David Pan
@DavidPan_1
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Reporter at Bloomberg @business , covering crypto & blockchain companies | Formerly @CoinDesk | DM open | Opinions are my own | 🐈 🏐 🀄️ 🏳️🌈
New York, USA
Joined October 2017
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We sat down with
@justinsuntron
and talked about Elon Musk, his dinner with Warren Buffett and more details on the trade that could have tanked the Ethereum market. Take a listen in our Chinese podcast!
My Chinese podcast with
@CoinDesk
@CoinDeskChinese
. I talked about my opinion with current market.
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Nearly all Bitcoin mining load in TX has been turned off as the state's grid nears breaking point, TBA said. The tightest hour today expected to be 2-3pm local time with generating capacity only 0.6% above anticipated demand, ERCOT said. Story below:
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Billions of dollars worth of mining equipment ceases to mine Ether. Hundreds of thousands of people unplug their graphic cards. All these will happen in less than 12 hours. The shutdown of largest Ethereum mining pool marks the end of an era 🫡🫡🫡
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Bitcoin reclaiming the $1T market cap became the 10th most popular topic on the Chinese twitter Weibo. Hours later, this happened.
Chinese social media app Weibo has suspended the official accounts of crypto exchanges Huobi, Binance, OKEx and MXC.
@DavidPan_1
reports
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I am truly grateful to work on a team where I feel valued and seen because of my work. I felt insecure about my English, the way I look and thought I could only write within the confines of my background. Thanks to those who help me realize I can be so much more than that.
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Guys, we are here 🥲 AFAIK, this is the first major Bitcoin mining firm bankruptcy. Another important question is how this is going to affect its 280 MW mining farm that hosts ~ 40,000 rigs for Marathon in TX.
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Celsius bankruptcy finally sheds some light on mining unit: owns over 80k rigs with over 43.5k in operation, planned to have 120k, a Texas farm; rig orders left not clear. $750M revolver. Fate of unit depends on restructuring, potential impacts:
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Been wanting to write how energy groups get into Bitcoin mining since last year. The traction they gained recently prompted me to write the story. Will talk about their entry in three aspects: margin, risk and whether they sell mined coins:🧵1/8
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A Ukrainian translator, Argentinian retiree and Canadian college student, these are the faces of Ethereum miners. Tens of billions will be moved from miners to holders that stake. One of the biggest wealth transfers in crypto. With amazing
@olgakharif
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#EthereumMerge
IT IS THE MERGE DAY! If you missed our latest conversation about the upgrade on Twitter yesterday, you can check out some of the highlights in today's Bloomberg Crypto podcast.
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Ever wonder how miners manage to keep all the mined Bitcoin without selling? Besides debt and new shares, some of the miners reap yields from their holdings by selling call options. This strategy has worked especially well given the range-bound market.
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Chatter around distressed Bitcoin miners has been going on for a while. We take a look at one point of tension - the machine-backed loans. With the bear market no signs of recovery, rig prices keep dropping and such loans become under collateralized.
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EXCLUSIVE: Crypto lender Maple sets up a $300M fund for cash-strapped Bitcoin miners, charging up to 20%. Some loan terms public on chain. Also, look at the rate, that tells you something about miners' financials, or the risks lenders think miners have 👇
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One missing puzzle when I cover China’s ban on crypto mining is context of the country’s domestic policies. I think a lot of things could be better answered in that context. More details in my article. I’ll also have a long thread under this post, regarding some of the FAQs. 🧵👇
The political urgency behind China’s carbon neutrality policy in late 2020 and a national energy crunch might have prompted the toughest crackdown on crypto mining in the country.
Report by
@DavidPan_1
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A wave of U.S.-listed Chinese companies are investing in bitcoin mining. They never touched crypto but are drawn by the historic bull run. While some might be at best opportunistic, others are well-positioned to be very serious contenders given their unique backgrounds.
IN DEPTH: Baked goods, emergency services and digital lottery firms are all pivoting to bitcoin mining – and making a fortune.
@DavidPan_1
reports
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Major development in Bitcoin mining: miners are quietly flocking to Ethiopia. Some key facts, quotes we have in the story 🧵:
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Nice scoop by
@naurtorious
: Ercot expects miners to increase demand by up to 6 gigawatts by mid-2023. About 17 gigawatts worth of crypto miners have inquired about plugging into Texas' grid.
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Final nail in the coffin, crypto folks in China have anticipated this since Beijing's ban last May. From hotbed to graveyard, it has been quite a journey. But again, is this really the end for crypto in China, I highly doubt it.
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Crypto lenders have received tons of Bitcoin mining machines as miners default on their loans only backed by the rigs. The lenders have no legal recourse to seize any other assets, while the value of rigs drop by 85%. More analysis and details here 👇
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CZ told his employees that there wasn’t a “master plan” to take over FTX, according to a memo obtained by Bloomberg. “It was less than 24 hrs ago that SBF called me. And before that, I had very little knowledge of the internal state of things at FTX.”
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🗒️1) This is a sizable loan that we have not seen for a while since meltdowns 2) Worth watching if more such loans to come as halving cuts mining rev and lending may come back 3) $COIN does not show up as a lender in mining very often afaik
via
@crypto
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Grayscale Investments, the largest crypto asset manager, is raising money to buy Bitcoin mining rigs at distressed prices. Its sister company Foundry will mine the token with purchased rigs. The investors will receive cash from the sales of mined coins.
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The equity lifeline used by Bitcoin miners to help weather the most recent crypto winter is beginning to irk some shareholders.
“If they are diluting you faster than Bitcoin is going up, then you are going the wrong way on a treadmill,” investor said 🧵
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SCOOP on the terminal: Crypto billionaire Jihan Wu is setting up a $250 million fund to buy distressed assets from Bitcoin miners. Story with more details hitting the web later. It just got more interesting 🙂
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A very well-produced episode on the state of Bitcoin mining with
@s_m_i
and
@ethan_vera
. We talked about miner financing, the lures and flaws of Texas, energy play for miners (i.e. Riot), and a recap of the Mining Disrupt conference. Take a listen: 👇
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You guys keep sending me the White House report on crypto and climate full of
@nic__carter
's comments in it. Here is your chance to ask
@WHOSTP
Chief Energy Policy Advisor
@CostaSamaras46
any questions related to that topic yourself!
How is crypto affecting the climate?
🚨Tune in for a LIVE Q&A hosted by Bloomberg’s
@allyversprille
and
@DavidPan_1
with special guest
@WHOSTP
Chief Energy Policy Advisor
@CostaSamaras46
to analyze the latest US crypto assets and climate report
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Crypto lives in dog years, crypto mining is even more so given the limited time before each halving. One way for energy companies to vertically integrate with Bitcoin mining operations is to acquire a miner. Stay tuned ;)
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Brief wrap of the earnings for Bitcoin miners. We had a record-breaking market crash in Q2 and the results have reflected that. While some miners had positive operational updates, one thing is clear: we have way fewer diamond hands in Bitcoin mining now 🥲
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We know miners are in distress but Core Scientific's large sale in June still surprised me. 7,202 coins were sold, that is a 79% drop in holdings on its balance sheet. It has 180k servers and ~ 8.5% of the computing power that secures the Bitcoin network.
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I guess some OG crypto whales never go away, they are just waiting for the opportunities to strike 🙃
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I spoke with a dozen executives from Chinese crypto and blockchain firms. Here is how they are tackling challenges posed by the coronavirus outbreak.
IN DEPTH: Chinese cryptocurrency exchanges and other blockchain companies are coping with a new reality as the coronavirus outbreak continues to disrupt their daily operations.
Report by
@DavidPan_1
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A couple of crypto miners that used to have large GPU-based Ether mining ops have developed high performance computing (HPC), catering for AI clients. CEOs said the economics could make sense despite many big challenges. ⛏️<> 🤖
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ETH mining is very different from Bitcoin mining. Majority of ETH miners use GPUs, whereas all Bitcoin miners use specialized computers called ASICs. That means the gears aren't compatible. To learn more about how exactly people mine ETH please see this:
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As the halving is fast approaching, here are the in-depth stories you should take a second read🧵:
1. While getting more creative to prepare for the event, miners will lose $10B in annual rev. With rising costs and lower income, short sellers pile in
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It was a fun conversation with
@justinsuntron
. Many more to come from our Chinese podcast.
In a recent Chinese podcast with CoinDesk, Justin Sun candidly talked about his failures, his love for Elon Musk and a wild Ether trade.
Report by
@DavidPan_1
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Ethereum miners are feeling the pain just hours after the Merge. ~ 25% of computing power has shifted to mine other pow coins such as ETC. High network competition are driving profits below 0. ETC miners operating at negative 30-40% gross profit margins🧵
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FTX founder Sam Bankman-Fried asked a judge to keep confidential the identities of two people who are helping to secure his bail via
@business
@ChrisDolmetsch
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Since when do we normalize any negative crypto news being called FUD? IMHO, I think it is a way to discredit a journalist's work and ultimately a disservice to market participants.
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SCOOP: Huobi, one of the largest global crypto exchanges is making a comeback to the US after it abruptly halted operation in the country five months ago. Find out more details about the plan in my story.
LATEST: Crypto exchange
@HuobiGlobal
could resume business in the U.S. as early as this month, five months after ceasing operations there, executive
@CiaraHuobi
said.
Story by
@DavidPan_1
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First public crypto-mining company bankruptcy and it is arguably the largest Bitcoin miner by computing power. Looking through the filings, lots of interesting details: 🧵
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There might be more scrutiny on Ethereum following the Shanghai upgrade. Yields in the form of Ether can finally be withdrawn from the network, which means many token holders can cash out on their returns that way. More analysis in the story 👇
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Really excited to publish the very first CoinDesk Chinese-language newsletter! Many thanks to
@emilydparker
,
@WolfieZhao
and
@nikhileshde
for the great help along the way! For anyone who understands Chinese, please read!
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Scoop from last night: Marathon has hired advisors to evaluate exposure to bankrupt Compute North and eyes its assets. These two are very big Bitcoin miners. Things are getting more interesting as both contagion and opportunities play out in the space
SCOOP w/
@rachel_butt
: Bitcoin mining giant $MARA taps advisers as it weighs on exposure to bankrupt Compute North and a bid for its assets. The firm has hired law firm Weil and Guggenheim. More details 👇
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If SEC bans that for retail, there will be big ripple effects through the multi-billion dollar staking industry including exchanges, infra firms, protocols, derivative tokens, devs, the big VCs, and all is happening a month before withdrawal is enabled.
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Potential blockchain mass adoption use cases include identification, record-sharing and supply chain tracking systems, and the COVID 19 pandemic highlights the significance of such technologies, according to Jack Lee, managing partner at HCM Capital, the investing arm of Foxconn.
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BREAKING: China's congress just passed its first cryptography law that could further its blockchain ambitions.
My Story
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Great working with
@GoodnuffGoldman
on this cool mini doc on the halving and crypto miners’ attempt to ride the AI boom. Click the link to see the whole video!
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Another fatalistic episode on Bitcoin mining with
@_amanda_fab
and
@s_m_i
Did some postmortem on Q2 earnings, analyzed potential miners’ hedging strategies moving forward and fundamentals of mining stocks. Take a listen!
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Bitcoin miner Riot made record $31 million in power credit in August as heat swept Texas. The amount made that month alone is more than the total in 2022. Power sold is worth over 1.1k Bitcoin whereas it produced 333 coins in the same month. More 👇
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Here is a primer for the Shanghai upgrade that is set to take place this week w/
@olgakharif
V divided opinions on how the market would react 🍿
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Would CBDCs be the death knell for stablecoins? 🤔🤔🤔
China's central bank is revising its banking law, which would clear the way for the digital yuan to be the one and only official RMB-pegged token in mainland China.
@DavidPan_1
reports
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Data center space and energy infra used for ETH mining are up for grabs after Merge. Some Bitcoin miners have tapped into that, as reflected in BTC mining power surge. Not good for profits. Great insight from
@ethan_vera
,
@MatthewKimmell
,
@IIICapital
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Cos like Foundry provide software that pools computing power from Bitcoin miners so that they can have a better chance to earn reward. It is a crucial piece of infrastructure that secures the network. Now the largest pool will charge its users a fee🧵
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After all these years, this feels unreal 🫡🫡
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A great take on the rapidly evolving crypto and blockchain industries in China.
The market's overreaction to President Xi's praise of blockchain technology has prompted another crackdown, dashing hopes for a crypto-friendly China.
@WolfieZhao
takes stock of a rapidly evolving situation.
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The week before $CORZ warned potential bankruptcy, $ARBK's equity sale fell through and $IREN said it struggled to repay debt and analyst downgraded miners, we wrote about the three exact cos turned to equity sales to ease liquidity crunch. Read us and make informed decisions ;)
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While all eyes are on the conglomerates in China's biggest blockchain infrastructure, the project is a brainchild of a much smaller tech firm Red Date. CoinDesk talked with its CEO and uncovered the latest updates that are yet to be public. Thread 🧵/1
EXCLUSIVE: The de facto architect of China's ambitious national blockchain project reveals his game plan for making the technology cheap and easy for businesses.
Interview by
@DavidPan_1
.
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Banks, IT companies and now military
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SCOOP: Block Hires Ex-Argo CTO Perry Hothi to Advise on Developing Bitcoin Mining Division.
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A few questions I got asked a lot regarding ETH mining: 1) what other purposes GPUs are used for and are they all still up and running? 2) does this mean ETH miners will go to mine Bitcoin now? You can find all the answers in our Merge coverage 👇:
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Some clarity regarding the most recent Binance rumors on CT. More details on the terminal
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A lot to say about this news. 1. Chinese companies have been secretly poaching talent from Taiwanese chip makers, which dominate the industry with over 80% market shares. This comes after many failed attempts by China to become a semiconductor powerhouse. 2. Bitcoin mining is
China-based Bitmain is accused of poaching engineering talent in Taiwan.
@zackvoell
and
@DavidPan_1
report
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Bitcoin mining rig prices have dropped a lot with the token's prices in sharp decline. New trend could add even more downward pressure: vertically-integrated miners shifting away from mining to arbitraging in the energy market, read more 👇
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First blood of the sanction on BitRiver are some retail miners.
An American crypto-mining company is trying to quickly liquidate $30 million of equipment in Siberia after the U.S. sanctioned a rival over its Russian operations
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Interesting development 🧐
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Crypto lenders have repossessed so many Bitcoin mining rigs they’re resorting to plugging them in and extracting tokens themselves 🏦💵➡️⛏️⚡️
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Some cash-strapped public miners are issuing new shares to sell. While it worked during the bull, would it work when sales risk diluting shareholders and their market caps keep shrinking in the bear market? Read it like a preview for Q3 earns ;)
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I know there are crazy OKEx stories but a more significant and permanent concern for Chinese exchanges is on the horizon. In this week's Chinese digest, we analyze what DOJ's tactics on non-US crypto exchanges would be based on its new enforcement framework.
The DOJ's new crypto enforcement framework is a warning that the U.S. government will go after international exchanges. This week's Chinese digest breaks down the 83-page report.
本周深入解读美国司法部加密货币执法框架，影响或波及全球。
By
@DavidPan_1
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Over $1B in total: $100M last Aug, $550M in Jan, $250M in Feb and $250M in Apr. The timeline and amounts dovetail to the investing sentiment in Bitcoin mining. Didn't know Alameda was such a major force behind the crypto-mining boom
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Miners deleverage, spending on infra among major miners sees a quarterly decline that is as much as 77% in late 2022 with some Q4 filings still pending to be published, according to data compiled by
@BlocksBridge_
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IMO: the best indicator so far to gauge Intel's influence over the Bitcoin mining hardware market is the quantity of its first batch sold to its buyers later this year. Mass production > Highest power efficiency.
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This is it, the highly anticipated Bitcoin halving is set to take place this week. More money at stake than ever given the scale of mining, value of Bitcoin and rising competition for energy. Read the latest on the event here:
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The latest on that:
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$CORZ has only 62 bitcoins left on its balance sheet, down from 8,497 in March. 62 coins... 🥲
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Sources describe Bitcoin margins are “lower than ever”. Rigs, infra started being built out last year are finally in place. That is ramping up computing power to ath. More rigs are competing for limited rewards, coupled with low price and high energy price
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The Cambridge Center for Alternative Finance just released some interesting data on Bitcoin's environmental footprint. Silver lining of the bear market is miners turn off less efficient rigs. Read the story for more details 👇
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Half of The Chainsmokers is here at Consensus Distributed talking at blockchain.
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We now have the NFTs native to Bitcoin. There will be impacts if they gain traction (could be a fairly big if). More minting and trading of such NFTs can lead to higher fees for Bitcoin miners while crowding out other types of transactions
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I'm just going to re-up this feature story. One major point in our take on the Merge is the new regulatory challenges and risks Ethereum would face after the transition
In light of Gensler's comment on Ether's new 'staking' model, our recent feature story on the Merge could shed some light on this topic 👇
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Full story here:
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is cutting trading fees as it battles for customer cash following the collapse of FTX
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Check out my latest feature story with
@WolfieZhao
on arguably the biggest state-backed blockchain infrastructure project by the Chinese government.
IN DEPTH: China is poised to launch its national blockchain platform on Wednesday as part of Beijing's grand strategy to lead the digital transformation of the world economy.
@WolfieZhao
and
@DavidPan_1
explain
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Interesting backstory behind inscriptions or so-called Bitcoin NFTs and a deeper dive into why they are controversial
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SCOOP w/
@rachel_butt
: Bitcoin mining giant $MARA taps advisers as it weighs on exposure to bankrupt Compute North and a bid for its assets. The firm has hired law firm Weil and Guggenheim. More details 👇
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Heatwave has prompted the biggest drop in computing power to mine Bitcoin over a 2-week period since the drastic declines due to China ban last summer. Large miners keep deploying more powerful computers in TX but the heat isn't going away anytime soon.👇
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Bitcoin transaction fees are seeing a rare spike in over a year. That jump is in part due to the ordinal NFTs. More details in the story 👇
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What a year! We take a look at China's biggest crypto crackdown last September. Its impact is still rippling through not only the Chinese crypto community but the rest of the world. Listen to the latest episode here: 👇
China’s digital asset ban prompted significant changes.
🎧 Listen to the Bloomberg Crypto podcast for a deeper look at the impact of the crackdown
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For now, the majority of GPUs are not up and running as miners are still trying to figure out what to do with them. A small portion has gone to mine other pow coins like ETC but that won't be sustainable as explained in this article, some used for HPC:
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I want to resurface the GS report as there is great info about the digital yuan’s impact on China’s fintech and banks. It says China Merchant Bank and Ping An, which have invested a lot in blockchain used for financial services, would emerge to be the beneficiaries.
NEW: Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.
Report by
@DavidPan_1
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“Commercial banks will be the only institutions permitted to operate in DC/EP exchange as it is the digitalization of legal tender,” Goldman Sachs noted. “This will effectively level the playing field with fintech platforms in consumption payments.”
NEW: Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.
Report by
@DavidPan_1
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Free market, grifter, corporate strategy, these are the words readers have sent to me regarding this story. Pretty divided opinions, I'd say.
Riot Blockchain earned millions in credits last month from shutting down its Bitcoin mining rigs during a record power crunch in Texas in early July
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