1.Ethereum’s entire network computing power hits a record high
Wublockchain learned that the computing power of Ethereum’s whole network reached a record high. Oklink data showed that it was 617T on August 25 and Sparkpool data showed that it was 652T on August 26, both reaching a record high. Although Ethereum EIP-1559 destroys part of the handling fees, due to the rise of Ethereum prices, the income of Ethereum miners (in French currency) is higher than that after May 20.
2.Notice of the Office of the People’s Government of Yingjiang County of Yunnan Province on the Procurement and Supply of Accurate Grabbing Mobile Phones to Bitcoin “Release” Enterprises
Wublockchain learned that the office of Yunnan Yingjiang County People’s government issued a notice on strictly cleaning up the illegal power supply of hydropower stations to bitcoin “mining” enterprises. The notice points out that all towns and Yingjiang farms need to immediately notify all hydropower stations within their jurisdiction to stop all illegal power supply to bitcoin “mining” enterprises, move the mining machines out of the power station plant and dismantle the big data plant by themselves before August 24, 2021. If the mining machinery plant is not demolished within the time limit, the county people’s government will organize relevant departments to demolish it forcibly, and report to the State Energy Bureau to de network the hydropower station.
In addition, the notice also requires all townships and Yingjiang farms to strengthen supervision and report the demolition of big data plants of hydropower stations to the county development and Reform Bureau before August 25. The county development and Reform Bureau should strengthen law enforcement to ensure that the illegal power supply of hydropower stations to bitcoin “mining” is completely eliminated.
3.The Supreme Law says that virtual currency mining is a high-energy-consuming industry that is not encouraged by the country. It judges Fuzhou Genesis to return nearly 500,000 graphics cards to Genesis Mining
Wublockchain learned that according to the block report, genesis mining suddenly suspended the cryptocurrency payment to its hosting customers from September 2018 based on the allegation that Genesis mining failed to pay its electricity bill. Genesis mining filed a lawsuit with Fuzhou intermediate people’s court in May 2019, demanding the return of 560000 GPUs and 60580 antminer S9 bitcoin ASIC mining machines. The company accused Genesis of failing to meet its obligations and embezzling mining machines. Genesis mining said that it had decided to terminate the custody relationship, but the other party refused to return the mining machine while starting to sell some equipment. Genesis mining submitted a written opinion that, first, Fuzhou Genesis company’s application for retrial is malicious to delay the lawsuit and continue to illegally occupy the equipment involved in the case to make profits.
The Jiangxi high court ordered Gen 100000 to return the GPU to Genesis Mining’s Chinese mainland subsidiary and return the 385681 GPU to the Hongkong entity of Genesis Mining. However, genesis petitioned the Supreme People’s court with new evidence and asked China’s supreme judicial organ to review the case. Earlier this year, the Supreme Court rejected the application for reexamination, saying that according to Article 97 of the contract law of the people’s Republic of China, after the contract is terminated, the parties can claim restitution and compensation for losses. GM company has the right to claim the return of the equipment. The equipment involved in the case is still in operation and has the conditions for return. The original judgment that Fuzhou Genesis company returned the equipment to GM company is not improper. However, whether GPU has mining income during this period is not reflected in the judgment.
The supreme law judgment document stressed: “the establishment of Fuzhou data center and the custody and operation of equipment involved in this case are actually the behavior of using equipment for high-performance computing to obtain virtual currency reward. It is a high-energy consuming industry that is not encouraged by the state. The original judgment orders the termination of the contract and the termination of the dual legal relationship, which is also in line with the current national adjustment direction of the industry involved in the case.”
4.KuCoin announces its entry into the Bitcoin mining pool field
Wublockchain has learned that KuCoin has announced its entry into the Bitcoin mining pool field and launched KuCoin Pool, which will support cloud computing power in the future. This means that another leading exchange has entered the mining pool field, which will make the already crowded mining pool market more crowded. CMC data shows that KuCoin spot trading volume ranks sixth. KuCoin is also one of the first exchanges to expand overseas markets.
According to Cointelegraph, KuCoin CEO Johnny Lyu also claimed that KuCoin’s newly launched mining pool will encourage miners to participate in environmentally friendly solutions-those who use renewable energy for mining will receive fee discounts.
5. Powerbridge announces the purchase of 5600 Bitcoin and Ethereum mining machines, previously mainly engaged in government software applications
Wublockchain was informed that Powerbridge, a Nasdaq-listed company, announced the purchase of 5,600 Bitcoin and Ethereum mining machines. The 2000 BTC mining machines consist of Antminer S19 Pro and Antminer S19 models with high computing power and energy efficiency. The computing power is 200PH/s; the 3,600 ETH mining machine is composed of high-performance RTX 3070, RTX 3060 Ti and other models, with a pre-calculation power of 1,700 GH/s.
In 2019, Powerbridge, a foreign trade software company headquartered in Zhuhai, officially submitted the issuance rules for listing on the Nasdaq in the United States (IPO). According to the official website of Powerbridge, the company was founded in October 1997 and is headquartered in Zhuhai Southern Software Park, China’s national software industry base. The company’s main business is to provide customers with software applications, consulting services and system solutions required by international trade. According to Powerbridge’s disclosure, of the company’s total revenue of $21.6 million in 2017, government sector customers accounted for 30.3% of the revenue.
On August 24, 2021, Powerbridge disclosed that Zhao Liang officially joined Powerbridge as an executive of the company’s blockchain industry cluster, responsible for cryptocurrency mining and blockchain cutting-edge technology research and development. Zhao Liang graduated from the Department of Physics of Peking University. He was the CTO of former Nasdaq listed companies Tudou.com and Kuliu.com, and successively worked for Microsoft, IBM and other companies. Zhao Liang personally owns multiple Ethereum mines. He independently researched and developed GPU integrated mining platform FXOS, participated in multiple public chain projects at home and abroad, and independently developed public chain projects based on warehousing big data analysis.
6.Google Play Store bans 8 encrypted mining cloud computing apps
Wublockchain learned that, according to businessinsider reports, Google found eight such dangerous apps in the Play Store and banned them. These apps use the usual “get rich quick” plan to lure users to invest in cloud mining services for profit. The eight software scores are: BitFunds-Crypto Cloud Mining, Bitcoin Miner-Cloud Mining, Bitcoin (BTC)-Pool Mining Cloud Wallet, Crypto Holic-Bitcoin Cloud Mining, Daily Bitcoin Rewards-Cloud Based Mining System, Bitcoin 2021, MineBit Pro-Crypto Cloud Mining & btc miner, Ethereum (ETH)-Pool Mining Cloud.
7. Blockstream has completed US $210 million in financial capital and will release bitcoin mining machine in Q3 next year
Wublockchain learned that, according to Forbes, Bitcoin infrastructure company Blockstream raised $210 million at a valuation of $3.2 billion. According to the announcement, investors include Scotland-based investment company Baillie Gifford and stablecoin issuer Tether’s parent company iFinex, and Hong Kong-based cryptocurrency exchange Bitfinex.
The new funds are accompanied by the acquisition of the intellectual property rights of Spondoolies, an Israeli bitcoin mining hardware manufacturer specializing in the production of ASICs, and the amount of the acquisition is undisclosed. The Spondoolies team will also join Blockstream to establish the company’s ASIC department. By raising funds, the company hopes to expand its mining operations and develop new products. “We actually expect Blockstream branded mining machines to be on the market in the third quarter of next year,” said Adam Back, CEO of Blockstream. This means that in addition to the migration of mines and mining pools to the West, mining machine R&D and manufacturing may also migrate from China to the West.
Part of the funds raised will be used to advance Blockstream’s Bitcoin mining products and services. The new mining infrastructure they are building is planned to be used in many partnerships, such as their cooperation with Square, and they are developing solar mining facilities.
8. Iran to lift Bitcoin mining ban in September
Iran will once again allow Bitcoin and crypto miners to operate in the country from the last week of September. According to a report by Iran’s Financial Tribune, Tavanir, the country’s power generation organization, made the decision known earlier in August.
Iran’s government banned Bitcoin (BTC) and crypto mining operations back in May. At the time, the decision was reportedly made to prevent miners from overburdening the grid during the hot summer months.
Indeed, Bitcoin miners have been blamed for incessant blackouts and power shortages in Iran. Such has been the extent of the problem that Iran reportedly paused electricity exports to neighboring Afghanistan.
However, illegal crypto mining operations are reportedly the reason for the significant strain on the electricity supply. As such, only authorized miners will be cleared to resume operations once the moratorium lifts in September.
9. Riot Blockchain Records $31M In Bitcoin Mining Revenue, Up 1540% From Same Period Last Year
Bitcoin mining firm Riot Blockchain Inc reported record revenues in the second quarter of 2021. On August 23，the company said its mining revenue increased by 1540% to a record $31.5 million over the second quarter from the $1.9 million during the same period in 2020.
This massive growth in Bitcoin-mining-related revenue, coupled with a 70% increase in its mining revenue margin, enabled Riot to produce $19.3 million of net income in Q2 2021. During the same period last year, Riot reported a net loss of $10.6 million.
“With the successful acquisition of Whinstone US, the Company’s growth prospects have been significantly de-risked, and future financial opportunities are very exciting,” said Jason Le, chief executive officer at Riot, referring to the company’s recent expansion in Texas.
10．Ethereum ecological storage protocol Swarm completed a new round of funding activities, 7 projects received funding
Wublockchain has learned that the Ethereum ecological storage protocol Swarm has announced 7 projects as its new round of funding recipients. This round of funding activities funded the energy data collection management system 7energy with BZZ tokens worth 10,000 DAI, enhanced application Dapplet BZZ tokens worth 5,000 DAI, open social network OSM BZZ tokens worth 3,000 DAI, and SocialArchive BZZ worth 8,000 DAI Tokens, electronic health record system BrainTrip worth 10,000 DAI of BZZ tokens, digital copyright service DRS worth 10,000 DAI of BZZ tokens, decentralized art band Laibach worth 7,000 DAI of BZZ tokens. Swarm said the funding activities will accelerate the construction of its ecology.
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