From Internet drug lord to encryption pioneer: the whitewashing and rebirth of a Darknet pro

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Bitfarms announced on May 7th that it has mined 21,000 BTC, all of which were mined using renewable energy, accounting for 1/1000 of the total BTC. Bitfarms’ Mining business started in Quebec, Canada and is expanding to Washington state, USA and Paraguay.

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Apollo Global Management, a distressed investment expert managing over $500 billion in assets, is participating in the acquisition of the bankrupt lending platform Celsius which is involved in encryption. Apollo previously provided loans to the bankrupt BTC mining company Core Scientific, and attempted to purchase debt from FTX, as well as engaging with Genesis. (CoinDesk)

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Cipher Mining announced the purchase of 11,000 new A1346 model Mining Rigs from Canaan, which will be delivered in the third quarter of 2023 for use at Cipher’s factory in Texas.

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Some BTCMiners are shifting to the AI field. Hut 8 indicated that its HPC business generated about $16.9 million in revenue in 2022, accounting for approximately 11% of the total revenue after only one year of operation, to a certain extent driven by AI clients. Hive Blockchain purchased GPUs worth $66 million from Nvidia in early 2021, with the goal of increasing its HPC revenue tenfold to $100 million by 2024. (Bloomberg)

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BTCMining listed company Marathon Digital (MARA) and digital asset service provider Zero Two have established a joint venture (JV) to create the first large-scale immersive BTCMining business in the Middle East. The White House is advocating for the imposition of taxes on encryptionMiners in the country equivalent to 30% of their energy costs. The new project, named Abu Dhabi Global Market Joint Venture Entity (ADGM), will first develop two Mining Farms with a total capacity of 250 megawatts (MW).

Powered by surplus energy from Abu Dhabi, using liquid-immersed cooling Mining Rig. An initial investment of about $406 million, with Zero Two holding 80% of ADGM and Marathon holding 20%. (CoinDesk)

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BTC miner Marathon Digital said on Wednesday it received a new subpoena from the US Securities and Exchange Commission (SEC) on April 10, relating to an ongoing investigation into a facility in Montana. Marathon said, ‘We understand that the SEC may be investigating whether there have been any violations of federal securities laws. We are cooperating with the US Securities and Exchange Commission.’ Marathon previously received a preliminary subpoena from the SEC in November 2021. (Bloomberg)

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encryption mine enterprise Hut 8’s first-quarter revenue was $14.16 million, a 64% year-on-year decrease and a 13% quarter-on-quarter decrease; a total of 475 BTC were mined (425 BTC were sold), a 50% year-on-year decrease, due to the company being forced to shut down some machine providers and the BTC network difficulty increasing due to energy disputes.

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Encryption mine enterprise Hive Blockchain announced that its second-quarter Hash Rate reached 4 EH/s and raised its new target to 6 EH/s. In addition, Hive announced a partnership with two major Canadian independent brokerages, Stifel and Canaccord, for ATM financing. According to the equity distribution protocol, the company can occasionally sell up to 100 million US dollars of common stock (ATM equity plan).

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Riot Platforms’ subsidiary, Whinstone US, is suing another mining company, Rhodium Enterprises, claiming that the latter owes it $26 million in hosting fees and is seeking a local court to declare that it does not owe the defendant any credit loans related to the demand response plan. Riot claims that during the first quarter of 2021 to 2023, it should have shared the net income generated by Rhodium Mining within the Whinstone facility with Rhodium, but Rhodium “intentionally miscalculated” the amount it needed to pay for hosting services to Whinstone and further accused Rhodium entities of underpaying by $26 million. (CoinDesk)

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Following the BTC Mining fee income reaching a nearly five-year high of 683.36 BTC (approximately $19.08 million) on May 8th, the mining fee income alone in May has exceeded 2253.29 BTC (approximately $62.90 million) so far. At the same time, the BTC fee rate has also hit the highest level in the past six years, with the fee rate index soaring to 31% on May 7th.

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Japanese company Toku has completed a $20 million financing, with investment from FIL Foundation, Blockchain Capital, Gitcoin, Gnosis, PleasrDAO, etc., specializing in tax compliance, decentralization employment, token grants, and salary solutions in the encryption ecosystem.

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