This Week in Mining: June 4th

Here’s the week’s mining industry news:
  1. Bitcoin experienced another post-halving difficulty drop, which is the eighth largest negative adjustment in Bitcoin’s history at 9.29%. With monsoon season dropping hydroelectricity rates in southwest China and the latest ASIC models coming online, it should be interesting to see the effect this has on the next difficulty adjustment.
  2. Poolin has partnered with US-based crypto lender BlockFi to expand its own crypto lending service. Poolin claims there exists demand from miners to borrow capital in order to purchase electricity and new mining equipment, as well as for options and derivative products.
  3. ASIC manufacturer Canaan filed with the SEC to issue $12.4M worth of stock to its employees. The company is part of an ongoing class-action lawsuit for allegedly misrepresenting its financials to court investors to its IPO in November 2019.