Global Crypto Mining News (Sep 7 to Sep 12)

1.

Gansu Lanzhou New District to carry out a special inspection of virtual currency mining companies to sign a commitment on site

On September 9, the Lanzhou New Area Company carried out a special inspection of virtual currency mining activities such as Bitcoin. On the day of the operation, the inspection team conducted surprise inspections on a number of big data companies in the new area, and focused on the factory environment and electrical equipment. The special inspection team discussed with the inspected companies on the country’s work policies and firm attitudes on prohibiting virtual currency and other activities. The relevant companies signed the commitment and promised not to carry out Virtual currency such as Bitcoin mining, trading and other activities. In the next step, the Lanzhou New Area Company will continue to thoroughly investigate potential mining customers such as Internet cafes, network companies, and sudden increase in power consumption within its jurisdiction, and carry out normalized inspections of virtual currency mining machines for mining, breach of contract power consumption, and power theft.

2.

Bitmain enters into a Bitcoin Mining Escrow Agreement with Bit5ive and ISW Holdings

Bitmain has entered into a bitcoin mining hosting agreement with Bit5ive and ISW Holdings, according to The Block. The agreement will house 56,000 bitcoin ant mining machines in Georgia, ISW Holdings will provide funding, power, and other resources, Bitmain will provide the mining equipment, and Bit5ive will provide project management services. The first 50 MW are expected to be operational by the end of this year, with another 50 MW ready in the first quarter of next year and full deployment completed by October 2022, for a total capacity of 200 MW. ISW Holdings expects the hosting business to generate $100 million in annual revenue for the company, and that revenue will be independent of cryptocurrency price fluctuations.

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3.

HIVE Blockchain Purchases 3,000 WhatsMiner minners from MicroBT, Increasing Total Computing Power by 294PH/s

HIVE Blockchain announced the purchase of 3,000 WhatsMiner minners from MicroBT ,including the M30S, M30S+ and M30S++ models. These 3,000 miners will be delivered in 12 equal tranches of 250 miners during calendar 2022 commencing in January and ending in December. This will increase our global hashrate by 24.5 PH/s each month. HIVE Blockchain says that the company's hashrate is currently over 1EH/s, with a monthly production of over 225 bitcoins based on current network-wide computing power. HIVE is excited to announce that they currently hold over 1,030 green and clean Bitcoins in cold wallet custody. 

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4.

Five North American mining companies hold a cumulative total of nearly 18,000 Bitcoin, four times the amount held at the end of last year

According to The Block, five North American miners: Riot, Marathon, Bitfarm, Hut8 and Argo added a total of 17,960 Bitcoin to their balance sheets as of August, including 4,812 Bitcoin purchased by Marathon Digital through the secondary market in the first quarter, worth about $820 million. This is four times more than the 4,176 Bitcoin held on December 31, 2020. The five mining companies have mined 10,500 Bitcoin this year, with nearly 40 percent of their output coming in the past two months. In August this year, they mined 1,796 Bitcoin, collectively accounting for nearly 5 percent of total global Bitcoin mining revenue so far.

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5.

Blockstream and Macquarie Group to Form Carbon Neutral Bitcoin Mining Partnership

Macquarie Group and Blockstream have joined forces to pilot a bitcoin mining facility powered by renewable energy. The pilot facility will be based in the U.S. Blockstream said that if successful, it also plans to expand to new sites as it further develops its green power infrastructure. The facility will explore carbon-neutral alternatives for mining cryptocurrencies, the companies said.

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6.

Bitcoin Miner Profits Remain High Despite Surges in Mining Difficulty

At 00:05 UTC on September 7th, the biweekly mining difficulty adjustment posted a 4.5% increase at block 699551. The recent 4.5% increase in mining difficulty is nothing compared to the 13% spike in mining difficulty two weeks ago. According to miners and mining pool operators, the largest cryptocurrency’s recent bull run has offset the increasing costs and keeps bitcoin mining highly profitable. The slower growth could be attributed to limited hosting capacity across the globe, said Azam Roslan, senior sales associate at New York-based miner hosting services provider Wattum.

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