Global Crypto Mining News (Oct 10 to Oct 16)

Binance Pool recently unveiled a $500-million project to support BTC mining and infrastructure providers. Eligible borrowers will be required to agree to terms & conditions, including but not limited to: an 18 to 24-month term，interest rates ranging from 5% to 10%，and offering security, either physical or digital assets, satisfactory to Binance. In addition to serving borrowers, Binance Pool is looking for cloud mining vendors.

According to BTC.com, Bitcoin saw a mining difficulty adjustment at block height 758,016, with a significant 13.55% increase in mining difficulty to 35.61 T, a new all-time high. The current network-wide average hashrate is 254.80 EH/s. One explanation is that as Ether exits POW, relatively cheap power is being used for BTC mining, leading to more miners being used.

Bitmain will host the WDMS Global 2022 Summit in Cancun, Mexico from November 8-10, 2022, having previously been held in Dubai and Frankfurt. It's official: The Latin American region, located in south-central America, is poised to become one of the fastest growing bitcoin mining regions in the world, benefiting from abundant power resources (especially clean energy sources such as hydropower) and aggressive local policies.

Bitcoin miner TeraWulf raised $17 million in equity and debt. The company sold $9.5 million in common stock shares via a non-brokered deal with existing investors and drew an additional $7.5 million from an already existing $50 million loan closed in July. The loan was meant to help complete the build-out of TeraWulf's sites in New York and Pennsylvania.（The Block）

Bitcoin mining firm Luxor, which runs a mining pool and a hardware trading desk, is launching an over-the-counter derivative product based on bitcoin mining revenues. The new product, Luxor Hashprice NDF, is a non-deliverable forward contract for Bitcoin mining "hashprice" — a term coined by the company, referring to revenue miners earn from a unit of hashrate over a specific timeframe. It will also give proprietary trading firms, hedge funds and other investment firms exposure to the bitcoin mining industry, the company said.（The Block）

Bitcoin (BTC) miner Greenidge Generation Holdings' (GREE) expects to record a GAAP net loss of between $20 million-$22 million for the third quarter. In its preliminary financial and operating results for the quarter, Greenidge reported expected revenue of around $29 million compared to $35.8 million for the corresponding quarter a year ago. Last week the company sought to raise $22.8 million through an equity offering to fund capital expenditures and operations.（CoinDesk）

The Tianjin Development and Reform Commission issued an announcement to implement a differential tariff for electricity used for virtual currency "mining", with a rate increase of 0.5 yuan per kilowatt hour. If the virtual currency "mining" project mining electricity and other electricity consumption combined measurement can’t be distinguished, the entire electricity to implement the differential tariff policy.

Bitcoin miner Hive Blockchain said that profitability from GPU mining has plunged since shifting to altcoins after The Merge. Its revenues from GPU mining went from $120,000-$150,000 to $20,000-$30,000 per day. That same energy capacity deployed on ASICs mining bitcoin could produce around $41,000 at current difficulty levels, Hive also said.（The Block）

Fabric Systems has raised $13 million in a seed round from investors such as bitcoin miner TeraWulf and Skype co-founder Jaan Tallinn’s fund Metaplanet. Funds will be used to fund the development of two core launch products including a liquid immersion-cooled ASIC machine, which claims will achieve an energy efficiency of 20 watts per terahash (watts/TH). Fabric Systems's machine is supposed to go into production in the latter half of 2023, with shipments starting in the third quarter.（The Block）

10.

Argo Blockchain mined 215 Bitcoin or Bitcoin Equivalents in September compared to 235 BTC in August. Argo Blockchain said，the decrease in BTC mined is primarily due to a 12% increase in average network difficulty during September. As of 30 September 2022, Argo Blockchain held 512 Bitcoin, of which 167 were BTC Equivalents.

Effective October 15, Perry Hothi is Sstepping down from his role as Chief Technology Officer at Argo and will serve as a transitional advisor to the Company. The technology function will be led by Jean Esquier, who currently serves as Vice President of Technology and Development. Jason Zaluski will be joining the team as Vice President of Mining.

11.

Bit Digital (BTBT), a mining firm that hosts 17% of its machines at Blockfusion's site in Niagara Falls, received the notice just four days after a moratorium on the industry was lifted on Sept. 30, the firm said on Tuesday. The notice ordered Blockfusion to "cease and desist from any cryptocurrency mining or related operations at the facility" until it complies with city zoning laws. The hosting firm is applying for new permits, a process which might take months.（CoinDesk）

12.

Bitcoin miner Crusoe Energy has acquired peer Great American Mining (GAM). Under the agreement, Crusoe will take over all of GAM's operating assets, including 10 MW of power supply, approximately 4,000 ASIC miners, etc.（CoinDesk）

13.

As of Oct. 12, bitcoin miner reserves fell to 1.91 million BTC, a nearly 12-year low, according to IntoTheBlock data. In addition, bitcoin miner reserves have only been above 2 million BTC for 46 days since the beginning of 2022. It was the first time that bitcoin miner reserves surpassed 2 million on February 19, 2010.

14.

Officials in Kazakhstan plan to introduce legislative regulation in the field of digital assets, as the Digital Assets Industry Act and four related bills have been passed in the lower house of the Kazakh parliament, Russian news agency TASS reported.

The bill requires miners to become official tax subjects in Kazakhstan by creating legal entities and becoming official. The bill also plans to introduce legal mechanisms to regulate electricity consumption in the sector and authorizes the Ministry of Energy to set quotas for electricity based on the balance of the system. Starting from 2024, it will be mandatory for miners to trade on domestic cryptocurrency trading platforms. In addition, it is proposed to impose corporate income tax, tax on mining pool income, cryptocurrency operating fees, and corporate income tax on miners' compensation, in addition to the existing VAT on equipment imports and the levy on per-kilowatt digital mining fees.

15.

Massachusetts Senator Elizabeth Warren and a group of six other U.S. lawmakers have requested information on the energy usage and potential environmental impact of Bitcoin mining operations in the state of Texas.

The senators called Texas a “deregulated safe harbor” for crypto mining firms, adding that the state’s “cheap power and laissez-faire regulation” are raising concerns about the potential for mining operations “to add to the stress on the state’s power grid.”（Decrypt）

16.

Pow.re Holdings Limited revealed that the company has commenced the construction of two new bitcoin mining facilities in Paraguay. The first site is expected to be fully operational by the end of 2022’s fourth quarter and the second should be readied by Q1 2023. The company has acquired 3,600 Microbt Whatsminer mining rigs that will produce roughly 396 PH/s.（Bitcoin.com）

17.

A large surplus of bitcoin rigs has been idled, and the crypto mining industry has been hit hard by falling prices for bitcoin and other tokens and high energy costs.

Matt Schultz, executive chairman of bitcoin miner CleanSpark (CLSK), figures 250,000 to 500,000 mining rigs are still sealed up in boxes in the U.S. alone, based on his conversations with analysts. Ethan Vera, chief operating officer of mining services firm Luxor Technologies, put the number at 276,000 worldwide in September.

One person familiar with the matter said Core Scientific has increased its fee by 20% to 25% in recent months.（CoinDesk）

18.

At the Panther Creek plant in Carbon County, Pennsylvania, the waste from old coal mines is being used to power a Bitcoin mine. Stronghold Digital Mining purchases the defunct coal power plant Panther Creek Energy Facility to power its bitcoin mines.

Pennsylvania has millions of tons of leftover coal waste piled next to towns, polluting groundwater and sending ash toxins into the air. Stronghold expects to have the four million tons of coal waste at the Swoyersville site cleared in a few years, potentially saving the nearby residents from the ill-health effects and paving the way for new development and open space.

Pennsylvania's Department of Environmental Protection estimates it would cost taxpayers more than $5 billion to clean up all of the state's abandoned mines. So, it is happy to provide subsidies to companies like Stronghold willing to get rid of the piles（6abc）

Top Speed Energy (www.tsedata.com) is committed to spearheading the definition of cryptocurrency mining services in North America.

With years of experience in the local natural gas landscape (original website: www.topspeedenergy.com), on top of run-of-the-mill Grid-powered Bitcoin mining facilities, TSE also extends to set up 100% natural gas-powered facilities as well as 100% hydroelectric ones across a plethora of states and provinces in USA and Canada, including but not limited to Texas, Ohio, North Dakota, British Columbia, and Alberta.

TSE features a double-shift operation and maintenance team, delivering one-hour response promise to ensure the streamline operations of clients’s miners all year around.

Being a local player in North America, TSE poses itself as a trustworthy partner to international clientele — it can assist foreign clients with local incorporation registry, tax planning among with legal advice to help them enter the North American mining market safely and worry-free, in a compliant way.

Twitter: https://twitter.com/WuBlockchain

Telegram: https://t.me/wublockchainenglish