A light news week for the mining industry:
- Ethereum Classic (ETC) was hit with a 51% attack that reorged 4,000 blocks. The attacker is estimated to have spent $204,000 USD on hashing power to double spend 800,000 ETC (approximately $5.6M USD). This is the second attack on ETC in the span of a week.
- Bitmain delays ASIC shipments as the internal battle between its cofounders rages on. Shipments due for June and July delivery have been further delayed til September and October.
This week’s mining news has focused mostly on industrial-scale miners:
- Coindesk Research published a report analyzing Canadian mining company Bitfarms, which has financed its growth primarily through a $20M USD loan from Dominion Capital. While this is an attractive option for financing operations without diluting equity, it carries downsides in the form of high interest rates and collateral requirements. In this increasingly competitive post-halving landscape, the company may need to expand further to pay off its debt.
- The Iranian government has given power plants authorization to mine Bitcoin, provided they don’t use subsidized fuel and have the necessary licenses.
- Bitcoin mining firm Marathon Patent Group has ordered an additional 1,360 miners from MicroBT and Bitmain, which will be delivered in August. The company expects to be cashflow positive once these miners are installed, provided the current Bitcoin prices hold.
- The US Marine Corps banned crypto mining apps from government issued mobile devices.
This week’s mining industry news:
- Kraken has published a report detailing their new method of visualizing Bitcoin’s hashrate. Utilizing a shaded area graph instead of the typical line chart, this new method more accurately represents the probabilistic nature of calculating hashrate. In this visualization, the actual hashrate is estimated to fall somewhere within the shaded area of the graph with up to 95% confidence. Kraken also appears to be offering consulting services to companies looking to implement their new metric.
- In an ironic twist in the ongoing Bitmain saga, the company has seemingly ‘hard forked’ into two different operations and supply chains producing the same hardware. The two factions are controlled by Jihan Wu on one side and co-founder Micree Zhan on the other. Coindesk has a nice write-up that summarizes the current state of affairs.
- A botnet has recently been discovered that both steals data from the victim’s machine and mines Monero (XMR). Thus far, it is estimated that over 10,000 computers have been compromised.
This week has been a bit light on mining news:
- Fidelity International doubled its investment in Hut 8, a Bitcoin mining firm based in Canada, now controlling over 10% of the company.
- Chinese investors are speculating on Filecoin’s mainnet launch through cloud mining contracts and mining hardware. The heavy speculation comes in spite of the fact that several key details about the altcoin have not been revealed yet.
This week, governments continue to “take interest” in mining:
- Venezuela’s national guard has seized 315 Bitmain Antminer S9s unregistered with the country’s cryptocurrency authority.
- Miners in Iran have been given an order to register their mining rigs with the government. Iranian miners will have one month to submit the details of their operations in an effort to clamp down on off-the-books mining facilities within the country.