Global Crypto Mining News (Jan10 to Jan16)
According to BTC.com, bitcoin mining has reached an all-time high of over 200 EH/s in the last three days after the network was restored in Kazakhstan. Previously it was widely expected that bitcoin's network-wide hashrate would reach 300 EH/s by 2022.
According to feedback from miners in Kazakhstan, the nationwide network has been restored since January 11, and as of midday on January 12 the network was all clear and mining was basically back to normal.
On 10 January, the National Development and Reform Commission (NDRC) issued a decision to amend the Guidance Catalogue for Industrial Structure Adjustment (2019), listing virtual currency "mining" activities as an industry in the phase-out category.
In December, according to Haikou Daily, Hainan's Development and Reform Commission issued a notice deciding to classify virtual currency "mining" activities as an industry to be phased out, with a differential electricity tariff increase of 0.8 yuan per KWH.
According to Bitcoin Magazine, former Twitter CEO Jack Dorsey is hiring a team to build the "next generation" of bitcoin mining chips.
The Central Commission for Discipline Inspection and State Supervision website: virtual currency "mining" consumes a lot of energy and emits a lot of carbon, and its blind and disorderly development runs counter to the goal of carbon neutrality and high-quality development. The Jiangxi Provincial Commission for Discipline Inspection and Supervision has urged and coordinated the investigation of some enterprises in the development zone for irregularities in the production of virtual currencies.
On January 11, the Information and Network Center of Xiamen University issued a "Risk Alert on Norton 360 Anti-Virus Software Comes with Mining Function", announcing that on June 3, 2021, Norton LifeLock added the mining function of Ether cryptocurrency to its Norton 360 Anti-Virus software "Norton Crypto". This feature runs counter to the spirit of the national comprehensive regulation of virtual currency "mining" activities, and poses certain security risks, so please use Norton 360 anti-virus software with caution.
On Jan 11，Luxor Technology, the bitcoin and crypto service provider, is starting a new brokerage business for buying and selling high-performance bitcoin mining machines. Previously, Foundry Digital, Compass Mining and others have indicated that they have launched similar businesses.
On 11 January, Chinese English education company Midland International Education (METX.US) announced that it has started an initial trial run of a cryptocurrency mining operation in Pennsylvania, USA. The company has now acquired 147 cryptocurrency mining machines, with a total hashrate of approximately 14P, which have been commercially piloted in Pennsylvania, USA.
Recently, 1,335 Bitcoin mining machines have been delivered to the company by Anglo American. Involvement in cryptocurrency mining is part of the company's strategic plan to transform itself into a "meta-universe technology company". The company has now started building mining farms in Canada and the United States. The company also hopes to offer hosting services in the future.
Maria Muñoz, a deputy of the Spanish Congress, has directed a letter to the institution inquiring about the possible actions that the government could take to take advantage of the situation and absorb the business of bitcoin miners fleeing from KazakhstanFurthermore, in the same letter, she also asks about the growth of this sector in the country and the energy used for this purpose in Spanish soil.（Bitcoin.com）
According to the Data Center Industry and Blockchain Association of Kazakhstan (NABCD), which unites two-thirds of the legal miners in the country, the riots have not affected the regions where official crypto mining companies are operating. The recent decrease in the bitcoin hashrate was caused by the temporary internet outages, the industry organization explained in a press release provided through Coinstelegram, insisting that the effect the current situation has on the sector and crypto prices is a short-term one.
NABCD President Alan Dorjiyev commented :” At the current time, the companies, members of the Association, work as usual. For our part, we are working to ensure that the social responsibility of business makes a positive contribution to the lives of residents of the regions where the data centers are based. “
“In a strategic perspective, Kazakhstan will remain one of the most attractive areas for the development of cryptocurrency mining,” the NABCD believes. It assures it’s now maintaining dialogue with relevant government authorities and announced that previously imposed restrictions on electricity supply have been relaxed for legal mining entities.（Bitcoin.com）
Hive Blockchain (HIVE) held onto all of the bitcoins it mined in 2021, while selling some of the ether and all of the ethereum classic (ETC) it produced, the company said on Monday. Hive Blockchain said it produced 1,768 bitcoins last year, while mining 41,966 ethers, the native token of Ethereum, a portion of which were sold to pay for chip upgrades. The miner also produced 46,209 ETC, all of which it sold in 2021.（CoinDesk）
Hatten Land on Jan 11 confirmed its first shipment of crypto mining rigs with partner Frontier Digital Management, following previous delays due to supply chain challenges. The rigs, which will mine Bitcoin, will commence operations this month after delivery and installation, the Malaysian property developer said in a bourse filing before the market opened.
Under the terms of agreement, Frontier will install, operate, manage and maintain at least 1,000 crypto mining machines at properties owned or managed by Hatten Land in Malacca.（Straits Tmes）
On 11 January, according to on-chain data, a solo Bitcoin miner with only 126TH just won a block reward worth 6.25 $BTC (over $260,000). The block height of this bitcoin block is 718124.
Crypto miners are showing full confidence in the $40,000 bitcoin and have been actively buying, Glassnode's chart shows.
According to recent data, miners have been increasing their holdings at the fastest rate since the market correction in May 2021. Bitcoin miners have increased their holdings by more than 6,100 BTC. for five consecutive days. Furthermore，mining giant Bitfarms added a staggering 1000 Bitcoins during the recent price correction taking up its total holdings to 4,300 levels.
Jurrien Timmer, the director of Global Macro at Fidelity presents an interesting analysis. Timmer writes that amid the hawkish Fed stand the crypto market followed the equity market coming under downside pressure.
But he adds that Bitcoin has now found a pivotal support area at $40,000 levels. Timmer analyses this on the basis of the S-curve model. He writes:” The $30k level in 2021 provided support based on my demand model (S-curve model). That same level looks to have moved up to $40k, providing fundamental support once again. It’s a moving target which generally provides a fundamental anchor for price.”
Besides, the Fidelity executive also compares Bitcoin to another traditional store of value aka the yellow metal, Gold. He notes that the Bitcoin/Gold ratio has dropped to the breakout zone from the last year. This shows that Bitcoin was moderately oversold at $40,000. Thus, the Fidelity director adds that Bitcoin has both – technical and fundamental – support at $40K. Even if Bitcoin drops to this level, it might possibly be a faster bounceback.（CoinGape）
On Jan 14, SEC regulatory filings revealed that Rhodium Enterpriseshas set the conditions for its initial public offering, which could value the bitcoin miner more than $1.7 billion. The company is looking to raise up to $107.7 million as it is offering 7.69 million Class A shares in the IPO, which is expected to be priced between $12 and $14 per share. With 56.84 million Class A shares and 67.50 million Class B shares expected to be outstanding after the IPO, the pricing could value the company up to $1.74 billion. The stock is expected to be listed on the Nasdaq under the ticker symbol “RHDM”. During the nine months ended September 30, 2021, the company reported net income of $12.8 million on revenue of $82.1 million, and held $8.4 million in digital assets and $272.1 million in total assets as of September 30. During the nine months ended September 30, 2021, the company reported net income of $12.8 million on revenue of $82.1 million, and held $8.4 million in digital assets and $272.1 million in total assets as of September 30. As at 31 December, Rhodium had approximately 125MW of mining capacity at its Texas facility, capable of operating over 33,600 mining machines with a total hashrate of approximately 2.7EH/s.（businesshala）