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Global Crypto Mining News (May 15 to May 21)
Bitfarms, the Bitcoin mining company, announced its Q1 2023 earnings report with a total revenue of $30 million, mining gross profit of $12 million, and gross profit margin of 42%. In addition, they mined 1,297 BTC at an average cost of $17,600 and sold 1,267 BTC at an average price of $22,500, resulting in a total revenue of $28 million, some of which will be used to pay off equipment-related debts.
Bitdeer has released its Q1 earnings report, with a total revenue of $72.6 million and a net loss of $9.5 million. Its total management hashrte is 18.3 EH/s, with 3.9 EH/s from self-mining, 1.8 EH/s from cloud computing, and 12.6 EH/s from hosting services. Bitdeer’s self-mining business received 552 BTC in the first quarter, with a total of 196,000 mining machines and 129,000 hosting machines. The five mining facilities have a combined power capacity of 795 MW, and there is a 100 MW capacity under construction in Bhutan.
Soluna Holdings announced a $14 million investment partnership with Navitas Global for its Project Dorothy 1B data center in Texas. Navitas will acquire a 49% equity interest in the Dorothy 1B project. The deal includes a $2 million loan to complete construction and a $12 million equity investment.（Businesswire）
Miners mined an average of 328 bitcoins per day ( about $8.9 million) last week, with about 36% of mining rewards coming from transaction fees, earning a total of 2,294 bitcoins (about $62 million) in fees. Bitcoin’s 7-day average hashrate has quietly set a new all-time high, fueled by all the fees, and the next difficulty adjustment is predicted to likely be a 1–2% increase.（Hashrateindex）
KuCoin mining pool announced the launch of LTC mining service, will start to support LTC mining on May 16, 2023 at 10:00:00 UTC, as well as support for DOGE co-mining. There are currently 79 days until the LTC August 3, 2023 production halving.
The current problem of high bitcoin network congestion fees caused by the heat of BRC-20 has gradually leveled off. According to OKLink multi-chain browser data, since May 8, when BTC miners’ mining fee revenue hit a new high of 683.36 BTC in the past five years, BTC daily miners’ fee revenue has been declining for six consecutive times, and yesterday the miners’ fee revenue was only 106.61 BTC, falling back to the level of early May.
Cormint, an emerging Bitcoin miner focused on mining low-cost Bitcoin at scale while supporting a reliable and renewable power grid, announced today that it has successfully raised $30,000,000 in Series A equity. The raise was co-led by its President, Jamie McAvity, and Silicon Labs Chairman Nav Sooch, with strong participation from existing investors. The funds from the financing will enable Cormint to rapidly scale up at its flagship location in Fort Stockton with the goal of achieving 2.4 EH of self-mining capacity by the end of 2024.（Businesswire）
Bitmain has launched the Kaspa KS3 mining machine, which has a performance index of 8.3T, 3188W power consumption, and 0.38 J/G. The price of KAS has fallen 31% in the last 30 days. The founder of KAS, Yonatan Sompolinsky, invented the GHOSTDAG protocol in 2013 and applied it to Kaspa.
According to BTC. com, Bitcoin has seen a mining difficulty adjustment at block height 790,272, with mining difficulty rising 3.22% to 49.55 T, breaking a new all-time high. The average hashrate across the network is currently 354.55 EH/s. The recent Ordinals BRC20 firestorm has led to an increase in the hashrate of more mining machine starts.
Marathon, a publicly traded North American mining company, has announced a partnership with Brink to raise up to $1 million to support Bitcoin Core developers. marathon has pledged to match all donations up to $0.5 million by 2023.
MicroBT, Bitcoin mining machine manufacturer, unveiled three new mining rigs today at Bitcoin2023 conference in Miami. WhatsMiner M53S++, delivers 320 TH/s of computing power with efficiency of 22 J/T. The other two models were the M50S++, designed for air-cooling and with computing power of 150 TH/s, and the M56S++, designed for immersion cooling, which can deliver up to 230 TH/s. Both machines have an efficiency of 22 J/TH.（CoinDesk）
Bitcoin mining company Bit Digital plans to expand its operations to Iceland in an attempt to duel the regulatory risks of the Biden administration’s proposed tax on cryptocurrency mining. The company has spent $5 million on 2,500 new bitcoin mining machines and is housing them in Iceland. The move is the first time in two years that Bit Digital has shipped new computers outside of the United States.
Canaan has launched an immersion liquid-cooled mining machine, A1366I, with a hashrate of 165 EH/s and an efficiency of 30J/T. The official website claims that its overclocking rate can reach up to 38%, and one single module only requires two computing boards, providing the same computing power as three air-cooled computing boards. Thus, it helps save cooling costs and extend its lifespan.
Bitcoin-friendly Republican Senator Cynthia Lummis doesn’t think the Biden Administration’s proposed 30% excise tax on Bitcoin miners s unlikely to pass in the House. “That isn’t going to happen,” she said. “It’s absolutely important that the development of this technology, as well as Bitcoin mining itself, to occur in the United States.” “Bitcoin can actually be advantageous to stabilizing a grid,” she added, “because there can be efforts to mine Bitcoin when [energy] use is low, and then to scale back the mining when energy use is high.”
Police have recovered 300 BTC mining rigs stolen from a farm in Paraguay, following a major operation conducted by the nation’s Anti-Kidnapping Department (DAS).
The operation was carried out after a theft in the Paraguayan province of Alto Paraná in April.Police at the time explained that 492 BTC miners had been stolen from a farm after its manager was “overpowered” by attackers.
The DAS explained that they raided a commercial property in the town of Presidente Franco this month, adding that they recovered 300 mining rigs from the property, along with cellular devices, firearms, and ammunition.One man was arrested and charged with aggravated assault.（Cryptonews）
The White House has issued a report justifying the proposed Digital Assets Mining Energy (DAME) Tax based on climate and its impact on average citizens.Miners would pay 10% of their earnings depending on their energy usage, with a proposed gradual increase to 30% in subsequent years.
The government believes that the tax will help reduce its deficit by $74 million in 2024 and further surge to $444 by 2023, which shows benefits for both the community and the government. As part of the propositions, cryptocurrency miners will be required to disclose the energy usage of their full operations and state its source.
U.S. Bitcoin Corp (USBTC) has signed multi-year agreements to host 150,000 bitcoin mining machines with major firms including Marathon Digital Holdings (MARA). Foundry, Sphere 3D (ANY), Decimal Group, and TeslaWatt are among USBTC’s new hosting clients. Foundry is owned by CoinDesk’s parent company, Digital Currency Group. USBTC is in the middle of a merger with Canadian Hut 8 Mining (HUT), one of the biggest consolidation moves in the industry.（CoinDesk）
Vinanz Ltd says 100 new Bitmain Antminer S19J Pro ASIC miners are due to arrive at the hosting data centre facility in Labrador, Canada on Thursday next week. Vinanz Ltd aims to establish Bitcoin mining operations in the United States and Canada. These new Bitcoin ASIC miners, when installed and spinning, will increase Vinanz’s combined Terrahash processing power in North America to 12,000 TH/s.（lse）