🤑 CoreScientific Offered 55% Premium By Compute Giant CoreWeave heart

🟩 Block Green Publishes Platform Pricing Update and Research

In the first edition, we're excited to unveil fresh insights into the hashrate market, provide an overview of our latest pricing adjustments on hashrate liquidity, and share a June Case Study focusing on the successful sale of 500 PH/s for a duration of 90 days.

If interested (for miners) email [email protected] and I’ll share the latest edition and add you to the list.

💰️ M&A

🤖 CoreScientific to be Acquired by CoreWeave?

• CoreWeave proposed to acquire Core Scientific at $5.75 per share, a 55% premium over the miner's three-month average share price, valuing Core Scientific at over $1b.

• Core Scientific's shares surged up to 40% in pre-market trading following the announcement.

• CoreWeave signed a 12-year deal with Core Scientific to host AI-related services, investing about $300m with options for capacity expansion.

• The announcement comes amid increased M&A activity in the mining sector, including Riot Platforms' recent hostile bid for Bitfarms.

• CoreWeave recently raised $1.1b from investors like Coatue Management and Magnetar Capital, providing the financial backing for these strategic moves.

📰 May Updates

Bitcoin Mined April-May Comparison

💪 Marathon’s May: Mining 616 Bitcoins and Expanding Globally

• Marathon produced 616 bitcoin in May, a decline of only 27%, effectively mitigating the impact of the April Halving event by increasing the number of blocks won.

• Marathon remains on track to reach its target of 50 EH/s by the end of this year. The average operational hashrate in May increased to 25.7 EH/s, a 22% improvement over April.

• Marathon has worked with sovereign wealth funds in the Middle East and launched a pilot project in Paraguay. They aim to have 50% of revenues from overseas by 2028.

• As of May 31, 2024, Marathon holds 17,857 unrestricted BTC. In May, they sold 390 bitcoin to support monthly operations, manage the treasury, and for general corporate purposes.

• The combined balance of unrestricted cash, cash equivalents, and bitcoin increased from $1,214m to $1,495m at May 31, 2024.

🐺 TeraWulf's May: Navigating Challenges, Advancing Technology"

• Mined 186 bitcoins in May, with an average production rate of about 6 bitcoins per day. Down 44.48% MoM.

• Power cost averaged $31,239 per bitcoin self-mined, excluding additional benefits.

• Installed and operational self-mining capacity increased to approximately 8.0 EH/s, marking an impressive 82% year-over-year growth.

• Building 4 at Lake Mariner is scheduled for completion in June, to increase total operating capacity to over 10.0 EH/s in H2 2024.

• Building 5, a 50 MW modular structure, is optimized and expected to be online by Q1 2025.

• Construction of a 2.0 MW AI/HPC digital infrastructure pilot at Lake Mariner is progressing, to accommodate next-generation GPU technology and meet SOC 2 standards.

🌟 CleanSpark's May: Extracting 417 BTC Amid Expansion Plans

• CleanSpark's Bitcoin production for May 2024 amounted to 417 bitcoin, marking a significant milestone in their mining operations.

• As of May 31, CleanSpark's total Bitcoin holdings reached 6,154 bitcoin.

• Throughout May, CleanSpark sold 2.43 bitcoin at an average price of approximately $59,000 per bitcoin, demonstrating their strategic approach to managing their Bitcoin reserves.

• With a deployed fleet consisting of 134,464 units, CleanSpark continues to expand its mining capacity, leveraging technological advancements to enhance efficiency.

• Currently, CleanSpark's hashrate reaches 17.97 EH/s, reflecting the robustness of its mining infrastructure and technological capabilities.

🧑‍🌾 Bitfarms' May: Adapting to Halving Effects and Upgrading Operations"

• Bitfarms earned ~42% fewer bitcoins in May compared to April and ~66% fewer compared to May 2023, due to the April Halving event.

• The company mined 156 bitcoin in May, down from 269 in April and 459 in May 2023, reflecting the reduced block rewards from the Halving.

• Production was further impacted by curtailment in Argentina and miner upgrades.

• The month-end operating hashrate was 7.5 EH/s, up from 7.0 EH/s in April and 5.0 EH/s in May 2023.

• Bitfarms sold 136 bitcoins in May for $8.9M, down from 245 bitcoins in April and 414 in May 2023.

• YTD, Bitfarms earned 1,368 bitcoins, compared to 2,135 in the same period last year.

• Sold 136 of 156 BTC earned for $8.9m. BTC held in treasury increased to 850 BTC, valued at $57.2m.

• They increased Synthetic HODL™ to 208 long-dated BTC call options.

  

🧡 Riot's May: Progress in Mining Facilities and Operational Efficiency"

• In May Riot’s deployed hashrate was 14.7 EH/s, up 17% MoM from 12.6 EH/s.

• Riot made significant progress towards 2024 hashrate growth targets in May at their second mining facility in Corsicana.

• Building A1 at Corsicana is fully developed, adding 3.1 EH/s to Riot’s self-mining capacity, totaling 14.7 EH/s.

• Riot's power strategy generated approximately $7.3m in credits in May, reducing mining costs.

• At Rockdale, problematic miners are being replaced with new MicroBT M60S models.

• Operations paused for three days at Corsicana due to a lightning strike but resumed once safety was confirmed.

• The development of Corsicana's Phase 1 is ongoing, with the initial aim of 400 MW of capacity and 1 GW upon completion.

• Riot aims for self-mining hashrate capacity of 31 EH/s by end of 2024 and 41 EH/s by 2025.

• Stephen Howell was appointed Chief Operating Officer, bringing extensive electrical engineering experience.

  

🧑‍⚖️ Riot Cites Former Bitfarms CEO's Lawsuit Allegations as Decision Driver

• Riot Platforms proposed acquiring Bitfarms for $950m, offering $2.30 per share, a 24% premium to Bitfarms’ May 24 share price.

• Riot CEO Jason Les cited governance concerns, including the abrupt termination of Bitfarms’ CEO and related lawsuit allegations, as reasons for the proposal.

• Bitfarms’ CEO Geoffrey Morphy was terminated on May 13, shortly after filing a $27m lawsuit against Bitfarms for breach of contract and wrongful dismissal.

• Bitfarms’ board, after careful consideration, rejected Riot’s proposal, stating it undervalues the company and its growth prospects. Bitfarms is exploring other strategic alternatives to maximize shareholder value.