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This week’s mining news has focused mostly on industrial-scale miners:
- Coindesk Research published a report analyzing Canadian mining company Bitfarms, which has financed its growth primarily through a $20M USD loan from Dominion Capital. While this is an attractive option for financing operations without diluting equity, it carries downsides in the form of high interest rates and collateral requirements. In this increasingly competitive post-halving landscape, the company may need to expand further to pay off its debt.
- The Iranian government has given power plants authorization to mine Bitcoin, provided they don’t use subsidized fuel and have the necessary licenses.
- Bitcoin mining firm Marathon Patent Group has ordered an additional 1,360 miners from MicroBT and Bitmain, which will be delivered in August. The company expects to be cashflow positive once these miners are installed, provided the current Bitcoin prices hold.
- The US Marine Corps banned crypto mining apps from government issued mobile devices.