Weekly Mining Newsletter
Celsius Network's bitcoin mining salvage, Texas miners are back and crypto stocks rally.
Highlights of the week
Celsius Network is holding on to its mining subsidiary as the key to its reorg during a U.S. Bankruptcy Court hearing this week. Per Reuters, the troubled lender won approval from Judge Martin Glenn to "spend $3.7m in construction costs at a new bitcoin mining facility and $1.5m on customs and duties on imported bitcoin mining rigs."
Celsius laid out in filings last week that it owned 80k miners with 43.6k of them in operation (models not specified). It said that prior to the filing, it had a plan to operate about 120k rigs by the end of 2022, though CoinDesk reported that Celsius Mining started auctioning off some miners in June already at bargain rates.
Yet still, Celsius Mining said it was mining 14.2 BTC per day on average in the 7 days prior to the filing and projects the 2022 production to be 10,118 BTC. Time will tell if the mining subsidiary can eventually help Celsius turn the tide.
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Regulation
House, Senate Democrats Push Regulators to Demand Data From Bitcoin Miners — www.theblock.co House and Senate members sent a letter to the Department of Energy and Environmental Protection Agency asking regulators to demand that crypto miners report information about missions and energy use.
Sweden Prefers Steel Over Bitcoin Miners as Power Gets Scarce
Sweden has a choice to make: Provide electricity for job-creating projects such as steel plants or devote more capacity to the Bitcoin miners that are gobbling up growing amounts of power. Energy Minister Khashayar Farmanbar says it’s no contest.
Paraguayan Senate Passes Bill Regulating Crypto Mining and Trading The text must now be approved or vetoed by the country’s executive branch.
Hardware
Foundry Starts Training Program for Miners — www.coindesk.com
DCG subsidiary Foundry is launching a training program, dubbed Foundry Academy, for mining technicians.
Texas Bitcoin Miners Back Online After Power Surge Caused Curtailments — www.reuters.com
Large-scale bitcoin mining operations in Texas are back online after sweltering temperatures that caused electricity use to spike and led to power curtailments earlier in the month.
Finance
Crypto Miners Moved Over $300 Million of Bitcoin in One Day, and Some Are Dropping Out Altogether — www.cnbc.com New data from blockchain analytics firm CryptoQuant shows that miners are rapidly exiting their bitcoin positions.
Bitcoin Rally Prompts Outsized Gains in Crypto Miners — www.bloomberg.com
Stocks of top mining firms see over 20% surge as bitcoin rises.
Mawson Infrastructure Group Inc. Announces $6.4 Million Registered Direct Offering
Mawson has entered into a definitive agreement with an institutional investor for the issuance and sale of 8,000,000 shares of its common stock at an offering price of $0.80 per share.
Infrastructure
Compass Mining Teams Up With Compute North for 75MW Site in Texas — www.coindesk.com The struggling bitcoin mining hosting firm recently laid off 15% of its staff.
Bitcoin Miner Marathon Digital Signs Multiple Hosting Deals to Reach Its Hashrate View The company secured about 254 megawatts worth of new hosting contracts.
General & Features
The Crude Marriage of Oil Drilling and Bitcoin Mining Gets a Wary Eye From Adams County — www.denverpost.com
To the untrained eye, the nondescript boxes and containers scattered around some oil and gas wells in Colorado look a lot like the equipment typically found at a well pad — boxy, utilitarian and industrial.
Bitcoin Miners Reduce Power the Most Since China Ban Amid Heat Wave — www.bloomberg.com Bitcoin miners saw the biggest drop in computing power since China banned crypto mining last May due to a record heatwave in Texas.