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

Miner Weekly • 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.

Public Miners Are HODLing Strong Again

Miner Weekly • 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.

5,700 tons of bitcoin miners

Miner Weekly • 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.

The Sino-US bitcoin ASIC War Begins

Miner Weekly • 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

Miner Weekly • 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.
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How Big Was Bitcoin's Mining Profit Squeeze After Halving?

Miner Weekly • 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

Miner Weekly • 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.

Core Scientific says it isn’t “hopelessly insolvent”

Miner Weekly • 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.

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

Miner Weekly • 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.

Core lays out bankruptcy exit plan

Miner Weekly • 0 implied HN points • 26 Jun 23
💰 Finance Mining Regulation Hardware Corporate Feature
  1. Core Scientific plans to emerge from bankruptcy by the end of September, focusing on boosting its market share in bitcoin mining.
  2. The company aims to expand operations in Texas, purchase new miners, and transition to a profit-sharing model for hosting.
  3. Core Scientific intends to continue selling all mined bitcoin soon after production, with plans to invest in new equipment for increased efficiency.

Auction of ~38k S19s from Iris Energy's loan defaults

Miner Weekly • 0 implied HN points • 12 Jun 23
💰 Finance Corporate News Feature
  1. About 37,800 AntMiner S19 series units may enter the hardware market if a court approves an auction related to Iris Energy's loan defaults
  2. The dispute between NYDIG and Iris Energy, arising from loan defaults, involves bitcoin collateral and equipment proceeds, with details shared by TheMinerMag from court materials
  3. The auction process, managed by PricewaterhouseCoopers, could begin in late June and finish by early September, facilitated by Foundry Digital

Riot's Team Sells $16m Worth of Shares

Miner Weekly • 0 implied HN points • 05 Jun 23
💰 Finance Regulation Finance Hardware & Infrastructure Corporate Feature
  1. Senior management at Riot Platforms has been selling off shares, totaling $16m, with most selling activities happening recently.
  2. Multiple team members of a project selling their stakes around the same time can be an intriguing situation, sparking curiosity about the reasons behind it.
  3. Riot's senior management and board directors have collectively reduced their stakes in the company, with some filing notices for further stock sales.

Mining gross margin is (slowly) improving

Miner Weekly • 0 implied HN points • 30 May 23
💰 Finance Bitcoin Mining Regulation News Corporate News Feature
  1. Mining gross margin is slowly improving due to bitcoin's hashprice rebound, declining energy costs, and improved efficiency.
  2. Most public mining operations were able to increase gross margin in Q1, with Greenidge Generation showing a declining trend in energy consumption costs.
  3. To maintain a positive gross margin, public mining operations need bitcoin's price to remain above $28K and keep production costs below $15K per BTC mined.

Pubco miners slow down BTC sales

Miner Weekly • 0 implied HN points • 06 May 23
🔮 Crypto Regulation Corporate News Hardware & Infrastructure Feature
  1. Bitcoin's network hashrate rise in April resulted in a low daily production benchmark, but the price rally of BTC kept hashprice above $75/PH/s and increased on-chain activities.
  2. Major mining companies have slowed down the pace of liquidating their mined assets, dropping the liquidation ratio to 95% in April due to the bounce in bitcoin's price.
  3. Regulation news includes the White House pushing for punitive tax on crypto mining, while Bhutan plans a $500 million fund for crypto mining in the Himalayas.

45 EH/s in US bitcoin miner imports

Miner Weekly • 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.

BitDeer Challenges Riot in Texas Standoff

Miner Weekly • 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.

ETH2.0 cut crypto miner's gross margin by half

Miner Weekly • 0 implied HN points • 25 Feb 23
🔮 Crypto Regulation Financial Corporate Hardware and Infrastructure Feature
  1. ETH2.0 significantly reduced crypto miners' gross margins by half after the switch to proof-of-stake, affecting companies like HIVE. This change led to a 77% decrease in HIVE's gross profit in Q4'22.
  2. Transitioning to mining Ethereum Classic did not notably improve HIVE's mining revenues after the switch to ETH2.0, showcasing the challenges faced by mining firms in adapting to the new landscape.
  3. Regulatory developments, such as Montana passing a bill to protect crypto miners, highlight the evolving legal environment surrounding cryptocurrency mining operations.

These miners have outgrown bitcoin's hashrate during the bear

Miner Weekly • 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.

NYDIG set to take over another 5.5 EH/s in bitcoin ASIC collateral

Miner Weekly • 0 implied HN points • 04 Feb 23
💰 Finance Bitcoin Mining Corporate News Financial News Hardware & Infrastructure Feature
  1. NYDIG is acquiring a significant amount of bitcoin mining equipment from companies like Greenidge and Core Scientific in exchange for debt relief.
  2. Genimous, a Chinese firm, reveals impairment of around $9.4 million in BTC assets, showcasing a unique instance of a mainland Chinese company engaging in bitcoin mining despite China's regulations.
  3. Financial news in the cryptocurrency space includes Giga Energy raising $10 million, Crypto Miner Pow.re raising $9.2 million, and Bitcoin Miner TeraWulf restructuring debt.

Firesale: $6.6m Bitmain coupons and $158m miner loans

Miner Weekly • 0 implied HN points • 28 Jan 23
💰 Finance Regulation Financial News Corporate News Hardware and Infrastructure Feature
  1. Core Scientific is looking to sell $6.6m worth of Bitmain coupons at a significant discount, targeting potential buyers before they expire.
  2. BlockFi has started bidding to sell $158m in loans backed by 68,000 bitcoin ASIC miners, with potential loan collateral values raising questions.
  3. The industry faces regulatory challenges, financial activities like acquisitions, investments in Bitcoin mining, and corporate news across various firms.

Miner Weekly: Has bitcoin price bottomed?

Miner Weekly • 0 implied HN points • 10 Dec 22
💰 Finance Regulation Corporate News Hardware & Infrastructure Feature
  1. Bitcoin's difficulty change may indicate the bottom price, as seen from a historical perspective in past market events.
  2. The average block interval may change based on hash rate, potentially affecting bitcoin's difficulty and hashprice.
  3. Regulation news and financial challenges continue to impact the bitcoin mining industry, with lawmakers focusing on environmental impact and companies facing financial struggles.

Finally, Bitcoin Miners Can Catch a Short Breath

Miner Weekly • 0 implied HN points • 09 May 24
🔮 Crypto Regulation Hardware Corporate Feature
  1. Bitcoin's mining difficulty dropped by 6% after nearly 20 days post-fourth halving, giving miners relief.
  2. Some inefficient miners unplugged due to low hashprice, causing a decline in hashrate, but public mining companies remained steady.
  3. Despite the difficulty drop, bitcoin's hashprice is expected to recover, benefitting those who stay connected to the network.

Bitmain is a Hidden Self-mining Giant

Miner Weekly • 0 implied HN points • 18 Jan 24
💼 Business Bitcoin Mining Financial News Corporate News Feature
  1. Bitmain, the largest bitcoin mining hardware manufacturer, not only sells equipment but also competes against its customers by operating self-owned machines.
  2. Recent filings show that nearly 65% of BitFuFu's revenue went to Bitmain, indicating a significant dependency on the mining hardware giant.
  3. BitFuFu's business heavily relies on Bitmain, as evidenced by the equipment sourcing and hosting capacities provided by Bitmain, leading to a strong ownership relationship.

Core Settles $34M Claims Stemming from 70K Non-Existent Miners

Miner Weekly • 0 implied HN points • 04 Jan 24
💰 Finance Regulation Hardware Corporate Financial Feature
  1. Core Scientific settled a $34 million claim with Sphere 3D and Gryphon Digital Mining due to 70,000 nonexistent miners, shedding light on failed grand plans during the crypto winter of 2022.
  2. The dispute arose when Gryphon failed to deliver the promised 70,000 mining units, leading to legal battles and bankruptcy filings, emphasizing the risks in the volatile crypto industry.
  3. In the cryptocurrency mining world, promises and contracts must be carefully scrutinized, as demonstrated by the fallout from NuMiner's unfulfilled promises and its impact on major companies like Core Scientific and Sphere 3D.

These Pools Are Consolidating Bitcoin Block Rewards with Antpool

Miner Weekly • 0 implied HN points • 28 Dec 23
🔮 Crypto Mining Regulation Hardware Financial Feature
  1. Recent development: Antpool saw a resurgence in hashrate, surpassing Foundry USA in blocks mined. Foundry regained some ground, but on-chain transactions suggest a larger hashrate shift to Bitmain-linked Antpool.
  2. Consolidation trend: 10 of the top 15 mining pools have combined coinbase block rewards since last year, with many independent operators involved. Multiple pools regularly send rewards to the same addresses in single transactions.
  3. Financial dynamics: Payout consolidation likely results from financing agreements, where a central entity controls coinbase and addresses. Speculation rises on Antpool's potential as the financier, raising queries on hashrate diversion agreements with other pools.

A $200M Mining Heist and a Life Sentence

Miner Weekly • 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.

Bitcoin asset managers ramp up mining revenues

Miner Weekly • 0 implied HN points • 21 Aug 23
💼 Business Cryptocurrency Regulation Hardware Corporate Feature
  1. Bitcoin asset managers NYDIG and Galaxy Digital are increasing their mining revenues by ramping up production and infrastructure capacity.
  2. In the latest quarter, NYDIG and Galaxy Digital have reported significant increases in Bitcoin mining revenues.
  3. NYDIG plans to expand mining in South Carolina while Galaxy Digital achieved over 65% gross margin in Q2 from their mining and hosting business.

Core seeks to settle $80m claims at a 46% discount

Miner Weekly • 0 implied HN points • 31 Jul 23
💼 Business Regulation News Hardware and Infrastructure News Corporate News Feature
  1. Core Scientific aims to settle $80 million in claims at a 46% discount, using a mix of cash payments and promissory notes
  2. Core's planned expansion involves agreements with infrastructure suppliers and a focus on its Cottonwood facilities for growth
  3. Auradine introduced a new U.S.-designed bitcoin ASIC on 4nm technology, featuring EnergyTune for self-optimization in response to grid demands

Tik tok, the 800,000th block

Miner Weekly • 0 implied HN points • 22 Jul 23
💰 Finance Regulation Hardware & Infrastructure Financial Corporate Feature
  1. Bitcoin is approaching the 800,000th block, leaving only 40,000 blocks until the 2024 halving.
  2. Vanguard has increased stakes in Riot and Marathon mining stocks through index funds, not necessarily showing direct bullish sentiment towards mining companies.
  3. Industry news includes Bitcoin mining regulation, hardware advancements, financial moves like Argo Blockchain's share sale, and corporate outlook such as HIVE CEO's revenue expectations.