Miner Weekly

Miner Weekly is a specialized publication by BlocksBridge Consulting, providing insight into the bitcoin mining industry. It covers financial moves by mining companies, industry trends, regulatory changes, technological advancements, and market dynamics affecting profitability and operational strategies of bitcoin miners.

Bitcoin Mining Industry Trends Financial Strategies of Mining Companies Regulatory Developments in Cryptocurrency Mining Technological Advancements in Mining Hardware Market Dynamics and Profitability of Bitcoin Mining Strategic Investments and Acquisitions in the Mining Sector

The hottest Substack posts of Miner Weekly

And their main takeaways

Public Miners Raised $2B in Last Pre-Halving Quarter

19 implied HN points • 16 May 24
💰 Finance Mining Regulation Hardware Corporate Feature
  1. Public bitcoin mining companies raised nearly $2 billion in the last pre-halving quarter, with the three largest companies accounting for a significant portion.
  2. Financing activities for public mining stocks have slowed down in the current quarter, but the investments still surpass those from the previous year's quarter.
  3. Public mining companies are holding a substantial amount of bitcoin, signaling a shift towards retaining mined assets rather than selling immediately.

Coinmint’s Mining Pivot Backfires with $14M Verdict

39 implied HN points • 15 Feb 24
💼 Business Mining Bitcoin Legal Investment Corporate
  1. Coinmint faced a $14 million verdict due to failures in a deal with chipmaker Katena, highlighting the risks in the bitcoin mining industry.
  2. The arbitration ruling detailed how Coinmint's plans to build up proprietary mining hardware backfired, leading to legal disputes and financial liabilities.
  3. The saga between Coinmint and Katena serves as a cautionary tale for aspiring bitcoin miners about the importance of meeting contractual obligations to avoid costly consequences.

Prepare for the Next Bitcoin Mining Infrastructure Boom

59 implied HN points • 14 Dec 23
💰 Finance Bitcoin Mining Infrastructure Regulation Hardware Corporate Financial
  1. Texas is becoming a major global hub for Bitcoin mining, with plans for significant power capacity expansions.
  2. Several major mining companies are gearing up for infrastructure booms by expanding their mining power capacity in various locations.
  3. Regulation news and corporate developments, like the acquisition of power plants, showcase the ongoing growth and changes in the Bitcoin mining industry.

Public Miners Are HODLing Strong Again

19 implied HN points • 11 Apr 24
💰 Finance Cryptocurrency Regulation Corporate Financial News Feature
  1. Public mining companies are holding a significant amount of Bitcoin reserves, with the top three miners accounting for 74% of the total reserves.
  2. There was a decline in the collective Bitcoin reserves held by public mining companies in the past but a major reversal occurred starting in July 2023.
  3. With the upcoming halving, it may become more challenging for mining companies to accumulate Bitcoin at a lower cost through mining operations.

The Return of Private Miners as Halving Approaches

19 implied HN points • 21 Mar 24
💰 Finance Mining Bitcoin Markets Companies Regulation
  1. Publicly traded mining companies are progressively mining less of Bitcoin's rewards, indicating a potential return of private miners.
  2. Since bitcoin's hashprice rebound, even older mining machines like M21S could turn a profit at certain energy rates, leading to an uptick in private mining activity before the upcoming halving.
  3. With the halving approaching, there may be a correction in hashrate levels post-halving, as older generation equipment is expected to phase out unless there's a significant increase in bitcoin's hashprice.
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Will mining companies be safe post-halving?

19 implied HN points • 14 Mar 24
💰 Finance Bitcoin Mining Regulation Financial News
  1. Bitcoin halving is approaching with potential impact on mining companies as the hashprice may decrease post-halving, impacting miner profitability.
  2. Public mining companies have been able to maintain gross profits even if hashprice drops to $60/PH/s, with many firms upgrading equipment to reduce costs.
  3. Regulation updates, like Biden's proposed tax, and news on hardware purchases by mining companies reflect ongoing developments in the mining industry.

Phoenix Puts UAE On Bitcoin Mining Map

39 implied HN points • 23 Nov 23
🔮 Crypto Bitcoin Mining IPO Hardware Infrastructure Regulation
  1. Phoenix, a UAE-based bitcoin mining company, raised $370 million in an IPO on the Abu Dhabi Stock Exchange, highlighting growing interest in bitcoin mining in the region.
  2. Phoenix appears to focus more on hardware distribution rather than proprietary mining, indicating potential plans for diversification in the future.
  3. Key highlights of Phoenix's business include a sizeable team, impressive hashrate capacity, and a revenue stream primarily reliant on hardware sales.

Mining stocks could sync up with bitcoin rally soon?

19 implied HN points • 07 Mar 24
💰 Finance Investing Market Analysis Regulation News Hardware and Infrastructure News Corporate News
  1. Bitcoin set an all-time high after more than 840 days, while mining stocks have lagged behind, presenting a history of this disconnect.
  2. Mining stocks mostly underperformed compared to bitcoin, with many still down over 60% from their highs in November 2021.
  3. Historical data shows that mining stocks have often trailed behind bitcoin's return to all-time highs, but when the full bull run returns, they have the potential to outperform.

Equity investment is flooding into mining stocks

19 implied HN points • 22 Feb 24
💰 Finance Bitcoin Mining Corporate News Financial News
  1. Equity investment is pouring into mining stocks like CleanSpark, Iris Energy, and HIVE, which raised over $350 million through stock offerings.
  2. Public mining companies like Iris Energy, CleanSpark, and HIVE are expected to invest around $450 million in buying additional Antminer S21s from Bitmain.
  3. Companies, including BlackRock subsidiaries, are increasing their positions in various mining stocks, indicating a surge in equity financing for mining companies.

Mining machines are as cheap as ever

39 implied HN points • 23 Oct 23
🕹 Technology Bitcoin Mining Hardware and Infrastructure Corporate News
  1. Mining machines' prices hit all-time lows, with some models trading at less than $10/TH/s.
  2. For the Antminer S19j Pro, at an energy rate of $0.07/kWh, profitability hinges on bitcoin's hashprice staying above a crucial $50/PH/s mark.
  3. Bitcoin's hashrate is growing faster than its market price, potentially leading to a significant reduction after the next halving.

Mara deleverages

59 implied HN points • 07 Jan 23
💰 Finance Investment Corporate Regulation Debt Mining
  1. Marathon Digital adhered to its hodl strategy despite market turbulence in 2022, closing with 12,232 BTC and increased liquidity.
  2. Mara reduced revolving credit and paid off debts in December with capital injection, facing volatile stock prices.
  3. 36% of Mara's bitcoin holdings were restricted as of Dec. 31, secured against loans, with a safety net against a decrease in Bitcoin value.

5,700 tons of bitcoin miners

39 implied HN points • 18 Mar 23
💰 Finance Bitcoin Mining Cryptocurrency Corporate News Feature
  1. The U.S. saw significant shipments of bitcoin miners in January 2023 and September 2022, contributing to the surge in bitcoin's hashrate.
  2. Bitmain's AntMiner S19 product line dominated the identified miner shipments to the U.S., with MicroBT also shipping a significant amount of WhatsMiner parts.
  3. Regular updates on import records of bitcoin miner shipments can provide insights into the hardware market dynamics in the U.S., including different shippers and consignees.

Six metrics to assess public miners in earnings season

39 implied HN points • 11 Mar 23
💰 Finance Earnings Regulation Financial News Hardware & Infrastructure Corporate News
  1. Unique metrics are essential for evaluating public bitcoin mining operations, alongside traditional financial metrics like gross margin and P/E ratio.
  2. Metrics such as Realized Hashrate, Price-to-Hash ratio, and Net-Debt-to-Hash ratio provide a holistic view of publicly listed mining operations' health.
  3. Having a variety of metrics helps in assessing the state of mining stocks, especially crucial during uncertain market conditions like a bearish trend.

Bitcoin hashprice hits 4-month high

39 implied HN points • 18 Feb 23
🔮 Crypto Mining Financial News Corporate News Hardware and Infrastructure Features
  1. Bitcoin's hashprice has hit a 4-month high, a significant increase.
  2. With the rise in hashprice, older generation mining equipment is becoming profitable once again at certain energy rates.
  3. Bitcoin's rapid hashrate growth has set new records recently, with the approaching difficulty retarget likely to see mining difficulty cross the 40 trillion mark.

The Sino-US bitcoin ASIC War Begins

19 implied HN points • 16 Nov 23
💰 Finance Mining Regulation Hardware Corporate Feature
  1. Bitcoin's network growth is increasing production costs for mining companies as the halving event nears.
  2. Major mining firms are experiencing both increased and decreased costs of bitcoin production in Q3 compared to Q2.
  3. There is a brewing competition between Sino-U.S. companies in the bitcoin ASIC industry as new equipment is rolled out to meet demands and sustain operations.

Core reveals bondholder names

39 implied HN points • 21 Jan 23
💰 Finance Regulation Financial News Corporate News Hardware and Infrastructure Feature
  1. Core Scientific has identified bondholder names like Apollo Capital and MassMutual, among others, who invested nearly $500 million in convertible notes.
  2. Genesis Capital, in bankruptcy protection, owes billions to creditors, with Gemini, Bybit's Mirana Corp, and Babel Finance among the top creditors.
  3. Hut8 avoided major losses by providing a loan to Genesis and ensuring no outstanding amounts as of Q2'22.

This company mined bitcoin for free in Q3

19 implied HN points • 09 Nov 23
💰 Finance Earnings Regulation Hardware Corporate Financial
  1. Bitcoin's price and hashprice have been on the rise, showcasing a positive trend in the market.
  2. Several mining companies found success through industry consolidation amid challenges faced by others in the past year.
  3. Riot Platforms effectively mined bitcoin for free in Q3 by leveraging power curtailment credits, showcasing innovative cost-saving methods in the mining industry.

Leverage is back for mining cos.?

19 implied HN points • 02 Nov 23
💼 Business Finance Regulation Hardware Corporate Financial
  1. Recent Bitcoin market rally is reviving interest in leverage for mining companies like Northern Data.
  2. Public mining companies have been deleveraging since Q3’22 but are now making moves like securing unsecured debt facilities and reorganization plans.
  3. Upcoming earnings calls for mining companies reveal varied growth estimations based on production capacities and changing market conditions.

Miners are Profiting Without Mining

19 implied HN points • 07 Aug 23
💰 Finance Mining Regulation Hardware Infrastructure Corporate
  1. Mining companies are finding ways to profit without traditional mining, utilizing strategies like energy sales and renting out hashpower.
  2. Charts comparing bitcoin production and realized hashrate of mining companies show a difference due to flexible use of proprietary hashrate for various purposes.
  3. The evolving use of proprietary hashrate by mining companies highlights their adaptability to changing conditions in the industry.

How Big Was Bitcoin's Mining Profit Squeeze After Halving?

3 HN points • 30 May 24
💰 Finance Mining Companies Financial News Corporate News Feature
  1. Bitcoin's hashrate stayed above 600 EH/s in the month following its fourth halving event, despite a slight decline from April.
  2. The daily production benchmark for Bitcoin decreased by 45% in May compared to April, impacting major public mining companies.
  3. News of Riot's proposed takeover of Bitfarms has stirred market interest, potentially positioning Riot as a significant player in Bitcoin mining.

Bitdeer strengthens rebuttal to NYT's mining piece

19 implied HN points • 15 Apr 23
🔮 Crypto Regulation Hardware Corporate Feature
  1. Bitcoin mining companies like Bitdeer are pushing back against claims made in a New York Times article, challenging the credibility of the media outlet and questioning the accuracy of the reported numbers.
  2. The article in question raised concerns about the alleged financial benefits and energy consumption associated with bitcoin mining operations, leading to a series of rebuttals from industry players like Riot and Bitdeer.
  3. It remains unclear whether Bitdeer received financial benefits from energy-related programs, highlighting the importance of clarifying such details when framing narratives about the industry.

Foundry fees, Mining SPACs, and SBI vs Whinstone

19 implied HN points • 08 Apr 23
💼 Business Mining SPACs Regulation Hardware & Infrastructure Corporate News
  1. FoundryUSA is implementing tiered fees for its bitcoin mining pool service after an increase in market share due to their zero-fee strategy.
  2. Mining SPACs like Bitdeer are progressing towards mergers and shareholder votes, indicating industry consolidation.
  3. SBI Crypto has filed a lawsuit against Whinstone U.S., alleging breach of contract and fraudulent inducement, revealing industry disputes.
  4. ,

Core Scientific says it isn’t “hopelessly insolvent”

19 implied HN points • 04 Mar 23
💰 Finance Bankruptcy Regulation Corporate News Feature Production
  1. Core Scientific believes it is not 'hopelessly insolvent' based on improved market conditions and declining energy costs.
  2. There is a clash between the equity and debt holders of Core Scientific regarding whether the company has reached bottom, with differing opinions on its financial status.
  3. An ad hoc group of stockholders of Core is pushing for representation in the ongoing Chapter 11 case, presenting arguments for the company's solvency given market improvements.

Galaxy’s vertical bet

19 implied HN points • 31 Dec 22
🕹 Technology Bitcoin Mining Digital Assets Energy consumption Regulation Hardware and Infrastructure
  1. Galaxy Digital acquired distressed assets from Argo Blockchain, showcasing a move towards vertical integration.
  2. Galaxy's increased focus on self-mining production may pave the way for more competitive cost efficiencies.
  3. The cryptocurrency industry's landscape saw significant developments in 2022, with companies facing challenges and seeking strategies for growth in the coming year.

Miner Weekly: Lenders own 50% of Core’s self-mining hashrate

19 implied HN points • 24 Dec 22
🔮 Crypto Regulation Financial Corporate Hardware and Infrastructure Feature
  1. Lenders own 50% of Core's self-mining hashrate, which is significant in the cryptocurrency mining industry.
  2. Core's self-mining capacity produces an average of 50 BTC per day, showcasing its mining capabilities.
  3. Regulation news includes British Columbia pausing electricity connections for crypto mining due to high consumption and Kazakhstan tightening regulations for miners to develop the crypto industry further.

Weekly Mining Newsletter

0 implied HN points • 30 Apr 22
💰 Finance Regulation Investment Technology Infrastructure General & Features
  1. The New York mining moratorium bill is back, and Texas's City of Fort Worth is mining Bitcoin, showcasing diverse approaches to crypto mining regulation.
  2. Finance highlights include significant debt capital secured by companies like CleanSpark and Blockmetrix, as well as revenue increases for miners like Argo.
  3. Infrastructure updates reveal massive expansion plans by companies like Riot in Texas and Argo's increased hashrate guidance, showing ongoing growth and evolution in the mining industry.

Miner Weekly: Realized Hashrate – a New Metric

0 implied HN points • 10 Sep 22
🕹 Technology Cryptocurrency Hardware Finance Regulation Infrastructure
  1. Mining companies are optimizing their hashrate capacity instead of selling BTC holdings, showing a shift in strategy.
  2. The introduction of 'Realized Hashrate' as a new metric provides a better understanding of how much of a mining company's computing power is being utilized.
  3. In August, mining companies reduced liquidating their BTC holdings, with Iris Energy notably increasing production.

45 EH/s in US bitcoin miner imports

0 implied HN points • 22 Apr 23
💼 Business Crypto Hardware Regulation Feature
  1. Intel discontinues its Blockscale bitcoin ASIC, impacting the US market.
  2. 45 EH/s of bitcoin mining machines from Bitmain, MicroBT, and Canaan have been imported to the US, with top importers identified.
  3. Intel's plans for a stronger presence in bitcoin mining with Blockscale chips faced challenges, requiring buyers to create their full systems.

Bitmain Expands Self-Mining While Raising Rig Prices

0 implied HN points • 11 Jan 24
💰 Finance Cryptocurrency Mining Financial News Corporate News Regulation News
  1. Bitmain has increased the prices of its mining rigs but not as significantly as the rise in bitcoin's hashprice.
  2. CleanSpark's recent preorders of Bitmain's Antminer S21 reveal price changes and discounts over time.
  3. Bitmain has expanded its proprietary mining fleet in the U.S. while raising rig prices, showcasing strategic business moves.

These miners have outgrown bitcoin's hashrate during the bear

0 implied HN points • 11 Feb 23
🔮 Crypto Regulation Financial Corporate Hardware Feature
  1. Publicly listed bitcoin mining companies have shown significant growth year-over-year despite a bearish 2022.
  2. In Bitcoin mining, it's crucial not only to grow production but also to surpass competitors and the network's average hashrate.
  3. Bitcoin's average hashrate has notably increased in January 2023, prompting a comparison of public mining companies that have exceeded the network's hashrate.

Miner Weekly: Introducing TheMinerMag

0 implied HN points • 03 Dec 22
🔮 Crypto Mining Regulation Corporate News Hardware & Infrastructure
  1. The MinerMag is a new platform focusing on bitcoin mining companies, aiming to improve industry transparency.
  2. Recent news highlights challenges in cryptocurrency operations, including high energy demand and fraud cases.
  3. Corporate updates include Hut 8 halting mining operations, Compass Mining launching a protection plan, and Alameda's investment in Genesis Digital.

Weekly Mining Newsletter

0 implied HN points • 09 Apr 22
🕹 Technology Mining Regulatory Finance Hardware Infrastructure
  1. Bitcoin miners have shown strong growth in Q1 production, collectively mining 12,131 BTC over three months.
  2. Regulatory challenges are affecting the mining industry, with delays in NY and Texas approval processes.
  3. Companies in the mining sector are making significant financial moves like IPO filings, acquisitions, and public offerings.

Weekly Mining Newsletter

0 implied HN points • 07 May 22
🕹 Technology Mining Regulation Finance Hardware Infrastructure
  1. The New York Mining Moratorium bill is advancing, potentially impacting crypto mining operations in the state.
  2. Big names in Bitcoin like Jack Dorsey and Michael Saylor are collaborating to defend crypto mining against environmental concerns.
  3. Financial updates include Argo borrowing $70M to buy mining rigs, Riot selling half of its mined Bitcoin, and Marathon Digital considering selling some Bitcoins.

BitDeer Challenges Riot in Texas Standoff

0 implied HN points • 25 Mar 23
💼 Business Finance Corporate News Hardware and Infrastructure Feature Financial News
  1. BitDeer has significantly increased its operational capacity in Texas, challenging Riot's dominance in the region.
  2. BitDeer's business models include Proprietary Mining, Hashrate Sharing, and Hosting, with Hosting segment's revenue significantly growing.
  3. Texas emerges as a major hub for Bitcoin mining with around two gigawatts of operating capacity, showcasing a booming industry despite challenges.

Weekly Mining Newsletter

0 implied HN points • 10 Jul 22
💰 Finance Mining Bitcoin Cryptocurrency Infrastructure General
  1. Many mining companies sold a large amount of BTC in June but still hold significant amounts on their balance sheets.
  2. Bitcoin's mining difficulty has decreased slightly recently, allowing existing miners to potentially earn a larger share in the upcoming weeks.
  3. Important developments in the mining industry include companies like Core Scientific selling a substantial amount of Bitcoin, while some like Hut8 continue to hodl all mined BTC.

Weekly Mining Newsletter

0 implied HN points • 23 Jul 22
💰 Finance Regulation Hardware Finance Infrastructure General
  1. Celsius Network's bitcoin mining salvage plan involves significant investment in facilities and mining rigs to increase production.
  2. Regulators are requesting data from bitcoin miners, while countries like Sweden are prioritizing other industrial projects over bitcoin mining due to power concerns.
  3. Crypto miners are seeing significant financial movements, with stocks of mining firms experiencing gains and some miners exiting positions amid a bitcoin rally.

These mining pubcos outgrow bitcoin in Q3

0 implied HN points • 09 Oct 23
💼 Business Mining Finance Technology Corporate Regulation
  1. Bitcoin mining companies have been aggressively expanding their operations, leading to a significant increase in the network's hashrate.
  2. Some public mining companies like Bitdeer, CleanSpark, Marathon, and others have surpassed Bitcoin's growth in hashrate during Q3.
  3. The increased competition and growth in mining pubcos are squeezing out smaller players in the market share of Bitcoin production.

A $200M Mining Heist and a Life Sentence

0 implied HN points • 28 Aug 23
💰 Finance Regulation Hardware Infrastructure Corporate Feature
  1. Xiao Yi, a former Chinese official, received a life sentence for his involvement in a $200M crypto mining heist.
  2. The case involved bribery, embezzlement, and misuse of government resources, ultimately leading to a significant mining ban in China.
  3. The story showcases the complex interplay between politics, business, and cryptocurrency in the mining industry.