BIT Mining Limited announced that the Company’s subsidiary, BTC.com, experienced a cyberattack on December 3, 2022. In the cyberattack, certain digital assets were stolen, including approximately US$700,000 in asset value owned by BTC.com’s clients, and approximately US$2.3 million in asset value owned by the Company. The Company reported this incident to law enforcement authorities in Shenzhen, China. The Company will devote considerable efforts to recover the stolen digital assets.
Bitcoin miner Argo Blockchain (ARBK) will avoid filing for bankruptcy protection after it agreed to sell its Helios mining facility in Dickens Country for $65 million. The miner will also get a new $35 million loan from noted investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment.（CoinDesk）
BlackRock Inc. is among a group of creditors that lent money to Bitcoin miner Core Scientific Inc. ，so it can continue to operate while it’s in bankruptcy.
BlackRock has committed $17 million of a debtor-in-possession loan through funds and accounts managed by its subsidiaries. The funds managed by the firm also held $37.9 million in secured convertible notes of Core Scientific as of Dec 28, according to the filing.
According to Hashrate Index’s analysis of bitcoin mining data, bitcoin miners have accumulated over $4 billion in debt this year, with only the top 10 miners ranking over $2.6 billion in cumulative debt. The Bitcoin mining community took up massive loans during the 2021 bull market, negatively impacting their bottom lines during a subsequent bear market.
According to the latest data from Hashrate Index, the most efficient ASIC miners, those generating at least one terahash per 38 joules of energy, have seen their prices fall 86.82% from May. 7, 2021 peak of $119.25 per terahash down to $15.71 as of Dec. 25.
However, the least efficient machines, ones that require more than 68 Joules per terahash, are now priced at $4.72, a 91% drop from their peak price of $52.85. The last time it was priced near this price was around Nov. 5, 2020.
Messari analyst Tom Dunleavy tweeted that BTC miners sell roughly 100% of the coins they mine.
The data shows that between Jan. 1 and Nov. 30, 10 listed miners — Core Scientific, Riot, Bitfarms, Cleanspark, Marathon, Hut8, HIVE, Iris Energy, Argo and Bit Digital — mined a total of about 40.7k BTC and sold about 40.3k BTC.
Dunleavy believes that the constant selling of newly mined bitcoins by miners is putting downward pressure on the price of bitcoin.
Bitfarms promoted President and Chief Operating Officer Geoffrey Morphy to the position of President and Chief Executive Officer effective immediately.
Emiliano Grodzki has resigned as CEO and will remain a Director on the Board. Co-founder Nicolas Bonta will shift from the position of Executive Chairman to the role of Chairman of the Board of Directors.
New York law firm Bragar Eagel & Squire has filed a class action lawsuit against bitcoin miner Core Scientific in the U.S. District Court for the District of Texas, West Austin, on behalf of all persons and entities that purchased or otherwise acquired Core Scientific securities between January 3, 2022 and October 26, 2022, and encourages corresponding investors to contact the company and must apply to the court to be named lead plaintiff in the class action by January 13, 2023.
Bragar Eagel & Squire believes that throughout the class period, Core Scientific made materially false or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects, resulting in losses to investors.
This post is sponsored by TSE.
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