Hi from Austin,

In this newsletter, we summarize some of the big events from this week and will continue doing this weekly. Subscribe to get it straight in your inbox.

Here's what happened in the world of mining this week:

• The comeback of Core Scientific 🏃 

• BitDigital earnings for 2022 📕 

• Argo Blockchain released 2022 earnings and Q1 update 🤩 

• Bitcoin Policy Institute in DC with politicians including Ted Cruz 🇺🇸 

• Bitfarms ATH hashrate of 5 EH/S 🧑‍🌾 

Block Green Went to ATX 🤠 

• Block Green spent the week in Austin to attend Consensus 2023.

• Bitcoin miners came in force with a strong bullish sentiment on Bitcoin overall. We are looking forward to BTC 2023 Miami where Block Green will be on stage

Sustainability Projects in the Bitcoin Mining Space 💚 

• Bitcoin mining reporter Eliza Gritiski wrote a piece about innovative projects working to improve the environmental footprint of Bitcoin mining.

• Block Green was mentioned in the company of:

  • BlockFills and Isla Verde Capital, selling RECS.

  • LiquidStack, immersion cooling.

  • Clean Incentive and Sustainable Bitcoin Protocol, green token issuers.

Democrats and Republican Lawmakers Discussing Bitcoin 🇺🇸 

• Senate and House officials in DC were discussing the future of Bitcoin alongside some of the most influential names in the Bitcoin Mining industry.

• Ted Cruz spoke on the benefits of Bitcoin privacy and freedom.

• The BTC Coalition and BTC Policy Institute continue to show regulators how Bitcoin can be used as a force for good in many ways.

The Comeback of Core Scientific 🥊 

• Core Scientific has signed contracts to host almost 18,000 Bitcoin mining rigs with three firms as it negotiates its way out of Chapter 11 bankruptcy.

• The contracts are a mix of variable pricing and proceeds-sharing deals.

• The rigs will be hosted in Core Scientific's sites in Georgia, Kentucky, and Texas.

• The equity of Core Scientific has gained 887% since the start of the year.

• Core Scientific has 175 MW of available hosting capacity in Texas and is developing another 915 MW in west Texas and Oklahoma.

BitDigital Mined 1,248 BTC in 2022 🧡 

• Bit Digital missed earnings and revenue due in large part to unexpected operational issues and concerns.

• Bit Digital released its financial and operational highlights for FY 2022.

• Total revenue was 32.3MUSD, with 31.4MUSD from Bitcoin mining services and 0.9MUSD from ETH mining services.

• Bit Digital earned 1,247.5 bitcoins and generated 294.3 ETH during the year.

• Bit Digital had a net loss of 105.3MUSD, including a 50.0MUSD impairment of fixed assets charge and a 24.7MUSD impairment of digital assets charge.

• The company owned 37,676 Bitcoin miners and 730 Ethereum miners as of December 31, 2022.

• Bit Digital's active hash rate of its Bitcoin mining fleet was approximately 1.23 EH/s as of December 31, 2022.

• Approximately 85% of the fleet's run-rate electricity consumption was generated from carbon-free energy sources as of December 31, 2022.

• The Company generated 294.3 ETH during the year from mining activities. Bit Digital suspended the ETH mining operations by September 2022 due to Ethereum switching from proof-of-work to proof-of-stake.

Argo 2022 Earnings and Q1 Update 📕 

• Increased hashrate capacity by 55% from 1.6 EH/s at the end of 2021 to 2.5 EH/s at the end of 2022.

• Bitcoin mined during 2022 was 2,156, a 5% increase compared to the BTC mined in 2021.

• Revenues of 58.6MUSD, a decrease of 36% from 2021, driven primarily by a significant decrease in Bitcoin price and an increase in the global hashrate and associated network difficulty level

• Adjusted EBITDA of 1.2MUSD, down from Adjusted EBITDA of 74.2MUSD in 2021. Mining margin of 54%, down from 84% in 2021.

• Q1 2023 saw a total of 491 BTC or equivalent mined, which is an increase of 5% compared to Q1 2021.

• However, this is an 8% decrease in BTC production compared to the prior quarter due to an increase in network difficulty.

• Generated revenues were around 11MUSD with a mining margin of 45% to 50%, which is an increase from Q4 2022's margin of approximately 35%.

• The average direct cost per Bitcoin mined was about 12,000 USD.

• Average all-in costs, including power costs and hosting fees at Helios, were approximately 0.05 USD to 0.055 USD per kilowatt-hour.

Bitfarms Reaches All-Time High Hashrate of 5 EH/s 📈 

• Bitfarms disclosed that they had energized 2,100 new miners in Argentina, and discontinued underclocking of existing miners as scheduled.

• This has contributed an additional 250 PH/s of total production, resulting in a new all-time high of 5.0 EH/s.

• Bitfarms expanded production at their Rio Cuarto farm in Argentina to 18 MW, their largest, most advanced, and lowest-cost facility.

• They expect their farm in Argentina to be a significant growth driver in the coming months, aiming to reach 6.0 EH/s by the year-end goal.

• Bitfarms aims to control costs and maintain their expected energy costs below 0.03 USD/KWh.