Wu said-Weekly mining information 0523-0529

1.

Ethereum developer Tim Beiko said that in the latest Ethereum core developer meeting, developers had some discussions around the difficulty bomb. Currently, as the difficulty bomb gradually takes effect, it has caused Ethereum's block time to become longer, which will indirectly lead to a decrease in throughput and an increase in Gas in the future. There was an idea in the meeting to incorporate the difficulty bomb into the client release, but this will take at least a month to wait. Regarding the specific delay time, it is generally believed that a delay of 2 to 4 months is a more reasonable choice. It is important to know that there is no conclusion yet on delaying the difficulty bomb, and it may be necessary to wait for the community to initiate relevant EIPs for orientation or even wait until the next developer meeting for discussion.

2.

Filecoin manufacturer Spacetime Cloud said it is assisting in the investigation of a case and has temporarily handed over the relevant technical accounts to the local police to cooperate with the investigation. After the investigation is completed, the relevant services will be gradually restored.

3.

A power generation company in Hubei was punished by the Central China Regulatory Bureau of the National Energy Administration for illegally providing power to a virtual currency "mining" project by using a dedicated line. The company's illegal income of 21,746.62 yuan was confiscated, and a fine of 2 times the illegal income, a total of 43,493.24 yuan, was imposed.

4.

Recently, the Development and Reform Bureau of Yueqing City, together with the Public Security Bureau, Comprehensive Administrative Law Enforcement, China Mobile, China Telecom, China Unicom and other departments, has carried out a special campaign to rectify virtual currency "mining", and has checked 59 IPs in total. 82 mining machines, 104 laptops, 117 software were deleted, 20 were checked for viruses, and publicity and education were carried out one by one, and a letter of commitment was signed. According to statistics, 11 people were given administrative penalties and 77 professional mining machines were confiscated.

5.

According to OKLink data, the difficulty of Bitcoin mining has dropped by -4.33% from block height 737856 to 29.9T, the largest drop since early July 2021. The next difficulty forecast is to continue to drop by -4.29% to 28.62T.

6.

According to the SEC report submitted by Nvidia, Nvidia's revenue in the first quarter of fiscal year 2023 was US$8.29 billion, a year-on-year increase of 46%, with record quarterly revenue from data centers and games. However, OEM (foundry) and other revenues fell 52% year-on-year and 18% month-on-month. The year-on-year decline was due to the decline in revenue from cryptocurrency mining processors; the month-on-month decline was due to the decline in sales of entry-level notebook GPUs.

7.

After installing Nvidia's latest 512.95 driver, all Windows-based mining software will revert to the restricted hash rate. Reports say this is of no use, as miners can reinstall the previous 512.77 driver to mine at full speed. YouTube user Juliano Caju reportedly confirmed that the 512.95 driver comes with a mining lock. His RTX 3060 card was limited to 25 MH/s ETH hash rate, while the previous cracked hash rate was 46 MH/s. Earlier in early May, it was reported that the new software of computing power broker Nicehash has supported unlocking the crypto mining restrictions of Nvidia graphics cards. (Videocardz)

8.

Mining company BIT Mining released its first quarter 2022 financial report, with revenue of $296.7 million, a decrease of 40.4% from the previous quarter, and net income of $1.2 million. Most of the revenue ($272.3 million) came from the mining pool business, a 42.7% increase from the previous quarter, mainly due to the decline in prices. The increase in net income was due to a reduction in administrative expenses, losses on mining machine disposal, and other operating expenses. (The Block)

9.

Vasily Shpak, deputy minister of industry and trade of Russia, said that cryptocurrency mining accounts for more than 2% of Russia's total electricity consumption, which has exceeded agricultural electricity consumption, so the market needs to be recognized and regulated. According to the latest data from the Cambridge Center for Alternative Finance, Russia ranks fifth in Bitcoin mining capacity, with a computing power share of about 4.66% and a total installed capacity of 8.74 EH/s.

10.

An official at the Butyrskaya (also known as Butyrka) prison, which was established in 1771 and is located in the Tverskoy district in central Moscow, is under investigation for possible abuse of power to set up a crypto mining farm. The mining machines were found in the prison's psychiatric clinic. So far, investigators have determined that the official and his as-yet-unidentified accomplices installed the mining machines in November 2021. The mining machines were mining cryptocurrencies until February of this year. (Bitcoin.com)

11.

According to official news, Japanese general trading company Mitsui & Co. (Mitsui) announced that it has subscribed to shares of Crusoe Energy Holdings Inc., the parent company of Crusoe Energy Systems LLC, a US cloud computing service provider. As a strategic partner of Crusoe Energy, Mitsui & Co. will promote cooperation with Crusoe Energy in overseas markets.

According to previous reports, clean energy mining company Crusoe Energy completed a US$350 million Series C financing round with a valuation of US$1.75 billion, led by G2 Venture Partners.

12.

On May 25, MicroStrategy CEO Michael Saylor said on Tuesday that blockchain-based Bitcoin mining is the most profitable way to use energy in the world. Saylor emphasized: "I think we should embrace digital energy." In addition, Saylor said: "I think Bitcoin mining will spread across the United States. Please note that the United States is the world's largest Bitcoin mining country and will continue to lead if we are not subject to hostile regulation." (Seeking Alpha)

13.

On May 26, Geneious CEO and ESG analyst Daniel Batten recently released a report showing that Bitcoin mining helps the environment and has the potential to eliminate 0.15% of global warming by 2045. Batten said that the results show that "using Bitcoin mining to burn leaked methane can reduce global carbon dioxide emissions by 5.32%." He also said that Bitcoin mining is the only way to eliminate carbon emissions in a sustainable way: "Reducing methane emissions is the fastest way to reduce global warming and is a complement to strategies to reduce carbon dioxide emissions." (Bitcoin.com)

14.

Defense contractor Lockheed Martin (LMT) and the Filecoin Foundation may soon build an open-source blockchain network in space, the two organizations announced Monday during the World Economic Forum's annual meeting hosted by the Filecoin Foundation. Lockheed and Filecoin plan to identify a satellite or other space platform that can have the technology to run an Interplanetary File System (IPFS) node, determine the needs of the platform and try to identify a test mission. The idea is to reduce latency when downloading data from remote locations such as the moon, said Marta Belcher, policy director and general counsel at ProtocolLabs. (Coindesk)

15.

Build2Earn Citiverse ecosystem Metacity announced its integration with the decentralized storage network Filecoin to drive the adoption of decentralized data storage. Metacity plans to expand its rendering infrastructure globally. Metacity will use Filecoin technology to eliminate storage and network connection limitations.

16.

Clean computing service operator SAI.TECH Global Corporation launched its one-stop cloud management software SAIHUB App on the App Store, which provides SAIHUB users with an integrated solution for tracking their Bitcoin assets, energy consumption, and Bitcoin mining information. In addition, SAIHUB App provides users with a one-stop Bitcoin asset management platform, allowing them to manage their Bitcoin assets on their mobile phones. (Globenewswire)