Global Crypto Mining News (Sep 27 to Oct 10)
This week's summary: China's domestic energy and power crunch has led to increased scrutiny of mining projects in various regions, such as the seizure of idle mining machines in Inner Mongolia and the investigation of more than 4,000 mining IPs in Jiangsu. The announcement by Bitmain to stop shipping to the mainland is also an important move by the industry leader under strong regulation, and future mining machine manufacturing and even R&D may be relocated to Southeast Asia and the United States.
Antminer: Stop shipping to mainland China from October 11 According to the official public website of Bitmain, Bitmain announced that from October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan). For customers in mainland China who have already purchased forward products, our staff will contact them to provide alternative solutions. In addition, in response to the Chinese government's carbon neutral policy, Bitmain has completed several batches of carbon indicator purchases, with the indicators mainly coming from clean energy generation projects in China's Yunnan and Xinjiang provinces.
Xinhua News Agency: Inner Mongolia Bayannur City seized 10,100 units of miners. According to Xinhua News Agency client Hohhot September 27, recently, Inner Mongolia Autonomous Region Bayannur City Development and Reform Commission and other relevant departments received reports from the public, in Bayannur City Economic Development Zone, Small and Medium Enterprise Park found a pile of virtual currency "mining" equipment warehouse, seized "miners" 10,100 units. After investigation, these "miners" is a foreign virtual currency "mining" clearance equipment, on-site inspection of electricity consumption of 1104 kWh. Up to now, Inner Mongolia has cleaned up and shut down 45 virtual currency "mining" projects, theoretically saving 6.58 billion kilowatt-hours of electricity annually, equivalent to about 2 million tons of standard coal.
Sparkpool announced the cessation of all services at home and abroad All servers at home and abroad shut down. Wu blockchain learned that Sparkpool released an announcement on September 27, saying that in response to regulatory policy requirements, Sparkpool has stopped access to new users in mainland China on September 24, 2021 (UTC+8). For the stock of users in the pool, it is planned to complete the shutdown of all Sparkpool business at home and abroad at 20:00 on September 30, 2021 (UTC+8) under the premise of ensuring the safety of user assets, so please move out before then for all users at home and abroad. Users will be notified of the specific details of the shutdown through announcements, emails, and internal letters. Sparkpool is the largest ETH mining pool at present. The staff of Sparkpool said that all domestic and foreign servers will be shut down.
According to the Alibaba announcement, according to the provisions of relevant laws and regulations, as well as the instability of laws and regulations of virtual currency and virtual currency-related products in various international markets, after the platform evaluation, the platform will prohibit the sale of virtual currency mining machine products by merchants based on the ban on the sale of Bitcoin, Litecoin, Beaocoin, Quarkcoin, Ethereum and other virtual currencies. This announcement was made public on September 27, 2021 and became effective on October 8, 2021. As early as 2014, Taobao and others have banned the sale of miners.
This ban on the sale of virtual currency miners products include, but are not limited to: bitcoin miner class and other hardware and software used to obtain the relevant virtual currency; access to virtual currency tutorials, cheats and software, such as mining tutorials . At the same time, the platform will also close two categories, one of which is Consumer Electronics>Blockchain Miners>Blockchain Miner Accessories, and the other is Consumer Electronics>Blockchain Miners>Blockchain Miners. No miners are allowed to be sold under other categories.
China Discipline Inspection and Supervision Newspaper: "Mining" has exacerbated local power shortages. China Discipline Inspection and Supervision News interviewed Guo Yungao, secretary-general of the China Environmental Protection Federation Waste Power Generation Committee and secretary-general of the China Electricity Technology Market Association Energy Storage Equipment Technology Committee, and published it on Sept. 29. The subheading of the article paragraph reads: "Some regions blindly launch "two high" projects, which to a certain extent affects the power supply, and the huge energy consumption of "mining" projects aggravates the local power shortage"
Jiangsu Provincial Communications Administration investigated virtual currency "mining" behavior IP address 4502. Wu said that on October 8, the official website of Jiangsu Provincial Communications Administration said that recently, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security and other departments issued a notice to strengthen the supervision of the entire industry chain of virtual currency "mining" activities upstream and downstream, and strictly prohibit the development of virtual currency "mining" in the name of data centers. "mining" activities in the name of data centers are strictly prohibited. The Jiangsu Provincial Communications Administration attaches great importance to comprehensively investigating virtual currency "mining" in the province, monitoring and finding that the export traffic of mining pools carrying out virtual currency activities in the province reached 136.77Mbps, and the total number of Internet IP addresses involved in "mining" was 4502, consuming computing power resources. The total number of IP addresses involved in "mining" was 4502, consuming more than 10 PH/s of computing power and 260,000 kWh/day of energy. Taking ethereum and bitcoin, for example, as the most popular virtual currency "mining" activities in the province, the cities with more "mining" activities include Suzhou, Xuzhou and Nanjing. From the IP address attribution and nature, about 21% of the IP addresses belonging to party and government organs, universities and enterprises were invaded and used to carry out virtual currency "mining". In the next step, the provincial communications authority will continue to analyze the situation of virtual currency "mining" and further unite all relevant departments to form a "multi-dimensional, multi-level" disposal system, dispose of related websites and mobile applications in accordance with the law, and cooperate with good illegal virtual The Administration will continue to analyze the situation of virtual currency "mining" and further cooperate with all relevant departments to form a "multi-dimensional and multi-level" disposal system, deal with relevant websites and mobile applications in accordance with the law, and cooperate with the tracing and combating of illegal virtual currency transactions.
According to Cointelegraph on September 30, Iranian authorities discovered cryptocurrency mining equipment in the basement of the Tehran Stock Exchange building during a raid, after the exchange initially denied the presence of the miners, saying the equipment was part of a research project, and executive deputy director Beheshti Sarsht later said the company was responsible for its actions, and now its chief executive officer Ali Sahraee has left the company.
The Iranian government will allow licensed cryptocurrency miners to resume operations today after implementing a ban on cryptocurrency mining on May 26, 2021, according to cointelegraph.
According to Kazakhstan Today, Kazakhstan's Energy Minister Magzum Mirzagaliev told local media this week that electricity consumption in 2021 will increase by 7% compared to last year, with the surge in demand largely due to the growing number of data centers dedicated to cryptocurrency mining. He stressed that "this is a very big increase" and that the activity of crypto miners now has no significant positive impact on socio-economic indicators, as mining consumes cheap electricity generated in Kazakhstan, but the mined cryptocurrencies are usually sold elsewhere and profits are accumulated abroad.
Still, he said Kazakhstan needs to develop its crypto-mining industry, expressing confidence in the sector's development, which has "very good opportunities," and highlighting the country's potential to expand the use of renewable energy. The ministry has prepared several proposals on how to deal with the power shortage caused by miners. These include limiting the power consumption of existing mining data centers and suspending the approval of new crypto mines. A study released this year by the University of Cambridge shows that Kazakhstan's share of global bitcoin mining has increased sixfold in less than two years. Kazakhstan now ranks third in the world by cryptocurrency mining. in July, the country's government decided to impose a surcharge on electricity used by miners, but that did not stop the influx of mining companies.
According to bitcoincom, the Cabinet of Ministers of Kyrgyzstan has recently revised its electricity tariffs for different groups of consumers. The authorities have raised the rates at which crypto mining businesses buy power. The changes are part of the country’s Medium-Term Tariff Policy for Electricity (2021–2025). One of the fourteen listed consumer groups affected by the revision is “Subjects of mining (cryptocurrency)”. For the remaining four years of the period covered by the new tariff policy, prices will be adjusted annually to reflect the average level of annual inflation.
Alberta's provincial utilities commission has proposed fines of more than $7.1 million for unauthorized mining at two sites in the province by a bitcoin mining power plant, according to the Canadian Broadcasting Corporation. Vancouver-based Link Global installed four 1.25 MW gas-fired generators last year at a site in Sturgeon County, about 10 kilometers from Edmonton's northwestern suburbs. The generators draw power from dormant natural gas wells to mine cryptocurrencies. The company did not notify neighbors, the county or the Alberta Utilities Commission.
Marathon announced that it produced 1,252.4 new minted bitcoins during Q3 2021, increasing production by 91% quarter-over-quarter. Produced 340.6 new minted bitcoins during September 2021, increasing total bitcoin holdings to approximately 7,035.
Riot Blockchain announced that it produced 406 BTC in September, an increase of approximately 346% over its September 2020 production of 91 BTC. As of September 30, 2021, Riot held approximately 3,534 BTC, all produced by its self-mining operations. The Company currently has 25,646 mining machines with 2.6E of computing rate.
Ebang announced its financial results for the first half of 2021, with total net income of $18.3 million, up 65.69% from the same period last year, and a net loss of $4.26 million for the first six months. It plans to vigorously develop its financial technology business, while steadily carrying out research and development and sales of Bitcoin and other cryptocurrency miners such as Litecoin and Dogecoin, and initiating preparatory work for the construction of mining farms in North America and Europe.
According to the block, several publicly traded North American BTC mining companies hoarded a total of 20,459 BTC with a current market cap of more than $1.1 billion, excluding companies such as Cleanspark, BIT Digital and Greenidge that do not disclose their global production on their balance sheets. The latest publicly available monthly production data shows that Riot, Marathon, Bitfarms, Hut8, Greenidge, Argo and HIVE mined a total of 6,463 BTC in the third quarter, representing about 7.5% of total block rewards.
Powercrypto, based in Zhuhai, expects to complete the deployment of 2,600 high-performance mining rigs in Hong Kong, encompassing 600 high-performance BTC mining machines with a hashrate of approximately 60 PH/s, and 2,000 high-performance ETH mining machines with a hashrate of approximately 1,000 GH/s.
Bitcoin miner CleanSpark has announced that it is moving all of the company's over 1EH/s of bitcoin computing power to Foundry Digital's North American pool, and plans to continue deploying miners to reach 2EH/s by the end of 2021 and 3.2EH/s by the fall of 2022.
CleanSpark announced the purchase of over 20,000 bitcoin miners in April and the $6.6 million acquisition of its second data center in Georgia in August, and in September, the company announced it would invest $145 million to convert the data center into a carbon-neutral mine.
HIVE Blockchain announced results for its fiscal first quarter ended June 30, 2021, reporting total revenue from digital currency mining of $37.2 million in the first quarter, up 466% from the same quarter last year and 11% from the previous quarter, with net income reaching a record $18.6 million, up from $1.8 million in the same quarter last year and $4.3 million higher than the previous quarter, and mining HIVE Blockchain mined 225 bitcoins and more than 9,700 ETH during the quarter, up from $2.6 million last year and $3.3 million higher than the $27.7 million in the previous quarter.
Blockchaincom shows that Bitcoin mining difficulty was raised again by 4.71% at block height 703584 at 7:35 p.m. on Oct. 5, the sixth consecutive increase since July 31, with an adjusted difficulty of 19.89T.