Global Crypto Mining News (May 22 to May 28)

There was an issue during Dash Core v19 activation where blocks were no longer being produced and the issue is being investigated. Cryptocurrency has indicated that due to the situation after v19 activation of Dash Core, the DASH network has temporarily halted the production of new blocks. As a result, the Cryptocurrency pool will suspend the issuance of DASH mining rewards until the network resumes block production.

Core Scientific should “trim” its restructuring timeline by “at least [one] month,” the federal judge overseeing its bankruptcy said during a Monday hearing as creditors called for the insolvent crypto miner to fast-track its plans to emerge from Chapter 11 bankruptcy.

Core Scientific’s lawyers said the company could reach a reorganization plan by Sept. 25. The Core Scientific bankruptcy process, which began in December 2022, was scheduled to last six months, but could be delayed by about a year.（CoinDesk）

Crypto consortium Fahrenheit，a consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp，has won a bid to acquire insolvent lender Celsius Network, whose assets were previously valued at around $2 billion. Celsius and its creditors accepted the offer, subject to regulatory approval, and Fahrenheit will have access to Celsius’ institutional loan portfolio, pledged cryptocurrencies, mining arm and other alternative investments, and must pay a $10 million deposit within three days to cement the deal.（CoinDesk）

Canaan reported Q1 2023 financial data with total revenues of $55,232,000; total computing power sold of 4,246,000 TH/s, up 126.8% sequentially from Q4 2022; company mining revenues of $11,089,000 for the quarter; AI revenues of $410,000 for the quarter; and an operating loss of $85,666,000 recorded for the quarter. As of March 31, 2023, the Company had cash and cash equivalents of $71,972,000. Revenue for the second quarter of 2023 is expected to be approximately $72.0 million.

Indonesian West Java Governor Ridwan Kamil expressed at Bitcoin 2023 that he is exploring opportunities for revolutionizing Bitcoin mining, hoping to convert renewable energy into economic energy using geothermal and hydroelectric potential. The country has over 12 million cryptocurrency investors with 40% of the population having no bank accounts. He believes blockchain technology can bridge the gap and provide financial inclusivity for previously unreachable communities.

LM Funding announced that its $2.6 million bid to purchase the assets of Symbiont, which is currently in Chapter 11 bankruptcy proceedings, is unopposed and expected to be approved by the bankruptcy court, and an auction that could include other bids is anticipated to take place on May 26, 2023.

Last December, Symbiont filed for Chapter 11 bankruptcy protection under the U.S. Chapter 11 bankruptcy code, with assets and liabilities ranging from $1 million to $10 million. LM Funding subsequently provided a $2 million secured loan to Symbiont and is currently Symbiont’s sole secured creditor.（prnewswire）

Riot Platforms announced that it is constituting an Advisory Board, which will reflect Riot’s commitment to having world-class talent provide advisory services to its executive leadership team and Board of Directors.

Riot’s first Advisory Board member will be Brad Jones, the former Interim President and CEO of the Energy Reliability Council of Texas (“ERCOT”), which manages ninety percent of the state’s power supply, monitoring over 50,000 miles of transmission lines and over 1,100 power generation units.

U.S. Bitcoin Corp (USBTC), a provider of high-performance computing facilities, will manage the restructured mining division of Celsius Network LLC (Celsius). Under the proposed Celsius restructuring, USBTC would enter into one or more operating and service agreements with the restructured company to become the exclusive operator of all mining assets previously owned by Celsius. USBTC would also receive $15 million per year from Fahrenheit for the management of Celsius’ mining assets (net of operating expenses). USBTC expects to increase its total installed hashrate under management by approximately 12.2 EH/s when 121,800 miners are fully powered up.

U.S. Senator Cynthia Lummis said at the Bitcoin Miami conference that Biden’s previous proposal to impose a 30 percent tax on electricity used for crypto mining would not pass, saying, “Because the bill fundamentally makes it unprofitable for U.S. bitcoin miners, doing so would be tantamount to forcing them to go overseas; after all, miners can be anywhere mining.”