- Jihan Wu will take over as Bitdeer CEO in March (JAN 29, 2024)
- 11 Bitcoin miners may not mine profitably post halving: Cantor Fitzgerald (JAN 26, 2024)
- Swan Bitcoin unveils mining arm, eyes public listing within 12 months (JAN 25, 2024)
- Phoenix acquires Bitcoin mining machines for $187M (Jan 10, 2024)
- Bitcoin mining stocks top $3.5B in trading volume as GBTC outtrades ‘99% of ETFs’ (JAN 09, 2024)
- Nebraska bill seeks fair play for crypto mining, ownership (JAN 08, 2024)
- Bitcoin miner Core Scientific completes $55M equity offering (JAN 08, 2024)
- Crypto miner CleanSpark mulls buying 160K Bitcoin miners by 2025 (JAN 08, 2024)
Jihan Wu will take over as Bitdeer CEO in March
About Bitdeer (NASDAQ: BTDR)
- A Nasdaq-listed company dedicated to providing reliable and comprehensive bitcoin mining solutions to global users.
- Providing digital mining solutions since 2018
- As of September 30,2023, Bitdeer have 6 mining data centers around the world, with a total hash rate of 21.2 EH/s.
11 Bitcoin miners may not mine profitably post halving: Cantor Fitzgerald
Marathon Digital,
Riot Platforms,
Core Scientific,
United Kingdom-based miner Argo Blockchain, and
Florida-based Hut 8
may come under increased pressure following the Bitcoin halving, as the value of the Bitcoin that the miners receive from their operations may fail to outweigh the costs.
The only firms that Cantor analysts expected to maintain profitability following the halving — assuming an average price of $40,000 per Bitcoin and no drastic changes in hash rate — were
Singapore-based miner Bitdeer, and
the United States mining firm CleanSpark.
No matter the department, the entire team at @CleanSpark_Inc is committed to efficiency. EFFICIENCY of Uptime, Equipment, Capital, Operations, Community Engagement, Energy, Strategy, Growth, and other metrics. ~ S Matthew Schultz
Dan Rosen, the associate director of derivatives at Bitcoin miner Luxor, told Cointelegraph that miners often employ a range of strategies to hedge their exposure to BTC. This typically looks like purchasing derivatives products, such as hash rate futures contracts and BTC-related options to try and smooth out any potential volatility.
Swan Bitcoin unveils mining arm, eyes public listing within 12 months
Bitcoin-focused financial services firm Swan Bitcoin revealed it launched a new Bitcoin mining venture in the summer of last year to expand its institutional offerings and is now "actively working" to become a publicly traded company within the next 12 months.
Swan Mining, which had launched and operated in “stealth mode,” has already mined 750 Bitcoin (BTC) from its current hash rate capacity of 4.5 exahashes per second (EH/s), the parent company said on Jan. 25.
The firm expects its hash rate capacity to exceed 8 EH/s when it deploys new mining equipment in March.
“Having skin in the game by contributing to securing the Bitcoin network is part of that effort.”
“The funding model for Swan’s mining business uses no debt, and its entities are legally segregated from the rest of Swan’s business.”
The firm said it intends to split its next Series C funding equally among its
(1) financial services,
(2) mining and
(3) acquisitions ventures
Phoenix acquires Bitcoin mining machines for $187M
Phoenix Group PLC, a cryptocurrency mining and blockchain firm listed in the Abu Dhabi securities market, is injecting $187 million to enhance its standing in the Bitcoin (BTC) mining sector.
Phoenix Computer Equipment, a subsidiary of Phoenix Group, announced in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Jan. 9, 2023, that it has concluded, through Cypher Capital DMCC, an agreement with Bitmain Development PTI Ltd to purchase the latest mining machines.
The company stated that the agreement empowers Phoenix to boost its hashing power and advance on its path to becoming a leading force in the global Bitcoin mining sector.
According to the company, it now commands a market cap of 14.5 billion AED ($3.95 billion) as of Jan. 4, 2024.
https://cointelegraph.com/news/phoenix-acquires-bitcoin-mining-machines-for-187m
Bitcoin mining stocks top $3.5B in trading volume as GBTC outtrades ‘99% of ETFs’
The total trading volume among the two largest Bitcoin mining firms — Marathon Digital and Riot Platforms — was a combined $3.55 billion on Jan. 8, according to data from Yahoo Finance.
Marathon's outperformance comes amid a wider boom in the Bitcoin mining sector. On Jan. 8, Core Scientific secured a $55 million equity investment as it emerged from its debt crisis.
Additionally, CleanSpark announced a strategic agreement that could see it purchase up to 160,000 miners by the end of 2024.
https://cointelegraph.com/news/bitcoin-mining-stocks-trading-volume-grayscale-gbtc-etf
Nebraska bill seeks fair play for crypto mining, ownership
The Blockchain Basics Act would allow individuals to host blockchain nodes and conduct crypto mining operations in residential properties without requiring them to hold licenses.
However, all operators would also be subject to compliance with local noise ordinances.
Crypto businesses, on the other hand, would be required to operate from designated industrial zones only.
The Blockchain Basics Act will not consider staking services as security in Nebraska.
The bill will safeguard every investor’s right to self-custody and provide protection against deterrent crypto taxes in Nebraska.
“This is a public good that must benefit all in our society,” he said, “and we must make public investments to prevent a few billionaires controlling our future.”
https://cointelegraph.com/news/nebraska-bill-seeks-fair-play-crypto-mining-ownership
#Restructuring
Bitcoin miner Core Scientific completes $55M equity offering
According to the Jan. 8 announcement, the $55-million equity offering expired last week and was oversubscribed.
In its most recent financial statement, dated November 2023, the company disclosed *$2.3 billion in assets and $559 million in liabilities for a total equity of $1.8 billion*.
The company plans to relist on the Nasdaq exchange after bankruptcy proceedings are finalized.
On Jan. 4, Core Scientific announced that it had prepaid the outstanding DIP balance provided by its lender B. Riley Financial. The $35 million in available funding under the DIP agreement remains accessible to the company.
Core Scientific filed for bankruptcy in December 2022 due to a combination of
- the crypto winter,
- rising energy prices,
- increased mining difficulty and
- bad debt lent to crypto firm Celsius.
Under its restructuring plan, the company would emerge from bankruptcy with $709 million in net debt and $791 million in shareholder’s equity.
Core Scientific shareholders will receive new shares exchanged at a ratio of 25:1 to provide them with $1.08 per pre-exchange share.
Meanwhile, noteholders will receive $1.628 on every $1 of face value for convertible notes due in April and $1.201 per $1 face value for notes with an August due date.
https://cointelegraph.com/news/bitcoin-miner-core-scientific-completes-55-million-equity-offering
Crypto miner CleanSpark mulls buying 160K Bitcoin miners by 2025
United States-based Bitcoin (BTC) miner CleanSpark Inc. has announced a strategic agreement that could see it purchase up to 160,000 miners by the end of 2024.
According to a Jan. 8 statement, the firm purchased 60,000 Bitmain S21 units at $16.10 per terahash for $193.2 million. Delivery is expected to take place between April and June 2024.
The company may also exercise a strategic call option to purchase an additional 100,000 machines for $16 per terahash before the end of 2024, it noted.
If all 160,000 miners are installed, CleanSpark expects its hash rate to reach 50 exahashes per second (EH/s) — a 400% increase from its current 10 EH/s.
The firm’s CEO, Zachary Bradford, referred to the strategic call option as a “hedge” against rising machine prices in bull markets.
“We are ready to expand into the next bull market without the need to worry about an increase in machine prices.” ~ CleanSpark's CEO, Zachary Bradford
...allow the firm to manage its capital more efficiently “by controlling as many variables as possible.”
“It also provides us the flexibility to time our infrastructure growth with macro events while providing certainty of cost on the miners.”
Marathon Digital Holdings, Riot Platforms and Cipher Mining also recently bought more machines in preparation for the upcoming BTC halving event expected to take place in April.
The firm recently reported 720 BTC mined in December, increasing its BTC holdings to 3,002, worth $140.9 million at current prices.
CleanSpark’s share price increased 5% to $10.72 on Jan. 8 and is currently up 385% over the last 12 months, according to Google Finance.
https://cointelegraph.com/news/crypto-miner-cleanspark-considers-160k-bitcoin-miners-2025
