Wu said July mining news Smagma big order and Samsung’s new technology, mainland promotes Fil mining machine, Little Deer Bhutan mining fund, etc.In July, Wu mentioned important news in the mining industry, including Smagma's large order and Samsung's new technology, as well as the promotion of Fil mining machines in mainland China and the establishment of the Little Deer Bhutan mining fund.
Author | Wu on Blockchain
1. Hut 8, an encrypted mining company, announced that its subsidiary Hut 8 Holdings Inc. (“the borrower”) has signed a $50 million credit agreement with lender Coinbase Credit, Inc. This agreement will provide Hut 8 with additional financial flexibility to maintain a dynamic Bitcoin treasury management strategy before the halving.
2. Riot, one of the largest mining companies in North America, announced an initial order of 33,280 of the latest Bitcoin mining machines from MicroBT. The total value of the order is $162.9 million, with an approximate price of $21.5 per T. The order includes 8,320 units of the M56S+ (with a hashrate of 220 T and an energy efficiency ratio of 24 J/T) and 24,960 units of the M56S++ (with a hashrate of 230 T and an energy efficiency ratio of 22 J/T).
Riot has also obtained the option to purchase up to an additional 66,560 M56S++ mining machines from MicroBT under the same terms as the initial order. These new machines, when fully deployed, will contribute an additional 7.6 EH/s of hashrate to Riot’s self-mining capacity. MicroBT will produce these machines in a factory in Pittsburgh, Pennsylvania to establish a domestic supply chain in the United States.
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3. Bitfarms, a listed mining company, announced a Bitcoin production of 385 in June, compared to 420 BTC in June 2022. In addition, the production decreased by 16.1% compared to May’s 459 BTC, mainly due to the surge in transaction fees such as the BRC20 fee in May. In June, Bitfarms installed 2,900 MicroBT mining machines in Argentina and is expected to install an additional 4,950 machines in July and August.
4. DMG Blockchain Solutions, a Canadian encrypted mining company, announced its mining results for June, with a total of 53.2 Bitcoins mined. The company also granted 1,638,790 stock options to employees and directors, priced at $0.33 per share and unlockable in stages. In addition, DMG temporarily lost access to its digital assets held by custodian Prime Trust but stated that it does not affect its business.
5. Hut 8, a Canadian digital asset mining company listed on Nasdaq, announced the production of 120 Bitcoins in June. It currently holds 9,136 Bitcoins, making it one of the companies with the largest Bitcoin reserves.
6. Bitcoin mining company Iris Energy announced the mining of 428 Bitcoins in June, a decrease of 16% compared to the previous month. The revenue for June was $11.7 million, a decrease of 14% compared to the previous month. The average operating hashrate was 5.6 EH/s, and it plans to expand to 9.1 EH/s by 2024. The decrease in monthly operating income and mining (compared to May) is mainly due to the return of network transaction fees and the increase in mining difficulty.
Bernstein Report: Mining stocks have rebounded this year due to improved sentiment in institutional ETF applications and potential revenue diversification from high-performance computing and artificial intelligence. Bitcoin mining is a game of survival, consolidation, and potential diversification into artificial intelligence. Only first-class mining companies with low costs and conservative debt conditions can survive, consolidate capacity, and market share. The first round of consolidation has ended, and surviving mining companies are increasing their capacity to cope with the halving of Bitcoin. The next Bitcoin halving is expected in April 2024. (CoinDesk)
8. Bitdeer announced its operational data for June, with approximately 239 self-mined Bitcoins, a decrease from 283 in May. The self-owned computing power increased by about 0.8 EH/s from 5.4 EH/s in May. This is mainly due to the arrival of about 8,000 newly purchased mining machines at the company’s mining farm in Bhutan. The company has started building a 175 MW immersion cooling data center in Norway, which is expected to be completed by 2025.
9. Vanguard Group, the second-largest fund management company in the world, submitted a filing to the SEC on July 10th, showing that its holdings of Bitcoin mining company stocks have increased to about $560 million. This includes a 60% increase in Marathon Digital stocks, from 10.9 million shares to 17.5 million shares (about $280.5 million); and an 18% increase in Riot Blockchain stocks, from 15.2 million shares to 17.9 million shares (about $281 million). Two years ago, Vanguard Group stated on its website that the long-term investment case for cryptocurrencies was “weak”. Now, it is the largest shareholder of Marathon Digital.
10. Canadian cryptocurrency mining company Hive Digital Technologies is in negotiations with four markets and four companies to leverage and enhance the capabilities of its machines previously used for mining Ethereum (ETH), with plans to increase annual revenue to $100 million. Hive was once one of the largest publicly traded Ethereum miners, owning 38,000 Nvidia GPU cards. The company launched the Hive Performance Cloud business in the second quarter, increasing the utilization of its GPU cluster for concept validation. The annual revenue of this business exceeds $1 million based on run rates.
11. Bitcoin mining company SAI announced that its subsidiary, HEATNUC, has raised seed funding at a post-investment valuation of $50 million. It is dedicated to developing third-generation modular nuclear reactors and strategically planning for fourth-generation small modular reactors (SMRs) to meet long-term demand for stable and clean power resources.
12. Cryptocurrency insurance company Evertas has acquired Bitcoin mining insurance company Bitsure, and the specific acquisition amount has not been disclosed. As part of the transaction, Bitsure co-founder and president Thomas Shewchuck joined Evertas as head of underwriting. Earlier this year, Evertas requested Bitsure to become its dedicated mining policy underwriter. (CoinDesk)
13. Cryptocurrency mining company TeraWulf will purchase 18,500 Antminer S19j XP Bitcoin mining machines from Bitmain for $53.4 million, increasing its mining power by 58%. The new machines will be deployed at the company’s Lake Mariner facility in New York. (The Block)
14. Cryptocurrency mining company Argo Blockchain raised approximately £5.7 million ($7.5 million) through the issuance of new shares to reduce its outstanding debt. The sale included £5.134 million ($6.16 million) raised through private placement and £0.616 million ($0.74 million) raised through a public offering. Previously, Argo sold its mining facility in Texas and obtained a $35 million loan from Galaxy Digital. Currently, ARB stock price has fallen more than 20%. (CoinDesk)
15. Cryptocurrency mining company Bitfarms (BITF) has signed two power purchase agreements in Paraguay, increasing its hydroelectric capacity to 150 megawatts (MW). Bitfarms announced on Wednesday that one of the deals, valued at 50 MW, is located in Villarrica near its existing site, while the second deal, valued at 100 MW, is located in Yguazu near the Itaipu hydroelectric plant. Bitfarms currently has 11 mining facilities in Canada, the United States, Paraguay, and Argentina. (CoinDesk)
16. The Capital Markets Authority (CMA) of Kuwait, a financial regulatory agency, has issued a notice regarding the regulation and issuance of virtual assets in the country. It completely prohibits the use of cryptocurrency as a payment tool/method or recognizes it as a decentralized currency in Kuwait. It also prohibits the use of cryptocurrency as an investment tool and bans all cryptocurrency mining activities.
17. According to The Borneo Post, Sarawak Energy Company in Malaysia, in collaboration with local police, conducted a raid on a suspected electricity theft case and discovered 34 cryptocurrency mining servers illegally obtaining electricity by directly tapping into cables in a house in Miri Waterfront. All equipment used for mining operations has been seized, and the case is under investigation.
18. The largest Bitcoin mining machine manufacturer, Bitmain, announced the launch of Filecoin mining machines, marking its entry into the Filecoin field. Each machine is priced at $38,888, with a hash rate of 4,300 T and a minimum monthly pledge service fee of 0.5%. Sales will begin on July 21st.
19. TechInsights has found that Samsung’s 3nm GAA process has been incorporated into the Shenma mining machine M56S++. GAA technology helps shrink transistors to 2nm and above, making Shenma the industry’s first commercial product to adopt GAA technology. The M56S++ is designed for immersion-cooled mining and has a hash rate of 230 TH/s and an energy efficiency ratio of 22 J/T.
20. Cryptocurrency mining hardware retailer Phoenix is in preliminary IPO negotiations with the United Arab Emirates. Discussions are ongoing, and details such as the timeline and scale of the offering are yet to be determined. Phoenix is building one of the largest mining facilities in the Middle East and had previously signed a $650 million deal in 2021 to purchase mining equipment to increase its capacity to 1.4 GW. (Bloomberg)
21. Bitdeer is selling an environmentally friendly Bitcoin mining private equity fund, BGB (Bitdeer Green Bitcoin Fund). The investment objective of the fund is to generate returns by owning and operating a Bitcoin mining industry in Bhutan. The construction goal is 600 MWs, with an estimated total hash rate of nearly 20 EH/s. The BGB fund operates as a closed-end fund with a duration of 6 years (unless extended according to the fund documents), with a minimum investment of 5 million US dollars. The first phase of the project is expected to raise 80 million US dollars. Earlier, Bitdeer was collaborating with the investment department of the Bhutanese government on the construction of a Bitcoin mining farm.
22. Kyrgyzstan’s President Sadyr JaLianGuairov has agreed to build a cryptocurrency mining farm at a hydroelectric power plant, with a planned investment of 20 million US dollars. JaLianGuairov stated that the government will be able to effectively deploy surplus energy and benefit the national budget through the establishment of the mining farm. However, he recently announced that the energy department of Kyrgyzstan will be in a state of emergency from August 1, 2023, to December 31, 2026. (Cointelegraph)
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