Weekly Market Information Issue No.8

1. Mining Company Update

• Bitcoin mining company Bitfarms launches a $375 million market equity offering plan
• Canaan Creative's revenue for Q4 2023 is $49.1 million, with mining revenue of $3.7 million
• Cryptocurrency miner Marathon Digital launches Bitcoin sidechain and related development platform
• Bitdeer introduces cryptocurrency mining chip SEAL01
• Bitcoin mining company Hut 8 to shut down its Drumheller mining site in Canada

• Bitcoin mining company Bitfarms launches a $375 million market equity offering plan

Bitcoin mining enterprise Bitfarms announced a market equity offering plan worth $375 million, allowing the company to decide at its discretion to periodically sell common shares through an agent during the term of the plan. The company intends to use the net proceeds (if any) mainly for capital expenditures to support the growth and development of its existing mining operations, as well as for working capital and general corporate purposes. As the common shares will be allocated at the prevailing market price at the time of sale, prices may vary among purchasers and over the distribution period. (March 9, GlobeNewswire)

• Canaan Creative's revenue for Q4 2023 is $49.1 million, with mining revenue of $3.7 million

Canaan Creative today released its unaudited financial results for the three and twelve months ending December 31, 2023. The total computing power sold in Q4 2023 was 5.5 million Thash/s, a 45.7% increase from 3.8 million Thash/s in Q3 2023, and a 191.9% increase from 1.9 million Thash/s in the corresponding period of 2022. Revenue was $49.1 million, compared to $33.3 million in Q3 2023 and $58.3 million in the same period in 2022. Mining revenue was $3.7 million, a 13.6% increase from $3.3 million in Q3 2023, and a 65.5% decrease from $10.7 million in the same period of 2022. The total computing power sold throughout 2023 was 19.6 million Thash/s, a 29.6% increase from 15.1 million Thash/s in 2022. Revenue was $211.5 million, compared to $651.5 million in 2022. Mining revenue was $34 million, compared to $32.5 million in 2022. (February 27, PRNewswire)

• Cryptocurrency miner Marathon Digital launches Bitcoin sidechain and related development platform

Cryptocurrency miner Marathon Digital announced the launch of the Bitcoin sidechain development platform Anduro, aimed at assisting users in creating Bitcoin sidechains. Concurrently, Marathon has begun constructing two sidechains, named Cooperative and Alys, and the company states that open-source contributors can further develop these two sidechains. Marathon indicates that the sidechain Cooperative is designed to serve the Ordinals community by providing a dedicated space for UTXOs. (February 29, Golden Finance)

• Bitdeer introduces cryptocurrency mining chip SEAL01

Bitdeer, a technology company in the blockchain and high-performance computing sectors (Nasdaq: BTDR), has launched its first cryptocurrency mining chip, SEAL01, designed with a 4nm process technology. In tests, the chip achieved an energy efficiency ratio of 18.1J/TH. (March 4, Twitter)

• Bitcoin mining company Hut 8 to shut down its Drumheller mining site in Canada

Bitcoin mining company Hut 8 announced it will shut down its Drumheller mining site located in Alberta, Canada, to streamline operations. Hut 8 stated that the profitability of the Drumheller site was affected by various factors, including rising energy costs and potential voltage issues. (March 6, GlobeNewswire)

2. Market Overview

• The European Parliament approves new sanctions law applicable to cryptocurrencies
• Indonesia's financial regulator issues new cryptocurrency regulations to strengthen the industry

• The European Parliament approves new sanctions law applicable to cryptocurrencies

The European Parliament has approved a series of new sanctions laws that also apply to cryptocurrencies. These new rules aim to ensure the uniform application of sanctions across the 27 EU member states in response to increasing concerns about violations of EU sanctions following Russia's invasion of Ukraine. The new laws define a consistent definition of sanctions violations, including not freezing funds, not complying with travel bans or arms embargoes, transferring funds to sanctioned individuals, or conducting transactions with state-owned entities of sanctioned countries. (March 12, CoinDesk)

• Indonesia's financial regulator issues new cryptocurrency regulations to strengthen the industry

Indonesia's Financial Services Authority (OJK) has issued new regulations to implement technological innovations in the financial sector, which will apply to cryptocurrencies starting January 2025. This rule is a guide for how banks, insurance companies, and other financial industry personnel can utilize new technologies for innovation while exploring the possibilities of new technologies. The regulation discusses how innovations in the financial field affect different financial products and services and how companies can digitize operations. It also includes protecting customers and setting standards for new technologies. According to CME's "Federal Reserve Watch," the probability of the Federal Reserve maintaining interest rates in the range of 5.25%-5.50% in March is 91.5%, with a probability of 8.5% for a rate cut of 25 basis points. (February 19, Twitter)