Title sponsored by Bitdeer, a NASDAQ-listed mining company.

1.

An Airbnb owner has been forced to implement a new ‘no crypto mining policy’ after a tenant installed 10 mining rigs that racked up a $1,500 electricity bill in just three weeks. The guest brought the computers to mine crypto at her property, also installed an electric vehicle charging point and told Ashley that he made over $100,000 during his stay. Ashley is not the only Airbnb host with a crypto mining problem. Other Airbnb hosts have also complained about crypto miners running up their electricity bills.

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2.

Bitdeer announced its unaudited mining and operations updates for July 2024. The delivery of SEAL02 initial tape-out wafers is anticipated for late September 2024. If the testing is successful, mass production is scheduled to commence by the end of 2024. R&D of SEAL03, our third-generation chip, is ongoing.

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3.

Hut 8 announced that Sean Glennan will become the Company’s new Chief Financial Officer (CFO), effective August 21, 2024. Shenif Visram will be stepping down from his role as CFO for personal, family-related reasons. Sean Glennan joins Hut 8 after a nearly 20 year career in financial services, including most recently serving as Managing Director in the Global Power, Utilities & Renewables group in Citigroup Global Markets’s Investment Banking division.

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4.

Core Scientific announced fiscal second quarter 2024 results. Total revenue was $141.1 million, net loss was $804.9 million and adjusted EBITDA was $46.0 million. Second quarter net loss resulted from a net $796 million mark-to-market adjustment in the value of our tranche 1 and tranche 2 warrants and other contingent value rights required as a result of the significant quarter-over-quarter increase in the value of our equity.

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5.

Among listed bitcoin miners, Marathon Digital has the largest position with 20,818 BTC. Riot Platforms, with 9,334 BTC, and Hut 8, with 9,109 BTC, are in third place. Other mining companies held the following positions: Cleanspark with 7,082 BTC; Hive Digital with 2,496 BTC; Cipher Mining with 2,270 BTC; Canaan with 1,057 BTC; Bit Digital with 1,038 BTC; and Bitfarms with 1,016 BTC.

6.

Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. The signed law introduces new concepts, including digital currency mining, mining pool, mining infrastructure operator, address identifier, and the individual who organizes mining pool activities. Mining itself is recognized as a component of turnover, not the issuance of digital currency. Only Russian legal entities and individual entrepreneurs included in a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register. According to the document, foreign digital financial assets can be traded on Russian blockchain platforms and the Bank of Russia will have the right to ban the placement of individual issues if it finds a threat to Russia’s financial stability. The law will enter into force ten days after the date of its official publication. Putin noted that this is a promising economic area and it is important for Russia “to seize the moment” to promptly create the legal framework and regulation, develop infrastructure and create conditions for the circulation of digital assets.

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7.

Marathon Digital Holdings announced that it intends to offer, subject to market conditions and other factors, $250 million aggregate principal amount of convertible senior notes due 2031 in a private offering. The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers. MARA intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.

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8.

Bitcoin miner Argo Blockchain finished repaying $35 million it borrowed from asset manager Galaxy Digital in 2022. The repayment marks “a significant milestone for Argo” and was accomplished “without any meaningful impact to Argo’s hashrate,” Argo CEO Thomas Chippas said in a statement. In December 2022, Argo narrowly avoided bankruptcy by agreeing to a multi-part deal with Galaxy that included selling its Helios Bitcoin mining facility in Dickens County, Texas for $65 million and refinancing its debt with a $35-million loan. (Cointelegraph)

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9.

Marathon Digital Holdings has announced that all Bitcoin blocks mined in America will now be stamped with the label “Made in USA”. This initiative coincides with comments made earlier this summer by Presidential candidate Donald Trump, who expressed a desire for “all the remaining Bitcoin to be MADE IN THE USA!!!” as Trump believes more Bitcoin mining done in the country will contribute to America’s goal of becoming energy dominant.

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10.

Bitdeer reported unaudited financial results for the second quarter of 2024. Revenue was $99.2 million, gross profit was $24.4 million and adjusted EBITDA was $24.9 million, representing year-over-year increases of 5.8%, 50.6% and 33.2%, respectively. As of June 30, 2024, cash and cash equivalents were $203.9 million. Bitdeer has energized the first batch of SEALMINER A1 chips, with mass production underway and plans to install 3.4 EH/s into datacenters by year-end. Bitdeer’s second-generation SEAL02 chip initial tape-out wafer delivery from TSMC remains on track for late September. Upon successful testing, they anticipate ramping mass production by the end of the year. Bitdeer also have started our third-generation SEAL03 chip R&D.

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11.

Bitfarms founder Nicolas Bonta is stepping down from the company’s board of directors after facing pressure from rival bitcoin miner Riot Platforms. Upon the former board chair’s departure, the company named Brian Howlett as its new chair. Additionally, Bitfarms CEO Ben Gagnon — named to that post last month — will join the board. The moves follow Riot Platforms’ accusations that Bitfarms suffers from “poor corporate governance practices and a consistent inability to realize its full potential.” Riot, which previously attempted to acquire Bitfarms, owned 16.9% of BITF stock as of July 29. (Blockworks)

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Bitdeer’s new Bitcoin miner brand SEALMINER A1, is now open for reservation. For every $0.99 you pay, you can unlock priority purchase rights and $100 credit towards your miner purchase. Bitdeer Sponsored.

12.

Cipher Mining reported a net loss of $15 million for the second quarter of 2024, slightly higher than the $13.2 million net loss it saw in the same quarter last year. The company’s cash and cash equivalents stood at $122.56 million, a significant increase from $86.11 million at the end of 2023, largely driven by the issuance of $163.28 million worth of common stock. Cipher also reported a current hashrate of approximately 8.7 EH/s, with targets to reach 13.5 EH/s by the end of 2024. Cipher is building out its capacity and looking to expand further into the high-performance computing sector. (The Block)

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13.

Core Scientific announced its intention to offer, subject to market and other conditions, $350.0 million aggregate principal amount of convertible senior notes due 2029 in a private offering to qualified institutional buyers. Core Scientific also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $52.5 million principal amount of notes. The notes will be senior, unsecured obligations of Core Scientific, will accrue interest payable semi-annually in arrears. Core Scientific intends to use the net proceeds from the offering to repay in full the outstanding loans under its credit and guaranty agreement entered into on January 23, 2024 and redeem all of its outstanding senior secured notes due 2028. Core Scientific intends to use the remaining net proceeds from the offering for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisitions of complementary businesses, or other repurchases of its securities.

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14.

Iran is handing out upward of $24 to anyone who alerts authorities to illegal crypto mining operations as the country faces power shortages amid a severe heatwave. Temperatures have soared to 113 degrees Fahrenheit (45 degrees Celsius) in parts of the country, straining the grid, which the CEO of the country’s state-run electricity company Tavanir claims is made worse by crypto miners. 230,000 illegal crypto-mining rigs, which consumed up to 900 megawatts of power, had been discovered.

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15.

Bitdeer announced the pricing of its underwritten public offering of US$150,000,000 aggregate principal amount of convertible senior notes due 2029. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 8.50% per year, payable semiannually in arrears. The Company intends to use the net proceeds from the Offering for datacenter expansion, ASIC based mining rig development, as well as working capital and other general corporate purposes.

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16.

Cory Klippsten, CEO of bitcoin financial services firm Swan Bitcoin, recently explained why the company canceled its plans for an IPO. Klippsten said the IPO plans were dependent on revenues from mining joint ventures managed by the company, but that a disagreement with a major capital partner led to the disappearance of the IPO path in the near term, and that significant short-term cash flow from mining was no longer expected. Nonetheless, Swan’s four main products are performing well, with financial services revenues up 132% year-on-year in H1 2024. The company has had to cut back on marketing and headcount as it has lost the rationale and funding for large-scale spending.

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17.

BitFuFu, a Bitmain-affiliated cloud mining company, announced unaudited financial results for the second quarter of 2024, with managed capacity of 522 MW; Total mining hashrate under management increased by 62.5% to 24.7 EH/s; cost of BTC mined by the self-mine operation averaged $51,887 per BTC, compared to $19,344 per BTC for the same period of 2023; total revenue for the second quarter was $129.4 million, with income from the bitcoin self-mine operation of $51.1 million; and total cash, cash equivalents and digital assets balance of $55.0 million. 344 per BTC for the same period in 2023; total revenue for the second quarter was $129.4 million, with $51.1 million in revenue from the bitcoin self-mining business; and the total balance of cash, cash equivalents and digital assets was $155.0 million.

18.

Malaysian authorities have crushed 985 bitcoin mining machines in a nationwide crackdown on electricity theft linked to cryptocurrency miners. Video circulating shows a heavy roller slowly running over the miners in an attempt to destroy them. The operation, led by the Perak District Police Headquarters, destroyed some US$450,000 worth of mining equipment. Malaysia’s Deputy Minister of Energy Transformation and Water Resources Transformation told local media that local cryptocurrency mining groups had stolen $776 million worth of electricity over a five-year period.（Decrypt）

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19.

Bitcoin miner Bitfarms said it agreed to buy rival Stronghold Digital for $175 million in stock and assumed debt. The offer comprises $125 million in stock based on 2.52 Bitfarms shares for each one of Stronghold, a premium of 71% to Stronghold’s 90-day volume-weighted average price on Nasdaq as of August 16. The deal comes weeks after Riot Platforms suspended plans to acquire Bitfarms. (CoinDesk)

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20.

At current bitcoin (BTC) prices, the value of the remaining 1.3 million tokens left to be mined is about $74 billion, JPMorgan (JPM) said in a research report. The bank reduced its price targets for some of the miners it covers to reflect second-quarter results and changes in both the price of bitcoin and the network hashrate. JPMorgan cut its CleanSpark (CLSK) price target to $10.50 from $12.50 while maintaining a neutral rating on the shares. It reduced the Iren (IREN) price target to $9.50 from $11 and kept its overweight rating. Underweight-rated Marathon Digital’s (MARA) price objective was lowered to $12 from $14, and overweight-rated Riot Platforms’ (RIOT) price objective was trimmed to $9.50 from $12.（CoinDesk）

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21.

The National Power Administration of Paraguay (ANDE) has recently detected and seized an illegal bitcoin mining operation hosting 693 miners. The official ANDE report states that the meter only registered 749.5 kW, while the true power load reached 2,151 kW. This allowed the operators to save 65% of their operating costs. The illegal mining operation is costing ANDE approximately $60,000 per month, and those responsible face hefty fines and up to 10 years in prison.

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22.

Bitcoin mining firm Rhodium Enterprises has filed for voluntary bankruptcy under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas, revealing liabilities of up to $100 million. The filing was submitted on August 24 and includes six subsidiaries — Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW and Rhodium 30MW. According to the document, the company’s debts range between $50 million and $100 million, while its total assets are estimated between $100 million and $500 million.

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23.

IREN generated $184.1 million in bitcoin mining revenue for the 2024 fiscal year, up 144% from the $75.5 million the firm generated in the 2023 fiscal year. The company increased its self-mining capacity from 5.6 EH/s to 10 EH/s during the period, mining a record 4,191 BTC.

Despite increases in power costs and other operating expenses, IREN’s net loss was significantly reduced to $29.0 million from $171.9 million in the prior year. IREN has a total capacity of 15 EH/s installed. The firm expects to reach 30 EH/s by the end of 2024. (The Block)

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24.

Cipher Mining Inc. has announced the acquisition of a 250-acre property in West Texas, featuring a 300 MW data center. Expanding its portfolio to 2.5 GW, Cipher revealed that it invested $67.5 million to obtain the West Texas location.

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