Global Crypto Mining News (Feb 14 to Feb 20)

Zhejiang Provincial Development and Reform Commission issued a notice on matters related to the virtual currency "mining" electricity differential tariff policy, requiring virtual currency "mining" electricity differential tariff, the tariff rate of 0.50 yuan / KWH. Previously, Hainan and Inner Mongolia have notified the price increase standard, Inner Mongolia price increase standard for 1 yuan per KWH, Hainan for price increase standard for 0.8 yuan / KWH.

The NuMiner bitcoin miner NM440, which previously claimed to generates 440 terahashes per second (TH/s) of hashrate, and power efficiency of 20.2 joules per terahash (J/TH), had a lot of false marketing and was suspected of using fake news to inflate its share price. NuMiner also claimed it is working “in coordination with” TSMC, the world’s biggest chipmaker; electronics manufacturer Foxconn; and fabless chip designer Xilinx.

TSMC said that NuMiner “is not a direct customer.” Xilinx said: “To the best of our knowledge, NuMiner has only purchased five computer cards through one of our distributors.” N NuMiner even stole the promotional photo from the AI hardware company Cerebras.（CoinDesk）

According to Caixin, Nvidia's OEM and other business reported revenue of $192 million for the quarter, up 25% year-over-year and down 18% sequentially. The year-over-year decline came mainly from a decline in shipments of mining-specific processor CMPs. For the fiscal quarter, CMP business revenue was just $24 million, down more than 75 percent sequentially from $105 million in the fiscal third quarter. "The continued instability in the cryptocurrency market has impacted industry demand for NVIDIA products." Kress said. in fiscal year 2022, Nvidia CMP total revenue of only $550 million, far short of the company's previous expectations.

MineXMR, the largest Monero mining pool, is relatively close to controlling more than half of the network’s hash rate. If it were to reach such a level, it would theoretically be able to carry out a 51% attack. Monero mining pool MineXMR now controls 44% of the privacy coin’s hash rate. Some Monero proponents have raised alarm over the situation and called on miners to deploy their hash power on other pools to reduce MineXMR’s hash rate control. MineXMR controls almost twice as much mining power as the second and third largest Monero pools combined. (TheBlock)

According to iz.ru, the Russian Ministry of Economy has proposed to allow mining in regions with a steady surplus of electricity generation, which would eliminate the risk of inadequate power supply to housing, social facilities and reduce commercial tariffs with taxes based on their operating profits. The current mining legislation regulation is also supported by the Ministry of Energy, but opposed by the Central Bank, saying that mining of cryptocurrencies is contrary to the goal of achieving carbon neutrality.

Legislation moving through the Illinois General Assembly would, if approved, extend a data center tax incentive program to cryptocurrency miners. In order to qualify for the program, would-be applicants must invest at least $250 million, create at least 20 jobs and have achieved carbon-neutral status or green building certification, among other requirements. States like Texas and Kentucky have sought to position themselves as hubs for cryptocurrency mining. (TheBlock)

BIT Mining (formerly 500.com) reported full year 2021 revenue of $1,326.9 million (the vast majority of which was generated by the mining pool) and a full year operating loss of $66.2 million, with a total of 7,649 ETH and 488 BTC produced to date.

Five members of the Georgia House of Representatives have introduced a bill that would exempt local crypto miners from paying sales and use tax.

The proposed bill is the latest in the series of state-level measures aiming to encourage crypto miners to set up shop. In January, Illinois lawmakers introduced a bill which would extend tax incentives for data centers engaged in crypto mining. Kentucky proposed similar legislation in March 2021.

Georgia is expected to have 56,000 Bitmain miners operating in the state by October as part of an agreement with the mining firm, ISW Holdings, and Bit5iv. In addition, the state’s legislature passed a bill in March 2021 calling for education officials to implement a high school study program based around financial literacy which includes cryptocurrency.（Cointelegraph）

Cyberdyne Tech Exchange (CTX), a Singapore compliant exchange, announced its name change to MetaVerse Green Exchange (MVGX) and the launch of a fiat currency lending business secured by digital assets (BTC/ETH) in USD and other fiat currencies to provide compliant financial capital support for the digital asset mining industry. MVGX is one of the few crypto exchanges holding MVGX is one of the few crypto exchanges to hold multiple licenses such as Singapore RMO and CMSL.

10.

Guangxi mobile group SMS said: virtual currency "mining" activities belong to the national elimination class industry, if found such action, will be the parties or institutions, according to law to take seizure and suspension of production, revocation of business license, stop bank credit, stop power supply, party discipline and political discipline legal responsibility and other means of processing.

11.

Meten Holding Group provides updates on its cryptocurrency business. To date, the Company has put 867 mining machines into operation, consisting of 147 mining machines purchased in small batches and 720 mining machines purchased from AGM Group Holdings Inc. ("AGMH") (Nasdaq: AGMH). The remaining 615 mining machines purchased from AGMH are expected to be deployed and put into operation by the end of this month. The Company currently has a total of 1482 units of Bitcoin mining machines with a computing power of approximately 150PH/s.

In addition, the Company has recently purchased 600 XP mining machines from Bitmain Technologies Ltd. ("Bitmain") with an aggregate computing power of approximately 100PH/s. These mining machines are expected to be delivered in the second half of this year.（Prnewswire）

12.

BitRiver’s Russian subsidiary had net zero carbon emissions in the second half of last year, the first firm in Russia to receive that accreditation, the company said in a Wednesday press release shared with CoinDesk.The report was verified by U.K.-based standards testing firm BSI.

BitRiver Rus, based in Irkutsk, Siberia, is one of the largest mining firms in Russia, offering hosting services for large-scale mining. Its data centers are 300 megawatts, and the company plans to increase their size over sixfold by the end of 2022. The company manages five proprietary data centers it has built from scratch, and is implementing a further 15 projects in Russia and abroad, according to the statement.（CoinDesk）

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