Discover more from Wu Blockchain
Global Crypto Mining News (May 29 to Jun 4)
Bitmain introduces the Z15Pro with 840 KSol hashrate, 2650 W power consumption and 3.15 KSol/J energy efficiency ratio for EquiHash/Zcash mining, priced at US$2,999 a unit; double the hashrate and a significant improvement in energy efficiency ratio compared to the Z15.
A White House plan to impose a hefty tax on the cryptocurrency mining sector appears to have died as President Joe Biden and senior Republican members reached a larger agreement on preventing a U.S. debt default, much to the relief of bitcoin miners. The tax plan, originally proposed by the White House in early May, called for a 10 percent tax on electricity used for bitcoin and other cryptocurrency mining starting in 2024, rising to 30 percent by 2026. Rep. Warren Davidson, an Ohio Republican, said on Sunday that the mining tax would not take effect.
Tether announced that it is investing resources into energy production and the launch of sustainable Bitcoin mining operations in Uruguay, in collaboration with a local licensed company.
The amount of transaction fee revenue collected by bitcoin miners soared in May, hitting its highest level in over two years. The share of mining revenue from transaction fees is at 14.3%. The sudden increase is due to the growth of Ordinals. Bitcoin has emerged as the second-most voluminous network for NFTs. Transaction traffic on bitcoin hit a new all-time monthly high in May. Overall monthly mining revenue is at its highest level since last May, nearing $840 million as of today.（The Block）
According to BTC. com, Bitcoin has seen a mining difficulty adjustment at block height 792,288, with the mining difficulty increasing by 3.4% to 51.23 T, breaking new all-time highs once again. The current network-wide average hashrate is 366.47 EH/s.
CleanSpark announced a purchase of 12,500 brand-new units of the Antminer S19 XP bitcoin mining machine for a total price of $40.5 million, which is lower than the current average market price.
Bitcoin miner BIT Mining announced unaudited financial results for the first quarter ended 2023, reporting revenue of $72.9 million for the quarter, a significant decrease of $223.8 million from $296.7 million in the first quarter of 2022 and an increase of $11.9 million from $61.0 million in the fourth quarter of 2022; operating costs of $78.9 million and a net loss of $4.9 million. As of March 31, the company had As of March 31, the Company had total cryptocurrency assets of $18.4 million, equivalent to 289 BTC, 3,243 ETH and other crypto assets.
Bitcoin mining revenue reached $916.6 million in May, a 13.7% month-over-month increase. That figure includes more than $120 million in transaction fees. The rise of bitcoin NFTs via Ordinals has driven a surge in transaction fee revenue to miners. In addition, memecoin mania led to a spike in active bitcoin users, fees and transactions, with 16.9 million transactions and an average fee that reached a near two-year high of $16.08 on May 11, but then plummeted to around $4, a drop of more than 70%.（The Block）
Microsoft has agreed to spend potentially billions of dollars over multiple years on cloud computing infrastructure from startup CoreWeave. CoreWeave was earlier mainly engaged in ethereum mining, but successfully shifted to the AI space after ethereum to POS.
Crypto miner Cathedra Bitcoin (CBIT) plans to deploy equipment at a Texas site owned by 360 Mining, which uses off-grid natural gas to supply electricity for bitcoin production.
The agreement covers a total supply of 2 megawatts of mining capacity, with an initial 0.3 megawatt deployment within the next 60 days.
At full blast, the location is forecast to produce at least 54 PH/s incremental hashrate, Cathdera Friday. The deal sees Vancouver-based Cathedra paying $55 per megawatt hour of power used plus 10% of gross bitcoin mined at the site to the Austin, Texas-based company.（CoinDesk）
Marathon Digital published unaudited bitcoin production and miner installation updates for May 2023. Marathon Digital produced a record 1,245 bitcoin in May, up 77% from last month and 366% from May 2022. Marathon Digital increased hashrate 9% month-over-month to 15.2 exahashes, and increased installed hashrate 13% month-over-month to 20.1 exahashes. The Company’s operating fleet increased to approximately 133,600 Bitcoin miners. As of month-end, the Company had $97.3 million in unrestricted cash and cash equivalents on its balance sheet and currently holds a total of 12,259 BTC (approximately $333.7 million).
Bitcoin miner Bitfarms produced 459 BTC in May, selling a total of 414 BTC, or 90.19% of its output for the month. Through the sale of Bitcoin assets, Bitfarms received $11.3 million in proceeds and reduced its debt by $1.8 million. The current Bitfarms treasury holdings total 510 Bitcoins and year-to-date Bitcoin production is 2,135.
Bitcoin miner Stronghold Digital Mining announced that its bitcoin mining operations have reached a hashrate of 3.0 EH/s, of which approximately 80% is wholly owned by the company. Stronghold expects to mine over 220 bitcoins through its mining operations in May 2023, an increase of approximately 23% sequentially from the 179 bitcoins mined in April 2023.