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Global Crypto Mining News (Nov 21 to Nov 27)
According to BTC.com, Bitcoin saw a mining difficulty adjustment at block height 764,064, with a small 0.51% increase in mining difficulty to 36.95 T, a new all-time high. The current network-wide average hashrate is 264.18 EH/s.
Bitcoin miner Iris Energy has unplugged a large majority of its miners in response to a default notice on about $107.8 million in loans they were securing. It freed up about 90 megawatts of capacity. Having turned off about 3.6 EH/s worth of machines, the company said its computing capacity is now roughly 2.4 EH/s when accounting for 1.3 EH/s of miners in transit or pending deployment and 1.1 EH/s of machines in operation.（The Block）
Binance Pool announced the launch of the Cloud Mining service on November 22nd at 12:00. Under normal circumstances, Mining Pool Rewards would be subject to both a 2.5% mining pool fee and a 1.5% management fee.
According to an announcement by the U.S. Department of Justice, on November 20, two Estonian citizens were arrested in Tallinn, Estonia, yesterday on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy. They induced victims to enter into fraudulent equipment rental contracts with the defendants’ cryptocurrency mining service called HashFlare. But in reality HashFlare does not have the cryptocurrency mining equipment it claims to have.
With DCG’s Genesis on the verge of bankruptcy, another DCG subsidiary, crypto miner Foundry, will purchase two cryptocurrency mining facilities and other assets from bankrupt bitcoin miner Compute North, including Compute North’s North Sioux City, South Dakota and Grand Springs, Texas mines with full operating capacity of 6 MW and 11 MW, respectively.（The Block）
New York’s Gov. Kathy Hochul signed into law Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining. The bill passed the New York Senate in June of this year. During the moratorium, the state will conduct a study of the potential environmental impact of PoW mining, and existing mining companies will not be affected.（CoinDesk）
According to CNN, the People’s Court of Tianhe District, Guangzhou City recently heard a case of contract dispute arising from virtual currency mining. The court concluded that the contract signed between the plaintiff and the defendant was invalid because it was detrimental to the public interest and contrary to public order and morality, and that the property rights and interests arising from it should not be protected by law, and the consequences caused by the above actions should be borne by the parties themselves.
Canaan will offer and sell ADSs representing Class A common stock for an aggregate offering price of up to $750 million. The net proceeds from the offering are intended to be used for research and development, production expansion and other general corporate purposes. Previously Canaan CFO stated that the downward trajectory of bitcoin, rising energy prices and increased cash pressure on miners are expected to continue to worsen market conditions over the next two quarters and will focus on securing cash flow.
According to the disclosed creditor filings, the top 50 creditors of FTX Group amount to approximately $3 billion in unsecured claims, with the largest creditor amounting to $226 million and 10 creditors exceeding $100 million. In addition, bitfufu, a cloud computing company owned by Bitmain, is also one of FTX’s creditors with $11.69 million.
Applied Digital has launched an independent fund aimed at acquiring distressed cryptocurrency assets, which may include mining hardware and digital infrastructure assets.
The fund and any acquired assets will be managed by a newly formed entity, Highland Digital, which is a 50/50 joint venture between Applied Digital and GMR Limited (“GMR”). The independent fund is targeting raising capital of up to $100 million from outside investors. Applied Digital does not anticipate issuing any equity to raise capital for the fund, nor does it plan on directly owning any mining hardware.
Listed bitcoin miner Core Scientific said its losses climbed to more than $1.7 billion in the first nine months of the year as soaring energy costs and increased competition among miners led to a sharp drop in profit margins. Core Scientific first warned in October that if the company couldn’t find more money to pay off its more than $1 billion in debt, it might have to file for bankruptcy protection. The company lost $434 million in the third quarter.
Binance Pool has officially launched the RavenCoin (RVN) mining service, which utilizes the PPS+ settlement method. Mining fees for the RavenCoin (RVN) mining pool are set at 1%.
This post is sponsored by TSE.
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