American Bitcoin Merges with Gryphon Digital to Go Public

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The network’s hashrate fell to 867 exahashes/second on Thursday, with a 2.6% difficulty adjustment expected in the next epoch. Hash price also rebounded to $55/PH/day.

American Bitcoin is aiming for a merger with Gryphon Digital in a bid to go public. Meanwhile, Italian energy firm IREN could face up to $100M in tariffs if U.S. officials impose a price tag for the energy used to mine bitcoin.

Finally, CleanSpark unveiled a bitcoin-option strategy for its latest purchase of 25,000 Bitmain ASIC miners.

Hash rate drops to 867 exahashes/second

The network’s hashrate fell to 867 exahashes/second on Thursday, according to blockchain.com data. A 2.6% difficulty adjustment is also expected in the next epoch, which occurs approximately every 2016 blocks, or roughly every two weeks. Hash price also rebounded to $55/PH/day.

American Bitcoin's merger to go public

American Bitcoin is aiming to go public via a merger with Gryphon Digital in the fourth quarter of this year. The company, which began as a subsidiary of mining company iMiner, reportedly started operations in March 2023 with 200 units of ASIC miners in a data center in Glengarry, British Columbia, Canada.

The move comes amid a broader trend of cryptocurrency companies seeking to list their shares on public exchanges. Earlier this year, crypto exchange Coinbase went public via a direct listing on the Nasdaq Stock Market.

IREN faces $100M tariff potential

Italian energy firm IREN could be forced to pay up to $100M in tariffs if U.S. officials decide to place a price tag on the energy used to mine bitcoin, according to a report by Italian newspaper Corriere della Sera.

The company, which is majority-owned by the municipal government of Turin, is planning to build a large-scale bitcoin mining operation in the Piedmont region. However, the move has sparked controversy, with some officials arguing that it could lead to a rise in energy prices and pollution.

The report claims that U.S. officials are considering imposing a tariff of 3 mils per kilowatt-hour on the energy used for bitcoin mining, which could lead to an annual cost of $80-100M for IREN.

The company is reportedly planning to use about 3.3 billion kilowatt-hours of energy per year for its bitcoin mining activities, which would be equivalent to the consumption of a medium-sized city.

CleanSpark reveals bitcoin-option strategy

CleanSpark has revealed a bitcoin-option strategy for its latest purchase of 25,000 Bitmain ASIC miners.

The company explained in a recent SEC filing that it plans to use a portion of the new miners to mine bitcoin directly, while the remaining units will be deployed in a bitcoin-option strategy.

This strategy involves selling covered bitcoin-mining options, which would allow investors to acquire bitcoin at a predetermined price in the future. In exchange, CleanSpark would receive a premium payment, providing an additional revenue stream.

"If the option is exercised, CleanSpark would be required to deliver the bitcoin at the agreed-upon price, which would be paid for using the proceeds from the sale of the option," the filing stated.

If the option is not exercised, Clean建物