Weekly Mining Newsletter
Miners in Texas powered down again during a heatwave, while bitcoin mining controversy is brewing in Corsicana.
Highlights of the week
Over the past week, several bitcoin miners in Texas including Riot and Argo again voluntarily powered down their operations as the state faces yet another heatwave.
Texas' grid operator urged consumers and industry to scale back power usage on Monday with temperatures reaching 110°F in central Texas. "Bitcoin miners, which flocked to Texas in 2021 after China banned the industry, have heeded the call," Fortune reported.
But at the same time, community members in Corsicana, a rural Texas city south of Dallas, are raising questions over Riot Blockchain's upcoming expansion in the area. Members from a group called Concerned Citizens of Navarro County said the top concern is the "possibility of higher electric rates for people already living there," according to NBC.
Regulation
Hochul: 'A Lot to Consider' in Crypto Mining Pause Proposal — spectrumlocalnews.com
New York Gov. Hochul says a bill to put a moratorium on proof-of-work crypto mining remains under consideration.
Hardware
Bitcoin Miner Woes Risk Getting Worse After Celsius Collapse — www.bloomberg.com
Celsius Network's bankruptcy filing shows its mining subsidiary Celsius Mining owns 80,850 rigs – with 43,632 in operation
Compass Mining Recovers Machines From Hosting Provider Following Court Order — www.theblock.co Compass mining regained access to its miners hosted with Dynamics Corp in Maine via a court order.
Cleanspark Buys 1,061 Bitcoin Miners at a ‘Substantially Discounted’ Price
CleanSpark has acquired 1,061 Whatsminer M30S bitcoin mining machines for use at Coinmint's facility.
Finance
A Bitcoin Miner Is ‘Hodling’ as Crypto’s Winter Gets Worse
Canada-based Hut 8 is very clear that it's not selling its bitcoin stash in this very difficult market.
Chinese Crypto Mining Chip Player Nano Labs Prices Us IPO at $11.50
Nano Labs, a fabless chip designer in China focused on cryptocurrency mining, raised $20 million in a Nasdaq IPO.
Bitcoin Mining Rig Prices Slump to Near 2-Year Lows Amid Celsius Bankruptcy
Celsius' mining unit is said to have auctioned off some of its newly purchased mining rigs at fire-sale prices back in June, before filing for bankruptcy.
Bit Mining To Sell Subsidiary Loto Interactive as It Expands in the US Bitcoin miner BIT Mining is selling 51% of its subsidiary Loto Interactive, which used to run three sites in that country.
Infrastructure
Texas Power Plants Are Skipping Maintenance to Run Nonstop — www.bloomberg.com
Operators are forced to defer maintenance as aging fleet is 'run harder than it's ever been run.'
Texas Heatwave and Energy Crunch Curtails Bitcoin Mining
Bitcoin miners in Texas powered down to respond to an energy crunch triggered by a punishing heatwave.
Controversy Surrounds World's Largest Bitcoin Mining Operation to be Built Near Corsicana
At a time when supplies of power and water are extremely tight, controversy is brewing in Corsicana over Riot Blockchain's new facility that would use enormous quantities of both.
Tampa Bitcoin Miner Locks in Data Hosting Agreement
The company secured a hosting agreement with a multi-state data hosting company for its 4,200 bitcoin mining machines.
General & Features
At-home Bitcoin Miners Are Getting Crushed by the Crypto Sell-off and Energy Inflation. Here’s How They’re Cutting Costs — markets.businessinsider.com Fans who mine bitcoin at home have seen profits fall as prices crash and energy costs surge in a tough 2022. But they are finding creative ways to cut costs.
Ethereum Mining Pools Will Survive The Merge—What About the Miners? As Ethereum prepares to move from a proof-of-work mechanism to proof of stake, thousands of ETH miners may be left stranded.