Global Crypto Mining News (May 9 to May 15)

May 16

1.

BTC.com shows that current bitcoin mining difficulty is at a record high of 31.25 T, an upward revision of 4.89%. But as bitcoin falls to $30,000, more miners will be nearing shutdown coin prices.

2.

Riot Blockchain reports record first quarter 2022 financial results：Increased total revenue by 244% to a record $79.8 million in Q1 2022；Increased mining revenue by 150%；Increased BTC production quantity by 186% to a record 1,405 BTC (67% of mining revenue). The cash balance of the Company stood at $113.6 million and as of April 30, 2022, the Company’s unaudited BTC quantity was 6,320 BTC, all of which were produced by its self-mining operations.

3.

Bitcoin miner CleanSpark reports record first quarter 2022 financial results：Revenues for the quarter grew to $41.6 million, an increase of $33.5 million；total assets of $424.8 million, including $17 million in cryptocurrency.

4.

The9 Limited announced that its wholly-owned subsidiary NBTC Limited and Kyrgyzstan enterprise SolarCoin LLC have signed a Purchase Agreement regarding a block chain computing center in Kyrgyzstan, pursuant to which The9 will obtain 31.5MW electricity capacity for the deployment of its 7,500 Antminer S19J Bitcoin mining machines contributing approximately 675PH/s hash power.

5.

Hive Blockchain intends to complete a consolidation of its common shares on the basis of five pre-Consolidation Common Shares for one post-Consolidation Common Shares. As of the date hereof, there are 411,209,923 Common Shares issued and outstanding. On a post-Consolidation basis, the Company shall have approximately 82,241,984 Common Shares issued and outstanding.

6.

Iris Energy reports third quarter fiscal year 2022 results：revenue of $15.2 million(+445% YoY)；357 Bitcoin mined (+449% YoY)；record average operating hashrate of 833 PH/s (+686% YoY), exceeding Canal Flats’ previously announced site capacity of 0.7 EH/s；expansion to 15 EH/s of installed capacity progressed well across four data center sites。

7.

Soluna Computing, Inc. announced that it has closed a $35 million financing round from Spring Lane Capital. The capital will help develop three behind-the-meter (BTM) projects designed to convert wasted renewable energy into clean computing services such as bitcoin mining and artificial intelligence.

8.

According to F2pool data, with bitcoin falling to around $27,000, a number of miners, including the full series of Ant S9, have reached the shutdown coin price according to the $0.4 electricity charge. In addition, S11, M10, A9 and other miners are currently close to the shutdown coin price.

9.

Nasdaq-listed crypto mining firm, Argo Blockchain recently confirmed that the company has promoted Justin Nolan to the position of Chief Growth Officer. In his new role, Nolan will facilitate the expansion of Argo’s operations.

Previously, he served as the Co-Founder and Chief Executive of DPN LLC, which initially developed the Helios project and was acquired by the company in March 2021. Following the acquisition, Nolan worked at Argo as Vice President of Business Development.（Finance Magnates）

10.

BitPatagonia, one of the largest registered crypto mining companies in Argentina, was recently hit with a 400% increase in its electricity bill, the result of a policy change affecting miners there, the startup’s industrial director, Pablo Holmes said.

The government isn’t happy about the consumption of energy by mining companies. So in January, it imposed a 170% increase in the wholesale electricity rate of Tierra del Fuego, targeting digital asset miners specifically.

Argentina’s government, alerted by the growing crypto mining activity, began an investigation in December to identify mining companies and measure their energy consumption. The goal, it said at the time, was for the miners to “face the payment of the price of energy equivalent to the cost of supply, being inequitable that they pay the price of a residential user.”

Argentina’s government pays big subsidies to different entities that provide electricity and gas, ultimately reducing the final rate for taxpayers. In February, the budget for energy subsidies increased by 207% compared with the same month of 2021, according to a report published by the Argentine Association of Budget and Public Financial Administration.（CoinDesk）

11.

According to Glassnode on-chain data, BTC miners' balance just reached a 4-month low of 1,819,654.240.Previous 4-month low of 1,820,300.618 was observed on 09 May 2022 12.

12.

BitRiver, Russia’s crypto mining giant, rejects the accusations made by the US. The firm claims that it does not aid the Russian government in evading global sanctions. BitRiver claims innocence and says there’s no legal basis for applying sanctions.

The U.S. Treasury Department is to be sued by Russian mining firm BitRiver over new sanctions against Russian companies and individuals. BitRiver is also confident that the limitations are illegal and that it will fight to have them removed from the blacklist in the United States.（Crypto Politan）

This follows news on April 21 that the U.S. Treasury Department sanctioned Russian bitcoin miners. Among the companies targeted for U.S. sanctions is BitRiver, which was founded in 2017 and uses hydroelectric power for its mines. The Office of Foreign Assets Control singled out 10 Russian subsidiaries of BitRiver in a series of recent sanctions imposed on companies and individuals who helped mitigate the blow of economic penalties in Russia.

13.

Bitcoin miner Hut 8 reported revenues of C$53.3 million and a net income of C$55,708 in the first quarter of 2022.The Toronto-based company said that the deployment of 9,592 new MicroBT miners helped them deliver "strong results" during the first three months of the year, in a statement on Thursday.

Still, they were "partially offset by a decrease in average Bitcoin price," per that statement.

The new miners brought the company's hash rate up to 2.54 EH/s — up 27% from the end of 2021. At the end of the quarter, it held a total of 6,460 BTC.（The Block）

14.

he Texas Blockchain Council, a commerce affiliation representing the bitcoin mining trade in Texas, introduced at this time that the bitcoin miners responded to the conservation discover that was issued by ERCOT yesterday. Some amenities shut down whereas many will ramp down within the afternoons this weekend when energy is in excessive demand however then flip again on in a single day when demand subsides.

Miners that have been already enrolled in ancillary providers inside ERCOT are standing able to energy down at ERCOT’s path. Because the bitcoin mining trade matures, increasingly load could have the technical functionality to reap the benefits of demand response and controllable load sources thereby creating extra dispatchable load that can be utilized by all Texans at occasions of peak demand.（Cryptonewsbtc）

15.

ranian officials have unplugged and disbanded a total of 6,914 crypto farms operating without a mining license. It is reported that，total power consumption of the banned centers was nearly 645 megawatts, which is equal to the annual consumption of three major provinces, namely North Khorasan, South Khorasan and Chaharmahal-Bakhtiari .

Mining virtual currency is legal in Iran and miners can operate only under rules approved by the government in July 2019. Mining digital currency without a license from the Ministry of Industries is illegal.

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