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Coinviewinfo Weekly Report of Crypto Mining

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  1. According to data from the mining pool Foundry USA, 19.9% of the US BTC computing power is located in New York State, 18.7% in Kentucky, 17.3% in Georgia, and 14% in Texas. Foundry USA is the largest mining pool in North America and the fifth largest in the world. Although the data does not count the computing power of other mining pools, it reflects the distribution of computing power in the United States to a certain extent. Among them, New York, which has the most renewable energy, occupies the largest share. According to the latest data from the U.S. Energy Information Administration, one-third of the computing power in the New York area comes from renewable energy. It is foreseeable that renewable energy will gradually affect the business model of crypto mining
  2. On October 14th, Ant Mining Pool announced that it would stop IP access in mainland China from the 15th and launch the KYC system to comply with the laws of various countries.
  3. According to the official announcement of BTC.com, in order to comply with the latest regulatory policy requirements of the Chinese government, BTC.com will withdraw from the Chinese market on October 15, 2021 and will no longer provide services to mining users in mainland China. The specific measures are as follows: October 2021 The registration of new users in mainland China will be suspended on 15th. From October 15, 2021, mining services in mainland China will be shut down in an orderly manner.
  4. On October 15th, F2pool issued an announcement stating that in accordance with local laws and regulations, f2pool had previously stopped providing mining pool services to mainland China. We will complete the orderly clearance of users in China (excluding Hong Kong, Macao and Taiwan) before 16:00 UTC on December 31, 2021. If the system finds that the user is from this area, the account will close the mining pool function after 14 days, and the balance will be automatically paid. If you have not filled in the payment address, please fill in it in time.f2pool has previously stopped providing mining pool services to Burundi, Central African Republic, Congo, Cuba, Iraq, Iran, North Korea, Lebanon, Libya, Sudan, Somalia, South Sudan, Syria, Yemen, Zimbabwe and other countries and regions. We will effectively guarantee user service experience, adhere to the consistent principle of compliance management, and conduct business in compliance with local laws and policies on a global scale.
  5. On October 16th, GasNow, the Ethereum Gas Price quotation system under Spark Pool, officially stopped all services. Prior to this, the Spark Mine Pool, the largest Ethereum mining pool, announced the suspension of operations.
  6. Twitter founder Jack Dorsey tweeted that its payment company Square is considering building a Bitcoin mining system based on custom chips and open source formats for individuals and businesses around the world. If Square decides to do this, it will be built in open source form with the community just like its hardware wallet. At the same time, the following issues need to be considered: Mining needs to be more decentralized. The more decentralized, the more resilient the Bitcoin network is. Is this true? 2. Mining needs to be more efficient. Energy is a systemic issue that requires innovation in chips, software, and integration. What is the biggest opportunity? 3. Chip development is very expensive and requires long-term investment. It is best to be closely integrated with software and system design. Why don’t more companies engage in chip development? 4. Considering that the mining system is divided into hardware, software, productization, and distribution, does treating it as a single system improve accessibility? 5. Not everyone can mine, and individuals do not have enough motivation to overcome the complexity of running a mining machine. What is the biggest obstacle to running a mining machine? Jack Dorsey also stated that his team will begin the in-depth technical investigation required for the project and will issue an update when a decision is made.
  7. According to The Telegraph report, Bitcoin mining company BitFury plans to go public in the next 12 months and has now commissioned Deloitte to audit it. The company was valued at US$1 billion in the last round of financing, and the valuation of this listing may reach billions of pounds. The Telegraph stated that BitFury’s listing will be the largest cryptocurrency company IPO in Europe to date.
  8. Bitfarms announced the signing of a contract and began construction of a 210-megawatt facility in Argentina, which is expected to accommodate more than 55,000 mining machines. “The Argentine plant plans to use electricity to produce bitcoin at an attractive price of only 2.2 cents per kilowatt hour, thereby greatly increasing Reduce our already low Bitcoin mining costs”.
  9. Bitcoin mining company CleanSpark has purchased 4,500 S19 ant mining machines. Part of the funds comes from the sale of bitcoins held by the company. The mining machines will be delivered from next month and are scheduled to be completed by July 2022. In addition, it is expected that after these mining machines are fully put into operation, their sustainable Bitcoin mining capacity will increase by 450 PH/s, which is equivalent to nearly 45% of the current computing power. Currently, the company operates more than 10,000 mining machines. It is estimated that there will be 24,580 mining machines to be delivered in the next 12 months. As reported before, CleanSpark spent US$6.6 million in August to acquire its second data center in Georgia, and announced in September that it would invest US$145 million in transforming the data center into a carbon-neutral mine.
  10. Bit Digital, a NASDAQ-listed crypto mining company, announced that it has reached an agreement with Bitmain to purchase 10,000 BTC mining machines. As a result, Bit Digital’s total computing power exceeds 1EH/s. The current Bit Digital stock price is $11.86 and the market value is $650 million.
  11. According to Bnnbloomberg, the energy consumption level of Irkutsk Oblast in Russia this year has increased by 159% compared to 2020. Governor Igor Kobzev wrote to Russian Deputy Prime Minister Alexander Novak in a letter calling for an increase in electricity bills for miners. He believes that the grid is overloaded. Large, there is a danger of an emergency.Irkutsk Oblast relies heavily on hydroelectric power generation and has the cheapest retail power in Russia. Before China banned crypto mining, it was already a local energy-intensive Bitcoin mining center. The relocation of Chinese mining machines exacerbated this problem.

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