Weekly Market Information Issue No.11

1. Mining Company Update

• Crypto mining company Core Scientific announces plans to expand its Denton, Texas mining farm capacity by an additional 72MW
• 7 leading mining companies collectively hold $2.79 billion worth of Bitcoin in 782 independent wallets
• The Australian court transferred $41 million in cryptocurrency held by NGS's crypto mining enterprises

• Crypto mining company Core Scientific announces plans to expand its Denton, Texas mining farm capacity by an additional 72MW

Golden Finance reports that cryptocurrency mining company Core Scientific plans to expand the capacity of its Bitcoin mining park in Denton, Texas by an additional 72MW. The current Bitcoin mining power at the Denton data center is 125MW, with a total contract power of about 300MW. In addition, its data center located in Pecos, Texas operates 71MW of Bitcoin mining business across two sites, with a total contract power capacity of 250MW.

• Mining company Digihost sees a 60% month-over-month asset growth due to signing a hosting agreement with a miner

Golden Finance reports that Arkham announced on the X platform that it has integrated data from 7 top publicly listed mining companies in the US/Canada, with a total market value of $12.71 billion. These mining companies collectively hold $2.79 billion worth of Bitcoin in 782 independent wallets, including:

• Marathon Digital Holdings (MARA):

Market value: $4.31 billion; BTC holdings: $1.13 billion;

• CleanSpark (CLSK):

Market value: $33.5 billion; BTC holdings: $1.958 billion;

• Riot Platforms (RIOT):

Market value: $2.31 billion; BTC holdings: $583.8 million;

• Cipher Mining (CIFR):

Market value: $1.13 billion; BTC holdings: $88.1 million;

• Hut 8 Corp (HUT):

Market value: $720 million; BTC holdings: $608.8 million;

• Bitfarms (BITF):

Market value: $630 million; BTC holdings: $28.1 million;

• HIVE Digital Technologies (HIVE):

Market value: $260 million; BTC holdings: $156 million.

• The Australian court transferred $41 million in cryptocurrency held by NGS's crypto mining enterprises

Golden Finance reports that the Australian market regulator has filed a civil lawsuit against NGS Group's blockchain mining company, accusing it of violating laws and not obtaining the proper licenses to provide financial services. The digital assets worth approximately $41 million invested by over 450 Australians are now managed by three experts from the independent consulting and restructuring firm McGrathNicol.

The Australian Securities and Investments Commission (ASIC) accuses NGS Crypto, NGS Digital, and NGS Group, as well as the company's sole directors: Brett Mendham, Ryan Brown, and Mark Ten Caten of violating laws.

ASIC has conducted an investigation and currently has not requested a complete ban on these companies' operations but has requested temporary and final injunctions to prohibit their operation without a license.

 

2. Market Overview

• Bitcoin halving on April 20, 2024
• Bitcoin mining equipment manufacturer Auradine completes $80 million Series B financing
• Glassnode: Spot Bitcoin ETFs now hold over 850,000 BTC
• The Central Bank of Russia will accelerate support for cryptocurrency payments for international settlements
• Cryptocurrency exchange Kraken acquires TradeStation Crypto

• Bitcoin halving on April 20, 2024

Golden Finance reports that as of April 19, there are 77 blocks left until the Bitcoin halving, which is scheduled for April 20, 2024. At that time, the block reward will decrease from 6.25 BTC to 3.125 BTC.

• Bitcoin mining equipment manufacturer Auradine completes $80 million Series B financing

Golden Finance reports that Bitcoin mining equipment manufacturer Auradine has announced the completion of $80 million in Series B financing, with participation from StepStone Group, Top Tier Capital Partners, MVP Ventures, MaverickCapital, Celesta Capital, Mayfield Fund, and Marathon Digital.

• Glassnode: Spot Bitcoin ETFs now hold over 850,000 BTC

Golden Finance reports that according to Glassnode data, spot Bitcoin ETFs now hold 851,000 BTC, accounting for 4.3% of the circulating supply. After a strong start with $25 billion in inflows, the inflow of funds has slowed down since March.

• The Central Bank of Russia will accelerate support for cryptocurrency payments for international settlements

On April 16, the Central Bank of Russia announced it will support the accelerated adoption of cryptocurrency payments for international settlements. The governor of the Russian Central Bank, Elvira Nabiullina, stated that they will support the rapid development of a bill to support cryptocurrency for international payments and emphasized that these payments should be introduced into an experimental sandbox legal system.

• Cryptocurrency exchange Kraken acquires TradeStation Crypto

Golden Finance reports that cryptocurrency exchange Kraken is acquiring the digital asset-focused division of the online brokerage firm TradeStation, TradeStation Crypto, to expand its regulatory permissions in the United States. A Kraken spokesperson stated via email: "We can confirm that Kraken has recently acquired the crypto business of TradeStation. This transaction is part of our efforts to accelerate our business in the United States and will bring further growth and new product opportunities for Kraken in the US." The company declined to disclose the amount paid. This acquisition had not been previously disclosed publicly.