According to Bloomberg, a study by the National Bureau of Economic Research (private research organization), institutions/exchanges controlled approximately 5.5 million Bitcoins at the end of last year, and individual giant whales controlled approximately 8.5 million. In addition, the top 1,000 individual investors control approximately 3 million. In addition, the top 10% of miners control 90% of Bitcoin mining power, and 0.1% (about 50 miners) control 50% of mining power.
According to CoinDesk, an analyst at Wall Street firm DA Davidson wrote on Monday that institutional investors’ interest in Bitcoin and crypto mining stocks is growing, although most of these investors are still relatively new to the industry and have an interest in mining stocks. Valuation is reserved.Analyst Christopher Brendler said that he estimated that about 15% of Wall Street brokers are now taking Bitcoin seriously, compared to about 5% at the beginning of the year. Almost all investors who have participated in the industry agree with his views on the recent bull market in the crypto industry, but there are also many doubts, mainly around valuation. Marathon Digital and Riot Blockchain have increased by approximately 1,500% and 600% respectively in the past 12 months, while the price of Bitcoin has increased by 377% over the same period.” We admit that traditional valuation metrics may not be applicable to the industry because the future cash flow is very unpredictable.” It is worth noting that crypto mining companies have a high leverage ratio because most of their income comes from mining cryptocurrencies. And tend to hold as much cryptocurrency as possible on the balance sheet.
According to a report by kapital.kz, data show that in the next five years, legal mining can bring more than 1.5 billion U.S. dollars in revenue to the Kazakhstan economy and potential tax revenues of more than 300 million U.S. dollars. But this only refers to the current “legal miners”. If gray miners are added, this number will be multiplied by two.
As miners move to Kazakhstan, this poses a challenge to the power generation capacity of the country’s power grid. In the near future, the Russian government’s state-owned utility company Inter RAO may provide support to Kazakhstan’s power grid. Alexandra Panina, chairman of the board of AB Inter RAO Lietuva, expressed her concerns about energy shortages in Kazakhstan. In addition to purchasing power from the Russian Federation, Kazakhstan’s Energy Minister Magzum Mirzagalieve recently listed three new national grid investments, and state-owned power company Samruk Energy plans to restore 4000 MW coal-fired power plants. President Tokayev also stated that Kazakhstan needs a nuclear power plant. (BeInCrypto)
According to the Associated Press, Missouri’s largest utility company has established a data center at one of its coal-fired power plants to mine Bitcoin. Officials from Ameren Corp. said this can help stabilize electricity demand, avoid reducing efficiency and resuming production. The company has mined more than 20 bitcoins. But critics questioned that the $1 million project artificially increased the demand for coal energy.
According to coindesk reports, Hive Blockchain, a Nasdaq-listed crypto mining company, announced today that it has ordered 6,500 Avalon Bitcoin mining machines from Canaan. In January and August this year, 6,400 and 4,000 have been purchased respectively. The current total computing power is 1.2EH/s, and it is expected to reach 2EH/s in December and 3EH/s in March next year. The current Hive Blockchain stock price is $3.77, and the market value is $1.45 billion.
Mawson, a NASDAQ-listed crypto mining company, and Quinbrook have teamed up to establish a mining center in Byron Bay, Australia, using renewable energy for mining. Byron Bay is likely to become the center of Bitcoin mining in Australia, where you can enjoy a 10% tax discount for mining with renewable energy. James Manning, CEO of Mawson, said that the cooperation has purchased 4,000 new Bitcoin mining machines, and its operating capacity will increase by 11.7% by mid-2022.
Rhodium Enterprises plans to list on the Nasdaq Global Select Market under the trading symbol RHDM, and plans to raise up to US$100 million through an IPO. The company started mining in September 2020. The documents show that in the six months ended June 30, the miner’s revenue, net income, and adjusted interest and tax profit were US$48.2 million, US$14.9 million, and US$40.9 million. Rhodium stated that its proprietary liquid cooling technology can extend the mechanical life of its Bitcoin mining machines by 30% to 50%. The company currently operates 22,600 mining machines in Texas with a power capacity of 80 MW. The total computing power is about 1.8 EH/s, and it is expected that by the end of the year, 45 MW of additional power will be added and its computing power will be increased to about 2.7 EH/s.
Australian Bitcoin mining company Iris Energy applied to the US Securities and Exchange Commission (SEC) for an initial public offering (IPO), plans to raise 100 million US dollars, listed on the Nasdaq, stock code “IREN”, JP Morgan Chase, Canaccord Genuity, Citigroup The Group, Macquarie Capital and Cowen are the joint bookrunners (Joint Bookrunners) of the transaction.
Canadian Bitcoin mining company Bitfarms is building two new mines with a total capacity of 78 MW in Sherbrooke, Quebec. It is expected to be completed in two phases next year. These two new mines are expected to accommodate 21,000 new mining machines, with an additional computing power of 2.1EH/s.
River Financial, a Bitcoin technology and financial services company based in San Francisco, has launched a new service called “River Mining” that will allow its customers to purchase mining machines and start mining without having to set up and maintain their own computers. Coins will be deposited directly into their River account. Customers can purchase Bitmain’s Antminer S19j Pro mining machine in this service and manage the mining process through a mobile application. The company is currently opening a pre-sale and waiting list on its website, and customers only need to pay for a mining machine to start using it.
On October 26, CryptoQuant.com tweeted that miners are still accumulating Bitcoin. Analyst IT Tech said: “The amount of bitcoin currently held by (miners) is similar to the level in May when the price was below $40,000.