Mining News in November:Deutsche Telekom Enters Mining, Bhutan Mining Holds Large Amounts of Bitcoin, Russia Impro…
Title sponsored by Bitdeer, a NASDAQ-listed mining company. 1. Bitdeer announced the issuance of $360 million of convertible senior notes to qualified institutional buyers, which will be the company’s general, senior unsecured debt, with an interest rate of 5.25% per annum and a maturity date of 2029. The initial conversion rate of the notes will be 62.7126 Class A ordinary shares per US$1,000 principal amount of such notes (equivalent to an initial conversion price of approximately US$15.95 per Class A ordinary share). The sale of the notes is expected to close on November 26, 2024. A portion of the net proceeds will be allocated to data center expansion, the development and manufacturing of ASIC-based mining equipment, working capital, and other general corporate purposes. 2. Bitcoin mining colocation and cloud servicing firm Applied Digital is poised to raise $375 million through a private offering of convertible notes. The convertible notes feature an interest rate of 2.75% and are set to mature in 2030. The initial purchasers have been granted an option to acquire up to an additional $75 million. Applied Digital intends to use part of the proceeds to cover the costs of entering into capped call transactions to hedge against potential shareholder dilution arising from the issuance of a convertible note. The company also plans to allocate approximately $84 million of the proceeds toward share buybacks. In the quarter ending August 31, Applied Digital reported a revenue of $60.7 million, with $34.8 million of that total derived from its Bitcoin mining hosting segment. The cloud services business accounted for the remaining 43% of Applied’s most recent quarterly revenue, although the HPC segment did not generate any revenue. 3. Bitcoin miner Bitfarms has entered into a miner hosting agreement with Stronghold Digital Mining Hosting. Bitfarms will deploy 10,000 miners at Stronghold’s Scrubgrass site, aiming to improve efficiency and expand its U.S. operations. The miners, originally intended for Bitfarms’ site in Yguazú, Paraguay, are set to be energized in December. 4. An academic paper published by the research firm Exponential Science stated that in some jurisdictions, a blanket bitcoin mining ban can actually trigger an increase in the industry’s overall carbon emissions, as the affected miners may relocate to new regions with electric grids that rely on fossil fuels. According to the team’s model, a mining ban in Kazakhstan, for example, would reduce the Bitcoin network’s global annual carbon emissions by 7.63%. However, such bans are expected to backfire in most of the Americas and Europe, particularly in Nordic countries and Canada.(CoinDesk) 5. Deutsche Telekom subsidiary MMS, in collaboration with Bankhaus Metzler, is launching a pilot project to operate a Bitcoin mining infrastructure using surplus energy. The pilot project aims to provide valid field data and insights to plan subsequent projects. Metis Solutions GmbH is the hosting partner, Bitcoin mining container is located at RIVA Engineering GmbH in Backnang, Germany 6. Bitcoin miners Marathon Digital and Riot Platforms reported their highest monthly production since the halving in April — signaling a strong rebound since miner rewards were halved. Marathon Digital produced 717 Bitcoin worth $48.8 million in October. Riot mined 505 Bitcoin worth $34.4 million in October, marking a 22.6% month-on-month increase. 7. BitFuFu reported its unaudited financial and operational results for the quarter ended September 30, 2024. Hosting capacity of 556 MW diversified across 17 sites on three continents. The mining facility is operating smoothly and offers power costs averaging below US$0.04 per kilowatt-hour. Bitcoin production from self-mining operations decreased 34.0% to 340 BTCs from 515 BTCs in the same period of 2023. BTC production by customers from cloud-mining solutions decreased 40.7% to 957 BTCs from 1,614 BTCs in the same period of 2023. The cost of mining BTC from self-mining operations averaged $59,452 per BTC, compared to $25,618 per BTC during the same period in 2023. Total revenue for the third quarter was $90.3 million with a net loss of $5.0 million. 8. Prosper is pleased to announce that waterdripfund has made an investment in its native token $PROS. Prosper, a decentralized protocol with the aim of bridging institutional-grade Bitcoin mining power on-chain and providing full exposure to the broader Bitcoin ecosystem. Prosper’s new strategic focus on Bitcoin mining. In addition to the investment, Waterdrip Capital and Prosper will work closely to explore other collaboration opportunities. Waterdrip Capital’s support will allow Prosper to bring an unprecedented opportunity to the current Bitcoin mining space. 9. Bitcoin miner Hut 8 forecasts its self-mining hash rate will increase by 66% around the first quarter of 2025 after agreeing to buy 31,145 Bitmain Antminers S21+ machines. Hut 8 expects its self-mining hashrate to increase from 5.6 EH/s to around 9.3 EH/s once the machines are installed. Hut 8 announced a purchase option with Bitmain in September that would allow the firm to add roughly another 15 EH/s. If the option is taken, the firm’s hashrate could rise even further, forming a path to 24 EH/s “as early as Q2 2025.” 10. Bitcoin infrastructure and financial services firm NYDIG has acquired bitcoin mining company Consensus Technology Group CTG. Based on LinkedIn job postings, the deal likely closed in October. CTG Co-Founder and CTO David Westrop’s LinkedIn profile indicates that he began a new operations role at NYDIG last month. Similarly, the LinkedIn profile of another CTG co-founder, Joshua Zappala, now shows him employed at NYDIG in corporate development and strategy. According to its website, CTG provides hosting services and operates bitcoin mines in North Dakota, South Dakota, Pennsylvania, and Missouri with a collective capacity of 120 MW and 5 EH/s under management.(Blockspace) 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. 11. Canaan Creative Global Pte., a wholly owned Singapore subsidiary of Canaan, has entered into a purchase agreement with HIVE Digital. CCG will provide HIVE with 6,500 Avalon A1566 miners, with an average computing power of 185 TH/s. Of the 6,500 A1566 miners, 500 were immediately delivered and are scheduled for installation. The remaining 6,000 machines will be delivered in four monthly shipments of 1,500 units from December through March 2025. HIVE Digital announced that construction has begun on its 100 MW expansion in Paraguay, which is expected to become fully operational by the third quarter of 2025. The project aims to achieve a targeted hashrate of 12.5 EH/s with a fleet efficiency of 17.6 J/TH.(The Block) 12. Nano Labs announcd that it will accept Bitcoin as payment for its goods and services through a business account on Coinbase. Nano Labs said it was taking a “proactive stance in the evolving digital economy” as crypto “adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions.” According to Nano Labs, adopting Bitcoin will provide “greater payment flexibility,” but it didn’t say whether it intends to keep the cryptocurrency on its balance sheet.(Cointelegraph) 13. Bitmain-backed Bitcoin mining and cloud mining firm BitFuFu has secured a two-year credit facility with Bitmain’s Antpool, allowing for a loan of up to $100 million. BitFuFu announced that it has not yet utilized any portion of the facility. However, the company indicated plans to explore potential mergers and acquisitions, in addition to retaining its mined Bitcoin, using funds available under the agreement. According to the announcement, the credit facility will carry an interest rate of 6.5%, secured by BitFuFu’s Bitcoin holdings, with a loan-to-value ratio of 70%. 14. Bhutan has actively mined Bitcoin since 2021, a strategy that has allowed it to grow its reserves despite Bitcoin’s price fluctuations. Bhutan mines Bitcoin using hydropower from the Himalayan rivers, which supplies energy for its mining operations. So far, Bhutan has mined 13,011 BTC, making it the fourth-largest government holder of Bitcoin. Bhutan’s Bitcoin holdings have crossed $1 billion. This accounts for over 25% of the country’s GDP. 15. Bitcoin mining company MARA Holdings, formerly known as Marathon Digital, reported third-quarter earnings results. MARA reported quarterly losses of $0.34 per share, which is in line with the consensus estimate according to MarketWatch data. The company reported third-quarter sales of $131.6 million, which missed estimates of $151.6 million. MARA holds 26,747 bitcoin on its balance sheet, as of Oct. 31. The company mined 2,070 BTC and purchased 6,210 BTC, of which 4,144 were acquired using proceeds from a $300 million offering of convertible senior notes at an average price of $59,500 per BTC. MARA said it mined 717 bitcoin in October, up 2% month-over-month, and its energized hash rate rose to 40.2 EH/s during the month. The company announced the acquisition of two Ohio sites totaling 222 megawatts of capacity for $270/kW.(The Block) 16. Prosper announced a new investment in its native project token PROS by one of the leading cryptocurrency mining companies BIT Mining Limited (NYSE: BTCM). P Prosper is focusing its new strategy on bitcoin mining and the broader bitcoin ecosystem.Prosper has announced a long-term partnership agreement with Bitmain. Bitmain and its affiliates will provide hosting services for bitcoin miners held by the Prosper Foundation, generating revenue for PROS holders. The first loads are expected to go live today and will be accessible through Prosper’s v1 web app. 17. Victory was declared all around after a New York State Supreme Court ruling allowed Greenidge Generation to continue power generation and Bitcoin mining at its Dresden, New York facility and reapply to renew the Clean Air Act Title V Air Permit, which the state Department of Environmental Conservation (DEC) denied in June 2022. At the same time, the court affirmed the DEC’s authority to deny Greenidge the permit under the state’s Climate Leadership and Community Protection Act (CLCPA). The court found the DEC had acted capriciously in this case, but “Greenidge did not establish that DEC engaged in improper policymaking.” 18. Bitcoin miner MARA has announced a proposed private placement of $700 million in convertible senior notes. MARA expects to use up to $200 million of the net proceeds from the sale of the notes to repurchase its existing 2026 convertible notes, with the remainder of the net proceeds to be used for the purchase of additional bitcoin and for general corporate purposes, including working capital, strategic acquisitions, asset expansion, and repayment of additional debt. MARA Holdings (MARA) has increased its previously announced convertible note offering from $700 million to $850 million. It has also raised the option for initial purchasers to acquire extra notes to $150 million from $105 million. The offering is expected to close on Nov. 20, and is a private offering directed at qualified institutional buyers.(CoinDesk) 19. A crypto miner agreed to pay a $4 million penalty to settle US Securities and Exchange Commission allegations that it engaged in a scheme to bribe Japanese officials, the agency said. BIT Mining Ltd., between 2017 and 2019 paid $2.5 million in cash bribes and gifts, including to members of the Japanese parliament, to try to win a bid to open a casino resort in Japan, the SEC said. In a separate action, the U.S. Department of Justice said it has reached an agreement with BIT Mining, which has agreed to pay a $10 million criminal fine, $4 million of which will be paid by the company to the U.S. SEC. 20. Jiahe County People’s Court heard a case involving a contract dispute over “mining” equipment, and ruled that the plaintiff’s claim should be rejected. The Plaintiff, Pan Mouxiang, and the Defendant, Lei Moucai, communicated via WeChat to order S19XP bitcoin mining equipment, and after the Plaintiff paid approximately 23.68 million USDT, the two parties disagreed on the nature of the contract and the settlement price. The Plaintiff demanded a refund of the difference in price of approximately 6.27 million USDT and continued delivery of 149 machines. The court rejected the plaintiff’s claims, including the return of USDT and the continued delivery of mining machines, with the parties to bear the consequences. 21. Russian Deputy Prime Minister Alexander Novak has announced plans to ban cryptocurrency mining in the occupied regions of Ukraine, involving Donetsk, Luhansk, Zaporozhye and Kherson. The move aims to address power shortages during the fall and winter, according to the Moscow Times. Six regions in Russia’s North Caucasus will also face a total mining ban, while Irkutsk, parts of Buryatia and the Trans-Baikal Krai will be partially restricted during the fall and winter months until 2031. 22. Canaan Inc. announced its unaudited financial results for the three months ended September 30, 2024. Revenues were US$73.6 million, which beat the previous guidance of US$73 million and increased 120.9% year-over-year. Total computing power sold was 7.3 million Thash/s, representing a year-over-year increase of 93.8%. Mining revenue was US$9.0 million, with 147 Bitcoins mined with an average revenue per Bitcoin mined of US$61,034. Loss from operations was US$56.8 million, narrowing 49.6% year-over-year. As of September 30, 2024, the Company held a total of 1,231.3 bitcoins. 23. Texas’ utility regulator has passed a rule requiring Bitcoin miners using the grid maintained by the Energy Reliability Council of Texas (ERCOT) to register and share key details about their facilities. Under the Public Utilities Commission of Texas (PUCT) rule, passed on Nov. 21, Bitcoin miners must share the location, ownership information and demand for electricity of their facilities with the state agency. Miners have only one working day after the date their facility connects to the ERCOT grid to register and must renew every calendar year on or before March.(Cointelegraph) 24. U.S. Customs and Border Protection (CBP) is detaining certain imports of Bitmain Antminers at ports of entry in the U.S. U.S. Customs and Border Protection has been holding some of the shipments for two months, and the detentions are “occurring nationwide,” including at the ports of San Francisco and Detroit. The imports in question are Bitmain’s Antminer S21 and T21 series, Bitmain’s newest line of ASIC miners. These large-scale shipment freezes and related investigations are unprecedented for bitcoin miners, and it is uncertain exactly why the imports are being held. U.S. Customs and Border Protection is not targeting other ASIC manufacturers such as Smarter or Gartner. 25. Northern Data AG is getting closer to a deal to sell its crypto mining operations as the company looks to capitalize on November’s Bitcoin rally. Northern Data CFO Elliot Jordan said the company has hired bankers to invite bidders to make offers and is currently reviewing proposals.Northern Data, whose main shareholder is stable-coin issuer Tether, is looking to free up capital to expand its artificial-intelligence services business. 26. Bitcoin miner MARA Holdings has announced that it has acquired an additional 703 Bitcoins through its $1 billion zero coupon convertible senior note offering, bringing its total Bitcoin purchases through the senior note offering to 6,474 Bitcoins at an average purchase price of $95,395. The year-to-date yield per bitcoin is 36.7 percent. MARA Holdings currently holds approximately 34,794 Bitcoins, with a total value of approximately $3.3 billion at the current Bitcoin price of $95,000. 27. The Federation Council, the upper house of the Russian parliament, has approved a government-sponsored bill outlining a tax framework for digital currencies. The legislation, which was passed in plenary session, comes a day after it was approved in the State Duma, the lower house. The new law categorizes digital currencies, including those used as payment instruments under an experimental legal regime, as property under Russia’s domestic tax code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), easing the financial obligations of participants in the sector. In addition, services provided by authorized organizations facilitating transactions within these experimental regimes will also be tax-free. A key provision requires mining infrastructure operators to report personal data on the use of their systems to tax authorities. Income from digital currency mining will be considered taxable and form the basis for personal income tax. Danil Volkov, head of the Russian Ministry of Finance department, said that enterprises engaged in mining activities would be subject to the standard corporate income tax rate. 28. Publicly traded miners have invested a total of $3.6 billion in plant, equipment, and other fixed assets (PP&E) so far in 2024, with Q3 spending at a record high since Q1 2022.16 Mining companies have raised more than $5 billion in capital, and spent $2 billion on hardware upgrades since 2023. Several miners have recently increased their investments, with Bitfarms signing a hosting agreement with Stronghold to add 10,000 bitcoin miners in Pennsylvania, CleanSpark planning to build a 400 megawatt mining infrastructure, and Hive Digital purchasing 6,500 ASIC miners for its new Paraguay facility.(Cointelegraph) 29. Switzerland’s Canton of Bern parliament has approved a motion to explore Bitcoin mining as a way to utilize surplus energy and stabilize its electricity grid. The initiative, introduced by the cross-party Parliamentary Group Bitcoin on March 14, 2024, passed with a decisive 85 to 46 vote in the Grand Council despite government opposition. The initiative directs the government council to assess how Bitcoin mining can repurpose unused energy and create economic opportunities.(Decrypt) 30. Russian President Vladimir Putin has signed a law on taxation of digital currencies, which recognizes them as property and applies to foreign trade payments in the framework of the EPR. Mining and sales of digital currencies are not subject to VAT, and trading services within the EPR framework are also exempt from tax. Mining operators are required to report the relevant services to the tax authorities. Individuals are taxed on the market value of digital currencies earned through mining at a progressive rate of 13%-15%, while companies engaged in mining will be subject to a 25% corporate income tax from 2025 onwards. Income from the sale and circulation of digital currencies is also included in the unified tax base. Follow us Twitter: https://twitter.com/WuBlockchain Telegram: https://t.me/wublockchainenglish Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
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