TSE Sponsored：Global Crypto Mining News (July 18 to July 24)

1.
Chapter 11 bankruptcy pauses any attempts at civil litigation from creditors, and allows Celsius time to get its finances in order to repay its debts.

Celsius saw its digital asset holdings dwindle to a mere $1.7 billion as of July 14, down from $14.6 billion since the end of March. The documents also show that Celsius owes $4.7 billion to its customers, almost three times what it holds in digital assets. Celsius also holds $170 million in cash held in a bank, but the rest of the assets are tied up in mining equipment ($720 million), outstanding loans ($620 million) and other assets ($450 million). The documents also somehow account for $600 million in the platform’s CEL token, a much higher value than the total market capitalization of the coin. The firms claimed that most of the drop was due to the collapse in crypto prices, shrinking its assets by $12.3 billion.

The U.S. Trustee is currently in the process of forming and appointing a committee of creditors. These committees are typically made up of the seven largest unsecured creditors of the debtor, and help oversee the bankruptcy proceedings, investigate the debtor’s conduct and business operations, and help the court formulate a reorganization plan for the company’s debt.

On July 19 the Bitcoin Mining Council (BMC) announced that the global sustainable power mix for bitcoin mining reached 59.5% in the second quarter, up 6% year-on-year. Bitcoin mining efficiency increased by 46%, thanks to more advanced miners and the like.

According to BTC.com, Bitcoin has seen a mining difficulty adjustment at block height 745,920, reducing it by 5.01% to 27.69T. Bitcoin’s mining difficulty adjustment is the biggest drop in nearly a year.

Core Scientific announced it entered into a $100 million common stock purchase agreement with B. Riley Principal Capital II. Core Scientific has the right, without obligation, to sell and issue up to $100 million of shares of its common stock to B. Riley. In addition, Core Scientific issued B. Riley 573,381 shares of common stock.

Bitcoin miner Marathon closed a deal with hosting provider Applied Blockchain that will secure the company at least 200 megawatts of energy capacity, with the option to increase it to 270 megawatts.

The company will deploy roughly 66,000 previously purchased miners, representing a hash rate of 9.2 EH/s, across two hosting facilities, according to an announcement Monday.（The Block）

HIVE Blockchain Technologies Ltd. announces its results for the full year ended March 31, 2022. Revenue was $211.2 million this fiscal year, a 212% increase from the prior year. Record net income of $79.6 million, up significantly from $24.1 million a year earlier. Basic income per share grew 191% to $1.02 from $0.35 during the prior year. Gross mining margin expanded to $163.9 million, from $51.1 million last year.

HIVE grew from approximately 310 PH/s of Bitcoin mining and 2,700 GH/s of ETH mining as of March 31, 2021, to a milestone hashrate of 2 Exahash (or 2,000 PH/s) and approximately 6,100 GH/s of ETH mining in March 2022. This is a 545% growth in BTC mining hashrate and 225% growth in ETH mining hashrate year over year.（Globe Newswire）

Following a request from the Electric Reliability Council of Texas (ERCOT) on July 10, Bitcoin miners in Texas voluntarily curtailed operations to relieve pressure on the power grid. Bitcoin mining operations in Texas have resumed.

According to Argo Blockchain CEO Peter Wall, sixteen firms operating in Texas curtailed operations and gave back around 1,000 megawatts of power to the grid.（Decrypt）

Bitcoin mining hosting and brokerage services firm Compass Mining will work with Compute North on a 75 megawatt hosting partnership for its Granbury, Texas data center, the company said Wednesday.

Compass’ deployment will start in August and continue for “several months,” according to the company. Compass seeks to deploy 25,000 application specific integrated circuit (ASIC) miners to the Wolf Hollow plant site in Granbury.

The new power plant uses advanced gas turbine designs and air cooling to decrease carbon emissions and water dependence, according to Compass’ statement. The data center is able to curtail its load to ERCOT.（CoinDesk）

Ukraine’s main law enforcement agency has busted an illegal facility mining cryptocurrencies in the Kharkiv region. The operators of the crypto farm have been minting coins using large amounts of stolen electricity, threatening energy supply to critical infrastructure, the agency said.（Deep Resonance）

10.

In the last seven days, the world’s most popular digital token, Bitcoin, has jumped by as much as 15%. As a result, crypto-related stocks climbed in tandem alongside a broader rally in the equity markets.

In addition, among crypto miners, Riot Blockchain Inc. (NASDAQ: RIOT) and Marathon Digital Holdings Inc. (NASDAQ: MARA) in the last five days have gained 44.44% and 64.95%, respectively.

RIOT shares gained 12% in the last trading session to close at $6.23 in aftermarket trading. This move comes in light of increased trading volumes which were notably higher than the average. Furthermore, the resistance line for the RIOT stock is formed at $7.03, while the support is at $4.29.

Notably, the consensus rating on Wall Street for the RIOT is a ‘strong buy,’ predicting that the average price in the next 12 months could reach $23.83, potentially 239.46% higher than the current trading price of $7.02.

Meanwhile, MARA has had considerably higher trading volume in the last couple of days, moving in a range of $5.20 to $14.20. With prices rising lately, a resistance line at $14.62 and support at $11.37 have formed as the stock tends to trade in a wide range. Analysts rate the shares a ‘moderate buy,’ predicting that the average price in the next 12 months could reach $20.14, 61.51% higher than the current trading price of $12.47.（Finbold）

11.

Armed robbers have plundered a large crypto mining facility not far from the Russian capital, the Russian crypto news outlet Bits.media. The attackers took away four containers with around 100 graphics processing units (GPUs) and other hardware used to extract digital currencies. Law enforcement authorities have estimated the value of the stolen mining equipment at around 1 million rubles (over $18,000 at the time of writing).

This is another case of theft of coin minting hardware in Russia after the operators of a mining hotel in Irkutsk disappeared in June, stealing mining rigs worth around $1.9 million from their clients. The number of such incidents has increased over the past few years, along with the growing popularity of mining.

Bitcoin mining is among those crypto-related activities that are yet to be regulated in the Russian Federation. At the same time, Russian authorities have been taking steps to limit the spread of home crypto mining by raising electricity rates for Russians minting with improvised installations in their basements and garages. The phenomenon has caused excessive consumption and breakdowns in residential areas in regions with heavily subsidized electricity for the population.（Bitcoin.com）

12.

SMIC now appears to be supplying bitcoin mining chips made using advanced 7nm technology. According to the report, the new technology is two generations ahead of SMIC’s established 14nm semiconductor technology, as it allows for the manufacture of smaller transistor widths to produce faster and more efficient mining chips. SMIC’s Chinese customer, MinerVa Semiconductor, is currently showcasing 7nm chips (no manufacturer specified) on its website, claiming that mass production begins in July 2021.（Finbold）

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.

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