Author：Colin Wu
1.
According to OKLink, DCG’s bitcoin mining pool Foundry USA once ranked first with 25 blocks mined in 24 hours. Recently mining pools have been hit with massive DNS and domain name failures in China. This move could lead to a sell-off of GPU miners and more.
2.
Fourteen of the biggest crypto mining companies in the world have moved more than 2m machines out of China in the months following the policy to ban, according to the Financial Times. The lion’s share of machines were hastily moved to the US, Canada, Kazakhstan and Russia.
3.
Vanguard, one of the world’s largest public funds, newly purchased 4,213,270 shares of Canaan as of Sept. 30, representing a 2.46% stake, according to the latest Canaan institutional holdings. Vanguard was once a major shareholder in Microsoft, Apple, Tesla and others. Previously, Fidelity Investments also held some shares of Canaan.
Canaan reported its third quarter earnings, which showed that it recorded total revenue of RMB 1.32 billion in the quarter, the best single quarter revenue record in its history, and the company expects revenue to grow 35%-50% in Q4 2021 compared to the third quarter. Gross profit was RMB 740 million, up 73.3% from RMB 420 million in the second quarter of 2021. R&D expenses for the quarter were RMB 92.76 million ($14.4 million), an increase of 188.8% from RMB 32.12 million in the same quarter of 2020. As of September 30, 2021, the Company’s cash and cash equivalents were RMB 1,698.5 million ($263.6 million), an increase of 334.0% from RMB 391.3 million as of December 31, 2020.
4.
On November 18, the Blockchain Center of Yunnan Province held a special forum to rectify the virtual currency “mining”. Xu Meijuan, deputy director of Wuhua Science and Technology Industrial Park Management Committee, requested at the meeting to take the remediation of virtual currency “mining” activities as an important task for high-quality socio-economic development, resolutely put an end to the spread of virtual currency “mining”, and effectively consolidate the results of cleaning up virtual currency “mining”.
5.
The morning of November 19, Fujian Provincial Development and Reform Commission held a virtual currency “mining” rectification of the special video conference to inform the province’s virtual currency “mining” rectification work, the next phase of work to deploy.
The meeting stressed that all departments should have a deep understanding of the importance of virtual currency “mining” rectification work, and resolutely and forcefully achieve the goal of cleaning up virtual currency “mining”.
6.
According to TheBlock, Celsius Network had increased its investment in bitcoin mining by $300 million and now has around 22,000 S19 series miners. It also issued loans to mining companies (with bitcoin as collateral) to satisfy their reluctance to sell bitcoin.
7.
According to CoinDesk, Crypto mining rigs maker Canaan delivered 2,000 Avalon mining rigs to Kazakhstan. The company currently operates 32,000 TH/s of computing power and plans to operationalize 850,000 TH/s in the near term, according to the press release, with the future target of 1.8 EH/s in total.
8.
Crypto mining company Xive shut down a 2,500-rigs mine in South Kazakhstan due to lack of sufficient electricity supply from the national grid. Kazakhstan has been grappling with electricity shortages, partly caused by an influx of crypto miners from China. The southern part of the country is particularly vulnerable as the region lacks abundant electricity generating plants and the national grid cannot reliably transfer electricity from the energy-rich northern region.
9.
Kazakhstan’s president Kassym-Jomart Tokayev has suggested the construction of a nuclear power plant to keep up with Bitcoin mining migrants. Kazakhstan’s only nuclear power plant closed in 1999. Between 1949 and 1963, 1.5 million citizens were exposed to the effects of 110 Soviet nuclear tests, and as a result, the local population is uneasy about nuclear power plants.
10.
New regulatory requirements and criteria for the crypto mining industry must be adopted to streamline its operations while developing a comprehensive ecosystem for digital assets. That’s according to a recent statement by Dyusenbay Turganov, member of the Mazhilis, the lower house of Kazakhstan’s parliament. Quoted by the local business news portal Inbusiness.kz, the deputy noted that mining has been a legal industrial activity since the adoption of legislative amendments in 2020. He also reiterated that starting from January 2022, miners operating in accordance with the law will pay a new type of tax to the budget.
11.
According to Liaoning Anshan Public Security, in early November, Tiedong Public Security found that someone had installed a large number of mining machines to steal electricity. In the early hours of November 4, Tiedong Public Security officers caught three people involved in the case, and seized 161 rigs of “mining” and the stolen electricity facilities on the spot, with a total stolen electricity value of more than 1.2 million RMB.
12.
Bitcoin mining infrastructure firm, Fortress Technologies announced its financial results for the third quarter of 2021 today. During the three month period, the company reported a net income of $3.5 million. In addition, Fortress Technologies maintained a strong balance sheet with a total Bitcoin balance of 129 BTC. Additionally, the company held $5.7 million in cash in Q3 of 2021. The active hash rate of Fortress increased substantially in the last quarter. According to the company’s estimation, its active hash rate will produce more than 13 BTC per month. Fortress also appointed new leadership during the quarter, as Antonin “AJ” Scalia and Thomas “Drew” Armstrong joined the Company as Chief Executive Officer and President/Chief Operating Officer, respectively. Scalia and Armstrong also replaced Joshua Crumb and Michael Costa on the Company’s board of directors.
13.
Houston-based tech company Lancium announced Tuesday it raised $150 million to build bitcoin mines across Texas that will run on renewable energy.
In the year ahead, the company plans to launch over 2,000 megawatts of capacity across its multiple sites, which Lancium refers to as “Clean Campuses.” To put that in context, downtown Dallas uses 200 megawatts worth of power.
The funding round was led by clean energy company Hanwha Solutions, along with other power companies, Lancium said.
“I think the fact that it’s all energy companies investing suggests that we have a shared vision of the role bitcoin mining should play in the grid,” said Lancium Chief Executive Officer Michael McNamara.
14.
On Nov. 23, 2021，Extreme Vehicle Battery Technologies Corp. ( “EV Battery Tech”) is pleased to announce that on November 22, 2021 it entered into a Share Exchange Agreement to acquire Optimal CP Inc., a company focused on the development and management of crypto mining facilities . The Company will issue 55 million common shares of the Company, at a price of $0.25 per common share, to the shareholders of Optimal, for a deemed transaction valuation of $13,750,000.
15.
Bitcoin miner Griid Infrastructure is negotiating with blank-check firm Adit EdTech Acquisition Corp. (ADEX.US) about a possible special purpose acquisition company (SPAC) merger that would value the company at more than $3 billion. Spokespeople for Adit EdTech and Cincinnati-based Griid declined comment to Bloomberg on the talks, which are still fluid and could change. Griid announced this week that it has secured a $525 million facility from Blockchain.com, a four-year facility that will help it increase capacity and scale, according to Trey Kelly, Griid’s founder and CEO.
16.
On November 24, the Chengdu public security authorities have taken criminal compulsory measures against 35 suspects since the opening of a series of GUCS and Kirin mining virtual currencies cases.
17.
Touzi Capital, a private equity company, and Elite Mining Inc. (EMI), a global leader in green crypto mining, are pleased to announce a partnership aimed to expand crypto mining operations and investments for both companies.
Touzi Capital will deploy over 1,000 Bitmain miners with EMI over the course of the expansion and partnership planned for 2022. One thousand S19 Bitmain AntMiners could currently mine 0.60218744 BTC per day, according to NiceHash’s calculations.
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