Wu said weekly mining information: Jiangxi incident "revealed" and the impact spread 1108-1114

Wu said the author   |   Colin Wu

Editor of this issue   |   Colin Wu

1.

The Central Commission for Discipline Inspection: Xiao Yi, former vice chairman of the Jiangxi CPPCC, made serious deviations in implementing the major decisions and arrangements of the Party Central Committee, violated the new development concept, abused his power to introduce and support enterprises to engage in virtual currency "mining" activities that did not meet the requirements of national industrial policies, and illegally borrowed money to carry out projects and construction, causing adverse effects

2.

On the afternoon of November 10, the National Development and Reform Commission organized a special video conference on the governance of virtual currency "mining" to report on the monitoring and rectification of virtual currency "mining" and deploy the next stage of work.

The meeting stressed that all provinces, autonomous regions and municipalities must resolutely implement the relevant arrangements for the rectification of virtual currency "mining", earnestly assume local responsibilities, establish systems, carry out monitoring, clean up and rectify virtual currency "mining" activities in their regions, and strictly investigate and punish "mining" activities involving computer rooms of state-owned units.

Relevant officials from the Cyberspace Administration of China, the Ministry of Education, the Ministry of Industry and Information Technology, the People's Bank of China, the State-owned Assets Supervision and Administration Commission and other departments attended the meeting. Officials from the Development and Reform Commissions of provinces, autonomous regions and municipalities directly under the central government, as well as the leading departments for the rectification of virtual currency "mining" activities attended the meeting via video at the branch venue.

3.

On November 8, the front page of the Jiangxi Daily published an article titled "A Clear Atmosphere and a New Outlook", which pointed out: We must conduct a comprehensive investigation into the problems of virtual currency "mining" and the illegal implementation of "two high" projects, and resolutely prevent "wearing new shoes and walking the old path" under the banner of new concepts, high technology, and digitalization.

4.

Filecoin will launch the Filecoin Virtual Machine (FVM) to introduce programmability of smart contracts to the Filecoin network. The native code language of FVM is WASM (WebAssembly), which enables Web2 developers to invest in Web3 development more quickly. In addition, FVM will first achieve EVM (Ethereum Virtual Machine) compatibility, and Solidity developers can deploy smart contracts on Filecoin more quickly. FVM will be launched in phases. The first phase is expected to launch a non-programmable FVM on the Filecoin mainnet in the fourth quarter of 2021, running only system actors. The second phase will introduce a protocol fork (the first quarter of 2022), and introduce preparatory adjustments before developers can program, including gas mechanisms and architectural adjustments. The next two phases will introduce programmability, redesign system roles and deeper protocol changes to make it easier to program for system roles, which is expected to be completed in the second quarter of 2022. (Chain News)

5.

MineOne Mining Fund said that it has completed the first round of fundraising of more than 20 million US dollars in 30 days. The company is registered in BVI and regulated by the United States. The management team is jointly led by Chong.W, a senior mining investor, and Dr. Jiaming, who has experience in traditional capital compliance management. It is an investment fund focusing on cryptocurrency mining, with mining machines, computing power and mining farm investment as the main direction, combined with digital quantitative technology, and the initial fundraising target is 200 million US dollars.

6.

According to Zhitong Finance, on November 8, Nasdaq-listed company Dragon Win International (LYL.US) issued an announcement stating that its wholly-owned subsidiary Meta Rich Limited and Antalpha Technologies Limited (a subsidiary of Ant Mining Pool) have established a joint company whose business is crypto derivatives trading.

7.

According to Russian media Izvestia, the Russian Ministry of Economic Development, the Ministry of Energy, and the State Duma (Russia's lower house) have proposed legalizing cryptocurrency mining and regulating it as a business activity, but the Russian Central Bank believes that this move has risks associated with cryptocurrencies and does not support it. The Russian Ministry of Economic Development hopes to establish a new classification code for the industry to register companies and determine taxation procedures. Anatoly Aksakov, chairman of the Duma Finance Committee, said that miners may be charged higher electricity prices than other types of consumption. (Chain News)

8.

According to CoinDesk, Kazakhstan's Minister of Energy Magzum Mirzagaliyev said at a meeting with the crypto mining industry that legal crypto mining will not be restricted or disconnected from the national grid as long as they do not endanger the country's energy security. As previously reported, Kazakhstan is facing power shortages, and crypto mining is the main reason for this phenomenon. After China cracked down on crypto mining in May, Kazakhstan has become the world's second largest Bitcoin computing center after the United States. According to the ministry's statement, the crypto industry is expected to bring in 500 billion tenge ($1.16 billion) in revenue over the next five years.

9.

Earlier, Swedish authorities warned about the impact of POW mining on carbon neutrality and hoped that the EU would ban cryptocurrency mining. Vattenfall, a Swedish state-owned power generation company, defended that Bitcoin mining can help balance the load on the power grid. Wind and solar power generation fluctuates greatly, and crypto mining plays a buffering role when there is an excess of available electricity. The company also warned that banning crypto mining in the EU could actually increase carbon emissions around the world because the industry could move to areas that rely on fossil fuels such as coal.

10.

Bitmain officially announced its latest mining machine, which is slightly different from what was previously disclosed by a Thai supplier. It has the same energy efficiency ratio of 21.5J/T, a computing power of 140T, and a power consumption of 3010W.

11.

Ethereum miner CoreWeave has completed a $50 million financing round invested by Magnetar Capital. CoreWeave mainly operates cloud services and mines Ethereum through its customers' unused local computing power. The company said that its cloud business has grown by 271% in the past three months and its current Ethereum computing power exceeds 1200GH/s. (CoinDesk)

12.

Canadian Bitcoin mining company Bitfarms purchased a 24-megawatt hydroelectric power station in Washington State for $26 million, which is expected to increase mining power by 620 PH/s. It has currently deployed 4,000 Bitmain S19j Pro mining machines with a mining power of 400 PH/s.

13.

NBTC Limited ("NBTC"), a subsidiary of The9, and Compute North, a US mining farm, jointly announced today that the two parties have signed an agreement for Compute North to provide 32 megawatts of mining capacity to The9 to deploy 10,000 Ant S19j mining machines. The9 will deploy these mining machines in the United States starting in the second quarter of 2022. The9 NBTC also has 14,000 S19j mining machines, which are expected to be deployed in other countries such as Canada starting in December this year.

14.

Hut 8 Mining Corp., a Nasdaq-listed crypto mining company, released its third-quarter earnings report. As of November 10, 2021, the Bitcoin balance was 5,053 with a market value of $430 million. Hut 8 emphasizes its "HODL" strategy to avoid selling Bitcoin as much as possible. Currently, Hut 8 has installed a total computing power of approximately 1.7 EH/s, and the future computing power under contract is approximately 4.5 EH/s, including Ethereum computing power.

15.

Argo Blockchain, a listed mining company, has submitted an application for a public bond issuance to the U.S. Securities and Exchange Commission (SEC), intending to sell $57.5 million of senior notes to the public. The maturity date of the notes is November 30, 2026, with an annual interest rate of 8.75%. Argo pointed out in the document that investors may face many risks associated with the development of new cryptocurrency mining facilities in Texas, and delays or interruptions in the development of facilities in Texas may have a significant adverse effect on its operating results and financial condition. (Chain News)

16.

According to documents submitted by Australian Bitcoin miner Iris Energy to the U.S. Securities and Exchange Commission (SEC), Iris Energy plans to sell about 8.3 million shares at a price of $25 to $27 per share in its initial public offering. Iris plans to increase its total computing power to 15.2EH/s in the future. According to Glassnode data, this computing power reached about 10% of the total computing power of the Bitcoin network as of November 8. In addition, Iris said that the company has currently sold all the Bitcoin produced by mining. (Chain News)

Lianwen previously reported that Iris Energy applied to the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) in October, planning to raise $100 million and be listed on the Nasdaq with the stock code "IREN".

17.

Compass Mining, a bitcoin mining company, has launched a secondary resale market for retail mining customers. The market provides autonomy in reselling bitcoin mining equipment and is currently open to all existing Compass customers, while also introducing verified dealers.

18.

HIVE Blockchain, a publicly traded crypto mining company, is raising approximately $100 million through a private placement of special warrants. HIVE Blockchain expects the net proceeds from the offering to be used for data center development and mining machine purchases to increase computing power by 1 EH/s.

HIVE Blockchain said at the end of October that the latest order of 6,500 Avalon Bitcoin mining machines from Canaan Technology will enable HIVE's Bitcoin mining computing power to reach 2 EH/s by December and 3 EH/s by March 2022. (Chain News)

19.

All Ethereum mining machines of Poolin's decentralized standard computing power protocol Mars Project have been delivered and will be deployed today. The corresponding mining output of Ethereum will be paid together when the online rate is updated, which will take effect from 23:59:59 on November 10, 2021, Singapore time. In addition, the migration of Bitcoin mining machines is progressing steadily, and the online rate of the computing power certificate pBTC35A will be updated as soon as possible. (Chain News)

20.

North American bitcoin mining company Digihost Technology has been approved to list on the Nasdaq Capital Market and is expected to be listed on the Nasdaq on November 15, after being listed on the Toronto Stock Exchange Venture Exchange. Digihost Technology mainly focuses on bitcoin mining business, with a current computing power of 400PH/s, and plans to expand to 3.6 EH/s by the end of 2022. (Chain News)