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Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 Years

Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 YearsAuthorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says […]

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China Fines Bitmain $3.6 Million for Tax Violations, Report

China Fines Bitmain .6 Million for Tax Violations, ReportChinese authorities have fined leading crypto mining hardware manufacturer Bitmain for tax-related violations, local media reported. The penalty comes amid increasing tax checks in the digital asset sector, according to information from the crypto community. Bitmain Fined for Failing to Pay Income Tax on Behalf of Employees One of the world’s largest producers of devices […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Cleanspark Purchases 45,000 Bitcoin Mining Devices, Adding 6.3 EH/s to Current Fleet

Cleanspark Purchases 45,000 Bitcoin Mining Devices, Adding 6.3 EH/s to Current FleetOn Tuesday, the bitcoin mining company Cleanspark announced that it had purchased 45,000 Antminer S19 XP bitcoin mining devices for a total price of $144.9 million. Cleanspark stated that the new fleet would add 6.3 exahash per second (EH/s) of computational power to the company’s current 6.7 EH/s. Cleanspark Acquires 45,000 Bitmain Antminers for $144.9 […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand Operations

Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand OperationsTerawulf, a bitcoin mining operation, has announced that it has energized the first nuclear-powered bitcoin mining facility in the United States at the company’s Nautilus Facility in Pennsylvania. According to the company, approximately 1 exahash per second (EH/s) or close to 8,000 application-specific integrated circuit (ASIC) bitcoin miners are now online, and another 8,000 mining […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Mawson Infrastructure Group Launches Bitcoin Mining Operation in Pennsylvania, Exits Australia

Mawson Infrastructure Group Launches Bitcoin Mining Operation in Pennsylvania, Exits AustraliaThe bitcoin mining operation, Mawson Infrastructure Group, Inc., announced that the firm has broken ground at a new site in Sharon, Pennsylvania. Reports detail that Mawson has delivered six modular production units capable of housing 3,528 application-specific integrated circuit (ASIC) bitcoin miners, or approximately 12 megawatts (MW) of capacity. The new Mawson site is capable […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Cleanspark Boosts Bitcoin Mining Capacity With Acquisition of 20,000 Bitmain Rigs

Cleanspark Boosts Bitcoin Mining Capacity With Acquisition of 20,000 Bitmain RigsBitcoin mining operation Cleanspark has acquired 20,000 brand-new Bitmain mining rigs for $43.6 million, the company reported. Once installed, Cleanspark expects to increase its capacity by 37% by adding roughly 2.44 exahash per second (EH/s) to the firm’s fleet. Cleanspark CEO Says Proprietary Mining Model Gives Company Greater Control and Efficiency Cleanspark, the publicly listed […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Iris Energy to nearly triple hashrate with estimated 44,000 new BTC miners

With the tough conditions that faced Bitcoin miners last year, Iris’ co-founder said the purchase was a “significant milestone” for the company.

Australia-based Bitcoin (BTC) mining company, Iris Energy, revealed it will nearly triple its mining capacity with the addition of thousands of mining rigs.

On Feb. 13 the firm said it purchased an additional 4.4 Exa Hashes per second (EH/s) worth of Bitmain Antminer S19j Pro ASIC miners bringing its self-mining capacity to 5.5 EH/s from 2.0 EH/s.

Based on the S19j Pro’s maximum hashrate of 100 Tera Hashes per second (TH/s), the purchase adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations.

Daniel Roberts, Iris’ co-founder and Co-CEO said the purchase “is a significant milestone” for the company and added its been a “challenging period for both the industry and markets more generally.”

Iris said the new miners will be installed in the company’s centers but did not mention in which locations. The firm operates three facilities in various locations in British Columbia, Canada and one in Texas in the United States.

Iris’ flagship site in Mackenzie, British Columbia. Source: Iris Energy

The company used $67 million of remaining prepayments to ASIC miner manufacturer Bitmain to fund the purchase of the rigs “without any additional cash outlay.”

Iris had a 10 EH/s contract with Bitmain which it says “have been fully resolved, with no remaining commitments.” It stated it remains debt free.

The firm said it’s also considering options to sell surplus miners above its 5.5 EH/s of mining capacity to re-invest.

Related: Core Scientific to hand over 27K rigs to pay $38M debt

In November last year the company was forced to unplug miners used as collateral on a $107.8 million loan as the units were producing “insufficient cash flow to service their respective debt financing obligations.”

Over the past few months cryptocurrency miners have faced a squeeze from multiple directions, having to confront low Bitcoin prices amid high hash rates, high mining difficulty and high energy prices.

The pressure caused publicly listed Bitcoin mining companies to sell off almost all of the BTC mined throughout 2022 with data from blockchain research firm Messari showing Iris sold around 100% of the nearly 2,500 BTC it mined that year.

A Febuary analysis from Hashrate Index shows publicly listed miners increased their production in January with better weather and stable electricity prices helping the production surge. Iris’ January production resulted in 172 BTC compared to 123 BTC in December.

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Crypto-friendly bank ends loans backed by crypto mining rigs

After a bullish 2021 crypto miners sought out loans to allow them to expand, a move which has since backfired following difficult market conditions in 2022.

The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022.

According to a Jan. 31 filing with the United States Securities and Exchange Commission (SEC), BankProv has already nearly halved the proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022.

The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million worth of loans collateralized by crypto mining rigs which “will continue to decline as the Bank is no longer originating this type of loan”.

The crypto mining industry has taken on huge amounts of debt during the 2021 bull market, often offering up mining rigs they own as collateral in order to lower their interest rates.

Liabilities of the top ten publicly listed crypto mining firms according to recent financial statements. Source: Luxor Technologies

The subsequent bear market starting in 2022 resulted in tough conditions for miners, however, and many were forced to sell the Bitcoin (BTC) mining rigs they own in order to cover operating costs, causing mining hardware prices to plummet.

Related: Bitcoin miner Greenidge cuts NYDIG debt from $72M to $17M

Despite the falling prices, some banks who had issued mining rig-collateralized debt were forced to repossess some of the miners used as collateral.

According to a previous SEC filing, BankProv repossessed mining rigs in exchange for the forgiveness of $27.4 million in loans on Sep. 30, 2022, which resulted in an $11.3 million write-off for the firm.

The losses likely contributed heavily to its decision to stop issuing these types of loans, with Carol Houle, the CFO of its holding company Provident Bancorp, noting:

“As we reflect on 2022, we are eager to take its lessons and emerge a better, stronger bank. Despite our 2022 losses, we enter 2023 well capitalized and well diversified.”

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Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs

Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining RigsThe Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report

Iran Returns Seized Crypto Mining Equipment to Miners

Iran Returns Seized Crypto Mining Equipment to MinersA government body responsible for state property in Iran has released some of the hardware seized from illegal crypto mining farms. Its top executive explained the agency was obliged to do that by courts in the Islamic Republic, where unlicensed miners have been blamed for power shortages. Authorities in Iran Give Confiscated Mining Rigs Back […]

Crypto Exchange Kraken Mulls Pulling Support for Top Stablecoin USDT in the EU: Report