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Bitcoin Miners Chart An Uncertain Path In 2023, But Opportunity Calls
By Glyn Jones                       

The environment for Bitcoin miners in 2023 is uncertain and challenging due to the wave of failures and uncertainty seen in 2022.

The future of the industry remains unclear, as much of the path forward depends on the price of bitcoin continuing its rally. Some miners continue to generate insufficient cash flow to meet their costs, while public equity markets reflect pessimism.

Author Glyn Jones suggests that the dispersion of performance within the industry has grown and only those miners who generate attractive profits at the current hash price offer opportunities for long-term investors.

The industry can be divided into three segments: vertically integrated energy-based miners, miners who own infrastructure but not power-generation assets, and niche operators who monetize stranded energy.

Jones expects growth in "industrial augmentation" use cases and in niche operators who are exploring ways to monetize carbon credits. Miners with a differentiated energy and engineering proposition can also benefit from growth, but capital is required for growth.

🤝 Stronghold Agreements

Bitcoin Miner Stronghold Announces Agreement Changes with WhiteHawk Finance, Foundry
By BtcCasey

Bitcoin mining firm Stronghold Digital has reached a new agreement with WhiteHawk Finance, and a new hosting agreement with Foundry Digital. 

The changes to the credit agreement are “designed to provide Stronghold with significantly enhanced liquidity and financial flexibility,” according to the announcement. The following terms are defined:

• No mandatory principal amortization payments until July 2024.
• Principal repayment through cash sweep.
• Option to pay interest in kind for up to six months.
• Elimination of all leverage covenants before Q3 2024.
• Reduced minimum liquidity covenants.
• And no dilution, with the terms saying that “no equity will be issued in relation to the Amendment to the Credit Agreement.”

In regards to the new Foundry agreement, the release explains that it “applies to the same Bitcoin mining fleet of approximately 4,500 miners with total hash rate capacity of approximately 420 PH/s and average efficiency of approximately 35 J/TH.” It has similar terms to the previous, with the following differences: 

• “The agreement term is two years, with no unilateral early termination option.
• The applicable hosting fee will be the realized net cost of power at the Company’s Panther Creek Plant plus 10%, calculated on a monthly basis.
• Foundry will participate in profit generated from selling power to the grid when miners are curtailed.”

📰 The Daily Bits

🏭 Hut 8 Merger

Bitcoin Mining Firms Hut 8 and US Bitcoin Corp Announce Merger
By BtcCasey

Bitcoin mining firms Hut 8 and US Bitcoin Corp announced their to a merger which would see the two combined as subsidiaries under the newly formed Hut 8 Corp.

The newly formed company will have access to approximately 825 MW of gross energy across six locations, including self-mining, hosting and managed infrastructure operations. It will of 5.6 EH/s of installed self-mining capacity, with 244 MW of energy across five sites located in:

• Medicine Hat, AB
• Drumheller, AB
• Niagara Falls, NY
• Granbury, TX
• King Mountain, TX

MEME OF THE DAY 

By /u/TheBTCTherapist

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