This Week in Mining: August 24th

Here’s this week’s mining news:
  1. VC firm Digital Currency Group has unveiled its subsidiary, Foundry, that will provide financing and equipment procurement to North American mining ventures through a $100 million fund. They have also been operating their own mining operation under the radar since 2019. DGC believes that there is also a geopolitical implication to their efforts as there appears to be growing concern amongst policymakers about China’s share of global bitcoin production.
  2. Iran has reportedly shut down over a thousand unlicensed mining farms using subsidized electricity. Mining is currently a legal activity in Iran, though companies must receive a license to set up operations.
  3. Marathon Patent Group, a US-based publicly listed mining firm has signed a letter of intent to purchase Fastblock Mining, a mining-as-a-service company, for $22 million. Adding Fastblock’s ASICs will increase Marathon’s total output by 208 PH/s. This is in addition to their recently announced delivery of 1,300 ASICs with 1,000 more on the way.