Global Crypto Mining News (Oct 3 to Oct 9)
Colin Wu . 2022-10-10 . Mining


1.
Core Scientific produced 1,213 bitcoins in September. The Company sold 1,576 bitcoins at an average price of $20,460 per bitcoin. As of September 30, 2022, the Company held 1,051 bitcoins and approximately $29.5 million in cash. Core Scientific expanded our total fleet (owned and colocated) to approximately 232,000 servers representing approximately 22.5 EH/s.
 
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2.
Crypto miner Greenidge Generation is seeking to raise up to $22.8 million in an at-the-market offering, a U.S. Securities and Exchange Commission (SEC) filing dated Oct. 3 shows.
 
Greenidge has signed a sales agreement with investment bank B. Riley Securities for the Class A common stock offer. Greenidge said the proceeds raised will be used primarily for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness at the time, and funding acquisitions, capital expenditures and working capital.(The Block)
 
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3.
Grayscale unveils bitcoin mining-centered investment entity. It was launched via the newly founded Grayscale Digital Infrastructure Opportunities (GDIO), a "private, co-investment opportunity in mining hardware that powers the bitcoin ecosystem."
 
"In the coming months, we anticipate some miners will be forced to liquidate their mining equipment," said Sharif-Askary. "GDIO is positioned to provide liquidity to these miners, purchasing mining equipment at distressed prices, and mining profitably as the price of Bitcoin recovers."(The Block)
 
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4.
Compute North, one of Marathon's hosting providers, filed for bankruptcy reorganization. Marathon’s financial exposure to Compute North from investments includes $10 million in convertible preferred stock of Compute North Holdings, Inc. and $21.3 million related to an unsecured senior promissory note with Compute North LLC. The Company has also paid approximately $50 million in operating deposits to Compute North entities. Marathon said the majority of its mining operations are hosted by the Compute North and NextEra joint venture, but are not directly affected by the Compute North bankruptcy proceedings.
 
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5.
Bitcoin miner Argo Blockchain has raised $27 million through the issuance of 87 million shares to ease liquidity pressures. "Our profitability has been squeezed from both sides from higher energy prices to lower bitcoin price, that's resulted in a cash crunch for Argo," the firm's CEO, Peter Wall said. Argo announced the sale of 3,400 Antminer S19 J Pro miners to a third party for a total of $7 million.(CoinDesk)
 
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6.
According to ultrasound money data, XEN Crypto has consumed 1044.40 ETH of GAS fees in the past 24 hours, accounting for 36% of the Ethernet network's GAS consumption fees and putting the Ethernet network into a temporary deflationary state. The project claims to have been founded by Jack Levin, the 21st employee of Google, and uses the Proof of Participation mining mechanism, with an initial supply of 0 and an uncapped supply.
 
7.
Crypto Bitcoin miner Rhodium Enterprises plans to go public through a reverse merger with software services provider SilverSun Technologies Inc.
 
In January, Rhodium plans to issue 7.69 million shares at $12 to $14 per share in an initial public offering (IPO) trading under the symbol RHDM, according to SEC regulatory filings, and after the IPO the company will have approximately 56.8 million Class A shares outstanding and 67.5 million Class B shares outstanding, with an estimated market capitalization of $1.49 billion to $1.74 billion. The market capitalization is estimated to be between $1.49 billion and $1.74 billion.(Bloomberg)
 
8.
Two Malaysian bitcoin cryptocurrency miners were fined RM45,000 and RM10,000 each respectively after pleading guilty to bribing a Tenaga Nasional Berhad (TNB) agents as inducement not to take action against them for stealing electricity.
 
Sessions Court Judge Elesabet Paya Wan meted out the fine on Tey Boon Sin (pix), 33, and Leang Ting Sheng, 43. Both of them were charged with two alternative charges of giving bribes to TNB agents as an inducement to not take action against them for stealing electricity.
 
Tey was fined RM20,000, in default five months’ jail for the first charge and RM25,000, in default six months’ jail, for the second charge, while Leang was fined RM3,000, in default two months jail, and RM7,000, in default two months jail, for both the charges respectively.(thesundaily)
 
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9.
Bitcoin miner Marathon Digital Holdings mined 360 bitcoins in September, for a total output of 616 in the third quarter of the year. Total holdings reached 10,670 as of Sept. 30, 2022.
 
In addition, Marathon Digital has a total hashrate of 5.7 EH/s and it plans to add about 19,000 more miners in the next 30 days, equivalent to a capacity of 2 EH/s.(Globenewswire)
 
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10.
According to the latest Glassnode report, tracking the 30-day net position changes of all miners reveals that most of the bitcoin sell-offs are currently coming from Poolin-related miners, with almost all of the 'sell-offs' being associated with this group. Poolin was, until very recently, one of the largest mining pools in the industry, accounting for over 15% of hashrate in early 2020, and 12% at the start of September. After an announcement that Poolin was experiencing 'liquidity issues', the estimated hashrate directed at the pool plummeted, representing just 3.7% of the hashpower network today.
 
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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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