Argo blockchain's mining profit margin narrowed to 20% in August as natural gas prices soared

1.Argo blockchain's mining profit margin narrowed to 20% in August as natural gas prices soared.

Bitcoin mining company Argo blockchain said on Friday that its self mining profit margin narrowed to 20% in August as soaring natural gas prices increased the energy costs of its facility in Helios, Texas. Mining facilities use electricity purchased on the spot market, and its high energy costs have eroded the company's profitability this year. The profit margin was as high as 74% in January and dropped to 37% in July. It is reported that the company is trying to obtain a long-term, fixed price power purchase agreement to reduce its exposure to fluctuations in the energy market.

2.Survey: more than 70% of crypto investors think they can become billionaires.

A new poll shows that people who invest in cryptocurrencies are more likely than the general public to think they have the ability to become billionaires. More than 70% of Americans who invest in cryptocurrencies say they believe they have the tools to become billionaires, while a recent survey by Harris poll, a global market research company, shows that the proportion is 44%. In addition, according to the survey, as of August, 20% of Gen Z adults and 23% of millennials said they owned bitcoin, compared with 13% of American adults. In another survey, 56% of Gen Z adults and 54% of millennials said they included cryptocurrency in their retirement plans.

3.Starkware will only support POS chain after Ethereum merger.

Starkware, the Ethereum capacity expansion solution, will only support the POS chain after Ethereum completes the merger. Syarknet users do not need to do anything if they need to withdraw funds to the POS chain. If they want to interact with the pow chain, they need to propose Ethereum before the merger.

4.The number of addresses holding more than 10000 eth tokens reached a three-month high.

Glassnode data shows that the number of addresses holding more than 10000 eth tokens has reached a three-month high of 1194.

5.Report: the balance sheet liquidity of many listed crypto mining enterprises is poor.

Arcane research released a report saying that bitcoin mining companies are currently in a difficult situation due to the combined impact of the sharp fall in bitcoin price, difficult growth and rising energy prices. Among the eight listed mining enterprises it analyzed, the quick ratio (the ratio of quick assets to current liabilities) has dropped significantly since March 31, which indicates that the balance sheet liquidity of many listed crypto mining enterprises is poor. Among them, marathon has the largest decline, falling from 17.4 on March 31 to 3.1, while stronghold's quick ratio is now only 0.3. Riot and cleanspark are the only ones with positive growth. Riot increased to 3.9 from 2.1 on March 31. According to the report, although the public bitcoin mining enterprises are in a difficult situation and forced to sell a large number of bitcoins, none has gone bankrupt so far. The main reason why listed mining companies are safe at present is that they held a large amount of cash and bitcoin at the beginning of this summer. Throughout the summer, these companies have been selling bitcoin, using part of their cash reserves to pay for miners' transportation and other expenses.

6.Chairman of the Financial Market Committee of the Russian State Duma calls for legalization of cross-border payment of cryptocurrencies.

Anatoly aksakov, chairman of the Financial Market Committee of the Russian State Duma, believes that it is necessary to provide a regulatory framework for cross-border settlement of cryptocurrencies. The lower house of the Russian parliament is expected to review the draft legislation related to cryptocurrencies this autumn, including a new "digital currency" bill, and aksakov has been an active participant. Earlier this week, the Russian Ministry of Finance and the central bank agreed that under the current circumstances, it is "impossible for Russia to have no cross-border settlement of cryptocurrencies". Aksakov was quoted by Kommersant, a Russian business daily, and RIA Novosti news agency as saying that it is an important task to determine the legal boundaries for the use of cryptocurrencies in cross-border settlement. He also stressed the need to ensure that people entering this market are confirmed by the authorities.

7.There are more than 40 queen related tokens and hundreds of NFTs in the market, please pay attention to the risks.

News on September 9: according to market data, since Queen Elizabeth II died yesterday, more than 40 related meme coins and several related NFTs have appeared on BNB chain and Ethereum networks in the past 24 days, including Queen Elizabeth INU, save the queen, Queen, Queen Doge, London Bridge is down and so on. According to pancake swap data, Queen Elizabeth INU has the highest increase of about 28506% in 24 hours, with a 24-hour trading volume of only $391000 and a market liquidity of only $17000; Elizabeth's trading volume reached 2.7 million US dollars in 12 hours, the highest increase of about 8442%, and the market liquidity was only 204000 US dollars. According to opensea data, the 24-hour transaction volume of rip Queen Elizabeth II, a related NFT project, is only 0.06eth.

8.Argo blockchain signs strategic hosting service agreement with a third party.

On September 9, Argo blockchain, a listed mining company, announced that it had signed a strategic custody service agreement with an undisclosed third party. As part of the agreement, Argo will host and operate the mining machines owned by the above-mentioned third parties at its Helios mine in Dickens County, Texas. Argo has promised to provide it with up to 32 MW of power capacity, which is enough to power more than 10000 mining machines. Argo will receive 25% of the net profit related to bitcoin dug up by the escrow miner. In addition, in August, Argo dug up a total of 235 bitcoins or bitcoin equivalents, compared with 219 BTCs in July 2022. As of August 31, 2022, the company held 1098 bitcoins, of which 244 were BTC equivalents.