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

• A plethora of Bitcoin Miners reported strong financial results led by CLSK, MARA and RIOT.

• KPMG released detailed research on the environmental benefits of Bitcoin Mining

• After being enacted into law earlier this year, HB 591 will be rolled out in Texas.

• Bitmain and Anchorage announce their plan to take an equity stake in Core Scientific

• The “Compute Cowboys” making their mark in West Texas

Bitcoin Miner Earnings Season 🏝️ 

• CleanSpark reported financial results for the quarter ending June 30th and the market rewarded their strong performance.

• At the time of writing the company market cap is nearing $1Bn.

• Revenues for the quarter were $45.5 million, an increase of $14.5 million, or 47%, from $31.0 million for the same prior year period.

• Adjusted EBITDA* increased to $13.3 million, compared to Adjusted EBITDA of $5.1 million from the same prior year period.

• Based on strong execution of their power management strategy RIOT was able to lower their cost of production to below $9k per bitcoin.

• While revenues were down slightly, the company navigated the Texas summer heat in stellar fashion.

• Adjusted Earnings per share exceeded analyst expectations and the company is ready to capitalize on any opportunities pertaining to industry consolidation.

• MARA continues to lead the pack; revenues were $81.8 million for the quarter, significantly above second quarter 2022 revenues of $24.9 million, as a 314% increase in bitcoin production more than offset lower bitcoin prices.

• The company holds ~12,000 BTC and they expected future holdings to gradually increase.

• Expansion plans in the UAE are head of schedule and they are pleased with their proprietary firm ware performance.

KPMG Released “Bitcoin Mining’s Role in the ESG imperative 🧑‍🌾 

• Authored by Brian Consolvo and Kirk-Patrick Caron, KPMG released a fact based research report that served as a high signal publication for the mining industry.

• Amidst criticism from national news outlets, KPMG explained how Bitcoin Mining helps the environment through Demand Response, Methane Mitigation, Renewable energy utilization and heat recycling.

• Check out the full report HERE 

HB 591 - Tax Exemption for Methane Mitigating Miners

• Due in large part to the work Lee Bratcher and his team at the Texas Blockchain Council, HB 591 will be rolled out in Texas shortly.

• After being enacted into law earlier this year, Miners who use associated gas that would otherwise be flared will now receive tax incentives for their reduction of carbon emissions.

• The U.S.A is a resource nation and now miners will be able to utilize these resources without exhaustive taxes.

• This is a prime example of Texas leading the way for bitcoin miners in the United States.

Bitmain and Anchorage plan to take an equity position in Core Scientific 🤝 

• Core Scientific will buy 27,000 units of Bitmain Antminer S19j XPs for $77.1 million.

• The purchase will be funded by $23 million in cash and $54 million in equity in the company once the plan is in place.

• The transaction reduces Core Scientific's need for new cash by $30 million by paying for the machines partly in equity.

• BlockFi and other companies who lent to Core are choosing to choose secured debt; however, Anchorage Digital, which had a $29 million loan as of the bankruptcy date, is expected go the equity route. 

“The Compute Cowboys” 🌎️ 

• Don’t call them crypto cowboys; “The Compute Cowboys” are up and running in West Texas.

• Cholla has historically been an O&G company; however, they are building out a new division called Cholla Energy focused on where we can build new campuses for future bitcoin miners and data centers.

• Led by CEO Gideon Powell, the company is focused on building and operating their existing hash rate in West Texas.

• The company has gigawatts of power in West Texas, which has some of the highest percentages of wind and solar in the country. The region could potentially dominate as a compute headquarters for both bitcoin mining and a few other classes of data centers that are emerging.

• “You need nobodies permission to change the world” G. Powell