Global Crypto Mining News (Nov 15-Nov 21)

Author | Colin Wu

Nov 22

1.

The National Development and Reform Commission responded to the content of cryptocurrency mining: research to impose a punitive tariff

On November 16, the NDRC press conference to answer reporters' questions: First of all, it should be clear that cryptocurrencies are specific virtual commodities, not real currencies. Next, China will carry out comprehensive rectification. If people are found to be involved in cryptocurrency "mining" activities, they will be studied to impose punitive tariffs to continue to regulate cryptocurrency "mining" activities.

2.

Guiyang set up to rectify the cryptocurrency "mining" reporting phone

According to the official website of Guiyang Development and Reform Commission: September 3, 2021, the National Development and Reform Commission jointly with 11 national ministries and commissions issued a "notice", followed by a teleconference, further arrangements and deployment of cryptocurrency "mining" remediation work. The city of Guiyang will maintain a high pressure situation to rectify the cryptocurrency "mining", the opening of remediation reporting channels, welcome the supervision of the masses from all walks of life to report.

3.

Sichuan provincial government held a provincial rectification of cryptocurrency "mining" and trading activities video conference

According to the official website of the Sichuan provincial government, the morning of November 17, the provincial government held a provincial rectification of cryptocurrency "mining" and trading activities video conference to inform the province's cryptocurrency "mining" rectification and crackdown on cryptocurrency trading behavior, and the next phase of work. The next phase of work to be deployed.

4.

According to a twitter feed from Ether Foundation staff Trent, PoW will be end in 3-6 months (personal estimation). If you are a small hobbyist considering mining as an investment, please reconsider.

5.

Kyrgyzstan's the State Committee for National Security (GKNB) has busted a large illegal mining farm in the town of Druzhba, Issyk-Ata region. Its officers have confiscated another 2,500 mining machines, a media report has unveiled. In May, law enforcement agents seized 2,000 mining devices from a number of facilities minting digital currency outside the law at several locations in the capital city and Chuy region.

6.

According to CNBC，Nvidia said on Wednesday that CMP sales declined 60% sequentially to $105 million in the most recent quarter . And that sales of the product line are expected to decline to “very negligible” in the fourth quarter.

7.

According to China.com, the Beijing Haidian District Development and Reform Commission recently issued a notice on "Implementation Plan", "Implementation Plan" requires increased supervision and enforcement of energy conservation, in accordance with the requirements of the state and the relevant departments of Beijing, to do a good job of cryptocurrency "mining" activities investigation, and resolutely put an end to illegal financial activities.

8.

Laos issues new mining rules: $1 million in one-time taxes per 10 MW

According to The LaoTian Times on November 15, he government of Laos has issued new regulations governing cryptocurrency mining operations and trading platforms， which read as follows.

1、Companies mining or operating cryptocurrency trade platforms are required to be wholly Lao-owned with stable financial status, and must have sufficient capital to operate a cryptocurrency trading business.

2、A security deposit of USD 5 million must be deposited with the Bank of Laos by any company applying to mine or act as a platform for the trade in cryptocurrency.

3、Cryptocurrency mining operations must use no less than ten megawatts of electricity, with 115kV or 230 kV of power provided under a six-year extendable contract, contingent upon the capacity of Electricite du Laos to provide power.

4、To encourage cryptocurrency mining, the government will exempt electricity transmission fees and import taxes for Electricite du Laos.

5、Cryptocurrency mine operators will pay taxes as a lump sum, determined by the amount of power used, with USD 1 million payable for every 10 megawatts used.

6、Cryptocurrency trading platforms will be charged a one-time fee for a cryptocurrency trading license charged at USD 1 million, with cryptocurrency trading enterprises paying tax at a rate of 15% fee earned from buyers and sellers.

9.

According to euronews，"Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the extensive use of renewable energy today," Norwegian local government and regional development minister Bjørn Arild Gram said.

"We are currently considering potential policy measures in order to address the challenges related to crypto mining. In the context of this work we will look to the solutions proposed by the Swedish regulators, and our target would be common European regulations in this area," he added.This comes after Sweden called for a ban on POW mining at the EU level.

10.

According to BTC.com, DCG's mining pool Foundry has become the second largest Bitcoin mining pool. China's severe crackdown on Bitcoin mining and the transfer of mining industry to the United States are the core reasons.

11.

According to Blockstream , on November 17, Blockstream CSO Samson Mow personally led a team to El Salvador to establish a communication connection to Blockstream satellites for the geothermal energy plant. late September 2021, El Salvador turned the conceptual type idea of volcanic energy mining into a reality. They mined bitcoins from geothermal energy in the volcano as a source of electricity. The plant can now receive messages from the Bitcoin main chain from space without the need for the Internet. Ensuring that the mining facility can update bitcoin block data in real time in any case.

12.

Bitfarms (BITF), the Canadian bitcoin miner, has doubled its mining power over the last eight months, the company said in a statement on Monday.

The company has increased its hashrate to exceed 2 exahash per second (EH/s) at the same time when the Bitcoin network has grown about 12%, allowing it to gain a larger share of the network hashrate. Hashrate is a measure of the total amount of computer processing power securing a proof-of-work cryptocurrency.

“As we continue to execute on our expansion plans, we expect to continue to outpace Bitcoin network growth to drive even higher bitcoin production numbers throughout 2022,” said Emiliano Grodzki, Bitfarms founder and CEO, in the statement.

Bitfarms has already received and installed 1,500 S19j Pro miners in November, and has 2,701 Bitmain S19j Pro mining machines and 400 MicroBT M30S miners that are scheduled to be received and installed throughout the remainder of November.

Bitfarms has also purchased 48,000 MicroBT miners, which are scheduled for delivery in 2022.

13.

US-listed Marathon intends to raise $500 million through an issuance of senior convertible notes offering to buy bitcoin or bitcoin miners, according to TheBlock. It also comes just a month after Marathon said it obtained a $100 million revolving line of credit from Silvergate Bank secured by its BTC and USD.

Marathon is currently the largest BTC holder among the North American public Bitcoin mining companies. It said that, as of the end of October, it holds about 7,453 BTC ($490 million), including 4,812 BTC ($317 million) it purchased from the market. The remaining amount all came from its mining operations.

Marathon Digital Holdings (MARA) executives received a subpoena from the U.S. Securities and Exchange Commission (SEC) to produce documents and communications concerning its Hardin, Montana, data center facility, the company said in a 10Q filing on Monday.The SEC is investigating whether Marathon Digital Holdings has been in violation of federal securities law. As a result, MARA's share price plunged 20%.

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