An earlier version of the Miner Weekly sent earlier today mistook Atlas Technology Group LLC for Atlas Holdings LLC, the PE firm behind Greenidge Generation, in a loan table breaking down BlockFi’s miner financing borrowers. It has been corrected below.
Core Scientific has filed an emergency motion this week looking to fire-sell Bitmain coupons with a face value of $6.6 million. The bankrupt bitcoin mining firm said it has been in discussions with Bitmain and two potential third-parties that may be interested in acquiring the coupons, “albeit at a significant discount.”
Notably, the coupons come with a few covenants:
The majority of the coupons expire on March 22
They can only be applied to new purchases of the AntMiner S19s model with a lower output
They can only be used to pay for 30% of new purchases from Bitmain.
Similarly, Bloomberg reported this week that bankrupt crypto lender BlockFi has started the bidding process to sell $158 million in loans secured by around 68,000 units of bitcoin ASIC miners.
Based on further information seen by TheMinerMag, the hashrate collateral that BlockFi possesses totals 6.7 EH/s, which translates to a face value of $23 per TH/s. Below is a breakdown of the borrowers and their respective equipment financing details.
Most of the collateralized miners appear to be the AntMiner S19 series or equivalent models. A few weeks ago, Celsius Mining sold 2,687 WhatsMiner M30s for $1.34 million with an implied valuation of $5.6/TH/s. Based on that reference point, BlockFi’s loan collateral could be worth less than a quarter of the total loan amount. It’d be interesting to see whether and how the bidding deal comes through.
Regulation news
City seeks contempt order and fines for crypto-mining operator - Niagara Gazette
Financial news
CryptoBlox acquires crypto liquid cooling firm CryptoTherm - DatacenterDynamics
Blockstream Raises $125M for Bitcoin Mining - CoinDesk
Bitcoin Miner Gryphon to Go Public Via All-Stock Merger With Cannabis Firm Akerna - CoinDesk
Corporate news
Crypto Billionaire Wu Cuts Jobs at One Firm, Loses CEO at Other - Bloomberg
Bitcoin miner Hut 8 takes dispute with power supplier to court - The Block
Bitcoin Miner Argo Hit With Lawsuit Over ‘Misleading’ US IPO - Bloomberg
Marathon forms Abu Dhabi bitcoin mining JV; initial project of 250MW - The Block
Hardware and Infrastructure
Crypto needs cheap energy. It found a whole bunch in Nebraska - News Channel Nebraska
Celsius to store 20,000 mining machines, remains optimistic about new hosting sites - The Block
Solo Bitcoin Miner Solves Block With Hash Rate of Just 10 TH/s, Beating Extremely Unlikely Odds - Decrypt