Wu said weekly mining information: 0321-0327

1.

Bloomberg: International energy giant ExxonMobil is conducting a pilot program to use excess natural gas that would otherwise be burned from oil wells in North Dakota to power cryptocurrency mining operations. The oil giant has reached an agreement with Crusoe Energy Systems Inc. to obtain natural gas from an oil well platform to power mobile generators that run Bitcoin mining servers on site, using 18 million cubic feet of natural gas per month. It is considering similar pilots in Alaska, Nigeria, Argentina, Guyana and Germany.

2.

The New York State Assembly's Environmental Conservation Committee voted Tuesday afternoon to approve a proposed law that would ban proof-of-work (PoW) cryptocurrency mining within two years. The legislation still needs to be passed by the entire New York State Assembly and the state Senate, and then needs to be signed into law by the governor. The bill was developed under the auspices of the state's Climate Leadership and Community Protection Act, which requires reducing New York's greenhouse gas emissions by 85% and cutting net emissions to zero by 2050. (CoinDesk)

3.

Ethereum developer Tim Beiko released the latest AllCoreDevs update. 1. The test network Kiln found some implementation issues during the merge test, and the team is doubling the workload. To ensure that all implementations are safe and stable. 2. The difficulty bomb is expected to arrive in June. After the bomb is turned on, the initial difficulty will not rise too fast. It is expected that the block time will increase to 14-17 seconds within one or two months. 3. The "Shanghai" upgrade mainly includes three improvements: upgrading EVM, activating beacon chain withdrawals, and reducing L2 Gas fees. 4. Launch a specification (EELS) that can cross the execution layer and consensus layer. The current EIP can only be executed separately. 5. Establish Protocol Guild to provide R&D personnel with tokens (not ETH itself) incentives for ETH-based projects. In the future, it may become a base layer supplement for initiatives such as Gitcoin and tracing public product funds.

4.

On March 23rd local time, the Office of the United States Trade Representative stated that it would restore tariff exemptions for some Chinese imports. This tariff exemption involves 352 of the 549 previously pending products. Industry insiders pointed out that the category of cryptocurrency mining machines is not included in the 352 items, and exports still need to pay an additional 25% special tariff. However, if all 549 items are cancelled, the additional tariffs related to mining machines will also be cancelled. The Ministry of Commerce of China expressed the hope that the United States will cancel all additional tariffs on China as soon as possible.

5.

According to a public statement, Australian Bitcoin miner Mawson Infrastructure Group (MIGI) had revenue of $19.6 million in the fourth quarter, up 79% from $10.9 million in the third quarter, and total revenue in 2021 also hit a record high, with sales increasing 886% compared to 2020. Gross profit in the fourth quarter was $16 million, compared to $8.4 million in the third quarter. The miner now expects the hash rate to reach 5.5 EH/s by the beginning of the first quarter of 2023, which is 10% higher than the previously predicted target of 5 EH/s. (CoinDesk)

6.

Trading platform and technology company Pipe is launching a new alternative financing product for bitcoin mining hardware and hosting companies with recurring revenue. The "mine now, pay later" project will replace traditional financing methods such as equity or debt. "We have created a trading platform that allows companies to sell products and services that generate recurring revenue streams to institutional investors," said Harry Hurst, co-founder and co-CEO of Pipe, in an interview. The buyers of these contracts are institutional investors, including banks, hedge funds, pension funds and family offices. Pipe has been working with bitcoin mining service provider Compass Mining for several months. Compass Mining is the first company to widely offer this new form of financing. Pipe completed a $250 million financing in May last year, with a valuation of $2 billion. (CoinDesk)

7.

Bitcoin mining company Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced on Thursday that it has completed two financings totaling approximately $108 million to provide the company with additional liquidity to fund business expansion in 2022. The financing includes approximately $81.4 million in loans from NYDIG affiliates, secured by a portion of Bitmain S19 J Pro Antminers delivered in 2022, and $26.5 million in secured notes from B. Riley Financial, Inc. affiliates, secured by Greenidge's factory real estate in Spartanburg, South Carolina. "This has been a transformative year for Greenidge as we expect our data center capacity to more than triple to 4.7 EH/s, with the vast majority of capacity expansion concentrated outside of New York," said Jeff Kirt, Greenidge CEO.

8.

In a research note released after the close of trading on Thursday, Wall Street investment bank B. Riley said that Bitcoin miner TeraWulf (WULF) is a "leader in sustainable mining" and that its stock price still has a lot of room to rise relative to its peers. "While many other miners are looking to achieve carbon neutrality, TeraWulf has been entering this space from the beginning using zero-carbon resources," analyst Lucas Pipes wrote of the company, which went public in December and has received support from celebrities such as Gwyneth Paltrow. According to FactSet data, Pipes is the only analyst following the stock. He initially followed TeraWulf with a buy rating and a 12-month price target of $24 per share, which means the stock will rise 159% from Thursday's closing price of $9.28. (CoinDesk)

9.

The website of the Central Commission for Discipline Inspection and the National Supervisory Commission: Precise supervision to prevent the resurgence of "mining". From the cases of virtual currency "mining" investigated and dealt with, it can be seen that some state-owned unit staff have used public resources to participate in "mining" at the expense of public interests. Some state-owned units suspected of using public resources for "mining" have failed to conduct self-examination and self-correction, and the "mining" problem has persisted despite repeated bans.

10.

Guizhou Economic Investigation Bureau: Beware of the criminal risks arising from virtual currency "mining" activities: organizing and leading pyramid schemes, illegal fund-raising crimes, computer information system destruction crimes, and fraud crimes.