Global Crypto Mining News (Nov 1-Nov 7)

Author | Colin Wu

Nov 8

1.

Dongguan recently investigated virtual currency mining, emphasizing that mining is suspected of violating Chinese laws. This is the first time that a local government has accused mining activities that violate this law related to energy conservation.

On November 3, according to the risk clues provided by the relevant departments of Dongguan City, the relevant departments of Tangxia jointly carried out the investigation of the suspected "mining" risk clues.

The person in charge of the relevant departments in Tangxia Township said that the virtual currency mining without energy-saving review and approval procedures should be resolutely investigated and dealt with, the electricity should be suspended and immediately stopped, the public security organs should be transferred, and criminal responsibility should be pursued.

2.

Bitmain will hold a conference in Dubai from Nov. 9 to Nov. 10, and according to a poster disclosed by a Thai supplier, Bitmain will announce its latest mining machine, the S19XP, with TSMC's 5nm chip, with 150TH/s of hashrate, a power consumption of 3225W and an energy efficiency ratio of 21.5J/TH, to be shipped in July-September 2022.

The previous Bitmain top model was the S19Pro, with 110TH/s of hashrate, 3250W of power consumption, and an energy efficiency ratio of 29.5J/TH. This time, both the arithmetic power and energy efficiency ratio have been greatly improved.

3.

According to the Xuzhou Municipal Public Security Bureau, the Fengxian County Bureau has captured 31 members of the IPFS network pyramid scheme criminal gang in Shanghai, Wuhan, Shenzhen and other places, and seized virtual coins worth about 400 million yuan in Ether, UDTD, Filecoin and other virtual coins. IPFS stated that the reason is that the suspects used suspected illegal funds for procurement, and the vast majority of members have now resumed normal work and will resume services after assisting in the end of the investigation.

4.

According to Sina Finance, the evening of November 4, Canaan Technology affiliates Shanghai Canaan Jieshi Information Technology Co., Ltd, accused Sichuan In Coin Beauty Technology Co. and Shenzhen Gurry Electronic Technology Co., Ltd. of infringing its patent rights and asked the court to order the two defendants to immediately stop the infringement and compensate economic losses and reasonable expenses of RMB 90 million.

Canaan Information claimed that the patent in question was applied by Canaan Technology to the patent office of the State Intellectual Property Office in conjunction with its technical research and development results, and had been transferred to Canaan Information, which has been legally valid so far. However, the company found that some of the products developed and manufactured by Shenzhen Gao Rui and sold by Sichuan Inimax used the technical scheme protected by the patent in question and fell into the scope of protection of the patent in question. The two companies implemented the patent technology without permission, which allegedly infringed the patent right of Canaan Information.

According to Canaan Information's evidence, the relevant profits of Shenzhen Gurry Company exceeded ten million dollars. As a result, Jiarnan Information formally filed a lawsuit with the Chengdu Intermediate Court, requesting that the court order Shenzhen Gurry and Sichuan InCoinMine to immediately stop the infringement and compensate Jiarnan Information for economic losses and reasonable expenses totaling RMB 90 million.

Previously Bitmainland and WhatsMiner, ebang and Whats have also had several patent disputes.

5.

China-based and Nasdaq-listed English training company Meten EdtechX has ventured into bitcoin mining as China cracks down on the out-of-school training business, according to TheBlock. The company first said in September that it planned to enter the cryptocurrency mining space to expand its business line, and quickly raised nearly $60 million in a new equity offering.

6.

Swedish Regulator Calls for Total EU Ban on POW Mining

Sweden’s financial supervisory authority, Finansinspektionen, has called for a ban on crypto mining, calling cryptocurrencies a threat to the climate. Cryptocurrency mining requires immense amounts of electricity, and as a result, some crypto miners have pivoted to renewable energy sources amid growing criticism. Crucially, however, that poses an additional problem for Sweden.

Sweden has an abundance of renewable energy, but limited resources to draw on. The regulator says this energy is used to achieve the climate transition and the miners' occupation would threaten the government's ability to implement the Paris Agreement, hence the proposal for the EU to consider an EU-wide ban on POW mining.

7.

Fortress Technologies (TSX-V: FORT), a TSX-listed crypto mining company, announced it will purchase 4,500 Bitmain Antminer S19j Pro bitcoin mining machines, Businesswire reports. The machines are expected to be delivered in equal monthly installments from April to September 2022. The acquisition adds 450 PH/s to the company's total hashrate, compared to 195 PH/s. The acquisition comes less than two weeks after the company announced the purchase of 180 Whatsminer M30S machines and the deployment of three additional containers in its strategic partnership with Great American Mining. Since the appointment of new leadership in September, Fortress' hashrate has increased by more than 260%.

8.

Atlas Technology, which is expanding its North American cryptocurrency mining operations, has signed a deal with Core Scientific to host more than 100 MW of bitcoin mining capacity, CoinDesk reports. on October 19, Atlas said it had signed a 100MW hosting agreement with Compute North.

9.

Argo Blockchain released its third quarter financial results, reporting record quarterly revenue of $26 million and a net profit of $17 million. As of September 30, the company had 1,836 bitcoins and mined 597 bitcoins in the third quarter, with a hashrate of 1.07EH/s. In addition, Argo Blockchain expects delivery of the 20,000 Bitmain Antminer S19J Pro miners previously purchased to begin in the second quarter of 2022, with deployment expected to total hashrate will reach 3.7EH/s.

10.

Genesis Digital Assets announced it is building a new self-hosted bitcoin mining data center in West Texas with 300 MW of capacity, powered by the Electric Reliability Council of Texas (ERCOT), with over 40% of its energy coming from wind and solar.

11.

Nov. 2 North American publicly traded miner MARATHON said it mined 417.7 bitcoins during October 2021, increasing its total bitcoin holdings to approximately 7,453 with a fair market value of approximately $457.4 million. The company began the year with 42,381 mining machines on order from Bitmain, some of which are still in transit, and currently has 27,280 mining machines started up.

12.

Riot Blockchain said it produced 464 bitcoins in October 2021, up 433 percent year-over-year; and held approximately 3,995 bitcoins as of Oct. 31, 2021.

13.

Kazakhstan has recently set up several regulatory measures for crypto asset investments. According to local media outlet Kapital.kz, the government has placed limits on the amount of money retail investors can put into cryptocurrencies. Investors who have provided financial proof can invest a maximum of 10% of their annual income or 5% of their total assets (excluding their primary residence) up to $100,000 per year; non-providers can invest up to $1,000 per month.

In addition, in a meeting with Energy Minister Mirzagaliev, Kazakhstan's President Tokayev stressed the need to ensure an uninterrupted supply of electricity for businesses and households and tasked the executive power organization with "urgent legislative regulation of mining".

14.

Coinbase engineer Yuga C tweeted a summary of the information about the Ether merger in the November 6 Ether community conference call: the merger is expected to take place around the second quarter of next year, and there will be no downtime during the merger; the ETH locked in the pledged contracts will remain locked after the merger. The first priority of the Ether community after the merger is to unlock the pledged ETH and reiterate that ETH rewards after the merger will only be offered to verifiers and not miners.

15.

Etherscan data shows that as of November 1, the Etherscan network-wide hashrate has reached 812.76TH / s, a record high.

16.

Compass Mining has partnered with Red Jar Digital Infrastructure to host a new 140 MW bitcoin mining facility in Ontario, Canada, which will be powered by "clean energy" for 95% of the facility. The full 140 MW capacity is expected to take at least a year to bring online, with miners starting to come online in late January 2022 and reaching planned capacity by the end of 2022.

17.

Bitfly, the parent company of the Ethermine pool, has launched an unmanaged ETH 2.0 pledge pool, Ethpool, which requires a pledge of 32 ETH per verifier. upon consolidation, users receive MEV (Maximum Extractable Value) or transaction fee revenue in addition to their Ethermine 2.0 block rewards.