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Global Crypto Mining News (Feb 13 to Feb 19)
Soros Fund Management has purchased $39.6 million worth of convertible bonds in crypto miner Marathon Digital Holdings (MARA). The fund also shows ownership of 50,000 calls and puts on MicroStrategy (MSTR), as well as holding nearly $200 million in MicroStrategy preferred stock and 100,000 puts on Silvergate Bank.
Bitcoin miner Iris Energy reported its second quarter fiscal 2023 results with a net loss of $144.0 million and bitcoin mining revenue of $13.8 million, with the loss primarily due to a $105.2 million non-cash impairment charge partially related to the financing of its equipment. As of December 31, 2022, the company had cash and cash equivalents of $39.4 million and no debt.
Bitcoin miner CleanSpark has purchased 20,000 Bitmain mining machines from Bitmain at a discounted price, for a total cost of $32.3 million. Once the machines are operational, its bitcoin hashrate will increase from 6.6 EH/s to 9.04 EH/s, a 37% increase. CleanSpark plans to reach a hashrate of 16 EH/s by the end of 2023.（The Block）
Crypto miner Compute North, whose reorganization plan was approved by a bankruptcy judge and settled with several companies, filed for bankruptcy protection in September 2022 because it couldn’t meet its debt obligations. Compute North has completed 13 asset sales, four of which are significant, and has “settled” all of its $250 million in secured debt, its lawyers said at a hearing Thursday.（CoinDesk）
Law firm Rosen plans to file a class action lawsuit against bitcoin miner Argo Blockchain and is investigating a list of potential claims. The law firm is encouraging investors who have lost more than $100,000 at Argo to contact it and reminds investors that the deadline to seek the lead plaintiff role in a federal securities class action lawsuit filed against Argo is March 27, 2023.（PRNewswire）
During the past three days, Foundry USA has been the top mining pool with 33.26% of the global hashrate, or approximately 95.89 exahash per second (EH/s) of hashpower. Foundry is followed by Antpool with 15.97% of the global hashrate and Binance Pool with 15.54% of computational power. F2pool (14.22%) and Viabtc (9.41%) are next, respectively. There are approximately 12 known mining pools today, and the top five control 88.4% of the global hashrate.
According to macromicro.me statistics, the cost of producing bitcoin (BTC) remains higher than its current spot market value. Macromicro.me calculates its estimates based on data on electricity consumption and daily bitcoin issuance provided by Cambridge University. Currently, the average cost of mining a single bitcoin is around $24,119, while its spot market value is approximately $21,901 per unit.（Bitcoin.com）
Bitcoin miner Hut 8 Mining announced the progress of its January 2023 operations. 188 bitcoins were produced by Hut 8 in January 2023, with a total of 9,274 bitcoins held as of Jan. 31. Hut 8 said it expects to sell the bitcoins produced in January to cover operating costs.（PR News Wire）
Hedge fund Armistice Capital took a 9.9% beneficial ownership stake in bitcoin miner Stronghold Digital Mining, according to a filing. The fund had an existing stake in the company, but it’s unclear how big it was prior to today’s filing. Stronghold Digital last week restructured its $54.9 million loan with WhiteHawk Finance and signed a two-year hosting deal with Foundry. It was able to push back any mandatory principal amortization payments (totaling $29 million) until July 2024, it said in a statement.（The Block）
Two residents of the Russian city of Tomsk will be tried for “large-scale robbery” involving the theft of cryptocurrency worth millions of rubles from a local miner.
They were able to extort from him coins worth more than 360 million rubles at the time (over $4.8 million). The two forced the victim to log into his account on a crypto exchange and transfer them 86 BTC from a wallet that contained 90 BTC. They face up to 15 years in prison and a fine of up to 1 million rubles.（Bitcoin.com）
Cryptocurrency miner Sphere 3D has released its Bitcoin mining report for January 2023, with a total of 37.84 BTC mined, or an average of 1.26 per day, representing a 118% increase in daily production compared to December 2022.
As of January 31, Sphere 3D operated approximately 4,330 S19j Pros miners with a total hash rate of approximately 433 PH/s. In January, Sphere 3D received approximately 11,000 miners and spent a total of 121.65 BTC on working capital, customs fees, duties, insurance and shipping costs, and will reach a total of approximately 15,000 miners when fully deployed with a hashrate exceeds 1.6 EH/s.
This post is sponsored by TSE.
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