Wu said weekly mining information: 0411-0417

1.

Trent.eth forwarded a discussion in the Reddit community about the future of graphics card miners after the Ethereum merger. The view led by Trent.eth is that other graphics card mining tokens cannot bear the computing power of ETH, so more than 90% of miners will sell graphics cards . The opposite view is that the increase in miners will strengthen the consensus of tokens, so the prices of other tokens will rise sharply to take over the computing power of ETH. Judging from recent discussions, the consensus of miners seems to be weakening, and the price of graphics cards in the secondary market has fallen by 25% in the past two weeks.

2.

Ethereum core developer Tim Beiko said in a Twitter reply to netizens that the Ethereum merger will not be in June, but may be in the next few months. There is no confirmed date yet, but we are definitely in the final stages of Ethereum POW. Tim Beiko also suggested not to invest too much in mining equipment at this time.

3.

On April 14, the difficulty of Bitcoin mining dropped by 1.26% to 28.23T, and the last time it rose by 4.13%. The current total network computing power is 202 EH/s.

4.

On April 15, the Sichuan Provincial Development and Reform Commission issued a notice on intensifying rectification efforts and implementing differentiated electricity prices for the practical electricity consumption of virtual currency "mining" projects: All virtual currency "mining" activities are strictly prohibited, and a differentiated electricity price policy will be implemented for the practical electricity consumption from the date of issuance of the document to the closure of virtual currency "mining" activities, with an increase in the standard price of 2 yuan per kilowatt-hour.

5.

Blockchain technology company Singularity Future Technology has established a joint venture with electricity service provider Golden Mainland to invest approximately $250 million to build Bitcoin mining farms. The company plans to build a total of 1GW of mining farms in Texas, Ohio and other states, which can accommodate up to 300,000 Bitcoin mining machines.

6.

Bitcoin mining company Bit Digital Inc. said on Friday that its bitcoin mining revenue in 2021 increased to $96.1 million from $21.1 million in fiscal 2020. Previously, Bit Digital completed the migration of its mining machines from China to North America. As of March 15, the company has deployed about 39% of its fleet in the United States, and plans to achieve 100% redeployment in the second half of this year.

7.

The Iranian government will pass new regulations that will increase penalties for illegal cryptocurrency mining. According to the new regulations, the increased penalties include increasing fines by at least three to five times, imprisonment for violators, and revoking their business licenses in case of repeated violations. Previously, Iran's Ministry of Industry, Mines and Trade issued more than 1,000 licenses for cryptocurrency mining units. But in addition to the approved units, some unauthorized miners have also begun using household electricity to mine cryptocurrencies. (Tehran Times)

8.

Data disclosed by BitMEX Research shows that the total market value of 21 listed Bitcoin mining companies has exceeded US$15 billion, reaching US$15.346 billion. BitMEX said that by comparing the current market conditions with the Bitcoin mining industry in 2012/14, it is found that capital is currently pouring into this field, so they judge that the network computing power will increase significantly.

Data shows that the Bitcoin mining companies with the largest market capitalization are CORE SCIENTIFIC (approximately US$2.6375 billion), MARATHON DIGITAL (US$2.3372 billion) and RIOT BLOCKCHAIN ​​(US$1.9561 billion) ranked second and third respectively. In addition, NORTHERN DATA has a market capitalization of approximately US$1.4076 billion. These four listed mining companies have a market capitalization of more than US$1 billion, making them "unicorns" in this field.

As previously reported, BitMEX Research published a research report that the current Bitcoin mining cycle is in a bull market, and investment in ASIC development and deployment will increase computing power faster than many models expect. By the end of 2022, even if there is no major change in Bitcoin price, computing power may increase from the current 220 EH/S to more than 320 EH/S. Ethereum will soon switch to PoS, and almost all new coins choose this model. PoW will only leave Bitcoin.

9.

Arcane Research data shows that in March, among the major Bitcoin miners, Core Scientific had the highest monthly Bitcoin output, reaching 1,143 BTC. Riot Blockchain ranked second, producing 511 BTC in March, less than half of Core Scientific. Marathon Digital Holdings (436), Bitfarms (363) and Hut 8 (345) followed.

10.

Singularity Future, a US-listed company, announced on April 14 that it signed a contract with Georgia company Golden Mainland Inc. on April 10 to build a Bitcoin mining farm with a total capacity of 1 GW in Texas, Ohio and other states in the United States, with an estimated full load of 300,000 Bitcoin mining machines, each with a power consumption of 3,400 watts per hour; the two parties expect the total joint investment to be up to US$250 million, and Singularity Future will hold a 51% stake in the joint venture and contribute capital according to its equity. (Jiemian News)

11.

Crypto mining company Stronghold Digital is facing a class action lawsuit for "materially false and misleading" initial public offering (IPO) statements, according to a filing with the U.S. Securities and Exchange Commission (SEC). The company, which converts coal waste into energy to mine Bitcoin, went public in October last year.

As part of its IPO, Stronghold sold 7,690,400 shares of Class A common stock at $19 per share, generating net proceeds of approximately $132.5 million. The lawsuit said the statement failed to mention that contract suppliers could miss expected mining machine delivery numbers and deadlines, information that should be disclosed to investors as a “material risk”. Stronghold’s fourth-quarter 2021 adjusted earnings per share showed a loss of $0.52 per share, with a net loss of $17.5 million in the fourth quarter, the company reported last month.