1.

The New York state Senate passed a bill that disallows fossil fuel power plants from setting up new projects to provide energy to proof-of-work (PoW) cryptocurrency mines for two years.

Environmentalists and state Assemblywoman Anna Kelles – who sponsored the Assembly version of the bill – called on New York Gov. Kathy Hochul to not only sign the bill into law, but to also deny air permits for bitcoin mining company Greenidge Generation at a press conference on Friday.

Greenidge Generation rushed to declare that the bill does not apply to its operations, even quoting Kelles herself from an April Wall Street Journal story.

“In essence this is a power plant bill. This bill says that we will not for the next two years allow cryptocurrency mining companies to purchase power plants that use fossil fuels … and use them for cryptocurrency mining. That is the crux of this bill,” Kelles, the lead sponsor of the bill in the state’s lower house, said at the press conference.

Greenidge Generation is one of two bitcoin miners that use this model in the state, and its air permit is currently under review by the state’s Department of Environmental Conservation (DEC). The department pushed the deadline for making a decision to June 30, just two days after the state is set to elect a new governor.（CoinDesk）

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2.

After the New York Senate passed a controversial two-year proof-of-work mining moratorium bill, the industry is calling out to Governor Kathy Hochul, who holds the final say.

Bitcoin miners in New York are responding following the passage of the New York crypto moratorium bill that, if ultimately signed by the governor in the next 10 days, will prevent new proof-of-work mining facilities operating with fossil fuel energy behind the meter from setting up shop in the state for two years. Foundry said this legislation limits jobs and innovation in New York for the foreseeable future.

Until Thursday, it looked like the bill had stalled in the Senate and there were no signs that it would be put to a vote. But by the early hours of Friday, it was moved from the Environmental Conservation Committee to the Energy and Telecommunications Committee and eventually to the floor, where it passed with 36 votes for and 27 against.

The bill also tasks the Department of Environmental Conservation with conducting a General Environmental Impact Statement on all crypto mining operations in the state.（The Block）

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Some in the industry believe that the New York State mining ban may have a domino effect in the U.S. The bill has now passed the Senate and is now in the process of being signed by Governor Kathy Hochul. They believe the exodus of crypto miners could have a negative impact on jobs and tax revenue in the state, and could be copied nationwide.

In a tweet, Vitalik expressed his opposition to the New York State mining ban. He argued that the government picking and choosing which specific applications are an okay use of electricity or not is a bad idea. Better to just implement carbon pricing, and use some of the revenues to compensate low-income users.

3.

The Biden administration is teeing up policy recommendations to lower cryptocurrency mining’s energy consumption and emissions footprint, marking its first major foray into a poorly understood industry that critics say threatens U.S. climate goals and strains the power grid. The report will be expected in August. (Bloomberglaw)

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4.

According to Xinhua News Agency, some localities and departments are not sufficiently aware of the importance and vulnerability of the autonomous region's ecological environment. The Zhundong Economic and Technological Development Zone (JETDZ) has invested in six illegal, high energy-consuming virtual currency mining enterprises since 2018.

5.

BIT Mining announced the first closing of its acquisition of Bee Computing, which specializes in the development and manufacture of cryptocurrency mining chips and mining machines for different cryptocurrencies. BIT Mining issued 16,038,930 of its Class A ordinary shares to the selling shareholders. Currently, Bee Computing is in the process of developing three types of mining machines. The new generation of Bitcoin mining machines will also be equipped with 7-nanometer chips and have theoretical computing power of up to 110 TH/s with a power consumption of 3,300W.

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6.

Recently, the People's Court of Lianyungang City Economic and Technological Development Zone in Jiangsu Province heard a case of dispute over the lease contract of a bitcoin "mining machine". The court ruled that the illegal debt is not protected by law, the relevant contract is invalid, and rejected the plaintiff's request for the return of rent and bitcoin proceeds.

7.

Bitfarms provided a Bitcoin (BTC) production and mining operations update for May 2022. 3.4 EH/s online as of May 31, 2022; 431 new BTC mined during May 2022, up 6% from May 2021; 429BTC is deposited into escrow, with a cumulative escrow of 6075BTC；13.9 BTC mined daily on average in May, equivalent to about $431,000 per day and approximately $13.3 million for the month based on a BTC price of $31,000.

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8.

BTC miners brought in about $906.2 million in revenue in May，revenues fell in May by 21.6%.Most bitcoin revenues came from the block reward subsidy ($890.01 million) and only a small portion from transaction fees ($16.18 million). Compared to October 2021, that's an even bigger drop of about 47%. Monthly revenues have generally decreased since. In May, ethereum miners earned 1.08 times more than bitcoin miners.（The Block）

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9.

Miner flows to exchanges have reached their highest point since January, Compass Mining – a bitcoin mining services company – wrote in a research note using data from CoinMetrics. "Miners may begin to sell hodl'd Bitcoin into the open market," wrote Compass. Compass says miners may start selling their bitcoin holdings to the open market, such as the world's largest miner by hashrate, has already sold some of its mined bitcoin this year.（CoinDesk）

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10.

Riot Blockchain in May mined 466 bitcoins, about 8% fewer than April but more than double the year-ago level. The company sold 250 bitcoins in May, raising about $7.5 million. As of the end of May, Riot still held about 6,536 bitcoin on its balance sheet.（Coindesk)

Argo Blockchain plans to raise debt and sell some of its bitcoin to cover expenses, the company said in an analyst call for its first quarter results. Core Scientific, the world's largest miner by hashrate, has already sold some of its mined bitcoin this year and plans to continue doing so. Cathedra Bitcoin in a May 30 statement said it sold 235 bitcoins during the month in a move to raise liquidity and "insulate" itself from further price declines. There's also Marathon Digital, which at its earnings call in early May – suggested it may sell some of its bitcoin. Digihost said it sold off a portion of its mined bitcoin to help fund energy costs.（CoinDesk）

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11.

According to reports, *ST Zhongchang announced that the company's director, former chairman and general manager Li Qunnan, was arrested by the Beijing Public Security Bureau for allegedly misappropriating more than 53 million yuan in funds to purchase mining machines and pay escrow fees.

12.

CryptoMonday released a report showing that bitcoin miners are spending more than 75 per cent of their earnings in soaring electricity costs, resulting in a significant carbon footprint. CryptoMonday said：“Bitcoin mining is a very electricity-intensive process. A recent study has shown that a single Bitcoin transaction consumes about 2165 kWh of electricity which a regular household in the US would use in 74 days. Factor in the roughly $0.14/kWh that an average household pays, and the magnitude of expenditure becomes evident.”

According to the study, an average Indian household consumes 5.7 kilowatt hours of electricity per day, meaning that it would take an average Indian household 380 days to consume the equivalent amount of electricity needed to mine one bitcoin.

One of the studies estimates that Bitcoin emits nearly 114 megatonnes of CO2 annually, a value comparable to Czech Republic's. Other estimates suggest that bitcoin mining consumes 127 terawatt hours of electricity per year - the equivalent of Norway's annual electricity consumption.（abplive）

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13.

Oman Investment Authority was part of the $350 million equity round that Crusoe Energy Systems Inc. raised in April, according to a statement. Specific terms of the investment were not disclosed.

Denver-based Crusoe will open an office in Muscat, Oman, to help deploy power generators and mining equipment for capturing gas at well sites, said Chief Executive Officer Chase Lochmiller.

Crusoe held a workshop in Oman on Monday with the country’s biggest producers, including OQ SAOC and Petroleum Development Oman. The first Middle East pilot will be launched by year-end or early 2023, Lochmiller said. While the drop in Bitcoin prices “certainly has some impact on our top-line revenue, it doesn’t impact any plans for growth and expansion.”

Previously announced on April 21, Crusoe Energy closed a $350 million Series C round at a post-vesting valuation of $1.75 billion, led by G2 Venture Partners, which focuses on sustainable energy investments, with participation from Bain Capital Ventures, Polychain Capital and Winklevoss Polychain Capital and Winklevoss Capital, among others, participated in the round.（Bloomberg）

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14.

Kenya’s energy production company KenGen wants to offer bitcoin mining companies its surplus geothermal power to help them meet their energy needs.

KenGen, which generates most of its power from renewables, said miners have been reaching out about buying its energy. The company has not provided any more details, but given there are no bitcoin mining firms in Africa, those that approached it are believed to be from the US and Europe.（QZ）

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15.

Bitzero Blockchain announced North Dakota as Bitzero’s headquarters and hub for all North American operations. Bitzero is planning to build 200 megawatts of data centers in North Dakota in the next two to three years. The data centers represent an investment of $400 million to $500 million.

To date, Bitzero has raised close to $100 million in investment capital and plans to have an initial public offering on the Canadian stock exchange within the next 60 days and subsequently be listed on the Nasdaq once regulatory approval is passed, Bitzero Blockchain said.

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16.

According to a Nation Thailand report, Mining Pro will invest 170 million baht (nearly $5 million) to set up the first cryptocurrency mine in the country. The facility will be located in Bang Na (one of Bangkok’s most developed districts) and is expected to start operating at the beginning of next year. Initially, it will use Bitmain bitcoin mining rigs imported from China.

Jaturapuch Triphet – CEO of the firm – emphasized the progress of the crypto mining sector, claiming it could be highly profitable. Triphetrevealed that his company made almost $6 million in revenue in Q1, 2022, from selling and renting mining rigs. Its goal is to boost those figures to around $30 million by the end of the year.

Subsequently, Triphet noted that an increasing number of foreign investors had entered the crypto mining business in Thailand. Citizens of Vietnam, Hong Kong, Russia, and Singapore have also settled there.（Cryptopotato）

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17.

A new luxury apartment complex in the upscale neighborhood of Belgrano in Buenos Aires, Argentina, will become the first of its kind to feature a Bitcoin mining facility – to help its residents “get paid to live” in their apartments.

But the building will also be equipped with “between five and 10 machines that mine cryptocurrencies.” A contract has also been sealed with “a company that is in charge of operating” the machines and which will take an undisclosed percentage of the coins in exchange.

In order to factor in BTC volatility, the developer plans to calculate an average price for bitcoin over 12 months and use this as a basis in calculations that would allow the mining operations to fund at least 100% of the cost of the building’s expenses.（Cryptonews）

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18.

Hive announced that it has secured €7M in its Seed round of funding. The company’s investment came from institutional investors Global Ventures and OneRagtime. The round was also joined by angel investors including Tom Glocer, Lead Director of Morgan Stanley, Merck and former CEO of Thomson Reuters, Moritz Thiele, founder and former CEO of Finanzcheck.de, Kumar Yamani, CEO of OSI Digital, LeFonds of FrenchFounders and David Gurle himself. At the same time, Hive announced the launch of its platform.

Hive, a company founded by renowned French serial entrepreneur and engineer David Gurle. Hive provides both computing and data storage services via Hivenet, the company’s peer-to-peer network, rather than from a centralised set of data centres.

According to the introduction, the Hive network is able to pool all available computing and storage resources and then allocate them according to demand, and users will receive token incentives based on their contributions to computing resources, which will then address the growing demand for computing in the Web3 era.（Silicon Canals）

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TSE (www.tsedata.com) is committed to being the North American mining service provider that understands Chinese miners best.

With years of experience in the North American natural gas industry (original business website: www.topspeedenergy.com), TSE can produce its own natural gas and build a 100% natural gas-isolated mine, which has cost advantages and ensures business diversification, and use 100% clean hydroelectric energy in Canada and mixed grid power resources in Texas, Ohio and North Dakota to build a world-class mine. We have a three-shift operation and maintenance team that promises a one-hour response time to ensure the stability of miners' equipment around the clock and bring significant mining revenue.

As a localized mining company in North America, TSE can assist miners with local incorporation, tax planning and legal advice to help them enter the North American mining market safely and worry-free.

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