
Meanwhile, bitcoin’s difficulty has eased by 1.41%, following a 2.35% decrease on June 23. Existing miners may continue to experience a slightly bigger share over the next two weeks.
Hardware
Bitmain to Start Selling New Ethereum Mining Rig Model Wednesday — www.coindesk.com Despite the Merge edging closer, Bitmain is releasing an Ethereum ASIC.
Finance
Core Scientific Dumped Most of Its Bitcoin in June — www.bloomberg.com
Core Scientific sold the bulk of its Bitcoin holdings in June as a steep drop in digital assets squeezes finances for even the leaders of the industry.
Marathon Digital Continues to Hodl All Bitcoin, but Hints at Strategy Change — www.coindesk.com
Dealing with a number of operational challenges, the company mined 707 bitcoin during Q2 down sharply from the previous three months.
Crypto Miner Marathon’s 54% Surge Still Leaves Stock Deep in Red
Crypto mining giant Marathon Digital Holdings Inc. had its best weekly gain since February 2021. The stock’s gains, while impressive, were nowhere near enough to erase losses incurred this year.
Miner Hut 8 expanded its bitcoin holdings with June production Bitcoin miner Hut 8 held on to all 328 bitcoin mined last month. As of June 30, it owned 7,406 BTC.
Argo Blockchain Hires Derivatives Trader to Navigate Market Rout, Sells BTC to Reduce Loan The miner saw gains in bitcoin production in June, but its profit margin narrowed.
Bitcoin mining revenues fell by over 26% in June Bitcoin mining revenues were $668 million in June — a 26.3% drop from the previous month.
Infrastructure
U.S. 2nd-largest electric power company reportedly explores Bitcoin mining — finbold.com U.S. power company Duke Energy is reportedly studying Bitcoin mining with plans to integrate the activity into its demand response strategy.
Bitcoin miner Riot moves hardware fleet out of New York hosting facility Bitcoin miner Riot has started to move its rigs out of a third-party hosting facility in New York and into its new Texas site.
Bitcoin mining difficulty falls by 1.41% The Bitcoin mining difficulty has dropped by 1.41%, while the network's hash rate increased by about 2.4%.
General & Features
Compass Mining cuts staff by 15%, reduces salaries for senior employees — www.theblock.co
The company recently announced the resignation of its former CEO and CFO, at a time when a conflict with one of its hosting providers over claims of missed payments became public.
Underwater bitcoin miners are turning up the selling pressure on crypto Bitcoin prices have fallen so low that the cryptocurrency's miners have become sellers, and put further pressure on the already downcast market.