The hottest Feature Substack posts right now

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

Miner Weekly • 19 implied HN points • 16 May 24
💰 Finance 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 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 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 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 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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Alameda’s overlooked bitcoin mining bet

Miner Weekly • 39 implied HN points • 14 Jan 23
💰 Finance Feature
  1. Alameda invested $1.15 billion in Genesis Digital Asset for bitcoin mining.
  2. Most of the investment went towards buying existing shares of GDA's co-founders and funding GDA's mining operations.
  3. GDA revealed operational data like mining 662 BTC in Sep'21 and plans to reach 1.4 GW total capacity by 2023.

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

Miner Weekly • 3 HN points • 30 May 24
💰 Finance 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 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 Feature
  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 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 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 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 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 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 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 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.

Bitcoin’s hashrate growth to slow down in April?

Miner Weekly • 0 implied HN points • 01 Apr 23
💰 Finance Feature
  1. Bitcoin's hashrate growth may slow down in April due to factors like shrinking PP&E spending and miner shipments.
  2. Data suggests a possible slowdown in the growth of bitcoin's monthly average hashrate in the coming months.
  3. Regulation news includes Texas Senate bill aiming to regulate Bitcoin miners and their electricity consumption.

BitDeer Challenges Riot in Texas Standoff

Miner Weekly • 0 implied HN points • 25 Mar 23
💼 Business Feature
  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 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 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 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 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 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 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 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.