Wu said the author|Colin Wu

Editor of this issue | Colin Wu

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Wu said the author|Colin Wu

Editor of this issue | Colin Wu

Dongguan has recently strictly investigated virtual currency mining, emphasizing that mining is suspected of violating the "Energy Conservation Law of the People's Republic of China"

Wu said that on November 3, according to the risk clues provided by the relevant departments of Dongguan City, the Tangxia Town Economic Development Bureau took the lead and cooperated with the Tangxia Public Security Bureau, the Market Supervision Bureau, the Power Supply Service Center and the Hengtang Community to jointly carry out the suspected "mining operation". "Risk clue investigation work.

In the morning of the same day, in an industrial park in Hengtang Community, the inspectors checked and found a suspected "mining" site in the address mentioned by the clues, with about 200 "mining machines" working. The inspectors immediately asked the property management personnel of the industrial park to contact the person in charge of the lessee of the site to assist in the investigation at the scene. After investigation, the computers in the site were operated by several partners who purchased idle "mining machines" from other places, and used them for virtual currency (Ether currency) mining and "mining machine" resale, and did not handle any related procedures.

The inspector informed the person in charge that on September 24, 2021, the People's Bank of China issued the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions", which pointed out that virtual currency does not have the same legal status as legal tender. Business activities related to virtual currency are illegal financial activities. The above-mentioned behaviors have not gone through the energy-saving review, and consume a lot of electricity and energy, which is suspected of violating the "Energy Conservation Law of the People's Republic of China". The inspectors asked the site to shut down and shut down the electricity, and then the person in charge of the site shut down all computers, and the staff of the power supply service center and the property management personnel went to the meter room to shut down the switch of the meter. The community will be responsible for coordination and supervision. The person in charge of the relevant department of Tangxia Town said that the virtual currency mining behavior that has not gone through the energy-saving review and approval procedures must be resolutely investigated and dealt with. Those who should suspend electricity consumption should stop immediately, and those who should be handed over to the public security organs should be handed over, and those who should be investigated for criminal responsibility be held criminally responsible. At the same time, a letter will be sent to various communities and smart network centers, requiring relevant personnel to come to the daily inspection work, pay more attention to "mining" behavior, and report to the office in time and investigate and deal with it if found.

Previously, some towns and streets in Dongguan City found that some companies used computers and graphics card recycling business to carry out virtual currency mining activities in sub-rental factories. A total of more than 260 mining machines were seized in the two places.On October 28, when Yuan Shiwang, deputy secretary of the Qingxi Town Party Committee, led a team to inspect the fire protection in the three small places, they found that there were more than a hundred mining machines in a sub-lease factory building in Sanzhong Village. Cooperate with the investigation. Qingxi Town Economic Development Bureau, public security, power supply and other departments intervened in the investigation and found that Yan used about 60,000 kWh of electricity in September and more than 120,000 kWh of electricity in October, which seriously disrupted the normal order of electricity consumption. It is understood that Yan’s main business is to recycle old mining machines and second-hand computer graphics cards for his own mining and selling mining machines. At present, more than 260 mining machines have been found in Sanzhong Village and Tuqiao Village. According to the work deployment of the special class for orderly electricity use in Dongguan City, next, the Qingxi Town Economic Development Bureau will take the lead in strengthening inspections and law enforcement with multiple departments, fully implement territorial supervision responsibilities, and conduct comprehensive inspections of sub-let factories and other places within the jurisdiction. Investigate, and resolutely investigate and punish virtual currency mining behaviors that have not gone through the energy-saving review and approval procedures. Those who should suspend electricity consumption should stop immediately, those who should be handed over to the public security organs should be handed over, and those who should be investigated for criminal responsibility should be investigated for criminal responsibility and resolutely crack down Bitcoin mining and trading behaviors resolutely prevent individual risks from being transmitted to the social field.

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However, some lawyers pointed out that the "mining" behavior violates the relevant basis of the "Energy Conservation Law"? Looking carefully from the beginning to the end, it is true that no specific illegal basis has been found. refer to

Shocked, Mining Violates the Clean Energy Act?

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Bitmain will hold a meeting in Dubai from November 9th to November 10th. According to a poster disclosed by a Thai supplier, Bitmain will announce the latest mining machine S19XP, which uses TSMC's 5nm chip and has a computing power of up to 150TH/s. The power consumption reaches 3225W, and the energy efficiency ratio is as high as 21.5J/TH. It will be shipped in July-September 2022.

4.

Previously, Bitmain’s top model was the S19Pro, with a computing power of 110TH/s, a power consumption of 3250W, and an energy efficiency ratio of 29.5J/TH. The computing power and energy efficiency ratio have been greatly improved. (Wu said)
According to the Xuzhou Municipal Public Security Bureau, the Fengxian County Bureau successively arrested 31 members of the Star Alliance network MLM criminal gang in Shanghai, Wuhan, Shenzhen and other places, and seized virtual currencies such as Ethereum, TEDA, and FIL coins worth about 400 million yuan. The Interstellar Alliance stated that the reason is that the suspect used suspected illegal funds for purchases. At present, most members have resumed normal work and will resume services after assisting the investigation. (Wu said)
According to news from Sina Finance and Economics on the evening of November 4, Canaan Science and Technology affiliate Shanghai Canaan Gies Information Technology Co., Ltd. accused Sichuan Yinbimei Technology Co., Ltd. and Shenzhen Gaorui Electronic Technology Co., Ltd. The two defendants were ordered to stop the infringement immediately, and to compensate economic losses and reasonable expenses of RMB 90 million.
Canaan Information claimed that the patent involved in the case was applied to the Patent Office of the State Intellectual Property Office by Canaan Technology in combination with its technological research and development achievements, and has been transferred to Canaan Information, which is legal and valid so far. However, the company found that some products developed and manufactured by Shenzhen Gurry and sold by Yinbimei in Sichuan used the technical solutions protected by the patent involved in the case, which fell within the scope of protection of the patent involved in the case. The two companies implemented the patented technology involved in the case without permission, which is suspected of infringing on the patent rights of Canaan Information.

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According to evidence from Canaan Information, Shenzhen Gurry’s related profits exceeded tens of millions of dollars. Therefore, Canaan Information officially filed a lawsuit with the Chengdu Intermediate People's Court, requesting that the court order Shenzhen Gaorui and Sichuan Yinbimei to immediately stop the infringement, and compensate Canaan Information for its economic losses and reasonable expenses totaling RMB 90 million.

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Previously, Bitmain and Whatsminer, Ebang and Whatsmart also had many patent disputes.

According to TheBlock, Meten EdtechX, a China-based and Nasdaq-listed English language training company, has ventured into bitcoin mining as China cracks down on off-campus training businesses. Meten, which went public via a SPAC deal in March 2020, first said in September that it planned to expand its business lines by entering the cryptocurrency mining space, and soon raised nearly $60 million in a new round of stock offerings.

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Swedish Regulators Call for a Total Ban on PoW Mining in the EU

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Wu said he was informed that Swedish financial regulator Finansinspektionen has called for a ban on crypto mining, saying cryptocurrencies pose a threat to the climate, Decrypt reported. Cryptocurrency mining requires a lot of electricity, so some cryptocurrency miners have turned to renewable energy sources, which has created additional problems for Sweden. Sweden has an abundance of renewable energy, but the resources available are limited. Regulators said that this part of energy is used to achieve climate change, and the occupation of miners will threaten the government's ability to implement the Paris Agreement, so it is proposed that the EU consider banning POW mining throughout the EU.

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Toronto Stock Exchange-listed crypto mining company Fortress Technologies (stock code: FORT) has announced that it will purchase 4,500 Bitmain Antminer S19j Pro bitcoin mining machines, Businesswire reported. The machines are expected to be delivered in equal monthly installments from April to September 2022. The acquisition increased the company’s total computing power by 450 PH/s from 195 PH/s previously. The acquisition comes less than two weeks after the company announced the purchase of 180 Whatsminer M30S machines and the deployment of three additional containers in its strategic partnership with Great American Mining. Fortress has seen a more than 260 percent increase in hashrate since the appointment of a new leader in September. (Wu said)

10.

Atlas Technology, which is expanding its North American cryptocurrency mining operations, has signed an agreement with Core Scientific to host more than 100 megawatts of bitcoin mining capacity, Atlas announced Monday, according to CoinDesk. On October 19, Atlas said it had signed a 100-megawatt colocation agreement with Compute North.

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Argo Blockchain, a listed mining company in the UK, released its third-quarter financial report. The company's quarterly revenue was US$26 million, a record in its history, and its net profit was US$17 million. As of September 30, the company had a total of 1,836 bitcoins. In the third quarter, a total of 597 bitcoins were mined, with a computing power of 1.07EH/s. In addition, Argo Blockchain expects that the previously purchased 20,000 Bitmain Antminer S19J Pro mining machines will be delivered in the second quarter of 2022. After the deployment is completed, the total computing power is expected to reach 3.7EH/s. (chain news)

12.

Bitcoin mining company Genesis Digital Assets announced that it is building a new self-hosted Bitcoin mining data center in West Texas with a capacity of 300 megawatts and power from the Electric Reliability Council of Texas (ERCOT), which More than 40% of the energy comes from wind and solar. (chain news)

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Wu said that on November 2, MARATHON, a North American listed mining company, stated that it had dug up 417.7 bitcoins during October 2021, increasing the total bitcoin holdings to approximately 7,453, with a fair market value of approximately $457.4 million. At the beginning of the year, the company ordered 42,381 mining machines from Bitmain, some of which are still in transit. Currently, the company has activated 27,280 mining machines.

Riot Blockchain stated that 464 bitcoins were produced in October 2021, a year-on-year increase of 433%; as of October 31, 2021, approximately 3,995 bitcoins were held.

Wu said that Kazakhstan has recently established a number of regulatory measures for crypto asset investment. According to local media outlet Kapital.kz, the government has imposed restrictions on the amount of money retail investors can invest in cryptocurrencies. Investors who have provided financial proof can invest up to 10% of their annual income or 5% of their total assets (excluding their main residence) each year, up to a maximum of US$100,000; those who have not provided can invest a maximum of US$1,000 per month.

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In addition, Kazakh President Tokayev, in a meeting with Energy Minister Mirzagaliev, emphasized the need to ensure uninterrupted electricity supply for businesses and households, and tasked the executive power to organize “emergency legislative regulation of mining.”

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14. Coinbase engineer Yuga C tweeted to summarize the information about the Ethereum merger in the Ethereum community conference call on November 6: the merger is expected to take place around the second quarter of next year, and there will be no downtime during the merger; ETH locked in will remain locked. The first task of the Ethereum community after the merger is to unlock the pledged ETH, and reiterated that the ETH rewards after the merger are only provided to validators and not miners.

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According to the "Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions" issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any operation and investment behavior. Readers are requested to strictly abide by the laws and regulations of the region and do not participate in Any illegal financial conduct. Wu said that without permission, it is forbidden to reprint or copy the content, and those who violate it will be investigated for legal responsibility.