Bitcoin mining

Bitcoin miner Cipher buys 37K Bitmain Antminers for $99.5M

The new crypto mining equipment to be bought by Cipher is expected to deliver 7.1 EH/s of self-mining capacity by the first half of 2025.

Publicly traded Bitcoin (BTC) mining firm Cipher Mining is scaling operations with a new mega purchase of cryptocurrency mining devices.

Cipher will buy 37,396 units of Antminer T21 miners from the Chinese crypto mining giant Bitmain under a new agreement, the firm announced on Dec. 18. The new mining equipment to be bought is expected to deliver 7.1 exahashes per second (EH/s) of self-mining capacity by the first half of 2025, the announcement notes.

According to Cipher CEO Tyler Page, the purchase will allow Cipher to build its first 135 megawatts (MW) at its newly acquired Black Pearl site. Cipher has also secured the option to acquire an additional 45,706 miners, representing 8.7 EH/s, in 2024.

Iris Energy to double hash rate in 2024 with $22M Bitmain T21 mining rig order

Iris Energy will receive mining hardware orders from Bitmain in the first six months of 2024, taking its operational mining capacity above 10 EH/s.

Renewable Bitcoin (BTC) mining firm Iris Energy is set to increase its total hash rate to 10 exahashes per second (EH/s) in 2024 by acquiring new Bitmain T21 mining rigs.

The company announced it had acquired an additional 1.6 EH/s of Bitmain T21 miners, set for delivery in the second quarter of 2024. The company currently has 5.6 EH/s of operational capacity as of December 2023.

The newest generation of Chinese manufacturer Bitmain’s mining hardware will also improve the efficiency of Iris’ operations from 29.5 joules per terahash (J/TH) to 24.8 J/TH. Iris invested $22.3 million in the latest order from Bitmain, pricing the hardware at $14 per terahash.

Blockstream targets continued Bitcoin miner surplus with Series 2 BASIC Note

Blockstream CEO Adam Back says 2023 presented a unique investment opportunity with Bitcoin’s price doubling amid low ASIC miner prices on secondary markets.

Blockstream will look to raise more capital to buy Bitcoin (BTC) mining hardware through a second series of its Blockstream ASIC (BASIC) Note offering, which aims to accumulate and sell ASICs based on the predicted demand for miners over the next two years.

Speaking exclusively to Cointelegraph, Blockstream CEO Adam Back highlighted a surplus of Bitcoin mining hardware on the secondary market as a critical driver for a second series of its investment offering.

Blockstream wound up an initial $5-million raise, which saw the firm purchase unused, boxed Antminer S19k Pro ASIC miners for $4.87 million. The company managed to secure the hardware, one of the Chinese manufacturer’s most popular miners, through SunnySide Digital.

ECB assesses environmental footprint of cash, sees room for improvement

In Europe, the environmental footprint of banknotes is minuscule compared to crypto’s, but crypto has its own advantages.

The European Central Bank (ECB) has taken a look at the environmental impact of using banknotes and discovered 16 environmental impact categories. As with cryptocurrency, energy efficiency was a major issue.

Banknotes continue to be the most common form of payment at points of sale in the eurozone. The use of cash requires an elaborate physical infrastructure for production, distribution, and eventual retirement.

Energy use by ATMs was the biggest contributor to banknotes’ environmental footprint at 37%, followed by transportation (35%). The remainder was processing, paper manufacturing, authentication and many other steps. The ECB began efforts to reduce the environmental impact of banknotes in 2004. According to the ECB report:

El Salvador's Volcano Bond gets regulatory approval, targets Q1 launch

The Volcano Bond was approved by the country’s Digital Assets Commission on Dec. 11, with issuance expected in Q1, 2024.

El Salvador’s long-anticipated Bitcoin bonds, also known as “Volcano Bonds,” have reportedly received the regulatory nod for a launch in early 2024.

The Volcano Bond was reportedly approved by El Salvador’s Digital Assets Commission and is anticipated to launch during the first quarter of 2024, according to a Dec. 11 statement from The National Bitcoin Office (ONBTC).

The approval comes nearly 21 months after the country’s former finance minister Alejandro Zelaya said the Volcano Bond would launch in mid March, 2022.

El Salvador’s Bitcoin bond gets regulatory approval, targets Q1 launch

The Volcano Bond was approved by the country’s Digital Assets Commission on Dec. 11, with issuance expected in Q1 2024.

El Salvador’s long-anticipated Bitcoin bonds, also known as “Volcano Bonds,” have reportedly received the regulatory nod for a launch in early 2024.

The Volcano Bond was approved by El Salvador’s Digital Assets Commission and is anticipated to launch during the first quarter of 2024, according to a Dec. 11 statement from The National Bitcoin Office (ONBTC).

The approval comes nearly 21 months after the country’s former finance minister, Alejandro Zelaya, said the Volcano Bond would launch in mid-March 2022.

Phoenix seals $380M deal with WhatsMiner for green Bitcoin mining

Phoenix Group is acquiring hydro cooling mining equipment from WhatsMiner worth over $136 million, with the option of an additional $246-million purchase.

United Arab Emirates firm Phoenix Group has disclosed a new purchase of hardware equipment from WhatsMiner, aimed at expanding its portfolio of hydro cooling rigs. According to an announcement on Dec. 7, the $380-million deal represents WhatsMiner’s largest order in two years.

Under the agreement, Phoenix received mining equipment valued at $136 million, with an additional option worth $246 million available. WhatsMiner’s line of hydro cooling equipment was released in 2022, with current prices ranging from $1,008 to $2,484, according to the company’s website.

WhatsMiner’s hydro cooling hardware uses a closed-loop water system, preserving the volume and quality of water inside pipes. According to the company, the system offers more efficient heat transfer since water is a more effective heat conductor than air or oil. The benefits of this system include a reduction in operational costs and a minimized environmental impact, the company claims.

Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

Crypto mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange, with the stock opening at $0.6.

Cryptocurrency mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange (ADX), becoming one of the Middle East’s first publicly listed industry firms.

The Phoenix Group stock price opened at 2.25 dirhams ($0.6) on Dec. The price has soared as much as 50% from the initial public offering (IPO) price of 1.50 dirhams ($0.41) as per the Phoenix IPO prospectus.

The public listing comes a few weeks after Phoenix Group successfully closed its IPO with an oversubscription of 33 times on Nov.

The cryptocurrency miner aims to use the IPO proceeds to fund its future growth and deliver positive returns for investors. According to Phoenix Group co-founder and CEO Bijan Alizadeh, the company’s ambitions are anchored by four pillars: “innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities and strategic acquisitions.”

Founded in 2015 by Alizadeh and Munaf Ali, Phoenix is a major company in the Middle East blockchain industry, collaborating with major regional authorities. In August 2023, Phoenix signed an agreement to build a $300 million crypto mining farm in Oman in the presence of Omani Minister of Transport Saeed Al Maawali and chairman of the Abu Dhabi Stock Exchange, Hisham Malak.

One of the main aspects of Phoenix’s vision is its commitment to sustainability in cryptocurrency mining or using renewable sources for cryptocurrency mining.

Core Scientific explains its latest bankruptcy plan ahead of court date

If approved, the third version of the plan will go into effect on Jan. 5, 2024, and see the company add 372 MW in capacity by 2027.

Bitcoin (BTC) miner Core Scientific has released a presentation outlining its plans to emerge from bankruptcy in early January 2024. The presentation is based on the third amended joint Chapter 11 bankruptcy plan filed in a United States bankruptcy court on Nov.

Common shareholders and holders of two series of convertible notes are being planned for separately.

*Planned Core Scientific indicators through 2027. Source: Core Scientific*

Noteholders will receive $1.628 on every $1 of face value for notes due in April and $1.201 per $1 face value for notes with an August due date.

If it reaches agreements with key shareholders, Core Scientific will emerge from bankruptcy with $709 million in net debt and $791 million in equity value on Jan.

Core Scientific operates seven facilities in five U.S.

Today’s $CORZ daily self-mined #Bitcoin for the last reported 24-hour period (02-Dec-2023): 30.1 pic.twitter.com/KuKyORAkka

— Core Scientific (@Core_Scientific) December 3, 2023

Core Scientific filed for bankruptcy in late December 2022.

Hut8 Mining operates as US-domiciled entity following USBTC merger

Amid the delisting and relisting process, Hut8 shareholders received 0.2 of a share of New Hut common stock for every one Hut 8 share held, an official announcement confirmed.

Crypto mining companies Hut 8 Mining Corp.

Canada-based Hut 8 announced the completion of the merger on Nov.

After much anticipation… we’re thrilled to announce the completion of our merger of equals with USBTC! We are now officially operating as a U.S.-domiciled entity, Hut 8 Corp. with 825 MW of energy under management across 11 sites with self-mining, hosting, managed services, and… pic.twitter.com/yJ3uou326o

— Hut 8 (@Hut8Mining) November 30, 2023

The merger will result in the delisting of Hut 8 common stocks from the Toronto Stock Exchange and Nasdaq by or before Dec.

Asher Genoot, president of New Hut, revealed the company’s plan to ready itself for the upcoming Bitcoin (BTC) halving.

Hut8 received final clearance from the Supreme Court of British Columbia to merge with USBTC in September. However, the planning process began in February.

At the time, the merger was subject to court and regulatory approval by U.S. The dispute was settled on April 7.

X (formerly Twitter) and Block co-founder Jack Dorsey recently took steps to promote the decentralization of Bitcoin mining operations.