Wu’s Weekly Mining News 0619-0625

Wu's Mining News (June 19-25)

1. Bitcoin mining start-up, Arkon Energy, which uses renewable energy, has raised $26 million in new funding and is expanding into the US market. Arkon Energy plans to expand by acquiring a data center in Ohio with a design capacity of 100 MW, which is expected to increase the company’s hash rate by the end of 2023. This funding will be used to support Arkon’s aggressive expansion plans in North America. CEO Joshua Blockingyne said this is one of the first acquisitions within the next year. (CoinDesk)

2. Bitcoin mining company, Iris Energy, said on Tuesday that it’s reviving its strategy around hosting high-performance computing and bitcoin miners as interest in AI continues to soar, with plans to increase its data center capacity from the current 5.6 EH/s to 9.1 EH/s by early 2024. Iris Energy has purchased long lead-time items to expand construction of another 100 MW facility, which would bring its mining hash rate to 13.6 EH/s if fully loaded with mining gear. (CoinDesk)

3. JPMorgan said in a research note on Thursday that only bitcoin miners with low electricity costs and sustainable energy structures will survive in an increasingly competitive environment. The report notes that the average global electricity price for bitcoin miners is around $0.05 per kilowatt-hour, but some large mining companies pay as little as $0.03 per kilowatt-hour. JPMorgan said that over time, the bitcoin mining industry will consolidate and become more competitive, as only miners with lower production costs can survive. (CoinDesk)

4. Bitcoin mining company, Hut 8 Mining, has struck a hosting agreement for approximately 6,400 ASIC miners that were previously energized at the company’s North Bay facility. The relocated miners will provide approximately 600 PH/s of additional installed operating capacity, said Hut8 CEO Jaime Leverton. Once the machines are energized, total installed hash rate will increase to approximately 3.2 EH/s.

The agreement includes an initial term of three months and will be automatically renewed on a monthly basis, unless terminated with 30 days’ notice by either party. The machines are shipping immediately and are expected to be energized by late July. (PRNewswire)


Bitcoin mining company CleanSpark has agreed to acquire two bitcoin mines located in Dalton, Georgia for $9.3 million. The two mines will house over 6,000 bitcoin mining machines, including the latest Antminer S19 XP and S19j Pro+. These machines were ordered and paid for earlier this year by CleanSpark. The acquisition is part of CleanSpark’s plan to achieve its growth target of 16 EH/s by the end of 2023. (CoinDesk)


Bitcoin mining firm Core Scientific has filed for bankruptcy protection under Chapter 11. The plan has been filed with the bankruptcy court’s Southern District of Texas Houston division. Core Scientific says its liquidity has improved since filing for bankruptcy protection and it is focused on restructuring its business plan for a successful comeback.

Chapter 11 bankruptcy allows companies to continue operating until stakeholders can agree on a restructuring plan that may involve measures such as downsizing business operations to reduce debt or liquidating assets to pay off creditors. A Chapter 11 bankruptcy plan is a formal document outlining how a company intends to restructure and repay creditors.

Core Scientific has been granted permission by the Southern District of Texas bankruptcy court to borrow up to $70 million from B. Riley, an investment bank and one of the company’s largest creditors. The loan will be used to repay its existing debt holders of financing loans, which also come from B. Riley. (Cointelegraph)


Singaporean bitcoin mining firm HAG Holding Limited (HAG) has announced that it will issue security tokens globally in compliance with US securities law on the digital securities issuance platform INX. The official issuance date is June 21, 2023, Eastern Time in the US, with a total planned issuance scale of $500 million. The digital securities code is HAG Token.

It is reported that HAG Token is a security token that permanently anchors BTC mining power and distributes WBTC as dividends monthly.


Glassnode tweeted that the daily average income of bitcoin miners is currently $24.9 million, estimated daily output cost is $18.3 million, and the expected net profit is $6.6 million.

9, Libyan authorities have arrested 50 Chinese citizens in Zliten on suspicion of engaging in illegal cryptocurrency mining activities at an abandoned iron plant. This is the latest arrest following the capture of 10 Chinese citizens in Misrata the day before. Libya has become an ideal place for cryptocurrency mining due to its low electricity costs, despite official bans on the practice. However, political instability has caused serious damage to Libya’s power grid. Authorities are intensifying efforts to crack down on such activities and investigate other potential mining sites.

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