Global Crypto Mining News (Oct 18-Oct 24)
Colin Wu . 2021-10-25 . Mining

Author | Colin Wu


October 21, the National Development and Reform Commission of China has publicly solicited public opinions on the inclusion of virtual currency mining in the phased-out industry.

On October 8, the National Development and Reform Commission of China on the public consultation of the “negative market access list (2021 version)” announcement, the last page of the “Industrial Structure Adjustment Guidance Catalog” in the revision of measures to eliminate the category “I. Backward production processes and equipment” (xviii) other item 7, the revised measures to increase the expression: virtual currency “mining” activities.

Previously, the Development and Reform Commission in 2019 had virtual currency mining included in the phase-out of industries and then deleted. (Wu blockchain)


On October 18, MClouds issued an announcement, announcing the completion of the retirement of mining machine hosting and leasing services in China by December 31.

The announcement shows that MClouds provides two options for Bitcoin and Ether miners, namely mining machine withdrawal and consignment for sale, and reduces the service fees for users to withdraw and consign mining machines for sale on the platform. At the same time, the contract for the expired Filecoin computing power will not be renewed and the relevant server operation will be stopped.

Just three days before this announcement, on October 15, MClouds issued an announcement to advance the three phases of Cunbao bitcoin and ethereum native financial products that originally expired on December 31, 2021 to October 30 to pay the principal and pay all the interest as of October 31. It is reported that Cunbao business will stop operating in China, and all products will be taken offline.

According to public information, has stopped selling mining machines and hosting services in China since May 18, and blocked mainland China IP access to MClouds’s official website since May 26.

MClouds said, for December 31, according to the announcement is not completed in accordance with the content of the withdrawal and the platform can not contact the user, will save its mining machine 30 days, more than 30 days still can not get in touch and complete the withdrawal, the platform will be sold in accordance with the real-time market price, sold within 180 days after the user can contact customer service to withdraw cash. It is reported that the MClouds this announcement does not involve other mining products, will also be introduced in the near future related to the withdrawal policy. (Wu blockchain)


The official website of China Development and Reform Commission reprinted the news that the United States surpassed China to become the largest Bitcoin mining country.

The United States has overtaken China as the world’s largest source of bitcoin mining activity, two months after Beijing banned cryptocurrency mining, new data shows, according to the Financial Times website on Oct. 13. The data, published by the Cambridge Centre for Alternative Financial Studies, shows that China’s share of global hashrate, or the computing power needed for bitcoin mining activities, fell from 44 percent to zero between May and July this year. 2019, China’s share of global hashrate is 3/4 of the world’s share. the report said the U.S. share of global hashrate rose from 17 percent in April to 35 percent in August. Meanwhile, Kazakhstan’s share rose 10 percentage points to 18 percent. (Wu blockchain)

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Kazakhstan’s national grid operator has begun limiting power rationing to crypto miners, according to Neftegaz.RU. Energy Minister Magzum Mirzagaliyev has proposed limiting power supply to 1 MW per mine and 100 MW for the industry as a whole. The proposal was criticized by miners, and the Blockchain and Data Center Industry Association argued that the government should crack down on illegal mining instead of restricting companies that pay taxes. on Oct. 15, national grid operator KEGOC announced power restrictions, giving similar statements to those made by the energy minister, saying it would cut off “over-consuming” customers. (Wu blockchain)


Nasdaq-listed crypto mining company Hut 8 Mining (ticker: HUT) has purchased 12,000 MicroBT M30S, M30S+ and M30S++ mining machines from Inchigle Technology Hong Kong Ltd. for $58.7 million, according to Yahoo Finance. The cost is about $50/T and the total hashrate is about 1.17 EH/s. Deliveries are expected to start in January 2022 with 1,000 machines per month, with deployment completed by December 2022. (Wu blockchain)

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Nasdaq-listed crypto mining company Hut 8 Mining has announced a partnership with energy developer Validus Power to develop a third cryptocurrency mine. The mine, located in Ontario North Bay, Canada, will have an initial capacity of 35 MW and is expected to come online in late 2021. The North Bay site will enable Hut 8 to use by-product steam, hydrogen and natural gas as well as a secondary geothermal system connected to a data center facility. two of Hut 8’s currently operational cryptocurrency mines are located in Alberta, Canada, one in Medicine Hat with 67 MW of capacity and one in Drumheller with 42 MW of capacity. (Wu blockchain)


Greenidge recently announced an increase in orders with Bitmain from 10,000 to 22,500 S19j Pro miners, which will be available in the second and third quarters of 2022. In addition the company announced the expansion of mining operations the company from its existing New York base to Texas and South Carolina. (Wu blockchain)

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Nasdaq-listed bitcoin mining company Riot Blockchain has a 200 MW infrastructure at its Whinstone, Texas facility that is being built with immersion-cooling technology that can increase cryptocurrency mining efficiency by 50%. The immersion-cooling technology allows miners to be submerged in a specialized liquid that operates at a lower temperature, creating a more efficient and stable environment. Based on the company’s preliminary submerged cooling test results, mining hashrate will increase by 25% and ASIC performance will increase by 50%. Initial deployment of ASIC miners in submerged cooling buildings is expected to begin in the fourth quarter of 2021. (Chainnews)

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AGMH.US announced that it has received a purchase order from MinerVa Semiconductor Corp. to jointly produce the MinerVa series of miners with MinerVa Corp. Under the terms of the order, AGMH.US will deliver 25,000 MinerVa MV7 ASIC digital currency miners with 100TH/s of hashrate to MinerVa Corp. and MinerVa Corp. will pay a $20 million deposit to AGMH.US and the remaining balance of the purchase price prior to receipt of the goods.

MinerVa Corp. is a North American digital currency device supply chain services and consulting company with clients including well-known blockchain companies such as Terawulf Inc. and TrueNorth Data Solutions, and AGMH.US is an integrated technology company focused on providing fintech software services and manufacturing high-performance hardware and computing devices. (Chainnews)

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According to IPFS and the Filecoin Ecological Research Center, Filecoin has officially updated its announcement about upgrading to the V14 network will be upgraded on October 26th. the V14 upgrade includes the FIP-0026 proposal that in the event of force majeure factors such as major natural disasters, storage providers may not be able to recover sectors within the original 2 weeks, resulting in forced sector termination. 2 weeks is not sufficient to complete EB-level data migration and recovery, so the sector failure period is extended to 6 weeks. So with the implementation of the FIP-0026 proposal, the 6-week period of 42 days is sufficient for domestic storage providers to smoothly migrate their hashrate overseas. However, it is still worth noting that: although the sector failure termination time is extended to 6 weeks, there will still be penalties generated for failures longer than 24 hours, so it is still necessary for storage providers to try to compress the time in the migration recovery process. (Wu blockchain)


The new Beijing News: virtual currency “mining” machine hidden in the fire channel of the residents of Chaoyang District, Beijing, the safety supervision department asked to clean up as soon as possible. A few days ago, residents of Chaoyang District’s East Run Maple View neighborhood reported to Xinjing News that the roaring sound of machines could be heard in a blocked channel on the first floor of Building 2, and a set of virtual currency “mining” machines (380V) was found in this channel after unlocking it, and it showed that it had been running for 42 days.

On October 21, staff from the Chaoyang District Power Supply Bureau and the Safety Supervision Section of the Chaoyang District Dongfeng District Office found that the network and electricity used by the machine came from the office of the property committee, that the machine occupied the public fire escape in the building, and that the socket used by the computer was installed in an illegal way.

The safety officer of the Safety Supervision Section of the Chaoyang District Dongfeng Regional Office said that after coordination, the owner, the property committee and the property reached a consensus and signed an agreement in which Mr. Bian, the director of the owner’s committee, returned the house keys to the property and promised to clear the channel and open the blocked door by next Monday. The property company also said that it would make a reminder of the 3633.85 yuan generated by the machine as soon as possible.(Wu blockchain)

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