Wu said weekly mining information: 0228-0306

1.

Hashrate Index: The new Bonanza mine will be second only to the S19 XP in terms of hashrate performance and energy efficiency. GRIID purchased the Bonanza mine for $5,625 per unit (or $41.60 per ton); in comparison, Bitmain's first round of S19 XP orders in November 2021 cost as much as $10,500 per unit (or $75 per ton). What is not known is Intel's public shipping time for the Bonanza Mine, nor how many machines Intel plans to produce in the first round.

2.

According to Decrypt, the hackers behind last week's Nvidia data breach claim to have a custom driver that can unlock the limitations of GPU manufacturers' graphics cards, which is said to be able to unlock the hash rate limiter on Nvidia's RTX 3000 GPU. Nvidia introduced a hash rate limiter on its graphics cards to reduce its performance in mining. The organization asked Nvidia to release a software update to consumers to remove the hash rate limiter from the graphics cards. Wu said that according to miners' tests, mining efficiency increased by 20% to 40% after the crack.

3.

Bitfarms released its February 2022 update, with 298 new BTC mined in February and all in custody, and currently 4,883 BTC in custody, with a total value of approximately $210 million at a BTC price of $43,000. 2,000 mining machines are being transferred to Paraguay; two mines in Quebec are about to start operation; and expansion has begun in Argentina.

4.

American mining company MARATHON DIGITAL HOLDINGS disclosed its 2021 full-year financial report: in fiscal year 2021, it produced 3,197 self-mined bitcoins with a total of 32,150 mining machines. As of February 28, 2022, it held approximately 8,956 bitcoins; by early 2023, the number of Marathon's mining machines will be increased to approximately 199,000, with a computing power of 23.3 EH/s.

5.

Riot Blockchain announced that it produced 436 BTC in February. As of February 28, 2022, Riot holds approximately 5,783 BTC, all of which are produced by the company's self-mining business. The company currently owns 38,310 mining machines and expects the computing power to reach 12.8 EH/s by January 2023.

6.

Genesis Digital Assets plans to launch a new self-hosted Bitcoin mining data center in Sweden, which is expected to have a power capacity of up to 100 megawatts, with energy coming from 100% clean energy, consisting of 54.5% hydropower, 42.8% nuclear power and 2.7% wind power. In 2021, Genesis Digital Assets raised more than $550 million in the latest round of financing led by Paradigm. But Swedish officials have repeatedly proposed a ban on POW at the EU level. (Coindesk)

7.

Australian bitcoin miner Mawson Infrastructure (MIGI) plans to expand its mining facility in Sandersville, Georgia, to 230 megawatts (MW), which will be able to generate up to 7.5 exahashes of hashrate. The Sandersville facility primarily uses nuclear and hydroelectric energy.

Mawson has signed a 12 megawatt (MW) managed hosting agreement with Foundry Digital.

Mawson has signed a new 100 MW hosting agreement with Celsius Mining, a subsidiary of crypto lending company Celsius Networks, whereby Celsius will provide a data center to host mining equipment. Celsius has also provided Luna Squares with a $20 million loan to finance the infrastructure required to fulfill the obligations of the hosting agreement.

In addition, Mawson has issued 3.85 million warrants, each of which can be exchanged for one common share at $6.50. On February 15, Mawson said it produced 140 bitcoins in January and expected its monthly hash rate to rise 23% to 1.35 EH/s by the end of February. (CoinDesk)

8.

According to data compiled by The Block Research, Bitcoin miners earned $1.06 billion in February 2022. Most of this revenue came from block subsidies ($1.05 billion), with only a small portion coming from transaction fees ($12.92 million). Bitcoin miners' total revenue has fallen for the fourth consecutive month, down 12.9% month-on-month from January to February. Total revenue in October 2021 was $1.72 billion and has been declining since then. Previously, in March 2021, Bitcoin miners' total revenue reached $1.75 billion, a record high. (The Block)

9.

Gem Mining's hashrate rose 23% in February, while Bitcoin production fell about 10% month-on-month. According to the statement, Gem Mining's hashrate rose to 1.77 EH/s from the previous month, and Bitcoin production fell about 10% to 200.5 Bitcoin in February due to the short month, the increase in global hash rate, and the impact of Gem's miner cuts to support the community's demand for additional electricity. (CoinDesk)

10.

Sue Ennis, vice president of investment and corporate development at Hut 8, a North American mining company, revealed that Hut 8 Mining is seeking to diversify its business rather than limiting itself to digital asset mining. Hut 8 will build a scalable cloud computing business, similar to Amazon's AWS and Google Cloud, and provide infrastructure business services for blockchain games and Web 3, such as game rendering, NFT storage, node infrastructure management, and general storage for exchanges, as well as Layer 1 and Layer 2 protocol support. It is reported that Hut 8 has reached a partnership with the game company Enthusiast Gaming, and Hut 8 will provide it with content hosting services in its data centers.

Hut 8 Mining has more than 35,000 mining machines, mined 289 bitcoins last month, and held 6,115 bitcoins on its balance sheet as of February 28. (Block Works)

11.

Bitcoin mining company Digihost announced that it has signed an on-market equity issuance agreement (ATM agreement) with investment agency HC Wainwright. The agency can choose the time to issue and sell up to $250 million of the company's secondary voting shares as needed. The company plans to use the net proceeds of the agreement to support the growth and development of its existing mining business.

12.

Bitcoin mining company Cipher Mining (CIFR) has abandoned plans to purchase Bitfury mining machines this year, and CEO Tyler Page said its goal is to be more flexible. According to a document filed with the U.S. Securities and Exchange Commission in October, Cipher has booked 28,000 to 56,000 mining equipment from Bitfury, with a maximum price of $6,250 per machine. At the maximum value, the total order amount reaches $350 million.

In addition, Cipher has signed contracts to purchase 60,000 mining machines from Bitmain and 27,000 mining machines from MicroBT, and the company plans to reach a computing power of 7.2 EH/s by the end of the year. (CoinDesk)

13.

Malaysian electricity companies are hunting down illegal Bitcoin miners who steal electricity. Tenaga Nasional has proposed a special tariff on Bitcoin mining operators to combat electricity theft, and has also proposed that the Energy Commission encourage Bitcoin mining operators to apply for legal electricity supply. Cryptocurrency mining itself is not illegal in Malaysia. But some miners steal electricity, such as by tampering with meter installations or bypassing meters and obtaining illegal connections. Tenaga has been working with Malaysia's anti-corruption agency, the police, the Energy Commission and local councils to catch electricity thieves, especially Bitcoin miners.

14.

On March 1, the Inner Mongolia Daily reported that in order to lock in the proposition of carbon peak and carbon neutrality, Inner Mongolia resolutely curbed the blind development of "two highs" and low-level projects, shut down virtual currency "mining" projects, and dynamically "cleared" the key list of virtual currency mining IPs discovered through monitoring.

15.

Recently, the Chaoyang District People's Court of Beijing held a public hearing and pronounced a verdict on a service contract dispute caused by the delay in the return of Bitcoin "mining". After the verdict, the Chaoyang Court of Beijing sent a letter to the Sichuan Provincial Development and Reform Commission to feedback clues about virtual currency "mining" activities involved in the case trial. The Sichuan Provincial Development and Reform Commission replied to the Chaoyang Court, stating that it had demolished a number of virtual currency "mines" in early 2022 and severely cracked down on virtual currency "mining" and trading. In this case, the court held that Fengfu Jiuxin Company and Zhongyan Zhichuang Company signed an agency "mining" agreement when they knew that there were risks in "mining" and Bitcoin transactions, and the relevant departments clearly prohibited Bitcoin-related transactions. This agreement should be invalid, and the related property rights and interests generated by it should not be protected by law. The consequences of the above-mentioned actions should be borne by the parties themselves. (The Paper)

16.

The Development and Reform Commission of Bazhong City, Sichuan Province, issued a warning that according to relevant national regulations, "virtual currency 'mining' activities" belong to obsolete production process equipment that has been eliminated by the state, and related business activities belong to illegal financial activities, which face loan cuts, power cuts, network cuts, and credit risks and bear legal responsibilities. Relevant personnel will be held accountable for party and government discipline. Investing in virtual currency and related derivatives will result in invalid civil legal acts, and the losses caused by this will be borne by the person himself. (Official website of the Development and Reform Commission of Bazhong City)