Global Crypto Mining News ( Dec 13 to Dec 19）

Dec 20

1.

Beijing's First Bitcoin Mining Contract Case Declared: Contract Found Invalid

According to the Beijing Daily, on December 15, the Beijing Chaoyang Court held a public hearing and pronounced a service contract dispute caused by the delay in seeing the profits of bitcoin "mining". The court ruled in the first instance that the contract was invalid and rejected the plaintiff's request for payment of a large amount of bitcoin proceeds. It is reported that the case is the first case in which a Beijing court found a bitcoin "mining" contract invalid.

2.

Canaan announced an order for 30,000 Avalon Bitcoin mining machines from Genesis Digital Assets Limited, which is expected to be delivered in the first quarter of 2022.

3.

According to BTC.com，Foundry USA real-time hashrate has surpassed AntPool and is now ranked No. 1.

4.

According to the community screenshot, Netdragon network holdings and affiliated companies said that the company was notified of the "mining behavior" in the office area, and the subsequent occurrence of power outage will be shut down, after checking the Trojan horse in the office computer.

5.

Former South Carolina gubernatorial candidate and businessman John Warren has launched a new Bitcoin mining company dubbed GEM Mining. The company has already raised over $200 million from institutions, including banks, hedge funds, endowments, and pension funds.The company is expected to mine Bitcoin by deploying ‘highly complex computers and software with a projection of installing 32,000 devices.

6.

Rob Chang, CEO of bitcoin miner Gryphon Mining, who thinks it’s possible for the hashrate to reach 300 EH/s by the end of 2022. Meanwhile, Ben Gagnon, chief mining officer of Bitfarms, expects the hashrate to be between 300 and 350 EH/s by the end of next year. However, Bitmain-backed mining platform BitFuFu’s CEO Leo Lu doesn’t expect the uptick to kick in until March, because miners in Kazakhstan will likely continue to face power rationing.

7.

Roxy Jacenko's husband has made a long-awaited return to the finance industry - five years after he was jailed over insider trading. Oliver Curtis is gearing up to take bitcoin mining business Firmus Grid to the ASX for 2022, as he tries to move on from being found guilty of conspiracy to commit insider trading. The father-of-two is not permitted to run or serve as a director of a business until June 2022 as part of a court-ordered mandate.

The Tasmania-based bitcoin mining operation is seeking to raise $55 million to land on the ASX market next year, the Australian Financial Review reports.In addition to the bitcoin mining, Firmus operates a renewables-powered cloud service and 'innovative data centre company'.

8.

Shares of TeraWulf (WULF), an environmentally minded bitcoin miner, plunged almost 30% in their first day of trading on Tuesday.

TeraWulf went public after it agreed in June to merge with Ikonics, an imaging technology company whose stock traded on Nasdaq. The ticker changed to “WULF” from “IKNX” on Tuesday. On Tuesday, TeraWulf shares fell 29.8% to $20.30. TeraWulf, which expects to mine bitcoin powered by nuclear, hydro and solar energy, recently raised $200 million in debt and equity financing, which it will use to reach mining power of 6 exahash per second by the second half of 2022.

9.

CleanSpark’s total revenue rose 400% in its 2021 fiscal year, but the sustainable bitcoin mining and energy technology company also recorded a net loss of $21.8 million, or $0.75 per share, it announced on Tuesday.

For the year ended Sept. 30, CleanSpark generated $49.4 million in revenue, up from about $10 million the previous year. More than $27 million came in its fourth quarter as bitcoin’s price rose. The net loss was slightly less than the $23.3 million, or $2.44 per share, loss for its 2020 fiscal year.

CleanSpark’s adjusted EBITDA for the year was $9 million, or a $0.31 gain per share, versus a $10.2 million, $1.07 loss per share, compared with the same period a year ago.

10.

FTFT announced that the Company has signed a partnership agreement with APC Service Ltd. to establish a joint venture to build a cryptocurrency mine in Ohio, USA. The total size of the cryptocurrency mine is 300 MW, with the first phase of the project sized at 50 MW. Under the agreement, the company will establish a wholly owned subsidiary, FTFT Supercomputing Center, in Ohio, USA, to invest in and build the cryptocurrency mine. has the right to purchase 30% of the shares of FTFT Supercomputing Center within 365 days of the completion of the first phase of the mine. The cryptocurrency mining project is divided into six phases, each with 50 megawatts of capacity, with an investment budget of $10 million per phase and a total capacity of 300 MW, for an estimated total investment of $62 million. Of this, $12 million for the first phase will be used for land acquisition, plant renovation and electrical system upgrades. The cryptocurrency mine is located near the power plant and the first phase of the project is expected to be completed and operational by June 2022.

11.

Andrey Lugovoy, a member of the lower house of the Russian Parliament has announced that the nationalist party is looking to regulate the crypto mining sector. According to Lugovoy, new legislation will help both the state and the miners. He further threatened miners in the country that they could face jail time if they plug their mining equipment into the national grid without the permission of the state.

12.

Searches for devices designed to mine bitcoin, or ASICs, on the Russian classifieds site Avito.ru have increased 14 times year-on-year, when supply rose 13 fold.

The price of a mining unit averaged 117,900 rubles (almost $1,600). The most sought-after products were Whatsminer ming rigs manufactured by the Chinese manufacturer Microbt, demand for which spiked 23 times.

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