Wu said weekly mining information: Ethereum and Fil computing power hit new highs 0830-0905

Wu said author | Colin Wu

Editor of this issue | Colin Wu

Wu's commentary this week: Due to the withdrawal of Bitcoin, domestic miners prefer Ethereum and Filecoin, and their computing power has also reached new highs. Overseas regions with surplus electricity are gradually accepting idle mining machines in China, but the different regulatory situations in various places will also bring considerable challenges. Although the domestic regulatory situation has been relaxed, the "big hat" has been put on, and it is difficult to have a reversal.

1. Ethereum computing power hits a record high

Wu said blockchain learned that according to Etherscan data, the Ethereum hash rate continues to set new historical highs. On August 31, the average ETH hash rate reached 663,087.1763GH/s. With the hot NFT transactions and soaring gas fees, Ethereum miners pushed the hash rate to a new high. At the same time, The Block data showed that as the price of Ethereum rose, Ethereum miners' income in August was the second highest in a single month in history, reaching $1.89 billion, of which transaction fees accounted for 44.2% of miners' total income.

2. Filecoin's effective computing power across the entire network exceeds 10EiB, and the storage sector is active

Wu said blockchain learned that according to Filecoin browser data, the effective computing power of the Filecoin network exceeded 10EiB on September 1. The computing power of Filecoin has continued to rise since its launch, breaking through 5EiB on May 13, and the computing power has increased by 55 PiB in the past 24 hours. At present, there are 2963 active nodes in the whole network, with a 24-hour output of 0.0325FIL/TiB and a FIL circulation of 103019442.

Data shows that the number of active nodes has declined compared to May, but the computing power of the entire network has been steadily increasing, which may be related to the recent NFT craze. Previously, OpenSea announced that it could store its issued NFTs on Filecoin to achieve metadata decentralization.

The storage sector was very active on September 5. In addition to FIL breaking through $100, SC and ICP rose by 14%, and Chia rose by 23.6%.

3. Canaan Technology and Genesis Digital Assets signed an order for 200,000 Avalon mining machines

Wu said blockchain learned that Canaan Technology has signed an order for 200,000 Avalon mining machines with North American mining giant Genesis Digital Assets (hereinafter referred to as Genesis), including 20,000 mining machines and an additional purchase option of up to 180,000 mining machines. Genesis and Canaan Technology reached a strategic partnership in early 2021 and signed a purchase agreement for A1246 and A1166Pro mining machines worth US$93.63 million. In June this year, Genesis purchased another 10,000 mining machines from Canaan Technology.

4. New Zealand’s third largest hydroelectric power station, Clyde Dam, plans to mine Bitcoin

Wu said blockchain learned that the documenting bitcoin Twitter account said that New Zealand's third largest hydroelectric power station Clyde Dam will plan to mine bitcoin. Otago Daily News reported that British digital infrastructure company Lake Parime will work with renewable energy operators in the data center developed near Clyde Dam to provide sustainable computing infrastructure for users of HPC applications such as machine learning, blockchain, visualization, modeling and artificial intelligence.

5. Alberta, Canada, orders closure of two mining plants

PANews reported on August 31 that according to cnBeta, residents of a community in Alberta, Canada, have recently heard noise from a nearby power plant for a long time, and finally found out that it was an unauthorized Bitcoin mine. Vancouver-based Link Global set up four 1.25-megawatt natural gas generators on site. The company did not inform neighbors of its plans, nor did it inform the county government. Now the company that opened the plant, Link Global, has been ordered by the province's Public Utilities Commission to shut down two plants.

6. Belarusian President Lukashenko encourages cryptocurrency mining

Golden Finance reported on August 30 that Belarusian President Alexander Lukashenko encouraged miners to stay in the country to mine cryptocurrencies rather than immigrate to Poland or Germany to work in low-paying agricultural jobs. During his inspection in the south of the country, he said that there was sufficient electricity and many vacant industrial sites, so it would be a good idea to use electricity to create something, such as mining cryptocurrencies.

7. Huo Xiaolu: In the future, it may be difficult to support the establishment and operation of mining farms in domestic judicial practice.

Wu Blockchain learned that the Supreme Court recently disclosed a case involving mining machines and mining farms. The Supreme Court’s judgment document emphasized: “The establishment of the Fuzhou data center and the safekeeping and operation of the equipment involved in this case are actually the use of equipment for high-performance computing to obtain virtual currency rewards. It is a high-energy-consuming industry that the state does not encourage. The original judgment ordered the termination of the contract and the termination of the legal relationship between the two parties, which is also in line with the current state’s adjustment direction for the industry involved in the case.”
In this regard, Huo Yijie, a lawyer at Shanghai Gelian Law Firm, explained: The last emphasized paragraph releases a deeper meaning, that is, it may be difficult to support the establishment and operation of mines in future domestic judicial practice. In the next 1-2 years, strict supervision and strong supervision will still be the trend.

According to the "Risk Warning on Preventing Illegal Fund Raising in the Name of "Virtual Currency" and "Blockchain"" issued by the China Banking and Insurance Regulatory Commission and other five departments, readers are requested to abide by the laws and regulations of their region. The content of this article does not endorse the promotion of any business or investment activities. Investors are requested to raise their awareness of risk prevention. Wu said that the content of the blockchain is not allowed to be reproduced or copied without permission, and violators will be held accountable.

Welcome to read Wu's selected reports: Huobi exclusive report, Binance exclusive report, Bitmain series, supervision and card freezing series, Filecoin series, currency circle chaos exposure, mining farm supervision dynamics, etc.

Risk Warning

According to the "Risk Warning on Preventing Illegal Fund Raising in the Name of "Virtual Currency" and "Blockchain"" issued by the China Banking and Insurance Regulatory Commission and other five departments, readers are requested to abide by the laws and regulations of their region. The content of this article does not endorse the promotion of any business or investment activities. Investors are requested to raise their awareness of risk prevention. Wu said that the content of the blockchain is not allowed to be reproduced or copied without permission, and violators will be held accountable.