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APR 17, 2023

Global Crypto Mining News (Apr 10 to Apr 16)

by Colin Wu, WuBlockchain

1.
Bitdeer and Blue Safari's merger was approved at a shareholders meeting, and Bitdeer shares started trading on NASDAQ under the symbol "BTDR". Bitdeer has six mining data centres with a total electricity capacity of 775 MW as of the end of 2022.
2.
Bitdeer shares opened 30% down and suffered a sell-off of over 10,000 shares in the first three minutes. The company's current market capitalisation is $854 million, making it the third-largest mining listed company in North America behind Marathon and Riot.
3.
Bitdeer reported revenue of $88.77 million, $186 million, and $395 million for 2019, 2020, and 2021, respectively. The company reported a gross profit of -$10.068 million, -$23.177 million, and $241 million for the same period. In 2022, the company had a net loss of $62.4 million on revenue of $330 million. Bitdeer's net asset value was $316 million as of December 31, 2022.
4.
Bitdeer criticised The New York Times for incorrectly reporting that the company earned $18 million by participating in the Winter 2021 Demand Response Program. The company claims to have reduced its entire operation and suffered a net loss during the five-day storm to ensure electricity was available for residential and basic commercial customers.
5.
A new bill has been introduced in Arkansas that will ban discrimination against crypto mining businesses in Arkansas, ensure that bitcoin miners will have the same rights as data centres, and safeguard individuals who engage in cryptocurrency mining at home. The bill has been approved by the House and Senate and is currently awaiting the signature of Governor Sarah Huckabee Sanders.(Decrypt)
6.
Crypto miner CleanSpark (CLSK) bought 45,000 new Bitmain Antminer S19 XPs for $144.9 million. The first batch of 25,000 rigs will be ready for delivery in August from Bitmain, and the rest are scheduled for September.(CoinDesk)
7.
Riot Platforms defended itself against an April 9 New York Times article on the polluting effects of bitcoin mining.
The company posted a tongue-in-cheek video on Twitter from inside a Riot mining facility, showing carbon dioxide levels are lower than those in the outside air.
The video omits the fact that CO2 emissions are generated by power stations supplying bitcoin miners with electricity, nor directly from mining rigs.(The Block)
8.
BlueWheel Gulf – Dubai Based Bitcoin Mining Company has signed an additional 5 MW Bitcoin mining contract from a  group of Private Investors in Dubai. With the addition of the 5 MW contract, the company’s total mining operations have reached 6.5 MW with 2000 Asic Pods.
Bluewheel Gulf has recently partnered with DeFi Nation studios, a Singapore-based Blockchain studio, for Bitcoin Mining NFT project under Bluewheel Mining. NFT Holder gets Bitcoin rewards as his share of Reward from Bitcoin Block by just holding NFT.(Bitcoinist)
9.
Bankrupt bitcoin miner Core Scientific has filed a motion with the court to appoint cryptocurrency veteran Adam Sullivan as its new president, with former Core Scientific president Todd DuChene continuing as the company's chief legal officer and taking on the role of chief administrative officer.
Sullivan, who has spent the past six years in various roles at financial services firm XMS Capital Partners, will be responsible for financial and strategic matters at Core Scientific, including working with customers, vendors and creditors, and helping to restructure the company's management team.
10.
Core Scientific will add 900 mining machines for LM Funding America. Core Scientific host a total of 3,900 mining machines with 400 petahashes of mining capacity on behalf of LM Funding.
LM Funding also said that the additions would raise the number of mining machines that it operates to 4,600 and would raise its total mining capacity to 470 petahashes. The 900 new devices would be brought online by the end of April.
As of February 2023, Core Scientific operated about 213,000 miners with 22.3 exahashes (or 22,300 petahashes) of mining capacity. This includes both Core Scientific’s own mining machines as well as colocated devices operated on behalf of other companies.(Cryptoslate)
11.
The US Senate in Texas has passed a bill that would limit the number of bitcoin mining companies that can participate in demand response programs. Under the scheme, crypto miners could be paid for reducing their operations when energy demand is high.
The bill will next move to the Texas House of Representatives, which is scheduled to meet and discuss legislation on April 13 — though it’s unclear whether lawmakers intend to address SB 1751 at that time. If passed in the House, Texas Governor Greg Abbott — a self-described “crypto law proposal supporter” — will be able to sign the bill into law.
The bill aims to limit the number of bitcoin miners participating in demand response programs to 10% and remove tax breaks for the industry. The House vote is expected to be more controversial, in part because of increased opposition to the bill from bitcoin miners. Three lobbying groups, including the Texas Blockchain Council, the Digital Chamber of Commerce and the Satoshi Nakamoto Action Fund, launched a campaign against the bill on Monday, calling it "anti-competitive".(Cointelegraph)
12.
The bill, seeking to enshrine crypto miners’ rights in the United States state of Montana, successfully passed the third reading in the state’s House of Representatives. Now, the only thing required to become law is the governor’s signature.
Bill number 178, prohibiting local authorities from obstructing the crypto mining operations, was passed during the third reading by 64 votes to 35 on April 12. The legislation had already passed through Senate voting in February. It will now make it to the desk of Governor Greg Gianforte.
The legislation aims to establish a “digital asset mining right” and forbid any discriminatory electricity rates charged to cryptocurrency miners. Additionally, it seeks to safeguard mining operations that take place “at home” and remove the authority of local governments to utilize zoning laws to impede crypto-mining activities. The bill also bars any extra taxes on using cryptocurrency as a means of payment. It categorizes “digital assets” comprising cryptocurrencies, stablecoins and nonfungible tokens as “personal property.“(Cointelegraph)
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