Sam Reynolds / CoinDesk:
Binance’s mining service Binance Pool launches a $500M fund to provide 18-to-24-month loans for private and publicly listed Bitcoin miners — The entity is the latest to join the growing ranks of alternative lenders looking to provide capital to the distressed mining industry.
David Pan / Bloomberg:
As crypto miners default on loans, lenders could receive mining equipment as collateral, a popular financing tool, increasing losses as the rigs’ value plunges — Beleaguered crypto lenders are being dealt another blow from Bitcoin miners as they weather the aftermath of the FTX collapse.
Bloomberg:
Binance CEO Changpeng Zhao says the exchange aims for a ~$1B fund to buy distressed assets and plans to make another bid for bankrupt lender Voyager Digital — Binance Holdings Ltd. is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital-asset sector …
David Pan / Bloomberg:
Ethermine, the largest Ethereum mining firm, will shut down its servers for miners after Ethereum’s Merge, switching its mining pool to withdraw-only mode — Ethermine, the largest Ethereum mining services provider by computing power, will shut down its servers for miners after the blockchain completes its historic technical upgrade.
Eliza Gkritsi / CoinDesk:
Poolin, one of the world’s biggest bitcoin mining pools, suspends withdrawals from its wallet service, citing liquidity issues — Yesterday, the mining pool admitted to liquidity issues. — PoolinWallet, the wallet service of one of the world’s biggest bitcoin mining pools …
Paul Vigna / Wall Street Journal:
The most efficient bitcoin mining machines are selling for ~$24 per 100 terahashes, down from $106 in 2021, as unprofitable miners are forced to sell equipment — Unprofitable miners have become forced sellers of their own crypto equipment — There’s a fire sale on bitcoin-mining hardware.
Jamie Crawley / CoinDesk:
Study: in January 2022, 62.4% of bitcoin mining electricity came from fossil fuels, contradicting the Bitcoin Mining Council’s estimate that ~59% is sustainable — The CCAF uses publicly available data to run a theoretical model to estimate the environmental footprint of bitcoin mining.
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