In This Issue
- David & Sam share their thoughts on the BTC mining industry making moves, App Store vs Damus & Jack Dorsey, Microstrategy buying more BTC, BitGo terminating Prime deal, SEC update, Layer 3s & Bitcoin Ordinals.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Uniswap v4.
- Defi Dad has a tutorial for you on how to long or short real estate markets with Parcl, a Solana based DeFi protocol.
- Jesse has a ton of hot new airdrops for you.
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The News Now
BTC Mining Industry is Sticking & Moving
Corporate bitcoin miners are making headlines this week. Let’s look at the big stories, and then examine how they’re all connected to a larger force at play.
Hut 8’s $50M Credit Line and Upcoming Merger
Coinbase might be dropping hot money on their litigation war with the SEC, but they’ve still got enough left over to issue a $50 million dollar loan to bitcoin miner Hut 8. Per the terms of the newly inked loan agreement, Hut 8 will be able to draw the $50 million in three tranches, with one tranche contingent on a successful merger with US Bitcoin Corp.
Hut 8 (NASDAQ: HUT) is a Canadian-based bitcoin miner and operator of multiple high performance computer data centers. US Bitcoin Corp is a US-based bitcoin miner. Post merger, the new entity will be known as “New Hut”, it will be domiciled in the U.S., and it’s expected to be one of North America’s largest miners.
Hut 8’s CEO, Jamie Leverton, said the loan will help the company “maintain [its] dynamic Bitcoin treasury management strategy going into the [2024] halving.” Translation: they’ve got a truckload of bitcoin (9,233 to be exact) and zero interest on selling before the next halving.
RIOT Purchases 33K Miners for $163M
Riot Platforms Inc. (NADQ: RIOT) just shelled out $163M for 33,280 next-generation bitcoin miners, all sourced from Chinese manufacturer MicroBT, but manufactured in Pittsburg via one of MicroBT’s subsidiaries.
Riot expects the new miners to be online by mid-2024. All will be deployed at the company’s Corsicana, Texas facility. With these new additions, Riot’s mining capacity will increase from 12.5 EH/s to 20.1 EH/s.
Additionally, Riot has an option to purchase an additional 66,560 MicroBT miners through December 2024. If exercised, Riot’s mining capacity will increase from 20.1 EH/s to 35.4 EH/s.
Currently, Riot is the second largest bitcoin miner by market cap ($2B), just behind Marathon Digital Holding’s $2.2B market cap.
Core Scientific is Restructuring
Core Scientific, the US-based bitcoin miner that filed for Chapter 11 bankruptcy in December 2022, has just filed a restructuring plan with the US Bankruptcy Court’s Houston Division
In the filing, Core Scientific said bitcoin’s recent higher prices, the company’s increased network hashrate, and lower energy costs have all helped its bottom line. The firm is working to garner consensus among investors for a new and improved Core Scientific, post bankruptcy proceedings. The…
