Weekly Market Information Issue No.6

1. Mining Company Update

• Bitcoin mining company Bit Brother receives delisting notice from NASDAQ
• Little Bitcoin Deer produced 330 bitcoins in January, a 123% increase compared to the same period last year

• Bitcoin mining company Bit Brother receives delisting notice from NASDAQ

Bit Brother Limited recently disclosed that the company has received a delisting notice from NASDAQ, which was issued on January 30. The notice stated that NASDAQ intends to delist Bit Brother pursuant to the authority outlined in NASDAQ Listing Rule 5101. The decision was based on concerns arising from certain warrants issued by Bit Brother that included cashless exercise provisions on October 25, 2023, and December 5, 2023, as well as related public interest concerns triggered by such transactions. (February 2, BlockBeats)

• Little Bitcoin Deer produced 330 bitcoins in January, a 123% increase compared to the same period last year

Little Bitcoin Deer released its January operational data, reporting that the company produced 330 bitcoins that month, a 123% increase compared to the same period last year. The company is expected to begin land preparation in February for the construction of a 221 MW data center in Ohio, USA, which is expected to be completed by 2025.

In addition, Little Bitcoin Deer will continue to advance the construction of the Tydal mining facility in Norway, a 175 MW immersion cooling data center, which is expected to be completed by mid-2025. The company is also expected to launch a high-performance cloud service platform based on SuperPOD in the first quarter of 2024. (February 3, Bloomberg)

2. Ranking of PoW

This week, currencies were ranked by annual production value; Syscoin was newly added; Both coin prices and hashrate fluctuated within a small range.

1. Market Overview

• The Supreme Court of British Columbia, Canada, supports the local ban on crypto mining
• Bitcoin mining difficulty adjusts up by 7.33% to 75.5 T, setting a new historical high
• Grayscale CEO urges regulators to approve the listing options for a spot Bitcoin ETF as soon as possible
• Glassnode: Possibly affected by Ordinals, the number of active addresses on the network declined after the approval of a spot Bitcoin ETF
• CME data shows the probability of a Fed rate cut in March has dropped to 20.5%
• Data: Ordinals inscriptions cumulative fee income surpasses 6,000 BTC
• Bitcoin on-chain NFT sales in the past seven days exceed $58 million, ranking second

1） The Supreme Court of British Columbia, Canada, supports the local ban on crypto mining

The Supreme Court of British Columbia, Canada, ruled that it was reasonable for the British Columbia Hydro and Power Authority (BC Hydro) to suspend crypto mining projects. Judge Michael Tammen stated in his ruling that the suspension order first issued in December 2022 was reasonable, non-discriminatory, and within the scope prescribed by the province's Utilities Commission Act. The ban had been challenged by Conifex Timber, a forestry company that ventured into cryptocurrency mining, which had plans to mine with the Tsay Keh Dene Nation, an indigenous tribe. Judge Tammen wrote that BC Hydro's ban was based on service costs that took into account the unique and substantial energy demands of cryptocurrency mining, aimed at preserving affordable energy for a wider population, and that continuing the ban was a missed opportunity for the province. (February 6, CoinDesk)

2） Bitcoin mining difficulty adjusts up by 7.33% to 75.5 T, setting a new historical high

Bitcoin mining difficulty has undergone an adjustment at block height 828,576, increasing by 7.33% to 75.50T, setting a new historical record. The current average network hash rate is 552.92 EH/s. (February 3, Bloomberg)

3） Grayscale CEO urges regulators to approve the listing options for a spot Bitcoin ETF as soon as possible

Grayscale CEO Sonnenshein has posted on social media urging regulators to quickly approve the exchange listing options for a spot Bitcoin ETF. Sonnenshein claimed that options are beneficial for investors as they can help better navigate market conditions or achieve expected outcomes, and promote Bitcoin price discovery. An exchange-traded option is a standardized contract that can be used to buy (with call options) or sell (with put options) a certain amount of a specific financial asset at a predetermined price (strike price) on or before the trading day. (February 6, Bloomberg)

4） Glassnode: Possibly affected by Ordinals, the number of active addresses on the network declined after the approval of a spot Bitcoin ETF

After the approval of a spot Bitcoin ETF, the number of active addresses on the network fell to a cyclical low of 219,000 per day (with a slight rebound to 221,000 this week). This means that although the price of Bitcoin has risen, the growth of Bitcoin users has not shown the same upward trend. Analysts believe that this is mainly due to the increased activity related to Ordinals and inscriptions, as many participants are reusing Bitcoin addresses, thus reducing the number of active addresses. (February 5, IntoTheBlock)

5） CME data shows the probability of a Fed rate cut in March has dropped to 20.5%

According to CME's FedWatch Tool: The probability of the Federal Reserve maintaining the interest rate in the range of 5.25%-5.50% in March is 79.5%, and the probability of a 25 basis point rate cut is 20.5%. By May, the probability of maintaining the rate unchanged is 28.9%, the cumulative probability of a 25 basis point rate cut is 58%, and the cumulative probability of a 50 basis point rate cut is 13%. (February 5, Bloomberg)

6） Data: Ordinals inscriptions cumulative fee income surpasses 6,000 BTC

Data from Dune Analytics shows that the cumulative fee income from minting inscriptions using the Bitcoin NFT protocol Ordinals has reached 6,076.84 BTC, approximately $260 million, with the total number of inscriptions minted exceeding 59,575,506. (February 5, Twitter)

7） Data: Spot Bitcoin ETFs see a net inflow of $68 million on February 5

According to data monitored by BitMEX Research, spot Bitcoin ETFs experienced a net inflow of $68 million on February 5. Among them, BlackRock's IBIT had a net inflow of $137.3 million. Grayscale's GBTC saw a fund outflow of approximately $107.9 million, Fidelity's FBTC had a net inflow of $38 million, and WisdomTree's BTCW had a net inflow of $70. (February 6, BitMEX)