Bitmain Confirms Halting Its Shipment of Antminers to Chinese Customers

Business

Yahoo Finance 10 October, 2021 - 12:42pm

Bitmain plans to identify green energy mining opportunities from power generation projects in Chinese provinces.

In addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies. According to Bitmain’s announcement:

While the company has yet to reveal its plan to help existing customers in China, Bitmain will continue to supply Antminer crypto mining rigs to users across the world including those in Taiwan and Hong Kong.

To counter the temporary slowdown in the Chinese market, Bitmain has increased its production capacity for mobile mining containers — Antbox. In November, the company will host World Digital Mining Summit 2021 in Dubai, where it will discuss green energy mining opportunities “mainly derived from clean energy power generation projects in Yunnan, Xinjiang” and other Chinese provinces.

Bitmain did not immediately respond to Cointelegraph's request for comment.

Related: Hash rate and difficulty rebound shows miners have recovered from China exodus

Despite China’s recent ban on crypto activities, Bitcoin mining operations are on the path to full recovery as Chinese miners and investors move to friendly jurisdictions.

Cointelegraph reported that Bitcoin’s hash rate difficulty has increased 39% since late July. Moreover, Chinese media outlet Wu Blockchain pointed out that Bitcoin’s difficulty increased by 4.71% at block height 703,584 on Oct. 5, marking the sixth consecutive increase since July 31.

Read full article at Yahoo Finance

China limits investments in cryptocurrency mining

Engadget 10 October, 2021 - 07:37pm

Bitcoin.com notes China's Development and Reform Commission is asking for public commentary on the list through October 14th. It's doubtful public input will change the approach to crypto mining, however. China has deemed crypto transactions illegal, claiming the digital currency sparked a rise in money laundering and other financial crimes. The country has been testing its own cryptocurrency, though, and some suspect the country just wants a more stable currency it can directly control.

The move could further make cryptocurrency impractical in China. Just don't mourn for crypto as a whole. The price of Bitcoin has surged over 30 percent since China's September crackdown — these bans may have given crypto a second wind where it was otherwise poised to level off. It may just be a question of whether or not an official Chinese currency skews the market.

China proposes phasing out domestic cryptocurrency mining

CGTN 10 October, 2021 - 07:37pm

Content is automatically generated by Microsoft Azure Translator Text API. CGTN is not responsible for any of the translations.

A cryptocurrency mine site in southwest China's Sichuan Province, August 12, 2016. /CFP

China's regulator has proposed phasing out domestic cryptocurrency mining in a document published on Friday, stepping up efforts to rein in the sector.

The National Development and Reform Commission (NDRC) added the sector to the 2021 negative list on Friday and is asking for public feedback.

The draft 2021 negative list covers 117 industries, six less than the 2020 list, according to the NDRC. Investing in sectors on the list is either banned or requires permits.

Citing concerns including energy-wasting and regulation, officials included cryptocurrency mining on an April 2019 preliminary list of industries China wanted to eliminate. However, it was removed from the final version of the list published in November 2019.

The crypto market has drawn regulatory attention, as the highly volatile digital currencies pose growing risks. China in September banned cryptocurrency transactions and prohibited opening new mining projects in the country. It had also barred financial institutions and payment companies from providing services related to cryptocurrency transactions in May.

Read more: What makes China a world cryptocurrency mining hub?

Copyright © 2020 CGTN. Beijing ICP prepared NO.16065310-3

Copyright © 2020 CGTN. Beijing ICP prepared NO.16065310-3

Copyright © 2020 CGTN. Beijing ICP prepared NO.16065310-3

Bitmain suspends bitcoin miner shipments in mainland China

The Block Crypto 10 October, 2021 - 07:37pm

BTC's Price Rise Gives 5-Year-Old Mining Rigs New Life — Bitcoin Hashrate Jumps Close to 20% Since Last Week – Mining Bitcoin News

Bitcoin News 10 October, 2021 - 03:00pm

by Jamie Redman

Six days ago, Bitcoin’s overall hashpower was around 130 exahash per second (EH/s) and today it’s up 19.23% at 155 EH/s. Bitcoin (BTC) markets have been doing well this week up 15.9% during the last seven days. On Sunday, a single BTC is exchanging hands for just above the $55K zone and there’s $35.2 billion in global trade volume.

The higher price per BTC has made it so mining rigs are more profitable than they once were a few weeks ago in September. Using today’s BTC difficulty and electrical costs of around $0.12 per kilowatt-hour (kWh), the Microbt Whatsminer M30S++ is pulling in over $34 a day per machine. The M30S++ is powerful, of course, as each Microbt machine boasts 112 terahash per second (TH/s).

The Bitmain Antminer S19 Pro (110 TH/s) also makes over $34 per day with the next-generation miner’s output. The Canaan Avalonminer 1246 boasts around 90 TH/s in hashrate and estimates show it can make $25.88 per day using today’s BTC exchange rates. The Strongu Hornbill H8 Pro shows it produces 84 TH/s and profits by $23.67 per day using current exchange rates.

Older units like the Ebang Ebit E11++ (44 TH/s) and the Innosilicon T3 (43 TH/s) pull in anywhere between $11.02 to $11.77 per day in profit. The lowest hashpower producing bitcoin mining machine is the Bitmain Antminer T9 (11.5 TH/s) which can get a miner around $0.39 per day.

Every single Bitmain Antminer S9 series also makes a profit, producing anywhere between $0.84 per day and $2.00 per day, depending on the S9 model. There haven’t been any new launches in recent times, except for a new mining rig manufacturer from Singapore called Ipollo.

The Ipollo bitcoin miner called the B2 claims to produce 110 TH/s and pulls 3,250 watts from the wall. The mining rig’s current profit is $34.31 per day but the machine just came out this month. This means that the new company’s devices have not been out for that long and reviews are lackluster and sparse so far.

On Sunday, the mining operation F2pool commands the most hashrate with 26.59 EH/s or 18.69% of the global network. F2pool is followed by Antpool (20.94 EH/s), Poolin (20.94 EH/s), Foundry USA (17.28 EH/s), and Viabtc (14.96 EH/s). Unknown hashrate or stealth miners capture 2.10% of the global hashrate and the 2.99 EH/s puts the mystery hash in the ninth position.

The current mining difficulty is 19.89 trillion and in eight days it is expected to increase by 1.58%. This increase will put BTC’s mining difficulty back above the 20 trillion range making it close to 40% harder to mine BTC than three months ago.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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