MicroBT Unveils Cutting-Edge 320 TH/s Hydro-Cooled ASIC Miner 🤖

PLUS picture slideshow from BTC2023, Bitcoin Is a Threat to Energy Status Quo, SATO grew revenues, BIT Mining new hardware

Author

Kim Sandin
May 22, 2023

Hi,

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

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

  • SATO grew its revenues by 129% to 3.9 MUSD 🧡 

  • MicroBT presented a new 320 TH/s miner 👁️

  • BIT Mining to produce new mining hardware with Chain Reaction 🤝 

  • Great opinion piece by Alexandra Da Costa, ACDC ⚡️ 

Block Green x Miami BTC 2023 🌴

We are back from a busy week in Miami for BTC2023. Thank you to BTC Inc and co for a well-organized conference. We had meetings with miners, LPs, and other stakeholders. We also attended interesting panels with TeraWulf, Marathon, Strike, Saylor, Hut8, CleanSpark, and many more.

Our CEO, Sebastien joined Matt Williams (Luxor), Wolfie Zhao (Blocksbridge), Thomas Pacchia (Hodl Capital), and Marko Tarman (Nicehash) on stage to discuss hashrate marketplaces.

Seb at the panel moderated by Wolfie Zhao

Where Is the Stranded Energy? ⚡️ 

One highlight was the mining panel with Chase Lochmiller, Matt Lohstroh, Mario Gutierrez, and Block Green’s new sustainability lead, Margot Paez.

Mining with Nuclear Energy with Nazar Khan, TeraWulf

Graciella and Ricardo wearing the Block Green colors

Block Green x Compass Mining Podcast 🧭 

Sebastien also visited Will Foxley on the Compass Mining Podcast, discussing the conference, our product, and future vision for bitcoin financing, the new episode will be up in a couple of weeks.

SATO Grew Revenues by 129% in Q1 2023 📈 

  • SATO Technologies announces financial results for Q1-2023. Financial highlights: Total revenue of 3.9 MUSD, representing a growth of 129% compared to Q1-2022. Net income of 0.5 MUSD, compared to a net loss of 2.1 MUSD in Q1-2022.

  • Added approximately 28 PH/s of organically-financed mining equipment. Efficiency ratio of 90.27 BTC per EH/s quarterly average. 8 MW of power equipment ready for future expansion.

  • Average electricity cost to mine 1 Bitcoin in Q1-2023: 11,115 USD.

  • Revenue from hosting grew 194% to 2.96 MUSD compared to Q1 2022.

  • Cash position of 0.33 MUSD and the equivalent of 1.12 MUSD worth of Digital Assets at the end of Q1.

  • Positive operating cash flow with 0.92 MUSD provided by operating activities. SATO is actively seeking to acquire ASICs globally.

  • Romain Nouzareth, CEO, expresses dedication to innovation, efficiency, and strategic expansion.

MicroBT New Whatsminer - 320 TH/s ⚡️ 

  • This week at Miami’s Bitcoin 2023 event, MicroBT introduced three distinct application-specific integrated circuits (ASIC).

  • The air-cooled M50S++ generates 150 TH/s, surpassing the Whatsminer M50S which produces 126 TH/s.

  • The liquid-cooled M56S++ boasts 230 TH/s of hash power and maintains a similar efficiency rating of 22 J/T.

  • Microbt's hydro-cooling ASIC mining rig, the M53S++, delivers a staggering 320 TH/s, surpassing Bitmain's Antminer S19 XP Hydro.

  • The new models are not currently displayed on the Whatsminer website, and their prices are undisclosed.

BIT Mining to Produce Hardware with Chain Reaction 📦️ 

  • Announced during the BTC2023 week, BIT Mining Limited has a collaboration with Chain Reaction, a semiconductor company focused on blockchain and privacy hardware, to produce next-generation systems for Bitcoin mining.

  • The collaboration aims to develop new hardware based on Chain Reaction's EL3CTRUM ASIC solution, which is designed for sustainable and high-performance blockchain technologies.

Bitcoin Is a Threat to Energy Status Quo – And That’s a Good Thing ⚖️ 

  • This article by Alexandra Da Costa from ACDC, discusses the relationship between Bitcoin and the energy markets and how demand from miners helps bridge the gap to future energy needs. Grids need to be expanded, the renewable intermittency problem continues to grow, and the shift to EVs plus the emergence of new high-tech energy-intensive industries e.g. high-performance computing, and green steel.

  • Bitcoin's power consumption and environmental impact are well-documented. The negative environmental impact of Bitcoin mining is largely due to its power consumption, which reflects the existing power mix.

  • Banning or taxing Bitcoin and crypto mining won't solve power consumption and grid stability issues.

  • Bitcoin's energy consumption and demand for cheap power present an opportunity for innovation and addressing climate change.

  • Supporting Bitcoin mining can lead to a renewable power revolution and infrastructure upgrades.

  • The Bitcoin industry is working on new financial technologies, interconnection methods, and grid interaction software.

  • Some Bitcoin industry actors use mining's energy demands to develop renewable energy assets and contribute excess power to the grid.

  • The existing grid is a barrier to achieving energy goals, power curtailment, and demand flexibility. The relationship between generation and consumption needs reimagining.

  • Innovation, including in the areas of climate tech and financial policies, is crucial for progress.