Weekly Market Information Issue No. 2

1. Mining Companies Updates

• Crypto mining company CoreScientific completed a $55 million equity distribution.
• Mining company Argo completed financing of approximately $10 million through the distribution of $38 million shares. The new funds will be used for capital operations, debt repayment, and other corporate purposes.
• Crypto mining company Hut8 released its monthly report: A total of 453 BTC were mined in December.
• Bitcoin mining company CleanSpark plans to launch an internal trading platform this year.

• Crypto mining company CoreScientific completed a $55 million equity distribution

Bitcoin mining company CoreScientific, Inc. has announced the completion of a $55 million equity distribution (ERO). As previously reported by BlockBeats, in December last year, the bankrupt crypto mining company Core Scientific stated that it had reached a principled agreement on global settlement terms with all key stakeholders. The company's CEO, Adam Sullivan, stated in the announcement: 'This global settlement resolves the key obstacles we anticipated for exiting Chapter 11 bankruptcy in January.' (January 8, BlockBeats)

• Mining company Argo completed financing of approximately $10 million through the distribution of $38 million shares

Mining company Argo Blockchain announced the completion of the distribution of 38 million shares, gaining a total revenue of 8 million pounds (approximately $10 million). The price per share was 20.5 pence, a 1% discount to the 30-day volume-weighted average price (VWAP) and an 11% premium to the 45-day VWAP. The new funds will be used for working capital, debt repayment, and other corporate purposes. (January 8, BlockBeats)

• Crypto mining company Hut8 released its monthly report: A total of 453 BTC were mined in December

Crypto mining company Hut8 has released a monthly operational update, mining 453 BTC in December, which is higher than the 390 BTC mined in November. Currently, Hut 8 holds 9,195 BTC. At present, Hut 8 owns 205,759 mining machines, with a total computing power reaching 21.5 EH/s. (January 8, GlobeNewswire)

• Bitcoin mining company CleanSpark plans to launch an internal trading platform this year

CleanSpark Inc. plans to launch an internal trading platform this year to maximize the returns on its Bitcoin holdings. CleanSpark's CEO, Zachary Bradford, said in an interview: 'We really believe that doing it ourselves is the best way, especially considering the large amount of Bitcoin we hold. Financially, it makes sense.' As of November, CleanSpark held 2,575 Bitcoins, worth about $97 million. The company achieved $168 million in revenue for the fiscal year ending September 2023. (January 8, Bloomberg)

2. Ranking of PoW

This week, currencies were ranked by annual output value; BEL, KLS, and XNA were newly added; Both coin prices and hashrate fluctuated within a small range.

3. Market Overview

• BlackRock's IBIT saw over $2 million in trading volume on its first day
  ● CBOE approves Ark, Invesco, VanEck, Fidelity, Franklin Templeton, and WisdomTree to list their futures Bitcoin ETFs on its platform
  ● The Honduras special zone officially recognizes Bitcoin as an accounting unit
  ● Japanese e-commerce giant Mercari will accept Bitcoin payments
  ● BlackRock has injected $10 million in seed capital into its Bitcoin spot ETF
• Pantera Capital is set to invest $200 million into Bitwise's pending Bitcoin spot ETF
  ● Data: On January 8, Bitcoin network fees amounted to approximately 76 BTC, a drop of over 78% from a week ago
  ● Fidelity appoints 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"

• Honduras Special District Officially Recognizes Bitcoin as an Accounting Unit

The special economic district of Próspera in Roatán, Honduras, has officially recognized Bitcoin as an accounting unit, which means Bitcoin can now be used to measure the market value of goods and services. The development was led by Jorge Colindres, the tax commissioner of the Próspera Employment and Economic Development Zone (ZEDE), on January 5th. Colindres stated that due to technical limitations in its electronic governance system, coupled with some external regulatory issues, the 'final Bitcoin tax procedure' cannot currently be implemented. Those interested in using Bitcoin as an accounting unit must submit a notice to the Próspera Tax Commission within 30 days after the relevant tax period ends. (January 8th, The Block Data)

• BlackRock Has Injected $10 Million Seed Capital into Its Bitcoin Spot ETF

According to the amended S-1 form, BlackRock has injected $10 million seed capital into its potential spot Bitcoin ETF. (January 9th, Bloomberg)

• Pantera Capital Prepared to Invest $200 Million into Bitwise's Pending Bitcoin Spot ETF

As indicated by Bitwise's updated S-1 filing, Bitwise has injected $500,000 seed capital into its potential Bitcoin spot ETF. If approved, Pantera Capital is interested in investing $200 million into the ETF. However, this statement comes with a disclaimer, indicating interest without legal obligation. (January 9th, Bitcoin.com)

• Bitcoin Network Fees Drop Over 78% in a Week

Data indicates that yesterday's Bitcoin network fees amounted to 76.2 BTC, a significant drop from the 354.3 BTC in network fees recorded on December 31st last week, marking a decrease of 78.5%. (January 9th, BlockBeats)

• Japanese E-commerce Giant Mercari to Accept Bitcoin Payments

One of Japan's largest e-commerce platforms, Mercari, has announced that starting from June this year, it will accept Bitcoin (BTC) payments. The company will process Bitcoin payments through its Tokyo-based crypto subsidiary, Melcoin. Customers will have the option to choose Bitcoin as their payment method during checkout. (January 8th, Nikkei News)

• Annual Total Revenue from Bitcoin Mining (Transaction Fees and Mining Rewards) Approximates $9.849 Billion

The transaction frenzy sparked by Ordinals has led to two peaks in the proportion of transaction fees within the annual mining revenue. The first peak was in May, with the daily average fee contribution reaching 12.74%, and the second peak occurred from November to December, with daily average fee contributions of 11.80% and 19.26%, respectively. It is anticipated that if the mining reward is halved next year but the transaction frenzy caused by Ordinals continues, the proportion of transaction fees could further increase. (January 9th, PANews)