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Bitcoin mining companies have been facing major operational challenges amid the crypto winter this year. As a result, the stock price of several public-listed Bitcoin mining companies has been heading south. On Monday, December 12, the stock price of Bitcoin miner TeraWulf (NASDAQ: WULF) dropped by a staggering 33% dropping all the way to 80 cents. This happened as the Bitcoin miner announced that it has successfully restructured its previous purchase agreement with Bitmain Technologies.
Besides, TeraWulf also increased its hashrate guidance for early 2023 by 16% and has raised over $10 million to pay down a convertible promissory note. This year alone in 2022, the WULF stock price is down by nearly 95%.
TeraWulf is confident that the restructuring of the purchase agreement with Bitmain Technologies will help them expand its self-mining capabilities while completely utilizing its 160 megawatts available mining capacity by the first quarter of 2023.
As part of the restructuring, the two companies agreed to cancel TeraWulf’s December batch of 3,000 S19 XP Pro bitcoin mining machines. This cancellation comes together with the application of remaining unused deposits with Bitmain.
Bitmain said that it will be replacing the previous batch with 14,000 S19j Pro miners for delivery by the first quarter of 2023 at no additional cost to TeraWulf.
As TeraWulf receives an incremental delivery of 8,200 miners, the Bitcoin miner has decided to increase its estimated first-quarter self-mining target to 44,450 owned miners. This will be higher than its previous estimate of 36,250 owned miners.
Additionally, TeraWulf has also raised fresh capital to repay the convertible promissory note with YA II PN Ltd.Commenting on this recent restructuring with Bitmain, Nazar Khan, Co-founder and Chief Operating Officer of TeraWulf said:
“With this recent agreement, the Company’s self-mining hash rate will increase by 23% and produce Bitcoin at an all-in cost to mine of approximately $6,300 per coin1”.
Bitcoin miner TeraWulf has raised $10 million in fresh funding which comprises of $6.7 million registered direct offering of the common stock. This is in addition to the previous issuance of $3.4 million in convertible promissory notes to some of its largest shareholders.
TeraWulf said that they would use these proceedings to repay the advance with Yorkville. At the same time, they would terminate the accompanying SEPA entered into on June 2, 2022. As of September 30, TeraWulf has a $138.5 million in a term loan.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Liquid-cooled mining machines from Chinese chipmaker Bitmain have been unveiled.
The S19 XP HYD is expected to be one of the company’s most energy-efficient models ever.
The new mining setup employs liquid cooling. According to reviewers, it is the most power-efficient among all models of mining equipment from this manufacturer.
These hydro cooling rigs are exclusively for usage in Bitmain containers.
The newly announced mining rig is dubbed “Antminer S19 XP Hyd.” It boasts 255 terahashes per second (TH/s) of processing power and 20.8 joules per terahash (J/T) of power efficiency while operating on 5,304 watts, according to Bitmain’s website.
The machine features a liquid cooling system, which involves using a coolant flowing through pipes to dissipate heat from the device.
The cooling rigs will launch in the first quarter of 2023 for a little under $20,000 per unit.
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Furthermore, the energy efficiency of this new model slightly outperforms Bitmain’s previous best rig – the Antminer S19 XP.
Notably, Bitmain has also announced the release of the ANTSPACE HK3, a new bitcoin mining container that can comfortably accommodate 210 mining machines and uses up to 1 megawatt of electricity.
Bitmain has been focusing on long-term bitcoin mining and has recently unveiled measures in this area.
Bitmain will create up to 500 MW of clean digital mining infrastructure at Merkle Standard’s hydro-powered facilities in Eastern Washington as part of the joint venture.
BTC total market cap at $767.68 billion on the daily chart | Source: TradingView.com
Furthermore, the Beijing-based chipmaker has gained a significant stake in one of America’s major crypto-mining facilities via a collaboration with Allrise Capital.
The move might help Bitmain’s market expansion in the United States even further.
According to mining data, the bitcoin mining metrics have seen some intriguing developments in recent months, as the Bitcoin hashrate grew by more than 15% in a week as processing power steadily increased.
Meanwhile, Block Inc.’s CEO, Jack Dorsey, revealed last October that the firm was exploring developing an open-source bitcoin mining system built on bespoke silicon to decrease entry barriers for both businesses and people.
In January, Thomas Templeton, Block’s general manager for hardware, emphasized that the planned approach would improve bitcoin mining efficiency and other benefits.
Templeton said:
“We’re interested because mining is about more than just producing new bitcoin. We regard it as a long-term need for a decentralized and permissionless future.”
In a related event, Hive Blockchain had signed an arrangement with Intel to acquire the latter’s recently introduced energy-efficient blockchain accelerators named Bonanza Mine.
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Featured image from Bitcoin News, chart from TradingView.com
Bitmain, the largest Bitcoin mining equipment manufacturer in China has announced it will stop shipping its flagship product, the Antimer, to China in response to the regulatory crackdown ongoing in the country.
As announced by the firm, the suspension of its Antminer shipping will commence on Monday 11th of October, and it will only affect its customer demands in mainland China. Bitmain said that Taiwan and Hong Kong will be unaffected by the new decision. In a bid to further identify with the federal government’s efforts to reduce carbon emissions, the company said it has acquired clean energy-derived indicators to help monitor its carbon utilizations.
“Actively responding to the local government policies of the company’s entities has been Bitmain’s business strategy all along,” the company said in its announcement, adding that “In response to the Chinese government’s carbon neutral policy, Bitmain has completed several batches of carbon indicator purchases. The indicators are mainly derived from clean energy power generation projects in Yunnan, Xinjiang, and other places in China. 2021 Nian 11 Yue 9 days -10 days, the continent will host bits ‘in Dubai 2021 World Mining of Summit Digital’, then we will announce the use of these carbon emission targets.”
Besides the move to halt its machine sales to the Chinese region, Bitmain said it is also exploring innovative alternative energy-saving production models, a development that will help its customers worldwide.
“In the future, we will continue to work to reduce the energy efficiency ratio of core chips, purchase carbon emission indicators worldwide, guide customers to use clean energy, and contribute our strength to the green and sustainable development of mankind,” the company said.
It is no doubt that mining Bitcoin (BTC), and other Proof-of-Work (PoW) cryptocurrencies can be energy-intensive, and beyond China, this has largely caused regulators to maintain an unwelcoming stance toward the digital currency ecosystem in the past.
Things are beginning to change, however, as more miners are beginning to pursue a sustainable energy source to power their operations. As a major detour from the norm, El Salvador is exploring geothermal energy sources from the country’s rich volcanoes as the primary power generation option for its proposed Bitcoin mining adventure. There are projections that more miners will be joining the renewable energy options in the near future.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Marathon is purchasing the miners from Bitmain to boost its total hash rate to 13.3 EH/S. The purchase brings Marathon’s miner total to 133,000.
Marathon Digital Holdings Inc (NASDAQ: MARA) has agreed to procure an additional 30,000 Antminer S19j (100 TH/s) miners from Bitmain. The digital assets technology company from Las Vegas is expected to spend $120.7 million on the miners as it expects to boost its hash rate. Marathon has drawn a contract to that effect with Bitmain, a Chinese application design and chip-manufacturing company. The newly acquired miners currently have a due date of delivery between January 2022 and June 2022 from Beijing. This increase (30%) brings the total number of Bitcoin miners in Marathon’s mining operations to more than 133,000.
Marathon CEO, Fred Thiel, believes that the added firepower will exponentially increase the network’s total hash rate to 13.3 EH/s once fully deployed. This, he believes, will increase the earning company’s earning power. Thiel said that the current prevailing conditions of the mining environment are extremely favorable for the addition.
The CEO also expressed gratitude to Bitmain for the upcoming supply as Marathon plans to scale operations. Irene Gao, a key figure in Bitmain’s upper management also weighed in on the impending supply from his company. The Antminer Sales Director of North, Central, and South America (NCSA), identified Marathon as a valued client of the company. She further stated Bitmain’s continued support and alluded to more collaborations between both companies down the road.
Currently, Marathon is one of the largest Bitcoin mining companies in North America, with plans for global expansion. All 133,000 miners will account for roughly 13.08 EH/s out of Bitcoin’s network’s total hash rate. This is approximately 12% of the total 109 EH/s recorded as at August 1, 2021. In addition to being a digital assets company, Marathon is also a patent-holding company with several tech-related subsidiaries.
Over the past month, Marathon shares dipped by about 10.46%. However, as recently as two days ago, it closed at $27.63, which was a +0.55% uptick. This was higher than the S&P 500’s 0.54% loss of the day.
As it nears its next earnings release, Marathon will look to consolidate and report earnings of 0.23% per share. This translates to a year-over-year increase of 276.92%. The projected increase in output capacity from the additional miners is expected to see further gain in price per share. Projections according to Zacks Consensus Estimate for revenue, sees net sales of $40.5 million. This is an increase of 13710.34% from the same period last year.
Investors will certainly be paying close attention to the share price in the coming months. Analyst estimates may also play a major role as recent revisions are a reflection of near-term business trends. Despite the optimism from recent developments, the crypto space is popular for its volatility. As such in its investor notice, Marathon always explicitly issues a disclaimer that addresses such even as the company looks set to expand.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
One of North America’s Bitcoin Mining giants, Marathon Digital Holdings, Inc. has bought an additional 30,000 Antminer S19j Pro (100 TH/s). The deal is valued at $120.7 million.
Marathon has scheduled the delivery latest by June 2022. Post-delivery, the company would estimate more than 133,000 Bitcoin mining machines, that would produce approximately 13.3 EH/s upon all operations are functional. Bitcoin popularity has been bullish in the US and Marathon has hopped on the wagon of the BTC trend.
“Increasing our percentage of the total network’s hash rate increases our probability of earning bitcoin and given the uniquely favorable conditions in the current mining environment, we believe it is an opportune time to add new miners to our operations,” said Fred Thiel, Marathon’s CEO.
The BTC mining company stated that its recent Antminer purchase has resulted in a 30 percent hike in its mining operations. Marathon is running for first place in BTC mining organizations throughout the US, and not just North America.
“With this new order, we are growing our operations by 30% to approximately 133,000 miners, producing 13.3 EH/s. As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally. We’d like to thank the team at Bitmain for expediting this order as we work to further scale our operations and establish Marathon as one of the leading Bitcoin miners in North America.”, Fred Thiel added.
Marathon Digital Holdings’ Shares were up by 200.5% in the first half of 2021 and remain at a bullish 140%. Experts have dedicated the success to Marathon’s significant increase in Bitcoin mining activity. Marathon has become one of Bitmain’s largest customers with consecutively ordering large quantities of Antminers.
Antminer Sales Director of North, Central, and South America (NCSA) at Bitmain, Irene Gao commented, “Marathon is a key customer of Bitmain’s, and we appreciate the opportunity to support their growth with another large order for 30,000 of the industry’s most powerful and efficient miners.”
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitmain, the world’s leading Bitcoin mining rig manufacturer recently concluded its semi-annual shareholder’s meeting where it revealed the progress of Antpool divestiture, the world’s leading Bitcoin mining pool. The mining chip manufacturer received shareholders nod to make its mining pool operations independent of the parent company in the first quarter and completed all the legal proceedings by May 1st. The firm said,
“At present, we are still doing some business sorting and will complete related actions as soon as possible. “Antpool” will independently carry out mining pools and other businesses overseas after obtaining the support of new shareholders.”
The decision to make Antpool’s mining operations independent of Bitmain was taken to expand its mining pool services outside China. The decision by the company seems timely looking at the recent crackdown by the Chinese authorities on mining operations. Antpool is one of the largest mining pool operators that offer services for ten cryptocurrencies. It is also among the biggest Bitcoin hashrate contributors at present.
Bitmain said it would continue its focus on R&D for mining chip manufacturing and hopes the support of new shareholders would help Antpool expand its business around the world.
The Chinese crackdown this bull season has hit bitcoin mining businesses the worst. As mining hashrate dropped by more than 50% in May-June, so did the demand for crypto mining equipment. Bitmain had to slash the price of its flagship Bitcoin mining rig during the peak of the crackdown. However, Bitmain revealed the Chinese crackdown on mining operations won’t hamper their business adversely since their major customers base is outside China.
Most of the giant mining pools operating out of China had to relocate to other countries with favorable government regulations for mining and cheap electricity. Many small miners sold their mining rigs on the second-hand market. The Chinese authorities have been quite strict with their crypto crackdown this time around as they have virtually wiped out the biggest mining population from a country that constituted nearly 50% of total Bitcoin miners.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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