Wu said weekly mining information: 0214-0220

1.

The Zhejiang Provincial Development and Reform Commission issued a notice on matters related to the implementation of a differentiated electricity price policy for virtual currency "mining", requiring the implementation of differentiated electricity prices for virtual currency "mining", with a surcharge of 0.50 yuan per kilowatt-hour. Power grid companies at all levels should strengthen coordination with relevant government departments to ensure that the differentiated electricity price policy for virtual currency "mining" is strictly implemented and the surcharge is collected in full and in a timely manner. Hainan and Inner Mongolia have notified the surcharge standards one after another. The surcharge standard in Inner Mongolia is 1 yuan per kilowatt-hour, and the surcharge standard in Hainan is 0.8 yuan per kilowatt-hour.

2.

According to CoinDesk's investigation, NuMiner's Bitcoin mining machine NM440, which previously claimed to have a computing power of up to 440T and an energy efficiency ratio of 20.2 J/T, had many false marketing and was suspected of using fake news to drive up its stock price. NuMiner said it cooperated with TSMC and Xilinx. However, TSMC responded that it was "not a direct customer", and Xilinx said that NuMiner only purchased five computer cards through a distributor. NuMiner even plagiarized the pictures of artificial intelligence hardware company Cerebras in its promotional photos.

3.

According to Caixin, Nvidia's OEM and other business revenue for the quarter was US$192 million, a year-on-year increase of 25% and a month-on-month decrease of 18%. The month-on-month decline was mainly due to the decline in shipments of mining-specific processors CMP. In this fiscal quarter, CMP business revenue was only US$24 million, a month-on-month decline of more than 75% from US$105 million in the third fiscal quarter. "The continued instability of the cryptocurrency market has affected the industry's demand for Nvidia's products," said Kress. In fiscal 2022, Nvidia's total CMP revenue was only US$550 million, far below the company's previous expectations.

4.

According to TheBlock, the largest Monero mining pool, MineXMR, is relatively close to controlling more than half of the network's computing power. If this level is reached, a 51% attack can be carried out in theory. Monero mining pool MineXMR now controls 44% of the computing power. Some Monero supporters have raised alarms about this situation, calling on miners to deploy their computing power on other mining pools to reduce MineXMR's computing power control. MineXMR controls almost twice the computing power of the second and third largest Monero pools combined.

5.

According to iz.ru, the Russian Ministry of Economy has proposed allowing mining in areas with a stable surplus of electricity, which will eliminate the risk of insufficient electricity supply to housing and social facilities, reduce commercial tariffs and tax on their operating profits. The current mining legislation is also supported by the Ministry of Energy, but opposed by the Central Bank, which claims that cryptocurrency mining runs counter to the goal of achieving carbon neutrality.

6.

According to TheBlock, Illinois legislation, if approved, will extend the data center tax incentive program to cryptocurrency miners. To qualify for the program, potential applicants must invest at least $250 million, create at least 20 jobs, and have obtained carbon neutral status or green building certification, among other requirements. Currently, states such as Texas and Kentucky in the United States have sought to position themselves as centers for cryptocurrency mining.

7.

BIT Mining (formerly 500.com) released its financial report, with full-year revenue of US$1.3269 billion in 2021 (the vast majority of which was revenue generated by mining pools), an operating loss of US$66.2 million for the full year, and a total of 7,649 Ethereums and 488 Bitcoins produced to date.

8.

Five members of the Georgia House of Representatives have introduced a bill that would exempt local crypto miners from paying sales and use taxes. The proposed bill is the latest in a series of state-level measures aimed at encouraging crypto miners. In January, Illinois lawmakers introduced a bill that would expand tax incentives for data centers engaged in crypto mining. Kentucky introduced similar legislation in March 2021. As part of an agreement with mining companies ISW Holdings and Bit5iv, Georgia is expected to have 56,000 Antminers operating in the state by October. Additionally, the state legislature passed a bill in March 2021 calling on education officials to implement a high school learning program based on financial literacy that would include cryptocurrency. (Cointelegraph)

9.

Singapore's compliant exchange Cyberdyne Tech Exchange (CTX) announced that it has changed its name to MetaVerse Green Exchange (MVGX) and launched a US dollar and other fiat currency lending business collateralized by digital assets (BTC/ETH) to provide compliant financial capital support for the digital asset mining industry. MVGX is one of the few crypto exchanges that holds multiple licenses such as Singapore's RMO and CMSL.

10.

Guangxi Mobile sent a group text message stating that virtual currency "mining" activities are among the industries that the state is eliminating. If such activities are discovered, the parties or institutions involved will be subject to legal measures such as seizure and suspension of production, revocation of business licenses, suspension of bank credit, suspension of power supply, and pursuit of party and government disciplinary and legal responsibilities.

11.

Meten Holding Group has released the latest information on the company's cryptocurrency business. To date, the company has put into production 867 mining machines, including 147 mining machines purchased in small batches and 720 mining machines purchased from AGM Group Holdings. The 615 mining machines purchased from AGMH are expected to be deployed and put into operation by the end of this month. The company currently has a total of 1,482 Bitcoin mining machines with a computing power of approximately 150PH/s. In addition, the company recently purchased 600 XP mining machines from Bitmain, with a total computing power of approximately 100PH/s. These mining machines are expected to be delivered in the second half of this year. (Prnewswire)

12.

BitRiver's Russian subsidiary, BitRiver Rus, achieved net zero carbon emissions in the second half of 2021, becoming the first company in Russia to receive the certification, with emissions reports verified by British standards testing company BSI. BitRiver Rus, based in Irkutsk, Siberia, is one of Russia's largest mining companies, providing hosting services for large-scale mining. Its data center capacity is 300 megawatts, and the company plans to expand its size more than six times by the end of 2022. The company reportedly manages five proprietary data centers and is implementing another 15 projects in Russia and abroad. (