Miner

With bitcoin hitting new highs, it’ll likely reach the US$100,000 milestone before 2024 is out

Retrieved on: 
Wednesday, March 13, 2024

Bitcoin has just hit an all-time high of more than US$72,000 (£56,300), pushing past the level of circa US$69,000 where it turned back during its last bull phase in late 2021.

Key Points: 
  • Bitcoin has just hit an all-time high of more than US$72,000 (£56,300), pushing past the level of circa US$69,000 where it turned back during its last bull phase in late 2021.
  • This can often be a time when cryptocurrencies get weaker, so it shows how strong they have been lately.
  • So what has contributed to this explosion in prices and where is the market going for the rest of 2024?

Bitcoin ETFs

  • A total of 11 bitcoin ETFs were approved in the US, and their daily trading volume has now exceeded US$10 billion – driven by frontrunners Blackrock and Fidelity Investments.
  • This demonstrates the large interest from traditional market participants, and as the spot ETFs become more mature, their providers will offer more promotional material and education to get more customers onboard.
  • The cryptocurrency market is always adapting and innovating, and one possible future innovation is the offer of option contracts on the new spot ETFs.
  • However, US regulator the Securities and Exchange Commission (SEC) has just postponed a decision on this innovation until late April.

The bitcoin halving

  • The last halving took place in May 2020, where miners went from receiving 12.5 bitcoin for each unit of work they do to 6.25 bitcoin.
  • Because each halving means less new bitcoin coming on to the market, they have coincided with strong price appreciation in the cryptocurrency.
  • One theory is that the institutions behind the spot ETFs are buying aggressively now because they know there will be less bitcoin on the open market once the halving takes place.

Ethereum prospects

  • Meanwhile, the crypto market could also be boosted by spot ETFs for the ethereum cryptocurrency system in the coming months.
  • While that uncertainty continues, ethereum could be boosted by the so-called Dencun upgrade (also known as Duncan or EIP-4844).
  • Ethereum has competition from other blockchains such as solana and avalanche due to its relatively slow transaction speed and high costs.

Where next

  • The market is very volatile, and often exceeds expectations when it goes up or down.
  • However, the majority of commentators expect crypto prices to keep rising over the coming months.


Andrew Urquhart owns some cryptocurrencies.

China’s green steel push could crush Australia’s dirty iron ore exports

Retrieved on: 
Wednesday, March 13, 2024

But the Australian iron ore industry faces a major challenge as its biggest customers – China’s steel mills – move to drastically reduce their carbon footprint.

Key Points: 
  • But the Australian iron ore industry faces a major challenge as its biggest customers – China’s steel mills – move to drastically reduce their carbon footprint.
  • Most of Australia’s current iron ore exports are not classed as high grade.
  • Typically, the lower the iron content of an ore is, the more energy is required to refine it.

Iron ore’s biggest customer cleans up its act

  • Australia shipped 736 million tonnes – more than 80% of iron ore exports – to China in 2022.
  • Last year, China’s steel mills made up the majority of global steel production.
  • But they were also a major polluter, accounting for about 15% of China’s total greenhouse gas emissions.

Australian ore doesn’t make the grade

  • Reducing the use of low-grade ore has become a priority for Chinese steel mills, significantly affecting iron ore’s demand profile.
  • Much of the iron ore exported by competing nations like Brazil and Guinea is high-grade, containing more than 65% iron.

New technologies


A number of new and emerging steelmaking technologies offer the promise of significantly lower emissions. But common to all of them is a need for higher-grade iron ore than Australia produces. There are four new steelmaking technologies in use or under construction by a number of Chinese steel corporations, including the world’s biggest steelmaker – China Baowu Group. These include:
hydrogen-enriched carbon recycling and oxygen furnace (HyCROF)
hydrogen reduction and electric smelting process (HyRESP)
hydrogen metallurgy
green hydrogen zero carbon fluidized bed iron making technology.
Here’s how these technologies could help China reduce its carbon emissions:

Increased use of steel scraps

  • Overall demand for iron ore could be reduced by the increasing availability and use of steel scraps or “recycled steel”, such as scrapped vehicles, white goods and machinery.
  • Using one tonne of recycled steel for steelmaking saves 1.4 tonnes of iron ore and avoids about 1.5 tonnes of carbon dioxide emissions.

New tariffs on carbon

  • This legislation acts as a carbon tariff on imports to the EU, initially aimed at carbon-intensive products such as steel.
  • EU importers of steel products will be required to pay an import carbon tax, at a price set by the EU, based on the differences in carbon emissions between traditional steel mills and the EU’s emission benchmarks.

What lies ahead

  • Reduced demand for Australia’s low-grade iron ore could put pressure on its producers’ revenue, or even force some smaller iron ore miners to shut down.
  • Australia is abundant in magnetite, an ore type which differs in composition from hematite or “direct shipping ore” (DSO).
  • This process is energy intensive, but could become economically viable if we continue to see rapid uptake of renewable energy.
  • Decisions made by Australia’s major iron ore producers and political leaders will shape the outcome of this global shift.


Charlie Huang does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Great Eagle Gold Corp. and OroEx Corp. Forge Strategic Alliance Under IGGC Guidance to Lead Digital Green Gold Industry Development

Retrieved on: 
Thursday, February 22, 2024

Burnaby, British Columbia--(Newsfile Corp. - February 22, 2024) - Great Eagle Gold Corp. (CSE: GEGC) (FSE: GI8), the premier Digital Green Gold Miner, announces a strategic business development agreement with OroEx Corp., the leading Green Gold Tokenizer focused on fostering knowledge exchange and collaborative industry development efforts across global operations in conjunction with the Swiss-based International Green Gold Council ("IGGC").

Key Points: 
  • Burnaby, British Columbia--(Newsfile Corp. - February 22, 2024) - Great Eagle Gold Corp. (CSE: GEGC) (FSE: GI8), the premier Digital Green Gold Miner, announces a strategic business development agreement with OroEx Corp., the leading Green Gold Tokenizer focused on fostering knowledge exchange and collaborative industry development efforts across global operations in conjunction with the Swiss-based International Green Gold Council ("IGGC").
  • OroEx Corp. receives exclusive access to Great Eagle's green gold mining title portfolio for tokenization, benefiting from Great Eagle's business intelligence and proprietary developments.
  • Great Eagle Gold Corp.'s Director and CEO, Andrew Fletcher, emphasizes the strategic importance of this partnership: "As leaders in our respective fields, this alliance between Great Eagle Gold Corp. and OroEx Corp. facilitates crucial knowledge transfers, enhancing the integrity and sustainability of the digital green gold industry.
  • Our collaboration, coordinated with the International Green Gold Council, underpins our shared dedication to setting new industry standards, ensuring excellence and innovation in the digital green gold sector."

Bitfarms Purchases Additional Miners to Reach 21 EH/s in 2024

Retrieved on: 
Monday, March 11, 2024

TORONTO, Ontario and BROSSARD, Quebec, March 11, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, exercised its previously announced purchase option for 28,000 Bitmain T21 miners and also purchased an additional 19,280 Bitmain T21 miners for US$14/TH, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners for US$17.50/TH.  

Key Points: 
  • This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.
  • TORONTO, Ontario and BROSSARD, Quebec, March 11, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, exercised its previously announced purchase option for 28,000 Bitmain T21 miners and also purchased an additional 19,280 Bitmain T21 miners for US$14/TH, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners for US$17.50/TH.
  • “With Bitcoin achieving new all-time high prices and having already confirmed the tremendous performance from our T21 miners currently running, Bitfarms acted quickly to secure additional T21 and S21 miners before anticipated hardware price increases.
  • These miners are scheduled to be delivered in 2024, we believe they are sufficient to reach 21 EH/s in 2024 without a redeployment of our older miners, which we intend to liquidate to help offset the cost of new miners,” said Geoff Morphy, President and CEO of Bitfarms.

Alpha Transform Holdings Releases New Research on Gryphon Digital Mining, Announces Price Target of $3.37 per Share (NASDAQ: GRYP)

Retrieved on: 
Monday, March 11, 2024

Tampa, FL, March 11, 2024 (GLOBE NEWSWIRE) -- Alpha Transform Holdings (ATH), a leading digital asset investment and advisory organization, released new research, Gryphon Digital Mining (GRYP): Green-Energy Powered Bitcoin Mining, announces price target of $3.37 per share.

Key Points: 
  • Tampa, FL, March 11, 2024 (GLOBE NEWSWIRE) -- Alpha Transform Holdings (ATH), a leading digital asset investment and advisory organization, released new research, Gryphon Digital Mining (GRYP): Green-Energy Powered Bitcoin Mining, announces price target of $3.37 per share.
  • Gryphon Digital Mining is a public Bitcoin miner that recently has been listed on the NASDAQ exchange and has established itself as a leader in sustainability and efficiency.
  • Bitcoin mining involves specialized computers (ASICs) verifying transactions and solving complex mathematical problems to add blocks to the blockchain.
  • The asset-light model that Gryphon Digital utilizes will enhance its flexibility and enable the company to respond to new developments in the digital asset ecosystem unlike other bigger miners in the space.

ROSEN, NATIONAL TRIAL LAWYERS, Encourages SSR Mining Inc. Investors to Inquire About Securities Class Action Investigation – SSRM

Retrieved on: 
Saturday, March 9, 2024

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=23047 or call Phillip Kim, Esq.

Key Points: 
  • WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=23047 or call Phillip Kim, Esq.
  • WHAT IS THIS ABOUT: On February 13, 2024, before the market opened, SSR Mining filed a current report with the SEC.
  • The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
  • 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017.

Bitfarms Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, March 7, 2024

TORONTO, Ontario and BROSSARD, Québec, March 07, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin vertically integrated company, reported its financial results for the fourth quarter and year ended December 31, 2023. All financial references are in U.S. dollars.

Key Points: 
  • - Achieved debt-free goal in February 2024, enhancing financial flexibility -
    TORONTO, Ontario and BROSSARD, Québec, March 07, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin vertically integrated company, reported its financial results for the fourth quarter and year ended December 31, 2023.
  • Increased hashrate by 7% to 6.5 EH/s at December 31, 2023, through the installation of 2,300 miners, compared to 6.1 EH/s at the end of Q3 2023.
  • Received $11 million in proceeds during December 2023 and $6 million in proceeds during 2024 from exercise of warrants issued in the November 2023 private placement.
  • Initiated the Synthetic HODL™ strategy with the purchase of 135 long-dated BTC call options held by the Company as of December 31, 2023.

ROSEN, A LEADING INVESTOR RIGHTS LAW FIRM, Encourages SSR Mining Inc. Investors to Inquire About Securities Class Action Investigation – SSRM

Retrieved on: 
Thursday, March 7, 2024

The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

Key Points: 
  • The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
  • WHAT IS THIS ABOUT: On February 13, 2024, before the market opened, SSR Mining filed a current report with the SEC.
  • The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
  • 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017.

Stronghold Announces Fourth Quarter 2023 Operating and Financial Results

Retrieved on: 
Wednesday, March 6, 2024

Revenues comprised $15.1 million from cryptocurrency self-mining, $5.4 million from cryptocurrency hosting, and $1.1 million from the sale of energy.1

Key Points: 
  • Revenues comprised $15.1 million from cryptocurrency self-mining, $5.4 million from cryptocurrency hosting, and $1.1 million from the sale of energy.1
    Stronghold generated 599 Bitcoin during the fourth quarter of 2023, which was down 3% versus the third quarter of 2023 and represented 34% growth compared to the fourth quarter of 2022, respectively.
  • Bitcoin price averaged $36,247 during the fourth quarter of 2023, up 101% compared to the average of $18,073 during the fourth quarter of 2022.
  • Transaction fees averaged 14.6% of block subsidies during the fourth quarter of 2023, up 620% or 1,255 basis points compared to 2.0% of block subsidies during the fourth quarter of 2022.
  • To access the call by phone, please use the following link Stronghold Digital Mining Fourth Quarter 2023 Earnings Call .

IREN Announces Monthly Investor Update for February 2024

Retrieved on: 
Wednesday, March 6, 2024

Operating hashrate increased to 7 EH/s (Feb 29, 2024)

Key Points: 
  • Operating hashrate increased to 7 EH/s (Feb 29, 2024)
    H1 2024 (10 EH/s) - 7 EH/s installed, remaining 3 EH/s to be commissioned
    H2 2024 (20 EH/s) - 10 EH/s of new miners secured via fixed price contracts4, single site expansion at Childress
    Contract secured with leading AI company, poolside, following rigorous customer testing requirements
    Site civils & procurement underway.
  • Phase 2 substation construction to commence this month