Wu said weekly mining information 1227-0102

1.

Hashrate Index: November update of North American listed mining companies shows that the profit window brought by China's crackdown on mining has closed: the average BTC revenue per T was 0.00000904BTC/TH in July, 0.00000882BTC/TH in August, 0.00000693BTC/TH in September, 0.00000643 BTC/TH in October, and 0.00000574 BTC/TH in November.

2.

Marathon disclosed the amount and quantity of recent purchases, including 78,000 Bitmain Antminer S-19 XP mining machines, worth $879.06 million, shipped in six batches, with 13,000 units shipped per month from July 2022 to December 2022. Marathon will also pay Bitmain in batches, paying 35% of the total amount within two days after the purchase contract is signed, 35% of the single shipment price at least six months before each shipment, and the remaining 30% at least one month before each single shipment. (TheBlock)

3.

Nasdaq-listed AGMH Group Holdings (AGMH.US) (hereinafter referred to as "AGMH") announced that it has delivered 1,335 cryptocurrency mining machines to Meten International Education Group (METX.US). AGMH claims to be one of the few companies engaged in the production of crypto chips and complete crypto mining machines. (Phoenix.com)

4.

According to sinarharian, on Wednesday, the Malaysian police successfully cracked down on the largest electricity theft case in the Bitcoin mining operation around Manjung District, seizing 1,720 Bitcoin machines worth RM3.5 million. Previously, the video of the Malaysian police crushing and destroying the mining machines went viral on the Internet. On the other hand, there is a large amount of electricity theft in Malaysia.

5.

Recently, the People's Court of Gaotang County, Shandong Province, heard a service contract dispute case caused by Chia coin "mining" at first instance, determined the contract invalid according to law, and rejected the plaintiff's lawsuit for the return of service fees. It is reported that this case is the first case in the city to determine that the network "mining" contract is invalid. The defendant provided the plaintiff with P disk service. Later, the plaintiff sued the court for the return of all service fees on the grounds that the defendant did not complete the service within the agreed period. The court held that the plaintiff and the defendant signed the "CHIA Technical Service Contract" and entrusted the defendant to perform P disk services for the purpose of participating in the "mining" of the Chia coin network, which is a virtual currency-related business activity. This activity involves violations of financial security, market order, and national macro policies, affects the public interest, violates public order and good customs, and should be deemed invalid. Therefore, the plaintiff's request for the defendant to return the service fee was not supported by the court.

6.

Iranian authorities have again asked licensed miners to suspend their activities in order to prevent power shortages during the cold winter. Iran’s electricity generation, distribution and transmission company Tavanir recently instructed authorized cryptocurrency mining centers to unplug their power-hungry hardware.

Mostafa Rajabi Mashhadi, a spokesman for Tavanir, said Iran’s Ministry of Energy has been working to reduce the use of liquid fuels in power plants since last month. The official elaborated that cutting power to licensed crypto mining farms is part of a series of actions that also include turning off street lights in safer areas at night and strictly monitoring consumption.

The utility believes that these measures will help prevent potential blackouts during the winter when electricity demand is higher. Mashhadi added that Iran's power plants have managed to save some fuel in the coming months, but also stressed that consumers should be cautious about their gas and electricity usage. (Bitcoin.com)

7.

Glassnode data shows that Ethereum miners' income reached US$2,657,771.42 in December, a one-month low.

8.

Blockchain analysis firm Glassnode reported last week that miner behavior has shifted over the past two years. Newer, more powerful chips have improved operational efficiency, while the expansion of miners into North America has made it easier for many miners to obtain operating capital through cheap debt and company equity. The typical miner in 2021 is more resilient than past generations of miners.

Where once miner wallets would regularly sell off stablecoins, this has shifted since 2019, with miners now depositing more mining revenue into their wallets than before.

As a group with a natural incentive to sell, nine-tenths of the total supply of Bitcoin has been issued to miners in less than 13 years. If miners accumulate Bitcoin for a long time and evolve into "hoarders", it may become very difficult for people to obtain new Bitcoin in the future.

Brendler sees upside in all six mining companies covered in his research, as he expects better returns from such stocks than from Bitcoin itself. However, MARA is his top pick. The stock has been one of the hardest hit, mainly due to what he calls "misplaced concerns" about the U.S. SEC investigation. Brendler has a buy recommendation on MARA shares with a 12-month price target of $65.

Brendler believes that other mining companies with a buy rating include Core Scientific, Riot Blockchain (RIOT), Stronghold Digital Mining (SDIG), Hut 8 Mining (HUT) and Argo Blockchain (ARGO). (Coindesk)

9.

Gem Mining, a bitcoin mining company founded by former U.S. Marine Corps officer and former South Carolina gubernatorial candidate John Warren, has increased the number of its deployed mining machines by more than 4,000 and currently has 13,118 active mining machines with a computing power of 1.25 EH/s.

The company currently produces 6.5 bitcoins per day and has fully funded a purchase order for an additional 19,000 mining machines, which are expected to come online by the end of 2022. According to the statement, GEM Mining has produced more than 560 bitcoins since February.

Earlier news, John Warren founded Gem Mining after raising more than $200 million in institutional capital. This is a 92% carbon neutral institutional-grade Bitcoin mining company located in Greenville, South Carolina. (Bitcoin Magazine)

10.

The Kazakh government is discussing a plan to build a nuclear power plant that could help the country provide electricity for the Bitcoin and cryptocurrency mining industries over the longer term.

"We made projections for electricity production and consumption in the country until 2035. We clearly saw the need to build a nuclear power plant in order to provide electricity for our population and economy," said Kazakhstan's Energy Minister Magzum Mirzagaliyev.

While Kazakhstan’s energy minister did not mention BTC and cryptocurrency mining directly, his colleagues have previously mentioned it when talking about expanding the grid due to power outages caused by mining. The government sees the industry as a growth engine, but since the national grid is still 70% dependent on coal power plants, the government admits that nuclear power expansion may be the only way out.

Kazakhstan's energy minister has warned that a proposed nuclear power plant "will be able to meet the country's future electricity needs" but will take up to 10 years to complete construction. (Cryptonews)

11.

According to local Iranian media reports, regulated companies mining in Iran will receive green energy. It is reported that the Tehran Ministry of Energy has passed new rules that allow plants that use renewable energy to generate electricity to power mining companies that operate legally. The head of the Tavanir department responsible for the mining industry said: "Legal miners can reach an agreement with renewable energy power plants on negotiable terms and rates." He also emphasized that the Ministry of Energy will play a role in determining the exact tariff. (bitcoin)

12.

Recently, Cipher Mining CEO Tyler Page said in an interview with Yahoo Finance that 2021 is still a historic year for Bitcoin mining, with the overall market value of companies in this field growing significantly and the total revenue paid to miners approaching $16 billion. Due to considerable profits and a large influx of funds, mining companies have made ambitious plans, so for them, 2022 will be a year of execution. (finbold)

13.

Canadian Bitcoin miner Bitfarms received a $100 million Bitcoin collateral loan from blockchain and cryptocurrency financial services provider Galaxy Digital Holdings on December 31. According to a statement, the miner has withdrawn $60 million at an interest rate of 10.75% per year for 6 months and expects to withdraw more in the coming months.

Bitfarms CFO Jeff Lucas said that the new $100 million BTC credit line adds another component to Bitfarms' diversified financing strategy and provides a large amount of non-dilutive capital to fund its global growth plan, including four mining farms with a mining capacity of 298 megawatts under construction. Bitfarms plans to use these funds to reach 3 EH/s of computing power by March 31 and 8 EH/s by December 31 next year. (coindesk)