1.

Bitfarms announced that 411 bitcoins were mined in September 2023, a 7.3% increase from the previous year; 362 of these were sold for total proceeds of $9.5 million; treasury holdings increased to 703 BTC; 4,600 miners were installed in September; and capacity was increased to 51 MW in Argentina, with a ramp-up to 11 MW in Quebec expected in October.

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2.

Cryptocurrency financial services firm Galaxy Digital’s (GLXY) head of mining, Amanda Fabiano, has left the firm to start her own consulting services company to help bitcoin miners grow their business. Fabiano said she will be working with Compass Mining and Giga Energy, among others, as inaugural clients of the consulting business.She spent three years at Galaxy building up the firm’s mining business, offering operational and capital markets products. Previously she was director of bitcoin mining at Fidelity Investments. (CoinDesk）

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3.

Volcano Energy announced a new agreement with Luxor Technologies to establish the first bitcoin mining pool based in the Central American country. Its name is Lava Pool. The goal of the pool is to decentralize bitcoin mining and take advantage of the “regulatory clarity”. This project will generate renewable energy with a capacity of 241 MW that will be partially used to mine bitcoin and to provide cheap power to the local communities.

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4.

Volcano Energy secured $1 billion in investment commitments in June, led by Tether Energy, with $250 million already deployed, to develop renewable energy and Bitcoin mining operations in the country. 23% of its net income is contributed to the government of El Salvador as part of a public-private partnership program. volcano Energy is co-led by Josue Lopez, a 23-year-old bitcoin advocate from El Salvador, who serves as chairman of the board and advisor to the president of El Salvador, and Max Keiser.

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5.

Iris Energy has announced the purchase of 7,000 of the latest generation of Bitmain S21 miners from Bitmain, scheduled to ship in early 2024, increasing the company’s self-mining capacity from 5.6 EH/s to 7.0 EH/s. $16.7 million ($11.9/TH) will be paid before shipment, with the remaining 15 percent of the purchase price (~$2.9 million vs. 2.1 The remaining 15% of the purchase price (approximately $2.9 million versus $2.1/TH) will be deferred until one year after shipment.

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6.

Bitcoin miners Marathon Digital, Riot Platforms and CleanSpark recorded strong Bitcoin production increases in September. Marathon Digital produced a total of 1,242 BTC in September — a 16% increase from August and a massive 245% increase from September 2022. Riot Platforms increased its BTC production by 9% month-on-month, producing 362 BTC in September. CleanSpark produced 643 BTC in September and 6,903 BTC during its fiscal year from Oct. 1, 2022, to Sept. 30, 2023, making it the company’s best performance to date, according to CleanSpark CEO and president Zach Bradford.（Cointelegraph）

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7.

According to a group of confirmed Bitmain internal employees, Bitmain issued a notice on October 3. The notice stated that the company’s operating cash flow in September remained negative. Specifically, the mining department, referring to the progress of the mining machines stationed in the mine, was significantly below the standard. As a result, the Executive Management Team (EMT) decided to suspend the issuance of part of the employees’ salaries for September. After the October 7 holiday, salary payments will be contingent on the situation. Bitmain recently conducted a general meeting in Hong Kong and unveiled its latest S21 miner.

8.

Hut 8 has announced its mining and operations for the month of September, with 111 bitcoins mined in September 2023 and no bitcoins sold during the month. As of September 30, the Hut 8 bitcoin reserve had a total balance of 9,366 bitcoins, of which 7,269 were unencumbered.

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9.

According to Fidelity’s latest equity disclosure data, as of September 30, 2023, four new institutional investors have bought shares of crypto mining services provider Bitdeer Bitdeer (Nasdaq: BTDR), specifically Invesco Capital Management, Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA), Exchange Traded Concepts (ETC), and BetaShares Capital Limited. Invesco, an independent investment management firm, purchased 20,380 shares of Bitdeer stock. TIAA, one of the leading providers of financial retirement services in the academic, research, healthcare, cultural and government sectors, now owns 22,100 shares. ETC, a global pioneer in white label ETFs, purchased 290,730 shares. BetaShares, another Australian ETF provider, currently holds 178,360 shares of Bitdeer.

10.

CleanSpark announced it has purchased 4.4 EH/s of the recently announced Antminer S21 bitcoin mining machines. The machines, with deliveries set to begin in January 2024, were purchased with favorable terms, including 20% seller-based financing of the total purchase price ($12.35 million or $2.80/TH), which is not due for 365 days after the machines are delivered.

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11.

J.P. Morgan analyst Reginald Smith expanded his coverage of the bitcoin (BTC-USD) mining industry, handing out Underweight ratings to Riot Platforms and Marathon Digital Holdings. The Overweight rating aligns with the SA Quant system rating and the average Wall Street analyst rating, both at Strong Buy.

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12.

Stronghold mined 196 Bitcoin in September 2023 and generated approximately $0.2 million in energy revenue. The Company experienced an unplanned outage during September 2023 at its Scrubgrass power plant (the “Scrubgrass Plant”) that affected both its plant operations and data center operations. Once the data center at the Scrubgrass Plant resumed operations, hash rate finished the month at approximately 3.5 EH/s, the Company’s all-time-high hash rate.

Stronghold expects October 2023 Bitcoin production to be in the range of 205 to 215 Bitcoin, excluding any electricity sales, and the Company continues to expect over 20% average hash rate growth in the fourth quarter of 2023 when compared to the third quarter of 2023. Stronghold has signed a managed services agreement with Frontier, a bitcoin mining data center management company, to optimize data center operations.

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13.

On Oct. 16, the Pennsylvania House Environmental Resources and Energy Committee passed the Cryptocurrency Energy Conservation Act by a slim margin. The bill removes a two-year ban on cryptocurrency mining and now only requires cryptocurrency mining companies to report their activities and directs the Environmental Protection Agency to conduct a study of the industry.（Cointelegraph）

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14.

Bitcoin (BTC) miner Marathon Digital (MARA) will stash some of its digital assets with Fidelity Digital Asset, adding a second custody partner in an attempt to diversify. The company had 13,726 bitcoin as of Sept. 30 and it’s producing over 1,000 more per month. Marathan’s decision comes after several custodians, including Fortress Trust, have been targeted by hackers that stole some digital assets.（CoinDesk）

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15.

Bitmain’s official account says it plans to launch the Aleo ant miner. According to the article, the Aleo project makes deep use of Zero-Knowledge Proof (ZKP) technology, aiming to build a blockchain network that balances decentralization, scalability and privacy protection. With the ZKP programming language Leo, Aleo is the first blockchain privacy network to offer full-stack programmability, allowing users to freely build privacy applications on the Aleo network.

16.

Bitcoin miner Bit Digital (BTBT) is expanding into the artificial intelligence (AI) infrastructure business. The miner will rent out a minimum of 1,024 graphic processing units (GPU) and a maximum of 4,096 GPUs to the unidentified customer. The deal, at minimum, is expected to generate between $23 million and $27 million in annual revenue, starting January 2024. If extended to three years and with the maximum number of GPUs, the contract could generate more than $250 million of revenue, the mining firm said.

To facilitate the agreement, Bit Digital will acquire 132 units of FusionOne HPC from xFusion Digital Technologies at approximately $35 million. Each unit includes Nvidia’s HGX H100 8-GPUs, totaling 1,056 GPUs, and is expected to be delivered by year-end. Bit Digital reported revenues of approximately $9 million in the second fiscal quarter and $32 million in fiscal 2022.（CoinDesk）

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17.

Crusoe Energy announced a significant expansion of its Cloud business. The new capacity includes NVIDIA H100 Tensor Core GPUs delivering an order-of-magnitude leap in performance to power AI, as well as additional NVIDIA A100 TensorCore GPUs, connected with high-speed NVIDIA Quantum-2 InfiniBand networking, supporting market leading levels of reliability and performance. Furthermore, to support continuous growth and additional capacity availability in the coming months, Crusoe is announcing a commitment from investment firm Upper90 for asset-backed financing. The additional GPU capacity is expected to be available to customers in Q1 of 2024.

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18.

WhatsMiner released the latest miners: M60 150–172T, 19.9J/T; M63 water-cooled 334–366T 19.9J/T; M66 240–276T 19.9J/T; M60S 170–186T, 18.5J/T; M63S water-cooled 360–390T 18.5J/T; M66S 270- 298T 18.5J/T. It is worth noting that Yang Zuoxing, the founder of SmarTiner, was personally announced at the Dubai launch. 298T 18.5J/T. It is worth noting that Yang Zuoxing, the founder of WhatsMiner，who has been deeply involved in various rumors, personally announced at the Dubai launch this time.

19.

Bitmain announced the new T21 Ant miner, which has a hashrate of 190T and an energy efficiency ratio of 19 J/T. The T21 is expected to ship in the first quarter of 2024. the T21 is comparable to the S21 air-cooled miner in size and weight. In addition, the company has introduced an optional Bitcoin Volatility Protection Program, which allows customers to elect to receive cash compensation if the price of Bitcoin falls below the strike price during the protection period.

20.

Bitcoin miner Marathon Digital has filed a Form FORM S-3 with the U.S. Securities and Exchange Commission (SEC) and plans to raise up to $750 million through a hybrid equity offering. Marathon Digital has indicated that it may from time to time in one or more offerings, at prices and on terms to be determined at the time of each such offering, sell shares of common stock, preferred stock warrants, units or a combination of these securities for up to $750 million of the total initial offering.

21.

Hashrateindex examined the profitability of Bitmain’s newly launched ant miner, the S21, and found that according to data from Oct. 25, the air-cooled model earns about $7.43 per day minus electricity, or $2,713 a year, while the water-cooled model earns about $17.34 per day, or $6,328 a year. This translates to a payback cycle of about a year to a year and a half. It is worth noting, however, that as hashrate increases with the halving coming, revenues could drop dramatically.

22.

Though Bitcoin ETFs may appear promising, they may also suck capital away from stocks that investors have until now treated as the next best thing. J.P. Morgan’s Smith highlighted Marathon Digital and Riot Platforms — two of the largest Bitcoin mining companies — as indirect Bitcoin investments that may be inferior to an ETF. Over the past few years, mining companies have been used as proxies to get access to Bitcoin exposure in the public markets. It will be interesting to see how these new ETF vehicles will impact public miner valuations as investors will now have a more direct, cost-effective way to access the asset class.（Decrypt）

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