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British Columbia Maintains Bitcoin Mining Ban Despite Vancouver’s ‘BTC-Friendly City’ Motion

The Province home to Vancouver – which is exploring becoming a bitcoin-friendly city – maintains a ban on mining to preserve power for clean energy initiatives/

While Vancouver’s City Council has passed a motion to explore becoming a ‘bitcoin-friendly city’, British Columbia still has a province-wide ban on mining BTC until December 2025.

B.C.’s bitcoin mining ban began in December 2022 to address energy concerns, and it faced a legal challenge from Conifex Timber, which the B.C. Supreme Court upheld in early 2024, citing the policy’s reasonableness and alignment with public utility regulations.

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BC Hydro, the largest electricity utility in the province, relies heavily on hydroelectric power, which generates over 90% of its electricity.

Vancouver’s motion – introduced to the council by Mayor Ken Sim – focuses on bitcoin’s financial benefits and mentions the benefits of bitcoin mining, but it can’t influence mining because of electricity regulation and BC Hydro’s operations fall under provincial jurisdiction.

“The Province still has a ban on cryptocurrency mining and is continuing its work towards a permanent cryptocurrency mining policy,” a spokesperson for BC Hydro said.

Earlier this year, B.C.’s legislature passed an updated version of the Energy Statutes Amendment Act, which was first drafted following B.C. Hydro’s temporary suspension of bitcoin mining connections to the provincial grid.

The updated Act specifically enables the provincial government to bypass the BC Utilities Commission, the Provincial electricity regulator, giving it direct authority to regulate electricity service specifically for crypto.

Conifex Timber, which had bitcoin mining farms in the province scheduled for connection to the grid, argued in court that these conditions were “unduly discriminatory and unreasonable,” but ultimately, a Provincial judge disagreed.

“One question arising out of the move towards regulating electricity with respect to crypto-mining projects is whether the Province could begin to regulate the availability of electricity for other industries in a similar manner,” lawyers at McCarthy Tetrault, a Canadian law firm, wrote in a May 2024 post.

During the debate over the updated Act, lawyers from McCarthy Tetrault noted that the leader of the provincial Green Party argued in the legislature that Liquified Natural Gas and emerging technologies like AI should face similar energy regulations as bitcoin mining due to, what the party views as their high energy use and limited economic benefits.

Local bitcoin mining bans are not unique. New York State has a moratorium, with an exception for renewable energy. However, some states, like Arkansas and Montana, have bills that protect bitcoin miners from what they call “discrimination.”

Pennsylvania recently scrapped its mining ban to advance other energy conservation bills.

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Bitcoin Miners at a Crossroads: Gain Market Share or Go All-In on AI?

Investors rewarded mining companies that’ve diversified into AI and high-performance computing.

Disclosure: The author of this story owns shares of the following bitcoin miners: IREN (IREN), MARA Holdings (MARA), Cipher Mining (CIFR), Bitfarms (BITF), Riot Platforms (RIOT) and CleanSpark (CLSK).

Bitcoin (BTC) miners are facing the strangest sort of existential threat in this era of scant profits: They can pivot to powering artificial intelligence (AI) or high-performance computing (HPC) and watch their stocks soar, or they can stick around and dominate their original turf, but see a languishing stock price.

That was the tale of mining in September, anyway, in terms of equity returns.

Miners with the largest market capitalizations – MARA Holdings (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) – all increased their share of the total amount of bitcoin mined last month versus August. These companies have much stronger balance sheets and larger mining operations, which is helping them navigate the reduction in mining profitability spurred by the bitcoin halving in April.

However, investors aren’t paying a premium for their stocks, as they continued to underperform in September. Meanwhile, miners putting focus on AI and HPC computing, such as Core Scientific (CORZ), TerraWulf (WULF) and IREN (IREN), beat bitcoin in September.

The shift in investor sentiment isn’t surprising, as the halving in April – which cut by 50% the reward for mining BTC – has made mining more competitive with narrower profit margins. Adding to the negative sentiment, the recent approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. has reduced investors’ appetite for mining stocks.

Instead, investors are rewarding miners that now use part of their data centers to host AI- and HPC-related machines to diversify their revenue. AI and HPC computing require a large amount of power, which bitcoin miners have already secured, making them an attractive resource for AI and HPC companies that want to quickly ramp up their businesses.

In fact, looking at the share prices of publicly traded miners in September, stocks of miners with larger market caps rose between 4% and 9%. Miners with links to AI and HPC saw gains as large as 25% for the month. Bitcoin’s price rose about 7%, while the CoinDesk 20, a broad crypto market benchmark, climbed about 12%.

Miners are already surging in October, too, despite bitcoin trading relatively flat. Riot is up 12% and Cipher Mining (CIFR) is up 8%. October is also historically one of the strongest months for bitcoin, earning it the nickname “Uptober.”

September’s takeaway

Mining economics are tough after the halving.

The hashrate of the Bitcoin network, on a seven-day moving average, rose to an all-time high of 693 exahashes per second, or EH/s, while maintaining an average hash rate of 630 EH/s. Hashrate, a proxy for how competitive mining is, measures how much computing power is online on the network.

September also saw bitcoin difficulty – a measure of how hard it is to mine a new block in the network – hit an all-time high. Bitcoin’s difficulty is a measure of how hard it is to mine a new block in the network, which adjusts every 2,016 blocks based on the computational power, ensuring the blocks are consistently mined every 10 minutes. Meanwhile, the hashprice, a measure of miners’ profitability, hit a one-month high at $48.0 PH/s, according to Glassnode, despite remaining near all-time lows.

Drilling down into the individual miners’ monthly data, it seems MARA – the largest publicly traded miner with a market cap of $4.8 billion, and the company formerly known as Marathon Digital – had a successful September, increasing their energized hash rate by 5% in September to 36.9 EH/s. MARA also mined 705 BTC, a 5% increase from the previous month and the most mined in a single month since the halving in April. The firm also increased its BTC holdings to 26,842, the second-largest bitcoin stockpile among publicly traded companies, trailing only MicroStrategy. At the same time, it remained on track to reach 50 EH/s by the end of 2024.

The third-largest miner by market cap, Riot Platforms, also increased its mined bitcoin by 28% during September, as the company increased computing power across its facilities. Riot estimates to hit a hashrate of 36.3 EH/s in the fourth quarter of 2024 and 56.6 EH/s by the second half of 2025. Riot currently holds 10,427 BTC in its balance sheet.

Hurricane Helene, selling BTC for land

Swan Bitcoin Claims Ex-Employees Stole its Mining Business at Tether’s Direction in New Suit

Swan is looking for financial compensation and legal protections against its former employees, according to a lawsuit.

Swan Bitcoin has filed suit against a group of former employees and consultants, alleging they “hatched and executed a ‘rain and hellfire’ plan” to steal its lucrative bitcoin mining business with the help of Tether, Swan Bitcoin’s one-time ally and fundraising partner.

The lawsuit accuses six employees of looting Swan’s trade secrets – including “highly proprietary code,” hash-rate optimization techniques, and financial models – and using them to create an “illegal facsimile” of Swan’s bitcoin mining operation called Proton Management. After two months of pilfering and planning, the lawsuit claims, the coup-de-grace came on Aug. 8, when they and several other employees resigned “near-simultaneously” to join Proton.

The defendants did all of this, according to Swan, with the go-ahead from Tether. Though Tether is not a named defendant in the suit, a spokesperson for the company has denied any and all implications of wrongdoing.

The stablecoin giant had previously funded Swan’s bitcoin mining operation in Tasmania, Australia in 2023 and, by February, had entered into talks with Swan for another funding round. According to the suit, an advisor for Tether – Zach Lyons of Marlin Capital Partners – told Swan that Tether would lead Swan’s series C fundraising round with a $25 million investment, valuing Swan’s business at a whopping $1 billion.

Things were looking good for Swan, which had aspirations of going public. By July, according to the lawsuit, it was mining one out of every 50 bitcoins worldwide. Tether’s CFO Giancarlo Devasini seemed to be pleased with Swan’s CEO, Cory Klippsten, allegedly telling him “on multiple occasions that in his opinion Klippsten was the best CEO in the space.”

But, while praising Klippsten and pledging funding, Swan says Tether was double-dealing. According to the suit, Lyons began taking secret meetings with Swan’s former head of mining Raphael Zagary in (who is not named as a defendant in the suit) and other employees in late June, telling them that Swan had “no value” to Tether and suggesting that Swan’s employees could potentially leave Swan and go to Tether or another operator and “keep doing what [they’re] doing.”

In a July 11 meeting, Lyons allegedly told Zagary and former Swan Investment Director Santhiran Naidoo that Klippsten “has to realize [Tether] can take away [Swan’s mining business] tomorrow.”

With the tacit blessing of Tether, as well as an alleged agreement to provide “legal cover” for the coup, Swan claims, in mid-July Zagary began to “sow dissent and chaos at Swan, undermine Klippsten, and influence Swan’s consultants and employees to leave Swan”. The $25 million funding commitment from Tether, it became apparent, would no longer be coming.

The chaos took its toll on Swan, which by July 22, announced that it was dropping its IPO plan, shut down its managed mining unit and laid off some 45% of its staff. Its valuation plummeted, according to the suit, and it was forced to go back to the market seeking investment at a significantly lower valuation.

On Aug. 8, the defendants quit their jobs at Swan en masse, which Swan’s lawyers claim “blindsided” Swan (despite the fact that defendants were allegedly using their Swan email addresses and corporate Zoom accounts to coordinate with each other and Tether).

The next day, Friday, Aug. 9, Tether’s counsel served Swan with the “legal cover” it had allegedly promised the defendants – according to the lawsuit (which was improperly redacted), this came in the form of a “Notice of Event of Default” claiming that Swan had breached their funding agreement, 2040 Energy, with Tether because it was unable to “maintain the personnel necessary” to conduct business properly.

The following Monday, Swan says, Klippsten was “forced to resign” as CEO of 2040 Energy. The same day, Tether’s counsel allegedly informed Swan it had engaged the services of Proton Management – an entity that claimed “it can supply the services of certain former employees of Swan.”

“With that, as Swan would later learn, Defendants’ and the Swan conspirators’ coup was complete,” Swan’s lawyers wrote. “Defendant Proton, created by Defendant [Alex] Holmes, led by CEO Zagury and CIO Defendant Naidoo had created an illegal facsimile of Swan’s Bitcoin mining business.”

Ashley Ebersole, general counsel for 0x and a former U.S. Securities and Exchange Commission (SEC) attorney, told CoinDesk that Swan’s complaint “seems to indicate that Tether is a potential bad actor here, but there are no legal claims made against it.”

“The Complaint is pretty thin on evidence of actual wrongdoing by Tether and it’s not named as a defendant,” Ebersole added. “Maybe that’s because there isn’t evidence to support any claims against Tether, but complaints can always be amended if anything is uncovered.

A spokesperson for Tether told CoinDesk the company is “aware of recent allegations made in a lawsuit that mentions a subsidiary of Tether dedicated to proprietary mining and other investments.”

“While Tether is not a named defendant in the case, we have taken note of the claims and deny any implications of wrongdoing. Tether remains committed to enabling financial freedom, educational empowerment, energy sustainability, and data sovereignty. We believe our operations and conduct align with these values. As this is an ongoing legal matter, we will refrain from providing further comment at this time. We will continue to monitor the lawsuit and provide updates as appropriate. In the meantime, Tether’s business operations continue as usual,” the spokesperson added.

Swan’s suit is seeking permanent injunctions against the named defendants, as well as restitution, disgorgement, and punitive damages against Proton.

Utah Judge Rules SEC’s Case Against Alleged Crypto Mining Scam Green United Can Proceed to Trial

And no, she didn’t rule that crypto mining devices were securities.

The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Green United can proceed to trial, a Utah judge ruled Monday.

Last March, the SEC accused the Utah-based operation of scamming investors out of $18 million by selling them phony crypto mining equipment via a multi-level marketing scheme in which the company’s affiliates received a portion of the proceeds from each of the $3,000 “Green Boxes” they sold.

According to the SEC’s complaint, investors were told that the so-called Green Boxes were specialized crypto miners that mined GREEN tokens on the Green Blockchain – which they allegedly claimed supported a “public global decentralized power grid” – and could generate 40% to 50% monthly returns. Investors never physically received their equipment, and were told that the machines would be remotely hosted at a Green United-controlled data center.

In reality, the Green Blockchain didn’t exist, but the Green Boxes did – sort of.

Green United’s founder, Will Thurston (who, along with promoter Kristoffer Krohn, is also named as a defendant in the lawsuit), allegedly used the money investors gave him for the phony Green Boxes and used it to buy S9 Antminers – commercially-available bitcoin mining machines – which he then used to mine bitcoin for himself. According to the SEC, investors didn’t see any of the actual bitcoin (BTC) their purchases mined, but instead received periodic distributions of worthless GREEN tokens created by Thurston on the Ethereum blockchain.

Though Green United’s lawyers attempted to have the case dismissed, U.S. District Court Judge Ann Marie McIff Allen ruled that the SEC has “sufficiently alleged a security in the form of Green Boxes” to allow the case to proceed to trial, as well as its allegations of fraud.

The ruling caused something of a stir in online crypto circles, with at least one large X account claiming (in a since-deleted post) that the “SEC says crypto mining devices are securities.”

“This is wrong. Remain calm,” responded Neeraj Agrawal, director of communications at crypto lobbying group Coin Center. “This has no bearing on managed crypto mining. It’s garden variety ‘cloud mining’ scamming.”

The judge’s Monday ruling makes no mention of the real S9 Antminers – or bitcoin – Green United was allegedly buying with investor funds.

Here Are Six New Projects Looking to Mitigate Bitcoin Mining’s Energy Footprint #Yorkbet #prizmabet #1xbet #Betebet

From technical improvement efficiencies to novel market-based solutions, a plethora of projects are trying to improve the bitcoin mining’s environmental footprint.

The environmental impact of bitcoin mining was trending again in the last few weeks due to a Texas bill looking to limit its grid participation and a New York Times article that condemned the industry.

Bitcoin mining consumes about 145 terawatt hours (TWh) of electricity per year, says veri from Cambridge University’s Centre for Alternative Finance, which is about the power consumed by Sweden, according to the International Energy Agency.

To critics, bitcoin’s proof-of-work algorithm is wasteful by design as its electricity demand continuously grows. To industry advocates – it’s a feature, not a bug – as it secures the network while ensuring decentralization.

There is a third camp that sees bitcoin’s energy consumption as an opportunity. A slew of new products and companies are trying to mitigate the environmental impact with several innovative solutions that build on top of what is already in place to help miners become more sustainable.

Some of these projects are creating or taking advantage of market instruments that incentivize making bitcoin more “green,” while others are technical, centered around improving efficiencies and synergies around reusing the heat generated by the veri centers.

Renewable energy credits

One such product, offered by crypto lender BlockFills and fund Isla Verde Capital, aims to help not only miners but also investors to find a “green” solution for their energy usage.

The offering essentially is tradable environmental assets in the forms of carbon emissions offsets and Renewable Energy Credits (RECs). Carbon credits, assets that represent sequestered greenhouse gasses through projects such as reforestation, are as well known as they are criticized.

Renewable energy credits (RECs) represent ownership of the sustainability of electricity produced. These certificates represent 1 megawatt hour (MWh) of power produced from renewable sources such as wind, hydro and solar. They are usually separate to any power purchase agreements and are usually traded over the counter (OTC).

BlockFills and Isla Verde Capital tailor the purchase of RECs and carbon credits to miners’ needs, and later retire them, such that they can make claims about renewable energy sources.

The RECs are also geared towards bitcoin investors. “Massive asset managers” are now “looking at bitcoin, but they have these sustainability mandates that they must follow,” said BlockFills John Divine. The RECs can help them invest comfortably.

This might actually raise the price of RECs, “which directly incentivizes investment in renewable energy technology,” Divine said.

Incentivizing sustainability

Switzerland-based Block Green is another project that is trying to incentivize sustainable mining through a decentralized lending protocol. On their platform, liquidity providers looking for bitcoin-native investments can buy future hashrate over a specified period of time, or computing power.

The platform includes “know-your-miner” information about a company’s financials, operational veri, their energy sourcing and strategy. Block Green believes that market mechanisms on the platform will incentivize sustainable mining as liquidity providers will pick miners with sustainable operations, lowering their cost of capital.

“We are currently working with some of the largest miners in the U.S. and Canada and we have begun integrations with institutions such as custodians, exchanges and asset managers looking to give users access to transparent and scalable” returns on their bitcoin, said a spokesperson for the firm.

Tokenizing clean bitcoin

Another solution that is using financial incentives is offered by Clean Incentive and Sustainable Bitcoin Protocol (SBP). These companies are trying to promote investments in “clean” bitcoin by creating new, blockchain-based assets that miners can trade to capitalize on their use of renewables. Investors looking to verifiably own environmentally-conscious bitcoin are the right fit for these assets.

With SBP, miners can verify their use of clean energy with third-party auditors and be added to a registry. After that, for every block reward they get, they receive a Sustainable Bitcoin Mining Certificate, a blockchain-based asset which they can sell to institutional investors. SBP completed its first transaction of a sustainable bitcoin certificate in February.

Similarly, Clean Incentive looks to “collect, validate and tokenize ESG [environmental, social, and governance] attributes” from a network of miners, said its founder and CEO Casey Martinez, a veri scientist with experience in renewable energy.

The startup is still in stealth mode, but has already onboarded several miners, Martinez said Clean Incentive partnered with a small-scale miner from Canada, Ocean Falls Blockchain, in November.

Efficient cooling

Some of the more technical solutions that firms are providing include both hardware and software-related products.

Immersion cooling firm, LiquidStack, offers a hardware-based cooling solution that can cut the energy used by the computers in bitcoin mines by 40% and reduce their land use by one third, the company said in March.

For every megawatt (MW) of energy used for the actual computing in a veri center, LiquidStack’s solution uses 0.02 MW for cooling, whereas other options use 0.1 MW to 0.7 MW, LiquidStack said.

The firm, one of the earliest in the space, received funding from Trane Technologies (TT) in March, a 150-year old firm in the heating and cooling space which brought in $16 billion in revenues in 2022.

“What made LiquidStack attractive was its potential to improve sustainability for veri centers, including bitcoin mining, and its innovation,” said Amber Mulligan, VP of Strategic Sales and Marketing, Commercial HVAC Americas at Trane.

LiquidStack’s technology also makes heat reuse easier and more efficient, opening the door to a host of synergies for miners, said Mulligan, noting that because the heat is actually managed with liquids instead of traditional air cooling, capturing it and directing it to other uses is easier.

On the software-side, Vancouver-based mining services firm, Lincoin, has created a program that miners can use to more efficiently and profitably manage their operations, including their participation in demand response programs and heat reuse activities.

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Demand response is when a miner, or other energy consumer, shuts down their operations at times of peak demand, such that the grid can meet the consumption needs. Often miners get paid for this. Heat reuse refers to the practice of using excess heat from a mining operation for another activity, such as greenhouse farming.

The software, called Rails, integrates real-time veri from over 20,000 grid nodes in 9 deregulated electricity markets in the U.S. and Canada, said a press release.

“Large scale miners use Lincoin to monitor real-time profitability, manage and optimize their operations, streamline tasks and participate in grid ancillary services while smaller miners use Lincoin to innovate by managing heat in greenhouses, monetize their surplus solar energy generation, or simply mine intelligently,” said CEO Medi Naseri in an email interview with CoinDesk.

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Bitcoin Miner Bitdeer Stock Slumps Nearly 30% at Trading Debut

The Singapore firm is one of the largest bitcoin miners in the world with 16.2 EH/s of hashrate.

Bitcoin miner Bitdeer listed today on the Nasdaq after several delays, to lukewarm reception, as the shares of the miner, under the ticker BTDR , lost almost 30% of their value, trading around $6.81 at the time of publication.

The stock was halted shortly after market open, several times, for volatility. Other crypto mining stocks saw single-digit upticks in their share value at the same time frame.

Its merger with a special-purpose acquisition vehicle (SPAC), called Blue Safari Group Acquisition Corp, was approved on Tuesday.

The Singapore-based firm is one of the largest miners in the world, shows a March prospectus filed with the U.S. Securities and Exchange Commission. It has six mining sites across Washington state, Texas, Tennessee and Norway, with a total energy capacity of 775 megawatts (MW) as of the end of 2022, about less than what it had estimated in February 2022. Its hashrate or computing power at the end of January stood at a total of 16.2 exahash per second (EH/s), second only to bankrupt Core Scientific (CORZ) and higher than Riot Platforms (RIOT) and Marathon Digital Holdings (MARA).

About one quarter of that is used for self-mining, meaning it keeps the bitcoin rewards, whereas the rest is given out for cloud mining, meaning customers rents its machines and reap the rewards.

Bitdeer was born out of the world’s largest rig manufacturer, Bitmain, when after a spat between the two co-founders, one of them left and took Bitdeer. Another cloud mining firm also affiliated with Bitmain, BitFuFu, is also in the process of going public via SPAC, but has delayed the listing.

Bitdeer’s, along with other bitcoin miners, financial performance deteriorated in 2022, in part due to worsening market conditions. The firm reported revenues of $330.3 million, and a loss of $62.4 million for 2022, compared with $394.7 million in revenue and a profit of $82.6 million the year before, according to the prospectus filing.

The miner is going public at a better time than last year as market conditions have improved, with bitcoin passing the $30,000 mark and mining equities in many cases outperforming the digital asset in percentage growth. In the future the “market will begin to shift from not only focusing on operators with the biggest scale, but also operators with the best unit economics,” said investment bank Stifel Nicolaus’s analyst Bill Papanastasiou.

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Sweden Drives Final Nail Into Its Bitcoin Mining Industry With Tax Hike

The 6,000% increase in taxes per kilowatt hour of energy may “ultimately destroy the industry” in the country.

Sweden, the last remaining stronghold of bitcoin miners in Europe, is abolishing tax incentives for data centers in July – potentially putting the last nail in the coffin for the industry in the region.

Energy prices in Europe have spiked in the past year largely in part due to the war in Ukraine, driving out bitcoin miners. The northernmost regions of Norway and Sweden were some of the last areas where the industry was still profitable and operating – although the crowd had thinned out – as they offer an ideal environment for data centers; cool and home to cheap hydroelectricity.

But not even these remote parts of Europe remained unaffected from the energy crisis, which caused prices to increase and some miners to turn off their operations, at least partly, in 2022.

Energy prices started to normalize in 2023, but the upcoming tax will likely stop any new investment in Sweden, which is currently home to about 150 megawatts (MW) of mining. The tax will increase from SEK 0.006 ($0.0006) to SEK 0.36 ($0.035) per kilowatt hour (kWh) starting July of this year, according to the financial budget published in November 2022.

Based on the average electricity prices last year, the tax hike could bring the all-in energy cost to $0.093/kWh, said Jaran Mellerud, senior analyst at mining services firm Luxor Technologies. A MicroBT Whatsminer M30s, a moderately efficient and commonly used machine, would be at break-even point given current market conditions, he said.

Hive Blockchain (HIVE), a Canada-based miner with 25% of its energy capacity in Sweden as of the end of 2022, declined to comment on this story. CoinDesk couldn’t find an instance where Hive disclosed the tax hike explicitly in any of its filings. The firm has discussed its disagreement with Swedish Tax Authorities over $32.4 million in VAT that it thinks it should recover.

Norway, which hosts 250-300 MW of mining, also increased its taxes from $0.0086 to $0.015 per kWh in January, said Mellerud.

Not all hope is lost for Norway, as its energy is overall cheaper and the tax hike is more modest, Mellerud said. The industry will continue developing there, said Denis Rusinovich, co-founder of mining consulting firm Cryptocurrency Mining Group.

Looking for ways out

Sweden’s tax hike makes mining in the region “prohibitively expensive in Sweden and could ultimately destroy the industry,” said Mellerud, so bitcoin miners are looking for solutions.

Many miners are looking to diversify elsewhere, as the new tax will drastically reduce their profitability, said Enerhash CEO Daniel Jogg, who operates a site in Sweden. The tax also requires companies to pay in advance for a few months, which creates some serious cash constraints at a difficult time for the industry, he said.

Some miners could try to get through the tax hike by switching to self-mining instead of hosting others’ machines, said Rusinovich.

Others are looking at ways to get around the tax by reusing the heat produced in the data centers such that they are taxed as heat producers, Mellerud said.

Those packing up are also facing an uphill battle, said Rusinovich: “The market of potential buyers has completely dried up and there are only less than a handful of real buyers left.”

Broken trust

It is unclear whether Sweden’s new taxes were intended towards miners or the entire data center industry. The tax hike was proposed by the Swedish Ministry of Finance, which was also pushing for a ban on bitcoin mining in the European Union last year, Mellerud pointed out.

“This could be viewed as an attack on bitcoin mining,” he said.

In 2017, Sweden enacted a 98% tax cut for data centers, looking to attract businesses. Four years later, the industry hasn’t created the jobs the country was hoping for, and the macroeconomic environment has changed, said the budget report.

The energy crisis has increased electricity rates for households, and the tax cuts currently in place might actually be taking away energy from other, more job-creating industries in the manufacturing sector, said the budget.

Miners are disappointed by how the tax hike was rolled out, with what seemed like little notice or communication. Firms like Hive tout Sweden as a “stable” jurisdiction, where they don’t worry about abrupt unilateral changes in the regulatory regime.

Microsoft (MSFT), which also operates data centers in the region, has protested the measure’s abruptness, particularly given that the government had commissioned a report on the energy impact of data centers that wasn’t finished at the time of the tax hike decision, according to the budget.

There has been no official communication to the bitcoin miners active in the region, only a page on the tax authority’s website that was updated to show the change, said Rusinovich.

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That, plus the fact that the tax will be implemented in the middle of the calendar year, making it hard to plan ahead, has rubbed miners the wrong way. Companies can request a refund for any taxes levied before the start of July, a spokesperson for the Swedish tax agency said.

Enerhash will keep its operations in Sweden because they are still profitable, particularly given its geographic diversification, but they will not be investing additionally. Why would you invest there when the legal framework can change so abruptly, Jogg asked.

Edited by Nikhilesh De and Aoyon Ashraf.

NovaWulf Plans to Tokenize Equity of Celsius’ New Firm With $2B Assets, After Takeover

Celsius Network contacted 130 interested parties and signed confidentiality agreements with 40, before choosing NovaWulf.

Digital asset investment firm NovaWulf is poised to take over all assets belonging to bankrupt crypto lender Celsius Network and roll them into a new company, once its creditors have been paid out.

NovaWulf will manage the new company for five years, which will have a new name and a new board of directors, and will be traded through a fairly untested method of putting tokenized equity on blockchain. The five-year management term can be renewed. The board of directors will be chosen by NovaWulf and the official committee of creditors, which represents their interests in the bankruptcy. The plan could take effect as soon as June 30.

NovaWulf has committed $45 million in the transaction, but the Celsius assets it will manage could be worth as much as $2 billion, according to Marc D. Puntus, co-head of Centerview Partners, the investment banker working with Celsius during the bankruptcy case. The assets in question include Celsius’s mining unit, its loan portfolio, staked cryptocurrency, and other alternative investments, according to court filings.

However, the team will have a big task ahead of it – turning around one of the most spectacular collapses in crypto history. The leadership sees the bankruptcy process as a way to turn over a new leaf, and then some.

“What I’m really most excited about is the flexibility to be in a position to play offense, when you have an entire industry that’s playing defense,” given that major crypto firms are either in bankruptcy or facing regulatory scrutiny, said NovaWulf co-founder and managing partner Jason New.

Celsius contacted 130 interested parties and signed non-disclosure agreements with 40, before choosing NovaWulf, according to filings.

NovaWulf is related to TeraWulf (WULF), a publicly traded mining company. The two firms share their two co-founders, who don’t have any formal executive roles at NovaWuf, only in the miner – Nazar Khan, who is also the miner’s chief operating officer and chief technology officer, and CEO Paul Prager. NovaWulf’s team has had experience with complicated bankruptcies such as Lehman Brothers.

Tokenized equity

The tokenized equity of the new company will be traded on-chain and outside of stock exchanges. It will however have to follow SEC disclosure rules, which should make its workings more transparent. Just a month before Celsius filed for Chapter 11, industry commentators were disapproving of its opacity.

The equity tokens will be sold on the Provenance Blockchain, according to a presentation filed with the bankruptcy court. Figure Technologies will also provide infrastructure for the tokenized securities.

General earn creditors, with claims below $5,000, will see 70% recovery of their claims in liquidy crypto, the presentation said. Up to 100% of the rest of the assets, minus what is needed to run the new company, will be dispersed to earn creditors with claims over $5,000, who will also receive tokenized securities of the new company.

Total overhaul

Taking on Celsius’ new chapter requires a certain amount of house cleaning: The new firm will have a new name and none of the pre-bankruptcy leaders will be involved, said NovaWulf’s New.

Celsius’s leadership has been slammed for its risky management online and offline, including in a report from a court-appointed examiner after the bankruptcy.

The mining business was, in former CEO and founder Alex Mashinsky’s view, a way to increase yield on customer deposits, according to the report. By June 2022, Celsius had lent out $579 million in Celsius Mining, its wholly owned subsidiary that was established in 2020, and forwarded another $70 million loan shortly before the bankruptcy, the report said.

Celsius was also using stablecoins bought with user funds as collateral to fund “the entire mining asset,” said CEO Chris Ferraro in a Slack message according to the examiners’ report. The company was doing the same to prop up other parts of its business.

By spring of 2022, some of the company’s senior management thought that an initial public offering (IPO) of the mining business could be used to plug a $1.1 billion hole in its balance sheet, along with the sale of other “non-balance sheet assets.”

But the value of the mining unit dropped from $2 billion to $2.9 billion in August of 2021, to $500 to $700 million at the time of the bankruptcy, meaning even if an IPO or sale had gone through, it likely wouldn’t have sufficed to plug in the balance sheet hole.

Risk management and an overreliance on third parties, known as hosting firms, formed Celsius’s mining’s Achilles heel.

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The new management will look to vertically integrate the mining business, which now counts about 120,000 machines. At least initially, they will be looking for hosting agreements, but a focus will be to set up their own hosting capacity down the line to better control risks and costs.

Asked whether the new firm will be working with TeraWulf for hosting, New said it wouldn’t.

Edited by Nikhilesh De and Aoyon Ashraf.