TSE Sponsored：Global Crypto Mining News (July 4 to July10)
1.
The United States’ second largest electric power firm, Duke Energy, is reportedly exploring bitcoin mining. The news was confirmed by Duke Energy’s Lead Rates and Regulatory Strategy Analyst Justin Orkney. He stated that the firm is running an ongoing study into bitcoin mining. Orkney also confirmed that Duke Energy is already hosting a small-scale system for several bitcoin miners.
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2.
A common concern during cyclical downturns in bitcoin (BTC) mining is the extent to which miners are selling their BTC holdings, crypto exchange Coinbase (COIN) said in a research report last week.
In times of market upheaval and a falling bitcoin price, margins compress across the board and force more miners to become net sellers, the note said. Given the price drop and the resulting loss of profitability, the financing environment for the mining industry has “shifted materially” since late last year, and raising capital in the public markets has become very difficult, Coinbase said.
Still, even if all newly issued bitcoin were immediately sold onto the market each day, that would equate to only 900 BTC of selling pressure, which represents just 1%-1.5% of total daily volume, it added. A healthier bitcoin derivatives market should allow miners more options in terms of potential hedging strategies, the report added.（CoinDesk）
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3.
During the month of June, Core Scientific sold 7,202 bitcoins at an average price of approximately $23,000 per bitcoin for total proceeds of approximately $167 million. As of June 30, 2022, the Company held 1,959 bitcoins and approximately $132 million in cash on its balance sheet.
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4.
Bitcoin miner TeraWulf agreed to an additional $50 million in loans with existing lender Wilmington Trust as it looks to complete the data center infrastructure at its Lake Mariner facility in New York and Nautilus Cryptomine facility in Pennsylvania.
The previous loan between the two was for $123.5 million, and the new $50 million in borrowings accrues interest at 11.5% and matures on Dec. 1, 2024, according to a filing with the U.S. Securities and Exchange Commission. TeraWulf is one of the most indebted publicly listed miners compared with its equity, data analyzed by CoinDesk has shown.(CoinDesk)
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5.
Once the plan has been accepted in full, the miner has up to 180 calendar days from the due date of its annual Form-40F filing to regain compliance, HIVE said in a statement. In June HIVE sold approximately 10,000 ETH to cover the cost of Bitcoin mining equipment.（Blockworks）
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6.
Hut 8 Mining announces June 2022 production and operations updates. In June 2022, 328 Bitcoin were mined, resulting in an average production rate of 10.9 Bitcoin per day; 100% of the self-mined Bitcoin in June were deposited into custody, consistent with our longstanding HODL strategy; total Bitcoin balance held in reserve is 7,406 as of June 30, 2022; installed operating capacity was 2.78 EH/s at the end of the month.
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7.
BitNile Holdings issues june bitcoin production and mining operation report. BitNile has 9,645 S19j Pro Antminers in its possession and once installed will generate a combined processing power of approximately 965.5 petahashes per second, the computational power that is being used to mine Bitcoin. During the month of June 2022, BitNile self-mined 46.4 Bitcoin. To date, BitNile has mined a total of 256.5 Bitcoin. As of June 30, 2022, BitNile held 140.8 Bitcoin and currently has no plans to sell.
BitNile has entered into purchase agreements with Bitmain for a total of 20,600 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers that feature a processing power of 140 TH/s and 16,000 S19j Pro Antminers that feature a processing power of 100 TH/s. Once all miners are fully deployed and operational, BitNile is expected to achieve mining production capacity of approximately 2.24 EH/s.
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8.
Riot Blockchain announces June 2022 production and operations updates. Riot produced 421 BTC, an increase of approximately 73%, as compared to June 2021. As of June 30, 2022, Riot held approximately 6,654 BTC, all produced by the Company’s self-mining operations. In June 2022, Riot sold 300 Bitcoin, generating net proceeds of approximately $6.2 million. Riot currently has a deployed fleet of 42,455 miners, with a hash rate capacity of 4.4 EH/s.
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9.
CleanSpark announces June 2022 production and operations updates. 339 Bitcoin were mined, resulting in an average production rate of 12.1 Bitcoin per day. As of June 30, CleanSpark held approximately 561 BTC. The Company fully funded growth and operations through the sale of 328 bitcoins in June 2022 at an average of approximately $25,644 per BTC. Sales of BTC equated to proceeds of approximately $8.4 million Currently deployed fleet of approximately 28,500 latest-generation bitcoin miners with a hashrate exceeding 2.8 EH/s.
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10.
According to BTC. com data, bitcoin mining difficulty fell 1.41% to 29.15T on July 7, and has fallen 6.8% since May 25. Most mid-tier miners are now close to discontinued prices.
11.
Northern Data reports on operations for June 2022. Northern Data produced 239 BTC in June 2022,a decrease of around 19% month-over-month. Produce 4,331 ETH. Year-to-date 2022, Northern Data has generated 28,343 ETH and 1,592 BTC. Northern Data sold its BTC and ETH holdings at prices well above the current level (avg. EUR 28,682/BTC, avg. EUR 1,646/ETH) for around EUR 126 million between May and June 2022.
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12.
Argo Blockchain issued an operational update for June, mining 179 BTC and earning approximately $4.35 million at the daily exchange rate for the month; sold 637 BTC for approximately $24,500; and as of June 30, 2022, the Company had an outstanding balance of $22 million under BTC-backed loans and held a total of 1,953 BTC, 210 of which were BTC equivalents.
13.
Compass Mining announced Thursday that it was reducing its team by 15%and cutting salaries for senior employees and executives. Pay cuts to senior employees and the executive team were up to 50%. Compass said that it grew too quickly while its service is "not nearly where it needs to be." It also pointed to the recent market downturn and anticipated future market conditions. The company recently announced the resignation of its CEO and CFO.（The Block）
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14.
Iris Energy mined a total of 148 BTC in June. Iris Energy reported a mining revenue of $3,546,000 for the month of June — down roughly 27% from the previous month. The company said that it intends to continue liquidating daily bitcoin mined, pointing out that that has been its strategy since the start. As at 31 May, Iris Energy had total equity of $454 million and cash of $93 million.（The Block）
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15.
Marathon Digital (MARA) mined 707 bitcoin during Q2. The company has had no sales since October 2020, with holdings rising to 10,055 coins and a fair market value of $198.9 million. The company did allow that it may sell some bitcoin in the future to fund operating costs as production increases.（CoinDesk）
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16.
According to glassnode data, BTC miners' balance just reached a 7-month low of 1,819,038.702. This comes after a number of mining companies, including Marathon Digital, said they would abandon their HODL strategy and sell bitcoins to cover their operating costs.
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17.
The Central Bank of Russia will agree to the legalisation of cryptocurrency mining, provided that the proceeds of the activity are converted into legal tender outside of Russia. Ivan Chebeskov, head of the Ministry of Finance's Financial Policy Department, noted that some large cryptocurrency mining companies based in the Russian Federation are also forced to deal with foreign restrictions when withdrawing funds. He suggested that Russia may have to create its own exchange infrastructure to provide liquidity to the industry. However, according to CBR, cryptocurrencies minted by Russian miners should be sold outside their borders and not accumulated in the country. The key is to avoid creating incentives for its subsequent use in domestic payments.
18.
The US Biden administration will release a report on bitcoin mining in August exploring issues related to bitcoin mining, such as noise pollution from mining equipment and the energy efficiency of different consensus mechanisms. If bitcoin mining is to be part of our financial system in any meaningful way, it is important that it develops responsibly and minimises total emissions," said Costa Samaras, Principal Assistant Director for Energy in the White House Office of Science and Technology Policy. When we think about digital assets, it should be a dialogue between climate and energy.
19.
For the first time in almost a year, bitcoin miners earned more than ethereum (ETH) in June. But even so, the profitability of both digital assets is declining due to the cryptocurrency winter. In June, Bitcoin miners generated $656.47 million, according to a report dated July 5. This compares to $545.858 million earned by ethereum miners in the same period, more than $100 million less than BTC.
20.
The United States has urged Japan to put more pressure on cryptocurrency exchanges and mining companies that continue to work with Russians. The U.S. wants the Japanese entities to end their business relations with Russia, thus adding to its financial isolation from the rest of the world.
The request, made by American diplomats, is targeting several of Japan’s more than 30 licensed crypto trading platforms that are still present in the Russian Federation, the Financial Times revealed in an article on Friday, quoting people familiar with the matter.
The U.S. representatives told Tokyo to focus on halting crypto mining operations with Japanese participation in the Siberian Irkutsk Oblast, two knowledgeable sources said. The region is known as Russia’s mining capital as it offers cheap hydroelectric power and a cool climate.
Other unidentified individuals, close to three exchanges, told the business daily that Japan’s Financial Services Agency (FSA) responded by renewing demands for the coin trading platforms to cut any remaining relationships with Russia.
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21.
According to Analysis by Chart Today on Crypto Quant, there is significant decrease in Bitcoin miner reserves in the past two weeks. This could be an indication of dwindling trust in a price reversal despite an upward curve in Bitcoin price this week. Data revealed that there was a decrease by around 4,300 Bitcoin in the last two weeks, hinting at hedged positions against price fall.
The overall trend in Bitcoin mining community appears to be around transferring assets to the derivatives market. This is perhaps a clear signal towards anticipation of a further drop in Bitcoin price.
In addition, Glassnode's research found that Bitcoin miners are distributing Bitcoin from their reserves. The revenues from Bitcoin mining are said to be down 56% since the all time highs. Also, the cost of producing Bitcoin increased by 132%, making things even worse for the miner community.（Coin Gape）
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22.
The Iran Power Generation, Transmission and Distribution Company (Tavanir) has adopted new, more severe measures to prevent crypto mining outside the law. The utility’s spokesman Mostafa Rajabi Mashhadi announced that fines for illegal activities in the sector have been increased by 400%.
Mashhadi also said that first-time offenders will be denied access to subsidized energy, including electricity, natural gas and liquid fuels, for a period of three months after they are identified. And those that are caught again will be cut off from supply for a full year, the official added in a statement published on the website of the Iranian Ministry of Energy.
In addition, it has been reported that if crypto-mining activities are found in facilities owned by state-owned or public institutions, those responsible will face penalties under the law and will be suspended from working in the country's government.（Bitcoin.com）
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23.
Bitcoin’s hashrate has declined in recent times after reaching an all-time high on June 8, 2022, at block height 739,928. 30-day statistics show the hashrate has slipped from 243 EH/s to today’s 178.44 EH/s, losing 26.56% during that time frame.
While BTC’s price is lower and hovering just above the $21K region, BTC miners have caught a break during the last two DAA changes after they saw two downward adjustments. The last two DAA shifts made it 3.76% easier to find BTC blocks and the next DAA change is expected to decrease again 0.13% lower.（Bitcoin.com）
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24.
Arweave eco-Web3 storage solution Bundlr Network has announced that it will launch a test network within a week, with a video release teasing a specific date of 13 July. The beta network will allow users to run validation nodes. Developers will use this test to identify potential issues and an updated version of the beta network will follow.
TSE (www.tsedata.com) is committed to being the North American mining service provider that understands Chinese miners best.
With years of experience in the North American natural gas industry (original business website: www.topspeedenergy.com), TSE can produce its own natural gas and build a 100% natural gas-isolated mine, which has cost advantages and ensures business diversification, and use 100% clean hydroelectric energy in Canada and mixed grid power resources in Texas, Ohio and North Dakota to build a world-class mine. We have a three-shift operation and maintenance team that promises a one-hour response time to ensure the stability of miners’ equipment around the clock and bring significant mining revenue.
As a localized mining company in North America, TSE can assist miners with local incorporation, tax planning and legal advice to help them enter the North American mining market safely and worry-free.
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