Wu said weekly mining information 0502-0508

1.

North American mining listed company Marathon disclosed its first quarter financial report, with revenue increasing to US$51.7 million, Bitcoin production increasing to 1,259, GAAP net loss totaling US$13 million for the quarter, and the total number of deployed mining machines increasing to 36,830, which can generate approximately 3.9 EH/s of computing power.

2.

Bitcoin mining company Argo will receive a $70.6 million loan from NYDIG, and the funds will be used to continue developing its Helios factory in Texas. The loan will be paid in eight installments from the end of April to July, with an interest rate of 12% each, and will mature in about two years. It is secured by the mining machines of the Helios factory. Argo is listed on the London Stock Exchange and completed its IPO in the United States last year. Its revenue increased by 291% last year. (The block)

3.

Riot Blockchain announced that it produced 508 BTC in April 2022, an increase of about 150% compared to 203 BTC in April 2021. Riot sold 250 bitcoins, with a net gain of approximately $10 million. As of April 30, 2022, Riot held approximately 6,320 BTC, deployed approximately 46,375 mining machines, and had a computing power of 4.7EH/s.

4.

Alborz LLC, a joint venture between bitcoin mining company Cipher Mining Inc. and energy company WindHQ LLC, announced that it has secured a two-year, $46.9 million secured credit facility from crypto financial services company BlockFi Lending LLC. The loan proceeds will be used to finance Bitmain S19J Pro mining equipment at the Alborz data center.

5.

Bitcoin mining company Hut 8 Mining released its monthly production update for April, with a total of 309 bitcoins mined in April, an average of 10.3 bitcoins per day; its average Ethereum mining cost was less than 3,200 Canadian dollars per bitcoin; the current installed operating capacity is 2.58 EH/s. As of April 30, 2022, the total balance of bitcoins in Hut 8's reserves is 6,769 BTC.

6.

On May 7, the Guangdong Provincial Development and Reform Commission and the Guangdong Provincial Department of Justice issued a notice on the rectification of virtual currency "mining" equipment, ordering the use of virtual currency "mining" equipment to be stopped and confiscated according to law; if the circumstances are serious, the people's government at the same level shall be requested to order the suspension of business or closure in accordance with the authority prescribed by the State Council.

7.

According to data from TheBlock, Ethereum miners’ total revenue in April was $1.39 billion, an increase of nearly 4% from the previous month. In comparison, Bitcoin miners’ total revenue was $1.16 billion.

8.

Listed mining company BitFarms mined 405 bitcoins in April 2022, a year-on-year increase of 75%. As of April 30, the total amount of bitcoins managed by BitFarms was 5,646 (worth approximately $217 million). BitFarms has a computing power of 3.3 EH/s and a total power capacity of 137 MW.

According to previous reports, Bitfarms' fourth quarter report and annual report for fiscal year 2021 showed that Bitfarms' revenue in the fourth quarter of 2021 was US$60 million, a month-on-month increase of 33% and a year-on-year increase of 426%. (Globenewswire)

9.

The Block released a crypto market analysis for April showing that April was a mixed month overall. The adjusted total on-chain transaction volume increased by 40% to $831 billion; BTC transaction volume increased by 55.8% and ETH transaction volume increased by 1.6%.

Adjusted total on-chain stablecoin volume fell 6.8% to $477 billion (issued supply shrank for the first time since January 2020, down 1.9% to $154.4 billion; USDT’s market share increased to 53.9%, while USDC’s market share fell to 28.2%).

BTC miner revenue fell 4.3% to $1.16 billion, while ETH miner revenue increased 6.2% to $1.33 billion. This is the 12th consecutive month that ETH miner revenue has been higher than BTC miner revenue:

A total of 137,088 ETH (worth $429 million) were destroyed in April. Since the implementation of EIP-1559 in early August last year, a total of 2.18 million ETH worth $7.72 billion has been destroyed.

The monthly trading volume of the NFT market on the Ethereum chain increased by 21.6% to $7.2 billion. The legal CEX spot trading volume fell by 6.7% to $694.6 billion; the market share was as follows: Binance was 67%, Coinbase was 10.4%, FTX was 7.1%, and Kraken was 3.2%.

In addition, GBTC’s average daily trading volume fell further by 14.7% to $106 million.

10.

German listed miner Northern Data reported its operations for April 2022:

- By the end of April 2022, 44,900 ASIC mining machines will be put into operation, with a computing power equivalent to 4.07 EH/s;

- By the end of this year, it is expected that more than 100,000 ASIC mining machines will be in operation, with a computing power of about 9.3 EH/s;

- 19,452 ETH and 1,055 BTC have been produced since the beginning of 2022;

- Holding approximately 1,390 BTC and 39,800 ETH, worth approximately 153 million euros at the end of April (an increase of approximately 4% month-on-month);

- 324 BTC will be produced in April 2022 (an increase of about 13% month-on-month);

- 4,583 ETH were produced in April 2022 (planned inventory maintenance resulted in a month-on-month decrease of about 9%). (DGAP.DE)

11.

EnergyFunders, a Texas-based crowdfunding platform, is planning to sell part ownership of its Bitcoin mining farm to investors. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the company will sell equity in the Bitcoin mining business attached to off-grid natural gas mining equipment for $5,000 per share.

The company said in the filing that it would sell shares worth up to $10 million. This means that investors can fund Bitcoin mining with an investment of at least $5,000 and receive monthly payments. The company said that if Bitcoin remains in the $45,000 range, investors will receive a return of more than 100%. (Decrypt)

12.

Alborz, a joint venture between bitcoin miner Cipher Mining (CIFR) and renewable energy company WindHQ, announced that it has received a two-year, $46.9 million secured credit line from cryptocurrency financial services provider BlockFi Lending.

The company will use the latest funds to purchase Bitmain S19J Pro mining machines and increase their computing power to 1.3 EH/s. (CoinDesk)

13.

Russia’s Federal Antimonopoly Service (FAS) has devised a plan to charge amateur crypto miners higher electricity prices, arguing that the approach would reduce the load on the grid and thus address the problem of growing electricity consumption in residential areas, partly due to the growing popularity of crypto mining.

Rossiyskaya Gazeta explained in an article that Russian federal authorities maintain different electricity prices depending on the status and location of consumers. Businesses subsidize household prices through their own tariffs, which can be twice as high as the rates for the general population. The Association of Communities of Energy Consumers noted that private consumers often try to take advantage of their low rates to make money, powering anything from auto repair shops to carpentry shops. As a result, the grids in residential areas are overloaded because they are not designed with mechanisms to cope with excessive electricity use, while electricity consumption has also increased dramatically due to household mining.

FAS now wants to introduce a threshold for electricity consumption, above which a higher rate will be levied. Therefore, under the FAS proposal, household demand will be separated from commercial demand, and the consumption of various household appliances will also be calculated, including those that consume a lot of electricity, such as air conditioners. (Bitcoin.com)