Happy Tuesday, Luxor Mining crew!
It was something of a slow week last week for mining news. A couple of industrial miners have filed for listings in the United States, and companies continue to dive into Ethereum mining despite the looming migration to Proof-of-Stake.
News aside, we’ve got some updates for you at Luxor, including a new partnership and some new posts on Hashrate Index.
But before we get to anything new from us and the news, let’s take a look at some data from Hashrate Index.
Hashprice: Bitcoin’s hashprice is flirting yet agin with its yearly high, and it just kissed the $0.41/TH mark yesterday. At $0.40/TH, it’s about half a cent half shy from recouping the yearly high, though, but it could take it if Bitcoin jumps another few grand before Wednesday’s difficulty adjustment.
Hashrate: Miners continue to turn on machines at a rapid clip. Bitcoin’s 7 day moving average hashrate is currently 126 EH, up 5.5% over the week.
Crypto Mining Stock Index: Our stock index is marching upward again, up 3% over the week as bitcoin continues its own bull parade.
Hut8 Makes Headway on ETH GPU Farm
Canadian Miner Hut 8 is one step closer to turning their Ethereum mining farm online.
The public miner posted updates to its Twitter this week that show containers for some 10,000 Nvidia GPUs (purpose built for ether mining) are ready to be filled. Hut 8 has allotted up to 3 MW of power for the operation, which it announced earlier this year despite Ethereum’s move to Proof-of-Stake.
Hut 8 isn’t the only mining company betting on a delayed transition to Proof-of-Stake for Ethereum (or, at the very least, that they can make enough money on it in the meantime). Bitmain and Innosilicon both announced new Ethereum miners earlier this year, the latter of which has started to hit the market.
Argo Blockchain, Iris Energy Lists for Trading in North America
More miners are going public in North America.
U.K.-based Argo Blockchain is filing to list American Depositary Shares on the Nasdaq. Argo, which operates facilities in the U.S. and Canada and trades on the London Stock Exchange, announced its intentions to go public in the U.S. last month.
Iris Energy, an Australian mining firm, has filed for a direct listing on the Nasdaq. The mining firm operates out British Columbia, Canada using hydro-electric energy.
Iran to Lift Bitcoin Mining Ban, Allow Whitelisted Miners
Iran is lifting the bitcoin mining ban it effected in May.
The government will now allow authorized miners to operate at a limited capacity. Officials had seized thousands of machines following the ban, and it’s unclear whether these machines have been returned to their rightful owners (or if they were redistributed among government officials and their allies).
New from Luxor
Luxor Partners with Bitcoin Taxes to Provide Automated Tax Reporting
We’re thrilled to announce our new partnership with Bitcoin Taxes, which will allow our users to automate their mining taxes for no-hassle reporting!
Luxor miners can now download a CSV file from their dashboard with their payouts and plug this file into the tax service; Bitcoin Taxes will take care of the rest. The service is also integrating Luxor's API, so Luxor users can log onto Bitcoin Taxes, link their accounts, and have their payouts automatically pulled from their Luxor dashboards for accounting.
Per the partnership, Luxor Miners can sign up with our referral link to receive 10% off a Bitcoin Taxes subscription.
Check Out Our New Mining Taxes Guide
In our newest guide, we also walk you through the steps of how to report your mining taxes to optimize your revenue and simplify the taxation process.
Disclaimer: This guide is purely for informational purposes only and is not tax or legal advice. You should consult a certified CPA or other tax professional when reporting your crypto mining taxes.
Have a good week, and Happy Hashing!
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