Texas’ crypto mining boom, built on incentives like cheap power and favorable regulations, looks like a bust after soaring energy costs and crashing coin prices (Bloomberg)

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.

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.

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.

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.

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.

Michael Kan / PCMag:
Many crypto miners are shutting off rigs and plan to sell their GPUs, as GPU-based mining for most cryptocurrencies becomes unprofitable after Ethereum’s Merge  —  Crypto-miners are shutting off their rigs and mulling selling their GPUs since few, if any, cryptocurrencies are currently profitable …