Global Crypto Mining News (Sep 13 to Sep 26)

Brief commentary of the week: This week the China Development and Reform Commission disclosed the detailed notice of remediation. Now that the text has been formed, it is difficult to have any change in the future. Any institution and individual who wants to mine on a large scale should consider regions outside of China and stop having any illusions. On the other hand Kazakhstan's power shortage may bring changes. Miners need to prepare well in advance for the upcoming winter. Cannan 's earnings report and Genesis' huge $431 million funding round are also worth watching.

1、On September 24, the National Development and Reform Commission and other departments on the regulation of virtual currency "mining" activities disclosed a notice (content published on September 3), requiring that in accordance with the general idea of "strict monitoring, strict prevention of risks, strict prohibition of incremental amounts, proper handling of the stock", give full play to the cooperation of various regions and departments, strengthen the supervision of the entire upstream and downstream industry chain of virtual currency "mining" activities, strictly prohibit new virtual currency "mining" projects, accelerate the orderly withdrawal of stock projects, promote the optimization of industrial structure and help achieve the goal of carbon peaking and carbon neutrality as scheduled. Adhere to the classification process. Distinguish between virtual currency "mining" incremental and stock projects. Strictly prohibit the investment and construction of incremental projects, and prohibit the development of virtual currency "mining" projects in any name; accelerate the orderly withdrawal of the stock of projects, under the premise of ensuring a smooth transition, combined with the actual situation around the scientific determination of the withdrawal timetable and implementation path. Adhere to the law and regulations. Use the rule of law thinking and rule of law to comprehensively promote virtual currency "mining" activities rectification work, strict implementation of relevant laws and regulations and rules, serious investigation and rectification of irregularities around the virtual currency "mining" activities.

2、At 10:00 pm on September 24, Spark Mining Pool, the world's largest ETH mining pool, announced that in line with the latest industry regulatory policy in China, Spark Mining Pool has decided to no longer provide mining pool services to users in mainland China. The specific shutdown plan for mainland China services will be explained in the announcement soon. We will actively cooperate with the regulatory measures of the relevant departments, thank you for your understanding and support. oklink shows that Starfire Mining Pool accounts for 23% of the network's computing power. NBMINER, the video card mining management software, announced that it will no longer provide technical support services to users in mainland China and disbanded the QQ group.

3、China's nationwide bitcoin mining investigation and remediation has begun again. A new nationwide inspection of virtual currency mining is underway, and several provinces have called for another in-depth inspection to avoid a "resurgence" and ensure that all equipment is dismantled and removed, according to industry sources in various regions.

Hebei Province said virtual currency mining consumes huge amounts of energy and runs counter to China's goal of "carbon neutrality and carbon peaking". The exchange and trading of virtual currencies is highly disruptive to China's financial order and poses a big financial risk, and is mostly related to black and gray production; its proliferation and spread will seriously affect economic and social development and directly threaten national security. Starting from October, the relevant departments will jointly carry out regular monitoring.

4、Winter is approaching in Kazakhstan and temperatures are already below 0 degrees in some areas. Kazakhstan is facing power shortages, tweeted Didar, a Kazakh miner. The government is preparing for action. South Kazakhstan is at risk of strict electricity restrictions for mining.

The source said that winter power shortages are the norm in Kazakhstan and should be taken into account before building mines in Kazakhstan. The north is relatively richer in oil and gas resources, so mines built in the south of Kazakhstan will face greater pressure.

5、According to the data of Spark Pool, the network-wide computing rate of ETH exceeded 700T, and came to the highest 716T on September 13, reaching a new record high, up nearly 50% from the lowest point on June 26. However, the latest domestic Ether ASIC miners (Bitmain, Core Motion, etc.) have not yet been shipped, and the network-wide arithmetic rate may be increased again in the future. However, it is worth noting that the ETH Foundation has repeatedly stressed that POW will end in the first half of 2022.

6、Nasdaq-listed Greenidge has ordered 10,000 S19j Pro bitcoin miners from Bitmain. The miners are scheduled for delivery in the second and third quarters of 2022. Industry analysts say that much of this is to boost the stock price and that it is likely that only a deposit will be paid.

7、Cannan Technology reported non-GAAP adjusted net income of $49.6 million for the second quarter, up 410% year-over-year. Cannan Technology released unaudited second quarter financial results, which showed that total computing power of miners sold in the second quarter reached 5.9 million TH/s, up 126.9% from the same period in 2020 and up 200% from the first quarter of 2021. 2Q 2021 Cannan Technology achieved revenue of $167.5 million, up 507.3% year-over-year and 168.6% sequentially, and non-GAAP Adjusted net income was $49.6 million, an increase of 410% year-over-year and 223.5% sequentially.

8、According to FOX, this week the Miami council agreed to receive about $5 million worth of MiamiCoin. FOX reports that MiamiCoin is the first CityCoin, a city-based token with plans to expand to other cities besides Miami, though CityCoin does not have a partnership with Miami. Instead, the cryptocurrency is completely community-sourced and community-driven. MiamiCoin requires hardware mining to generate, of which 30% will be mined as donations to a virtual wallet dedicated to Miami.

Miami Mayor Francis Suarez, a strong supporter of bitcoin, has asked city commissioners to look into using bitcoin in some of its financial transactions, which could open the door for employees to be paid in bitcoin or allow the public to use bitcoin to pay for services.

9、According to bitcoin magazine, year-to-date, the four largest publicly traded miners in North America (Marathon Digital Holdings, HUT 8 Mining, Riot Blockchain, Inc and HIVE Blockchain Technologies) have seen a 140% return on investment on their stocks, compared to Bitcoin ROI is 49%.

10、According to theBlock. Compass Mining has launched a new service that lets retail miners mine bitcoin at their homes. "We've received a considerable amount of requests for bitcoin mining ASICs from people who want to start mining at home."  Currently, the service is only available in the U.S. Compass Mining is offering the Whatsminer M31S+ model、the Whatsminer M30S model and the Antminer S19 model.

11、。Bitcoin mining companies Genesis Digital Assets has announced that the firm has raised $431 million in a recent financing round. The funding was led by the company Paradigm but also included participation from firms like NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital. Matt Huang, the Paradigm co-founder and managing partner of Paradigm explained during the announcement that he will join the Genesis Digital Assets (GDA) board. Genesis Digital Assets will use the new funding to expand its bitcoin mining operations related to clean energy.

As of September 2021, Genesis Digital Assets data center capacity is at over 170 megawatts, translating into a total hashrate exceeding 3.3 Exahashes (EH/s), which is more than 2.4% of the global bitcoin mining hashrate. Another 8.6 Exahashes (EH/s) will go online during the next 12 months, and by the end of 2023, Genesis Digital Assets expects to reach a capacity of over 1.4 gigawatts.

12、As of Sept. 21, bitcoin mining difficulty was raised again by 3.16%, the fifth consecutive increase. After China banned large-scale bitcoin mining in May, the network-wide mining difficulty had dropped four times in a row.

13、On September 22, Bit Mining (formerly 500.com) issued an announcement announcing that it had signed a cooperation agreement with Viking Data Centers, LLC (hereinafter referred to as "VDC"). The two parties will establish a joint venture company in the United States. Ohio jointly invested in the construction and operation of an encrypted digital currency mine with a capacity of 85MW (hereinafter referred to as the "Ohio Mine").

According to the agreement, the joint venture company will complete the construction of the mine capacity in three stages. The first phase of 11MW will be completed before October 15, 2021; the second phase of 39MW will be completed before November 15, 2021; the third phase of 35MW will be completed before February 15, 2022.

14、Turkish police have stepped up their campaign against digital currency mining, according to haberturk. A team from the Istanbul Police Department's anti-smuggling unit seized 73 units of equipment used for cryptocurrency mining in a warehouse in a commercial building in Fatih on Sept. 20. Another address in Ataşehir was raided on the same day and another 84 units of equipment used for cryptocurrency mining were seized, which had been illegally brought to the country from Far Eastern countries.

15、HIVE Blockchain, a publicly traded mining company, announced results for the year ended March 31, 2021. Income from digital currency mining was $66.7 million this fiscal year, a 174% increase from the prior year. Record net income of $42.5 million, up significantly from a loss of $1.9 million a year earlier, and $2.9 million lower than the previous quarter. Gross mining margin expanded to $50.1 million, from $8.5 million last year, and is $17.1 million higher than that experienced in the prior quarter of $10.6 million. Net income per share grew to $0.12 from a loss of $0.01 during the prior year and is $0.01 lower than the previous quarter of December 31, 2020. Mined 595 Bitcoin and over 96,300 Ethereum during the year.

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