1. According to CoinDesk, Bitmain-backed cloud mining platform BitFuFu is preparing to go public in the United States through a merger with special purpose acquisition company Arisz Acquisition Corp. The combined company is expected to be renamed BitFuFu Inc and will be listed on Nasdaq in the third quarter under the ticker symbol FUFU.
The deal includes a full $70 million investment led by Bitmain and mining pool company Antpool, at $10 per share, the statement said. According to the press release, the combined company is expected to be worth $1.5 billion. According to the press release, BitFuFu expects to generate $330 million in revenue in 2022, up from $100 million in 2021, assuming a bitcoin price above $45,000. It expects to increase its hash rate from 3 EH/s at the end of 2021 to 10 EH/s by the end of 2022.
2. The Luxor mining pool said in a statement on Monday that the company is working with large institutional miners including Hut 8 and several retail miners in North America to provide a US-based Ethereum mining pool. “We have been closely tracking the development of ETH 2.0, and we are still launching the pool now, because we believe that there is a good chance that Ethereum will not transition to POS this year.” (CoinDesk)
3. The rating agency Fitch issued a statement defining Bitcoin mining as a potential threat to the stability of the U.S. electricity supply system. Not only is crypto mining energy-intensive, but the collapse in the price of bitcoin could force miners to renege on their long-term power supply contracts, Fitch said.
4. Recently, Kazakhstan, Uzbekistan and other Central Asian regions experienced power difficulties. The Kazakh Electricity Company cut off the power supply to Bitcoin mining enterprises. A spokesperson for the Kazakh National Electricity Company said on the same day:"From January 24th to January 31st, we will stop supplying electricity to cryptocurrency mining companies. The power failure in Kazakhstan was caused by the interruption of the main power line in southern Kazakhstan. The Kazakh miner also told Wu that the blockchain confirmed the news.
5. On January 26, the Inner Mongolia Development and Reform Commission announced that it will implement differential electricity prices for virtual currency "mining" projects. Incorporate the virtual currency "mining" project into the implementation scope of the differential electricity price policy, implement the electricity price for "eliminated" enterprises, and the price increase standard is 1 yuan per kilowatt-hour. The Inner Mongolia Development and Reform Commission updated the list of virtual currency "mining" projects in a timely manner, and the power grid company charged the electricity price increase in a timely and full amount according to the list of projects to ensure that the differential electricity price policy was strictly implemented.
6. Irkutskenergosbyt, a local electricity distributor in the Irkutsk region of Russia, has filed 137 lawsuits against customers who use subsidized electricity for cryptocurrency mining in basements and garages. Taking the cases to court, the utility hopes to recover 63 million Russian rubles (more than $790,000) in damages, its director Andrey Kharitonov said. The company stated that these home miners are engaged in mining activities while paying electricity bills at a quarter of the commercial electricity price, and the owners of underground crypto mining farms are also increasing the load on the grid in residential areas, causing failures and power outages. (Bitcoin.com)
7. Texas Governor Greg Abbott seeks the help of bitcoin miners to solve the power problem. He believes that bitcoin miners will be able to help solve the state's next power crisis. Greg Abbott believes that by inviting bitcoin miners into Texas, electricity providers may invest in new infrastructure projects. There have been several outages over the past few years due to lack of investment from the company. Bitcoin mining has been accused of being a very power-hungry and polluting industry, although it has been heard many times in the past that Bitcoin miners consume a lot of electricity. But in recent years, things have changed. Because of technological advancements and investments in clean energy, Bitcoin is becoming a cleaner and more efficient blockchain network than it has been in the past. Meanwhile, some bitcoin mining projects have also created their own electricity solutions. This means that Bitcoin miners are becoming self-sufficient and consuming less electricity thanks to investments in renewable technologies such as solar panels. (UTB)
8. Greenidge Generation Holdings said it will spend $264 million to build a data center in South Carolina for cryptocurrency mining. The data center will create 40 permanent technology jobs. The first phase is expected to open later this year, with expansion planned until 2025.
9. U.S. Senator Elizabeth Warren expanded her investigation into bitcoin miners' energy use and their environmental footprint, sending letters to six more miners on Thursday.
Warren wrote to Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group and Bit Digital, questioning their"unusually high energy usage"。
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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.
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.
