Wu said weekly mining information: mining pools are unable to log in to Fujian on a large scale and require zeroing 1122-1128

Wu said the author   |   Colin Wu

Editor of this issue   |   Colin Wu

1.

According to OKLink data, DCG's Bitcoin mining pool Foundry USA once mined 25 blocks in 24 hours, ranking first. Recently, mining pools in China have collectively suffered large-scale DNS and domain name failures. This may lead to a sell-off of graphics card mining machines, etc.

2.

According to the Financial Times, within a few months of China's mining ban, the world's 14 largest crypto mining companies had moved more than 2 million machines out of China, most of which were hastily transferred to the United States, Canada, Kazakhstan and Russia.

3.

According to the latest Canaan institutional shareholding ratio, as of September 30, Vanguard, one of the world's largest public funds, has newly purchased 4,213,270 shares of Canaan, accounting for 2.46% of the shares. Vanguard was once a major shareholder of Microsoft, Apple, Tesla, etc. Fidelity Investments also held some Canaan shares before.

Canaan released its third-quarter financial report, which showed that it recorded total revenue of RMB 1.32 billion in this quarter, setting a record for the best single-quarter revenue in history. The company expects revenue in the fourth quarter of 2021 to increase by 35%-50% from the third quarter. Gross profit was RMB 740 million, a 73.3% increase from RMB 420 million in the second quarter of 2021. R&D expenses in the quarter were RMB 92.76 million (US$14.4 million), an increase of 188.8% from RMB 32.12 million in the same period of 2020. As of September 30, 2021, the company's cash and cash equivalents were RMB 1.6985 billion (US$263.6 million), an increase of 334.0% from RMB 391.3 million on December 31, 2020.

4.

On November 18, the Yunnan Blockchain Center held a special symposium on the rectification of virtual currency "mining". Xu Meijuan, deputy director of the Wuhua Science and Technology Industrial Park Management Committee, called at the meeting to treat the rectification of virtual currency "mining" activities as an important task for the high-quality development of the social economy, resolutely put an end to the spread of virtual currency "mining", and effectively consolidate the results of cleaning up and shutting down virtual currency "mining".

5.

On the morning of November 19, the Fujian Provincial Development and Reform Commission held a special meeting on the rectification of virtual currency “mining” and a video conference of the Provincial Rectification Coordination Group to report on the progress of the rectification work on virtual currency “mining” in our province and make arrangements for the next stage of work.

The meeting emphasized that all localities and departments should deeply understand the significance of the rectification of virtual currency "mining", clarify responsibilities, take multiple measures, and classify rectification, so as to resolutely and effectively achieve the goal of "mining" and "zeroing" virtual currency . The heads of the Provincial Department of Education, the Provincial State-owned Assets Supervision and Administration Commission, the Fuzhou Branch of the People's Bank of China, the Provincial Communications Administration and other departments put forward the requirements for the next stage of work in accordance with their respective areas of responsibility.

The heads of the provincial virtual currency "mining" rectification work coordination group, including the Provincial Department of Education, the Provincial Department of Ecology and Environment, the Provincial Department of Commerce, and the State-owned Assets Supervision and Administration Commission, attended the meeting at the main venue of the Provincial Development and Reform Commission. The deputy secretaries-general in charge of the governments of each prefecture-level city, the deputy director in charge of the Pingtan Comprehensive Experimental Zone Management Committee Office, and the heads of relevant departments of each prefecture-level city attended the meeting via video at the local development and reform commission branch venues.

6.

According to TheBlock, Celsius said it has increased its investment in Bitcoin mining by another $300 million and currently owns about 22,000 S19 series mining machines. In addition, it also provides loans to mining companies (with Bitcoin as collateral) to meet the mining companies' unwillingness to sell Bitcoin.

7.

According to CoinDesk, Canaan announced that it has delivered 2,000 Avalon mining machines to Kazakhstan. The company currently operates a computing power of 32,000T and plans to reach 850,000T in the short term. The future goal is 1.8E mining computing power.

8.

Xive shut down 2,500 mining machines in southern Kazakhstan due to lack of adequate power supply. Kazakhstan has been struggling with power shortages, partly due to an influx of crypto miners from China. The southern part of the country is particularly vulnerable because the region lacks abundant power plants and the national grid cannot reliably deliver electricity from the energy-rich north. (CoinDesk)

9.

The president of Kazakhstan has suggested building a nuclear power plant to keep up with the pace of bitcoin mining immigrants. Kazakhstan's only nuclear power plant was shut down in 1999. The local population is uneasy about nuclear power plants after 1.5 million citizens were exposed to 110 Soviet nuclear tests between 1949 and 1963. (protos)

10.

According to local media Inbusiness.kz, Dyusenbay Turganov, a member of the lower house of the Kazakh parliament, said that the government needs to expand the regulatory framework for cryptocurrency miners. The cryptocurrency mining industry must adopt new regulatory requirements and standards to simplify its operations while developing a comprehensive digital asset ecosystem. The lawmaker pointed out that cryptocurrency mining has been a legal industrial activity since the adoption of legislative amendments in 2020. He also reiterated that miners operating in accordance with the law will need to pay a new type of tax starting in January 2022. (Bitcoin.com)

11.

According to CoinDesk, Canaan announced that it has delivered 2,000 Avalon mining machines to Kazakhstan. The company currently operates a computing power of 32,000T and plans to reach 850,000T in the short term. The future goal is 1.8E mining computing power.

12.

In the months following China’s mining ban, the world’s 14 largest crypto mining companies have moved more than 2 million machines out of China, with the majority of them hastily relocated to the United States, Canada, Kazakhstan and Russia. (Financial Times)

13.

According to the public account of Anshan Public Security Bureau in Liaoning Province, in early November, the Dagushan Police Station of the Tiedong Public Security Bureau discovered that a large number of mining machines were installed to steal electricity. In the early morning of November 4, the Tiedong Public Security Bureau organized more than 20 police officers, divided into three arrest teams, and launched arrest operations at the identified "mining" equipment placement points and the residences of the suspects. Three people involved in the case were arrested on the spot, 161 "mining" equipment were sealed, and the electricity theft facilities were seized on the spot, with a total value of more than 1.2 million yuan in electricity theft.

14.

On November 25, Bitcoin mining infrastructure company Fortress Technologies released its Q3 2021 financial report. During this period, the company earned a net profit of $3.5 million. The balance of Bitcoin on the balance sheet of Fortress Technologies is 129. In addition, the company held $5.7 million in cash in the third quarter of 2021. Fortress's active hash rate rose sharply last quarter. The company estimates that its active hash rate will mine more than 13 bitcoins per month. In addition, Fortress also announced the appointment of new leadership in the most recent quarter. Antonin "AJ" Scalia and Thomas "Drew" Armstrong serve as CEO and president/COO of Fortress, respectively. The two also replaced Joshua Crumb and Michael Costa on the company's board of directors. (Finance Magnates)

15.

Houston-based tech company Lancium is investing $150 million to build a bitcoin mine in Texas that will run on renewable energy. In the coming year, the company plans to roll out more than 2,000 megawatts of capacity across its multiple sites, which Lancium calls "clean campuses." Lancium said the funding round was led by clean energy company Hanwha Solutions and other power companies. "I think the fact that all the energy companies are investing shows that we share a common vision for the role that bitcoin mining should play in the grid," said Lancium CEO Michael McNamara. (CNBC)

16.

On November 23, blockchain and battery technology company Extreme Vehicle Battery Technologies Corp. (EV Battery Tech) announced that it signed a share exchange agreement on November 22 to acquire Optimal CP Inc., a company focused on developing and managing crypto mining facilities. EV Battery Tech will issue 55 million shares of the company's common stock to Optimal shareholders at a price of $0.25 per share, with the transaction valued at $13.75 million. (Globenewswire)

17.

Bitcoin miner Griid Infrastructure is in talks with special purpose acquisition company (SPAC) Adit EdTech Acquisition Corp. (ADEX.US) about going public. One of the people familiar with the matter said that if the deal is successful, the combined company will be valued at more than $3 billion. The terms have not yet been finalized and the negotiations may still break down. Spokespeople for Adit EdTech and Griid declined to comment. Griid announced this week that it had acquired a $525 million facility from Blockchain.com. Trey Kelly, founder and CEO of Griid, said the four-year facility will help it increase its production capacity and scale. (ZhiTong Finance)

18.

According to the report of Chengdu Public Security Bureau on November 24, since the Chengdu Public Security Bureau filed a case for investigation into the GUCS and Kylin Miner virtual currency series, it has taken criminal compulsory measures against 35 criminal suspects. Among them, Wang and other criminal suspects were arrested by the procuratorate on suspicion of fraud, Yang and other criminal suspects were arrested by the procuratorate on suspicion of organizing and leading pyramid selling activities, and Lin and other criminal suspects were arrested by the procuratorate on suspicion of assisting information network criminal activities. (Interface)

19.

According to the Planet Daily, private equity firm Touzi Capital and green crypto mining company Elite Mining Inc (EMI) announced a partnership aimed at expanding the crypto mining business and investment of both companies. Touzi Capital will deploy more than 1,000 Antminers with EMI during the planned expansion and cooperation in 2022. According to NiceHash calculations, 1,000 Antminers can currently mine 0.60218744 BTC per day. (Globenewswire)