Weekly Market Information Issue No.1

1. Mining Company Update

• Crypto mining company HIVE Digital completed an outright private equity financing of $21.78 million.
• Crypto currency mining company BIT Mining agreed to sell its mining pool business.
• Celsius’s plan to capitalize a new Bitcoin mining company with $225 million was approved by the US court.

• Crypto Mining Company HIVE Digital Completed an Outright Private Equity Financing of $21.78 Million

Crypto Mining Company HIVE Digital Technologies Ltd. (HIVE) has announced the completion of the outright private placement financing declared previously. Up to 5.75 million Special Warrants were issued, each priced at 5 Canadian dollars, raising a total of 28.75 million Canadian dollars. The capital will be used to support the growth of its Bitcoin mining operations and to expand its green mining field. The Special Warrants and the units they represent will adhere to the statutory holding period of four months and one day as stipulated by applicable securities law. Each Special Warrant will entitle the holder to receive one unit, which comprises one common share of the company and half of a common share purchase. (January 2, BlockBeats)

• Crypto Mining Company BIT Mining Agreed to Sell Its Mining Pool Business

Crypto mining company BIT Mining Limited has announced that it has agreed to sell its entire mining pool business operated under BTC.com to a Hong Kong limited liability company, Esport-Win Limited, for a total consideration of $5 million. The sale of the business is expected to increase BIT Mining’s total shareholder equity by approximately $16 million, as the business has about $11 million in net crypto liabilities. This sale does not include or affect any other business of BIT Ming. (December 29, BlockBeats)

2. Ranking of POW

This week, the ranking of currencies by annual output value remained largely stable with no new entries; Both coin prices and hashrate fluctuated within a small range.

3. Market Overview

• Data: Bitcoin mining revenue in December 2023 amounted to $1,51 billion, an approximate 30% increase month-over-month.
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• Valkyrie's Bitcoin Miner ETF saw an annual increase of 314%, making it the best-performing non-leveraged ETF in the United States for 2023.
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• Data: There were a total of 27 adjustments to Bitcoin mining difficulty in 2023, with the annual difficulty increase reaching 74%.
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• BRC20 token BTCs have officially rebranded to Bitcoin Ordinals, with the number of addresses surpassing 20,000.
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• The SEC may notify issuers as early as next Tuesday or Wednesday of the approval for their spot Bitcoin ETFs to be listed.
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• Fidelity has designated JaneStreet as the authorized participant for its spot Bitcoin ETF, with a fee of only 0.39%, currently the lowest; VanEck releases a new commercial short film related to Bitcoin.

• Bitcoin mining revenue in December 2023 amounted to $ 1,51 billion, an approximate 30% increase month-over-month

According to the Block Data, the revenue from Bitcoin mining in December 2023 hit $1.51 billion, representing an approximate 30% increase from the previous month.

• Valkyrie's Bitcoin Miner ETF saw an annual increase of 314%, making it the best-performing non-leveraged ETF in the United States for 2023

ETF analyst James Seyffart posted on social media that as of this Wednesday, Valkyrie's Bitcoin Miner ETF (WGMI) had risen about 399% in 2023. Although it has fallen in the past two days, the annual gain is still 314%, making it the best-performing non-leveraged ETF in the United States for the year 2023. (January 1st, Bloomberg)

• There were a total of 27 adjustments to Bitcoin mining difficulty in 2023, with the annual difficulty increase reaching 74%

According to data from Bitcoin.com, the Bitcoin mining difficulty underwent a total of 27 adjustments this year, with 20 increases and 7 decreases, amounting to an approximate annual increase of 74%. The largest single increase in difficulty was 10.26%, which occurred on January 15th; the smallest increase was just 0.12%, occurring on August 9th; the largest decrease in difficulty was 3.59%, which happened on January 2nd; and the smallest decrease was 0.49%, on February 12th. The 27th and final adjustment of the year took place on December 24th. (December 31st, Bitcoin.com)

• BRC20 token BTCs has officially rebranded to Bitcoin Ordinals, with the number of addresses surpassing 20,000

Recently, the BRC20 token BTCs was successfully rebranded to "Bitcoin Ordinals" in Chinese through a community vote, affectionately nicknamed "Xiao Bing" and "Xiao Bit." BTCs originated on the BTC Blockchain, with its community established in August 2023. During the bear market, BTCs actively promoted the Bitcoin ecosystem, helping newcomers to understand and participate in the creation of ordinals. As the market for ordinals has risen, the BTCs community now includes consensus holders from Europe, America, Spain, Nigeria, Malaysia, Vietnam, South Korea, Japan, and Chinese-speaking regions. As more people discover and contribute to the BTCs (Bitcoin Ordinals) with its international consensus-driven IP, the BTCs community remains committed to its original mission: To assist one hundred million people worldwide in owning a Bitcoin wallet. The number of BTCs holding addresses has surpassed 20,000, making it the second BRC20 ordinal token to break through this threshold after Sats, firmly ranking second in the BRC20 holding address leaderboard. With the community's growth and the strengthening consensus, the BTCs community has also become one of the first members invited to join BTC Labs, which is an open Bitcoin ecosystem alliance that primarily serves the Ordinals ecosystem's communities, developers, and VCs. Together, they explore community construction within the Bitcoin ecosystem, project development, and the identification and investment in potential high-quality projects. (January 2nd, BlockBeats)

• The SEC may notify issuers as early as next Tuesday or Wednesday of the approval for their spot Bitcoin ETFs to be listed

As of late Friday afternoon local time, BlackRock Asset Management (BLK.N), VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd. (IVZ.N), Fidelity, WisdomTree Investments (WT.N), and the joint venture between Ark Investments and 21Shares have all submitted new filings to the regulatory authorities regarding their spot Bitcoin ETFs. Those issuers who completed their filing revisions by the end of the year might be able to launch their products before January 10th — the date by which the U.S. Securities and Exchange Commission (SEC) must approve or reject the Ark/21Shares ETF. Sources indicate that the SEC may notify issuers on Tuesday or Wednesday if they have been approved to launch their products next week. (December 30th, BTC.com)

• With the hope of obtaining approval for spot exchange-traded funds (ETFs) in January, there is an expectation to see liquidity truly recover soon

 

With the hope of obtaining approval for spot exchange-traded funds (ETFs) in January, there is an expectation for a swift and genuine revival of liquidity (despite the risks of some negative impacts). This can be achieved in two ways:

1) Liquidity transfer through trading;

2) Liquidity transfer through market makers (MM). (January 2nd, Blockworks Research)