Global Crypto Mining News (Oct 17 to Oct 23)
Bitcoin miner Digihost received notice of possible delisting from Nasdaq for trading below $1. The company has 180 days to fix the issue or otherwise risks seeing its stock removed from trading at the exchange. This comes after Bitcoin miners Mawson and BIT Mining have received similar notices from the Nasdaq and New York Stock Exchange.（The Block）
The Bitcoin Network block of height 759053 was mined by the Foundry USA pool, while the block of height 759054 was mined by Luxor with a time lag of 85 minutes, resulting in approximately 13,000 transactions being unprocessed, and it is unclear what caused the block-out delay.（CoinDesk）
The official launch of the cloud mining service will come in November, a Binance spokesperson said. This will compete with Jihan Wu's Bitdeer, Bitmainland-backed BitFuFu. Unlike their primarily self-hosted hashrate offerings, Binance Pool said it would buy hashrate from third parties. Binance Pool announced its own $500 million lending fund for bitcoin miners last week and said it would enter cloud mining.
Members of the European Union must be ready to block crypto mining, the European Commission said on Tuesday as the region prepares for an uncertain winter.
The EU is also developing an energy-efficiency label for blockchains as the disruption of gas supplies from Russia leave some fearing high energy prices, blackouts and shortages. The commission plans to issue another report on the subject in 2025 to determine whether to take further steps to reduce energy use from crypto assets.（CoinDesk）
WhatsMiner, the world's second largest bitcoin miner, recently announced that it is officially producing bitcoin miners in the U.S., with Synos Corp OEM, currently producing mainly air-cooled miners with a capacity of 10,000 miners per month, which could scale up to 30,000 miners per month in the future. With China cracking down on bitcoin mining, mining machine manufacturers have been moving their factories out of the country. Bitmainland has focused primarily on its Malaysia factory. While the associated costs are higher, Chinese machines currently require over 20% tax to enter the U.S., and with major bitcoin mining machine buyers and mines located in the U.S., WhatsMiner's U.S.-made machines can reduce taxes and shipping costs for customers.
MicroBT and Heat Core inaugurate first hydro-cooling and heat recovery pilot in USA. The pilot showcases three day-to-day heating scenarios - fish hatchery, hydroponics, and space heating. Pennsylvania House Majority Leader Kerry Benninghoff was also present at the ceremony.
The Bitcoin Association, a Swiss non-profit organization that supports the development of BSV and the BSV ecosystem of companies, has asked cryptocurrency exchanges and miners to stop the BSV miner who is packing empty blocks, which the Bitcoin Association says is at the address 1KPSTuJMCMRXrTWHfCwpiRZg1ALbJzh844, whose constant packing of empty blocks is putting a strain on the network. Some members of the BSV community say miners have the right to pack empty blocks and do so only because the block subsidy itself provides decent returns.
Bitcoin miner Marathon Digital has reached a $24 million settlement with its former CEO and chairman, Merrick Okamoto. It is reported that Merrick Okamoto resigned as CEO of the company in the spring of 2021 and left his position as executive chairman at the end of that year, and that on October 12 Marathon Digital entered into an agreement with Merrick Okamoto regarding restricted stock awards as part of the settlement, in addition to its settlement of five other individuals' Marathon Digital entered into a restricted stock award agreement with Merrick Okamoto on October 12 as part of the settlement, in addition to settling restricted stock awards for five other individuals, including new CEO and Chairman Fred Thiel, for a total of approximately $1 million.
JKL Group is set to raise a $50M mining infrastructure fund from family offices, HNWI, and institutional investors active in the digital assets space. Fund’s investment strategy includes acquisition of Bitcoin mining machines at the current bear market prices and their further deployment through JKL Mining network.（Globenewswire）
Crypto miner Sphere 3D scaled back its purchase of miners from hashrate service provider BitFuFu. Under the revised contract, Sphere 3D has applied the $106.9 million deposit paid to BitFuFu to date to take delivery of hashrate up to 1.7 EH/s miners in 2022 and waived its obligation to purchase a further total hashrate up to 3.9 EH/s miners.
It is reported that Sphere 3D and BitFuFu initially entered into an agreement in September 2021 for the purchase of the Antminer S19J&Pro series with a total hashrate of up to 6.0 EH/s.（Newsfile）
Bitcoin miner Core Scientific (CORZ) and Argo Blockchain (ARBK) were downgraded from "buy" to "neutral" by Wall Street investment bank DA Davison as crypto winter continues to weigh heavily on the profitability of the miners, analyst Chris Brendler wrote in a note.（CoinDesk）
Argentina’s tax authority broke up an underground crypto mining farm in a “mega operation” that led to 40 arrests. The farm was operating with stolen cables, and authorities investigated the alleged theft of electricity to mask the crypto mining activities.
AFIP has ramped up investigations related to digital asset operations since its director Carlos Castagneto stepped into his role in late July. The agency announced in September that it had discovered three crypto mining sites that allegedly hid their mining operations by not properly declaring their activities.
While the Argentine government’s crackdown on crypto mining seems to center on undeclared operations and equipment, recent raids have raised questions about whether mining is legal at all. To clarify, the nonprofit organization ONG Bitcoin Argentina has communicated the message that crypto mining in itself is not a crime when it adheres to local laws.（The Block）
Crypto lender Celsius Network's legal journey has gained another chapter as Bitcoin miner Core Scientific accused the company of refusing to pay its bills since filing for Chapter 11 bankruptcy, according to court papers filed on Oct. 19. Core Scientific claims the default on payments is threatening its financial stability, already hurt by crypto winter and high energy costs.
As per the filing, Celsius owes Core $598,743.20 for post-petition PPT charges related to the August 2022 invoice, plus another $1,505,940.08 for post-petition PPT charges related to the September 2022 invoice, yielding a total of $2,104,683.28. "Core continues to lose approximately $53,000 per day to cover the postpetition increased electricity tariffs that Celsius refuses to pay," said the company.
In the court filings, Celsius alleges that Core Scientific delayed mining rig deployment and supplied them with less power than required under their contract. Celsius is reportedly seeking a court order holding Core in contempt and ordering it to fulfill its obligations. Meanwhile, Core requested the court to compel Celsius to pay past-due bills or allow it to serve the contract.
“Celsius either needs to adhere to the contract, or Core and Celsius must terminate their relationship before Celsius causes yet another business partner to enter insolvency proceedings.”
The dispute between Celsius and Core is scheduled for a hearing by United States Bankruptcy Judge Martin Glenn next month.（Cointelegraph）
South Africa’s Financial Sector Conduct Authority (FSCA), through the Financial Advisory and Intermediary Services (FAIS) Act, has declared that cryptocurrency assets are classified as financial products, allowing them to be regulated.
However, the FSCA’s head of regulatory frameworks, Eugene Du Toit, clarified that the move does not mean that cryptocurrencies are now legal tender in the country.
In addition, Unathi Kamlana said that crypto-asset miners and node operators perform functions in cybersecurity and health and will therefore be exempt from FAIS conduct regulations, but further regulation of financial institutions' cryptocurrency asset exposures and additional verification requirements for customers may be imposed in the future, although Unathi Kamlana declined to say exactly when（Techcabal）
Top Speed Energy (www.tsedata.com) is committed to spearheading the definition of cryptocurrency mining services in North America.
With years of experience in the local natural gas landscape (original website: www.topspeedenergy.com), on top of run-of-the-mill Grid-powered Bitcoin mining facilities, TSE also extends to set up 100% natural gas-powered facilities as well as 100% hydroelectric ones across a plethora of states and provinces in USA and Canada, including but not limited to Texas, Ohio, North Dakota, British Columbia, and Alberta.
TSE features a double-shift operation and maintenance team, delivering one-hour response promise to ensure the streamline operations of clients’s miners all year around.
Being a local player in North America, TSE poses itself as a trustworthy partner to international clientele — it can assist foreign clients with local incorporation registry, tax planning among with legal advice to help them enter the North American mining market safely and worry-free, in a compliant way.