🍏 Big Tech Outpaces Bitcoin in Carbon Emissions Since 2019

Since 2019, leading U.S. technology giants, including Amazon, Google, Microsoft, and Apple, have collectively emitted more carbon dioxide than the entire global Bitcoin mining industry has since Bitcoin's inception in 2009.

This significant carbon output is primarily attributed to the rapid expansion of data centers supporting artificial intelligence (AI), cloud computing, and other digital services.

Despite these companies' commitments to achieving net-zero emissions, their growing carbon footprints highlight challenges in reconciling technological growth with environmental sustainability.

Critics argue that while Bitcoin's energy use often faces scrutiny, the comparatively larger emissions from Big Tech underscore the urgent need for comprehensive strategies to accelerate the expansion of clean energy supply, not just for bitcoin miners.

⛏️ In the News

Genesis Digital Assets Considers U.S. IPO with a total power capacity of over 500 MW over 20 mining facilities across four continents, including those in Texas, North Carolina, and South Carolina.

Time Magazine wrote about how Bitcoin mining companies are turning to host AI operations for stable revenue amidst market volatility, leveraging their infrastructure while raising concerns about increased energy consumption.

Digital Shovel Holdings suing RK Mission Critical for allegedly infringing on its patented V-Shape technology to produce and sell $170m worth of crypto mining containers, seeking compensation and a halt to further sales.

🧑‍🌾 Bitfarms Reports 21% Monthly Increase in Bitcoin Mining to 189 BTC in June

• June mining operations generated 189 BTC, up from 156 BTC in May, due to increased operating hashrate. Curtailment in Argentina and miner upgrades in Quebec reduced production, partially offset by a 0.8% decrease in network difficulty.

• The company sold 134 BTC for $8.8m and holds 905 bitcoins in its treasury, valued at approximately $55.2m based on a BTC price of $61,000 as of June 30, 2024.

• Bitfarms has installed over 39,000 new miners and deracked a similar number of old miners in 2024, with upgrades completed at all Quebec facilities.

• Chief Mining Officer Ben Gagnon highlighted a 96% YoY increase in installed hashrate, reaching 11.4 EH/s, with 10.4 EH/s operational.

🧹 CleanSpark Exceeds Mid-Year Hashrate Target, Mines 445 Bitcoin in June

• CleanSpark mined 445 bitcoin in June, up from 417 in May, and exceeded its mid-year hashrate target of 20 EH/s due to acquiring five new mining sites in Georgia.

• The company sold 8.06 bitcoin at an average price of $67,514 per bitcoin, and had an average hashrate of 17.85 EH/s throughout June.

• CEO Zach Bradford highlighted the company's focus on increasing Bitcoin mining hashrate and revenues, surpassing 20 EH/s, more than double its hashrate from December.

• Despite a minor drop from last year's 491 bitcoins mined in the same period.

• In June, CleanSpark also acquired GRIID Infrastructure for $155m and expects its operational power to reach 100 MW by year-end.

• The company has mined 3,614 bitcoins so far in 2024 and holds 6,591 bitcoins as of June 30.

👁️‍🗨️ Iris Energy Secures $413m to Boost Bitcoin Mining Operations Post-Halving

• Iris Energy raised approximately $413.4m through stock offerings. The funds were raised between May 15 and June 28 from the sale of 39.8 million shares.

• The company's 2024 expansion plan is fully funded with $425.3m in cash reserves and no debt.

• Iris Energy plans to reach 30 EH/s in hash rate capacity and 510 MW in data center capacities.

• The additional funds will be used for procurement, future power capacity agreements, and potential power monetization activities.

• Iris reported $53.4m in Bitcoin mining revenue for Q1 2024, up from $42m in Q4 2023.

• The firm's net profit after tax increased to $8.6m in Q1 2024 from a $5.2m loss in the previous quarter.

🦌 Bitdeer Expands Bitcoin Mining Capacity with 570 MW Power Acquisition in Ohio

• Bitdeer Technologies is acquiring nearly 600 MW of additional power capacity through a lease agreement for an industrial park in Ohio, aiming to enhance its Bitcoin mining capabilities and other operations.

• The 30-year lease agreement will increase Bitdeer’s global power capacity to 2.5 GW, supporting its infrastructure development pipeline for Bitcoin mining, HPC, and AI.

• Chief Business Officer Linghui Kong emphasized the strategic location and advanced infrastructure of the Hannibal Industrial Park as crucial for expanding Bitdeer’s operations.

• Bitdeer plans to gradually secure 570 MW over the next year, with 266 MW expected by the second half of 2025 and 304 MW pending formal incorporation into regional transmission planning.

🧊 Northern Data Mulls U.S. IPO for AI Unit

• Northern Data is considering an IPO in the U.S. for its AI cloud computing and data center businesses as early as 2025, aiming for a Nasdaq listing.

• The IPO could value Northern Data's entity in the range of $10b to $16b, with plans to potentially sell a minority stake to investors before going public.

• Northern Data's U.S. Bitcoin mining unit, Peak Mining, continues expansion with significant investments in mining sites, aiming to become one of the largest miners in the U.S.

• The company previously secured substantial funding and support from Tether, totaling €975m, to bolster its blockchain and AI services, highlighting strategic partnerships in its growth strategy.