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The price of Bitcoin fell after reports surfaced that China stepped up its crackdown on crypto miners.
Numerous Bitcoin mines in southwest China’s Sichuan province were closed on Sunday after local authorities ordered mining in the region to halt late last week. The Sichuan Province Development and Reform Commission and the Sichuan Energy Bureau issued a joint notice on Friday, ordering local power companies to “filter, clean up and terminate” mining operations. here Sunday.
According to a report by Global Times (the English-language national newspaper of China), the ban means that more than 90% of China’s Bitcoin mining capacity is expected to be shut down, at least in the short term, as regulators across the country have taken such severe measures. not. ISW Holdings Inc. (OTC: ISWH), Argo Blockchain plc (OTC: ARBKF), Diginex Limited (NASDAQ: EQOS), Bit Digital, Inc. (NASDAQ: BTBT), Marathon Digital Holdings, Inc. (NASDAQ: MARA).
Due to China’s changing regulatory approach to Bitcoin and crypto in general, Bitcoin miners in China are looking to relocate their operations to U.S. states like Texas, South Dakota, and Tennessee, reported the Washington Post.
The detailed explanation for the crackdown, however, is complex. The Post says the Chinese government has appeared concerned about the industry’s carbon footprint and the inherently uncontrollable and decentralized nature of cryptocurrency. “You are going to witness a dramatic change over the next few months,” said Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini, according to CNBC. “We have governors like Greg Abbottin in Texas promoting mining. It’s going to become a real industry in the United States, which is going to be amazing.
ISW Holdings Inc. (OTC: ISWH) and Bit5ive, LLC are pleased to provide an in-depth update on the progress of the company as it continues to expand and optimize the operations of crypto miners.
“ISW Holdings operates as a diversified holding company with a current market capitalization of approximately $ 25 million, primarily driven by the company’s growing expertise in acquiring, launching, hosting and operating businesses. ‘active in the cryptocurrency and telehealth industries,’ said ISW Holdings Chairman and Chairman Alonzo Pierce. “Our partnership with Bit5ive has provided us with state-of-the-art POD5 infrastructure and the ability to develop efficient and scalable mining operations. And we look forward to further expansion and optimization in this area over the coming months. “
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The company currently operates its mining equipment near powerful and efficient energy resources in Kennerdell, PA.
Pierce added, “We continue to make tremendous progress, recently increasing our hash rate to 72,000 Th / s, generating an expected monthly revenue of $ 484,000 or more of $ 5.8 million per month. year thanks to the Bitmain Antminer s17 fleet that we already have online and working. As we continue to maximize our hashrate, we should see a reduction in the proportional direct costs associated with mining operations. Naturally, we continue to rely on Robert and Bit5ive for their expertise and support to translate our investment in this process into growing value. “
Bit5ive is North America’s largest provider of collective management and mining equipment services, and ISWH with a turnkey solution on providing cost-effective and reliable hosting, mining equipment distribution, management complete facilities and mining pool operations in projects.
Robert Colazzo of Bit5ive commented, “Through our strong partnership, ISW Holdings will continue to have 24/7 technical support for monitoring management, troubleshooting, upgrades, maintenance management. firmware and more. Bit5ive is thrilled to have the opportunity to provide our extensive experience in running Bitcoin mining farms in the US and internationally, and we look forward to achieving great success together.
Argo Blockchain plc (OTCQX: ARBKF) reported earlier this month an operational update that in May, Argo mined 166 Bitcoin or Bitcoin Equivalent (together, BTC) against 163 BTC in April. This brings the total amount of BTC mined to date to 716 BTC. Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in May was $ 7.8 million (April 2021: $ 9.3 million). Argo generated this income at an average monthly crypto miner margin of around 82% for the month of May despite fluctuations in mining difficulty. (April 2021: 85%).
“May has been a busy month. We have continued to generate strong revenues and as a result Argo’s Bitcoin holding has now exceeded 1,000 BTC, ”said Peter Wall, CEO of Argo. “We are also delighted to have signed the Crypto Climate Accord and to have participated in the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic changes within our industry and accelerate the rate at which miners switch to renewable energy to power their operations. We are also pleased to announce Argo’s strategic investment in WonderFi. Access to this emerging sector needs to be democratized and we believe WonderFi is in an excellent position to achieve this.
Diginex Limited (NASDAQ: EQOS) announced earlier this month that EQUOS, its cryptocurrency exchange, has received an “A +” rating on Nomics[1], one of the leading independent crypto exchange data providers. EQUOS is committed to bringing transparency, fairness and trust to the crypto industry as a regulatory driven exchange. EQUOS ranking on Nomics places the exchange in the Top 20 crypto exchanges in the world and in the Top 5 in Asia, both for transparency and volumes, although the exchange is only publicly launched in July 2020. EQUOS continues to deliver record daily volumes and has exceeded USD 3 billion in volumes for May 2021. This represents an average daily volume of over USD 100 million in May 2021, an increase of 70% from April 2021 and more than seven times the average daily volumes of the first quarter of the 2021 calendar.
Bit Digital, Inc. (NASDAQ: BTBT) reported this month that the company has entered into a strategic co-mining agreement with Digihost Technologies in North America. Under the terms of the Agreement, Digithost will provide certain premises to Bit Digital for the operation and storage of a 20 MW Bitcoin mining system (the “Miners”) to be delivered by Bit Digital, and Digithost will provide also services to maintain the premises. for a period of two years. The collaboration between Digihost and Bit Digital is expected to increase the hash rate of approximately 400 PH between companies. Bryan Bullett, CEO of Bit Digital, said: “We are extremely pleased with this strategic collaboration with Digihost which marks our continued expansion in North America, as we continue to transition our mining fleet here. Our business strategy continues to encompass growth through the expansion of strategic partnerships with institutional grade accommodation providers with aligned economic interests, to ensure efficient access to food and accommodation. We look forward to a successful partnership with Digihost.
Marathon Digital Holdings, Inc. (NASDAQ: MARA) earlier this month released unaudited updates of bitcoin production (“BTC”) and crypto miner installation for May 2021. As of 1 June 2021, Marathon’s mining fleet produced around 580.5 newly minted bitcoins in 2021. As a result, Marathon currently holds around 5,518 BTC, including the 4,812.66 BTC that the Company purchased in January 2021 for a price average of 31,168 USD per BTC. As of May 31, 2021, the fair market value of a bitcoin was approximately $ 36,857, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $ 203.4 million.
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