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Miners in Texas respond to heatwave and record power demand

As high temperatures in Texas this week have led to record-breaking power use levels for the month of June, presenting a test for state’s power grid. And the heatwave has had implications for some of Texas’s bitcoin mining operations. Energy demand hit a peak of 72,386 megawatts on Monday, setting a record for June — only to be surpassed the following day, when demand hit 72,785 megawatts, according to data from the Electric Reliability Council of Texas (ERCOT). The all-time …

A Look into Bitcoin Miner Creditworthiness Evaluation

June 9, 2022, 11:40AM EDT • 9 min read Quick Take Since the second half of 2021, the bitcoin mining industry has witnessed an increasing number of traditional financial institutions jumping into the miner lending business. 11 major public mining firms had outstanding loan payables of $776 million as of March 31 and drew an additional $235 million in the subsequent months. As the interest among traditional lenders grows, we take a look at some of the most fundamental metrics …

CFTC chair eyes disclosures to curb energy consumption in Bitcoin mining

Commodity Futures Trading Commission chair Rostin Benham is looking to research and incentives to address energy usage in bitcoin mining.  During the Washington Post’s “Evolution of Money” event, Benham responded to concerns about bitcoin being “extremely energy-intensive” by pointing to research provisions in the newly introduced legislation from US Senators Cynthia Lummis and Kirsten Gillibrand. The legislation calls on the Federal Energy Regulatory Commission to create a report on energy consumption in the digital asset industry.  Benham said it’s not …

Bitcoin mining stock report: Wednesday, June 8

At market close on Wednesday bitcoin miners’ stocks were mostly down. Greenidge Generation, which was down -5.08%, announced Wednesday that it had mined 195 BTC in May — a very slight decrease from 197 BTC the month before. Bit Digital mined about 30% less bitcoin in May, it said Wednesday. The company’s stock was down -1.20%. Core Scientific, Mawson Infrastructure Group and Argo Blockchain were up by +3.52%, +1.88% and +1.81%, respectively. Here’s how crypto mining companies performed on Wednesday, …

Bit Digital mined about 30% less bitcoin in May

Bit Digital produced 53.4 bitcoin in May, representing a 29.9% decrease from the previous month. During the same month, the company also mined 27.0 ETH, per an announcement on Wednesday. The company held 793.6 BTC and 316.1 ETH as of May 31, with a fair market value of roughly $25.2 million and $0.6 million, respectively. The company owned 33,376 Bitcoin miners and 731 Ethereum miners at the end of the month — representing an estimated total hash rate of 2.17 …

Bitcoin mining difficulty increases by 1.29%

The bitcoin network mining difficulty jumped back up by 1.29% on Wednesday after dipping more than 4% two weeks ago, according to data from BTC.com. That previous decline represented the biggest drop in mining difficulty since July of last year when miners were forced to shut down operations in China. The network’s hash rate has increased by about 2.3% from May 25, the date of the last update, according to data compiled by The Block Research. Mining difficulty refers to …

Marathon CEO explains the 3 key factors that make or break a bitcoin mining company

Episode 50 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Fred Thiel, Chair and CEO at Marathon Digital. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Marathon Digital produced a “record” 1,259 bitcoins during the first three months of 2022. Yet the US-based bitcoin mining firm reported a Q1 net loss of $13 million, largely due to the decline in …

Bitcoin mining stock report: Tuesday, June 7

A large number of bitcoin miners saw their stocks fall on Tuesday. Cipher Mining, Argo Blockchain and Iris Energy posted some of the largest drops — -7.80%, -5.31% and -4.72%, respectively. Argo announced on Tuesday that it mined 25% less bitcoin in May due to factors like network difficulty and pool rewards. Network difficulty increased by 5.56 % on April 27  and 4.89% on May 11, but more fell back down by -4.33% on May 25, according to BTC.com. Iris Energy, on …

Iris Energy mined 10% more bitcoin in May

Iris Energy reported a 10% increase in Bitcoin mined during May (totaling 151 BTC), over the previous month. The company also said in a statement Tuesday that its average operating hash rate rose to 1,165 petahash per second, representing a roughly 12% increase. That is despite the Bitcoin network difficulty going up by 5.56 % on April 27 and 4.89% on May 11, according to BTC.com. Iris Energy’s revenue was $4.9 million. The company indicated that it was considering additional debt …

Bitcoin mining stock report: Monday, June 6

The trading week started off with a mix of Bitcoin companies posting recoveries and others seeing their stocks continue to drop. Notably, TeraWulf’s stock went down by -15.19% and, on the opposite end, Northern Data’s rose by +7.91%. Hut 8 announced with its May operations update that it had mined 309 BTC and decided to hold on to all self-mined bitcoin, keeping with its long-term HODL strategy. Hive also released a statement about last month’s operations stating that it had …