TSE Sponsored：Global Crypto Mining News (Jun 20 to Jun 26)

Guizhou Provincial Development and Reform Commission issued on June 20 "Provincial Development and Reform Commission on virtual currency "mining" electricity price difference policy notice (Qian Development and Reform Price [2022] No. 462)": virtual currency "mining" project into the scope of the implementation of the price difference policy, the implementation of the "elimination" enterprise tariff, such projects increase the price standard to 2 yuan per kilowatt hour.

Bitfarms adjusted its HODL strategy to improve liquidity and strengthen its balance sheet. Over the past week, Bitfarms has sold a total of 3,000 BTC for approximately US$62 million and closed on its previously announced US$37 million in new equipment financing with NYDIG. As of June 20, 2022, Bitfarms held cash of US$42 million and 3,349 BTC valued at approximately US$67 million at a BTC price of US$20,000.

Iris Energy's June 21 filing with the SEC shows a reaffirmation of its projected total hashrate of 3.7 EH/s by the end of the third quarter of 2022; the 50 MW to 80 MW expansion at its Mackenzie site is ahead of schedule and is expected to increase to a total hashrate of 4.3 EH/s by the end of the fourth quarter of 2022.

According to Arcane Research, public bitcoin miners sold 30% of their bitcoin production in the first four months of 2022. And a sharp fall in mining margins forced miners to raise their selling rate to more than 100% of their output in May. Conditions worsened in June, which means they may sell more. Public miners account for about 20 percent of bitcoin hashes, and their behavior reflects market sentiment among private miners.

Bitcoin mining difficulty dropped by 2.35% on June 23. Bitcoin mining difficulty has dropped by 5.39% since May 25. Miners below T17 are on the verge of shutting down their prices due to the drop in bitcoin prices.

Crypto miner Bit Digital announced financial results for the first quarter of fiscal 2022, producing 194.48 BTC and 189.26 ETH for the quarter ended March 31, 2022; total liquidity (cash and digital assets) of approximately $73.3 million and total assets of $169.6 million. As of May 31, the Company had 33,376 Bitcoin mining machines with a maximum total hashrate of approximately 2.17 EH/s.

AEX station said the launch of the "plan on the issuance of indefinite financial products", the platform will issue a special financial products subject to a two-year term (the platform has the right to pay early and end at any time after 90 days), and give purchasers an annualized 20.5% return, the collection limit of 100 million U, the source of revenue mapping underlying assets for the Texas mine 21,000 S19 mining machines.

Aspen Creek Digital Corporation（ACDC）announced that its first bitcoin mining center, a 6MW High Performance Computing Center ("HPCC") co-located behind-the-meter with a 10MW solar farm, commenced operations in west Colorado. ACDC has also added Galaxy Digital's mining business ("Galaxy Digital") as a bitcoin mining hosting client.

BIT Mining announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 16,000,000 of the Company's American Depositary Shares. The offering is expected to close on or about June 27, 2022, subject to satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately US$16 million. The Company intends to use the net proceeds of the registered direct offering to invest in mining machines, build new data centers, expand infrastructure, and improve working capital position.

10.

Bitcoin miner Crusoe Energy Systems has acquired electrical manufacturer Easter-Owens Electric Co in a bid to vertically integrate the company. Easter-Owens's acquisition will help speed up the process of prototyping new data center systems, Crusoe said. Previously, Bitcoin miner Crusoe Energy Systems raised $505 million in a Series C round in April. (theblock)

11.

Recently, the Inner Mongolia Autonomous Region Communications Administration held a meeting to promote the remediation of virtual currency "mining" work to refine the deployment. As previously reported, a total of 49 virtual currency "mining" projects were retired in Inner Mongolia in 2021.

12.

Black Hills, a public utility company, has signed a deal through its Wyoming subsidiary, Black Hills Energy, to provide power to a bitcoin mining operation in Cheyenne, Wyo., for at least five years. Black Hills Energy will deliver up to 75 megawatts of electricity to the mining operation.（CoinDesk）

13.

According to glassnode data , ETH Miner Revenue just reached a 18-month low of $398,080.87.

14.

Ki Young Ju, CEO of CryptoQuant, tweeted that Some mining pool participants from Poolin just sent 5k $BTC (~$110M) to Binance. This might indicate some miners' revenue can't meet the break-even point, so they have to cash out to cover expenses/loans. Please note that Poolin, the company itself, is not the seller. One of the Poolin mining pool participants is the seller.

Ki Young Ju then added that I didn't say this is bearish tho. What's obvious is miner sent 5k BTC to Binance. That's it. We never know the purpose of this transaction. It could be used to open long positions using BTC as collateral.Small miners' capitulation is one of the theories with high probability.

15.

According to a new analysis by blockchain analytics firm Glassnode, there has been a capitulation of bitcoin miners. The pressure on miners' incomes has been caused by falling revenues and rising production costs. Miner behavior has confirmed that the capitulation phase is underway. The first evidence of this is the arithmetic ribbon, which is now inverted as arithmetic has dropped 10% from its all-time high, signaling that ASIC miners are coming offline.

As miners face this massive financial pressure, their bitcoin balance outflows are reaching 5,000 to 8,000 coins per month. This is now on par with the bear capitulation events of 2018-2019.

Notably, after Bitcoin failed to hold the low range of its ongoing consolidation ($28,000), miners stopped selling and actually increased their balances at a rate of 2,200 Bitcoins per month.

16.

Terra Pool, a joint project from bitcoin miner Argo and Canada-based DMG Blockchain Solutions, is now open to the general public.

DMG announced Wednesday that testing for Terra Pool had concluded. The pool was launched privately in December of last year, with hash rate initially coming from Argo's and DMG's mining sources.

The emphasis of the project is on the use of clean energy for mining, with the ultimate goal of achieving 100% clean renewable energy power sources from each miner.

Per the announcement, Terra Pool will be audited by a third-party independent auditor firm every year. Members have to meet the pool's clean energy requirements to maintain their status. The company does KYC and also verifies the power sources of applicants.（The Block）

17.

According to Into The Block data, miner reserves have dropped by 18,251 $BTC since June 14th.

18.

Due to the sharp fall in the price of bitcoin (BTC) in recent weeks, Wall Street firm B. Riley is reducing its price estimates for the digital asset and is also cutting price targets for the digital mining stocks it covers, it said in a report Thursday.

The broker downgraded Marathon Digital (MARA) from buy to neutral and slashed its price target from $34 a share to $9. The shares closed at $6.75 on Wednesday. Marathon Digital shares were falling 2.3% to $6.59 in early trading on Thursday.

B. Riley cut its estimates for the number of bitcoins Marathon will produce in June to 169, a drop of 60% from averages seen in the first quarter and a decline of 36% year over year, due to delays at the firm’s facilities in Texas.（CoinDesk）

19.

A prolonged recession in bitcoin has made it more difficult for some miners to repay up to $4 billion in loans backed by their equipment, posing potential risk to major crypto lenders.

If the market does not correct, analysts warn that selling off bitcoin reserves puts further pressure on prices. Bitmain’s popular S19 mining rig is down nearly 47% in value from its November highs of around $10,000, according to data from Luxor Technologies Corp. (Bloomberg)

20.

Public-listed miners -- which account for about 20% of the total -- have already reported Bitcoin sales in May and June to increase liquidity, meet costs and possibly deleverage, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note Friday. Offloading of Bitcoins by miners could continue into Q3 if their profitability fails to improve.

The cost of production for a large mining company is around $8,000 per token, assuming average electricity prices and fairly new mining machines, according to Arcane Crypto.

With pressures such as soaring global power costs and an overall low crypto market currently hitting crypto miners' profitability, miners are trying to boost profits by cutting costs and selling some of their bitcoins. In addition, bitcoin miners are also facing significant pressure from creditors and other counterparties, and those who obtain funds through highly leveraged borrowing could even trigger a larger chain reaction leading to the bankruptcy of cryptocurrency lending service providers and hedge fund companies.

21.

As the cryptocurrency bear market causes miners to dump high-end graphics cards. Data shows that Nvidia RTX 3080s are available for as low as $523. RTX 3060 Ti are available on some used markets for as low as $300 to $350. Some buyers have tweeted about the quality of these used graphics cards and given them "bad reviews," and some have even given such extreme reasons for not buying used GPUs that miners can't get their money back.

22.

Boost, the data storage and retrieval tool on Filecoin, has released v1.0.0. Boost introduces v1.2.0 Storage Transaction Proposal Protocol (SDPP), which enables storage clients to specify different transfer types for transferring data. The previous version of this protocol, v1.1.0, only supported Graphsync, which is currently the default and only data transfer protocol on Filecoin. In addition to v1.2.0 SDPP, Boost supports HTTP, libp2p-http and Graphsync data transfers, providing additional options for storage clients.

23.

Dongguan Third Court made a first instance decision on a contract dispute involving the trading of virtual currency "mining machine" components. "mining" activities, damage to social public interest, the contract is invalid, the first trial rejected the plaintiff's application.

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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