Wu said weekly mining information 0320-0326

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1,

The price of the most efficient bitcoin mining rig has risen 9 percent in the past two months. Miners are finally seeing electricity prices plummet even as the price of bitcoin rises — essentially reversing a trend that squeezed their profit margins and drove some out of business last year. It is becoming easier for companies to raise equity capital, allowing them to deleverage. (The Block)

2,

According to a document submitted by Bitcoin mining company Bitfarms to the US Securities and Exchange Commission, the company's revenue in 2022 will be US$142 million, gross profit will be US$11 million, operating loss will be US$284 million, net loss will be US$239 million, and a total of 5,167 BTC will be mined. , with an average mining cost of $10,000

3.

The U.S. House of Representatives has presented a document proposing proof-of-work(PoW) bitcoin mining as a potential aid to U.S. energy goals and economic growth. Pete Sessions introduced the resolution, stating that "PoW mining is an essential process that allows blockchain networks to remain credible, open, and decentralized in legislation"; "Improving the overall economic viability of renewable energy projects," miners could reduce their operations during times of low electricity supply or high prices, and provide more energy to households and the grid during times of high demand.

It is worth noting that this document was proposed by the Republican Party, and the Republican Party currently serves as the speaker of the US House of Representatives. The document is a stark departure from previous proposals by the Democratic-controlled White House to raise taxes on cryptocurrency mining.

4.

According to BTC, Bitcoin ushered in the adjustment of mining difficulty at block height 782208, and the mining difficulty increased by 7.56% to 46.84T, setting a ATH. The current average computing power of the entire network is 340.23 EH/s.

5.

In a new document submitted this week, Jihan Wu’s BitDeer disclosed the latest financial information. As of June 2022, the United States and Norway have 522 megawatts of mining capacity; self-owned mining and managed computing power are 4.2 EH /s and 6.3EH/s. By the end of 2022, BitDeer's mining capacity in Texas will reach 562 megawatts; the revenue from cloud computing power sales will be 75 million US dollars; the revenue of the hosting department in the first half of 2022 will be 60 million US dollars.

6.

Crypto mining company Bit Digital, Inc. announced today a strategic change to its executive leadership team. Effective March 31, 2023, Chief Executive Officer Bryan Bullett will complete his term and transition to a senior advisor role leading the company's strategic growth initiatives. Sam Tabar, the company's chief strategy officer, will be named CEO.

Bit Digital also announced its advisory board and outlined its strategic priorities for 2023, including maintaining a strong balance sheet, deploying capital strategically, expanding into PoS, strengthening treasury management solutions, and continuing to focus on sustainability. (PR Newswire)

7.

Bitcoin mining hosting and services company Navier has launched Reactor.xyz, a marketplace for buying and selling tokenized hashrate.

The goal is to make Bitcoin mining easy and reliable for retail users. What Reactor.xyz provides is ownership of an asset, that is, ownership of a certain amount of hashrate that will be mined for a certain period of time so that it can be easily traded between users. Also, the hashrate for sale comes from large-scale Bitcoin miners, not Navier's own website.

8,

A U.S. bankruptcy judge has approved the sale of some mining machines and other physical assets of bankrupt lender BlockFi for $4.7 million. A lawyer for BlockFi told the court on Thursday that the assets were sold to a company called US Farms. The lawyer also said the deal followed a "very competitive" auction process that resulted in five bids for the complete mining asset package and seven additional partial bids.

In January of this year, according to Bloomberg News citing people familiar with the matter, BlockFi planned to sell a loan of 160 million US dollars mortgaged by 68,000 bitcoin mining machines. (The Block)

9,

The first nuclear-powered blockchain data center in the United States, TeraWulf’s Nautilus data center in Pennsylvania, USA, announced that its first phase with a total capacity of 50 megawatts will exclusively deploy Bitmain’s ANTMINER products, which are currently deployed models It is ANTMINER S19 XP and S19 Pro.

TeraWulf is an American mining company based on the principles and practices of ESG (Sustainable Enterprise Development), aiming at 100% zero-carbon energy power. At present, 91% of the power energy of TeraWulf comes from nuclear energy, hydro energy and solar energy, and a nuclear power Nautilus data center has been established.

10.

Following the arrest of Venezuelan crypto-asset chief Joselit Ramirez and President Nicolas Maduro's order to restructure the country's crypto regulator, the new crypto-asset regulator was apparently unhappy with the way the industry was developing and ordered the closure of "Sunacrip," the country's Crypto Regulatory Authority) registered with all cryptocurrency exchanges.

While the major move has yet to be officially confirmed, the Venezuelan National Association for Cryptocurrencies says such moves are taking place as the country advances an anti-corruption investigation that has so far ousted Joselit Ramirez and his political protector, the Minister of Energy and Oil. Tareck el Aissami has been removed from office.

Additionally, just before the crackdown, Sunacrip ordered the closure of large cryptocurrency mining farms operating in several Venezuelan states. (Decrypt)

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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