Wednesday, December 8

Bitcoin Mining: In This Roundup Ecology And Regulation In Russia Highlighted


Bitcoin mining is one of the businesses with the highest projections in the world and in this summary we show you the best of the week. Among a number of important events, in our classic mining summary, we selected the 5 most salient events.

Among these, the plans of the Canadian company of Argentine origin, Bitfarms, stand out. This firm intends to install a 100% organic farm in Washington. On the other hand, it was learned that the Chinese authorities arrested a Party official for failing to comply with the measures against mining.

As you can see, the level of the news in the last 7 days does not drop. Thus, this important part of the crypto market remains one of the most active. It should be remembered that the price of Bitcoin is largely strengthened by mining activity.

These are the most important news of the week in Bitcoin mining

Coming to the 62nd edition of our traditional Bitcoin mining news roundup, important information is presented. As is customary, for this synthesis the most important news are valued, of which the 5 with the greatest impact are analyzed. These are the headlines:

  1. Provincial official is jailed by Chinese authorities.
  2. Bitfarms will install organic farm in Washington.
  3. Duma of Russia begins regulation process of digital mining.
  4. Energy supply in Kazakhstan is in danger due to influx of miners.
  5. Bitmain’s new S19 XP miner is the most powerful on the market.

Provincial official jailed by Chinese authorities

The consequences of prohibitive measures in China against Bitcoin mining continue to be felt in that nation. Despite the fact that this business was banned several months ago, there are still clandestine remnants of miners. Authorities suspect that the number of active miners is in the thousands and increasingly elusive methods are being used.

One of the most recent caught was a government official from Jiangxi Province. It should be noted that this is not just any official, but a member of the Communist Party. When it was found that he was involved in activities related to digital mining, he was accused of abuse of power, since he took advantage of his situation to carry out this business with impunity.

The Party’s measure to maintain its good name in front of the population was to expel the official and then imprison him. According explained The Marxist organization, this official, using his rank, would have supported some companies to maintain their mining activities undisturbed.

Bitfarms to install organic farm in Washington

Argentine-born Canadian company Bitfarms announced a new mining farm construction project. This is major news in the Bitcoin mining arena at this time as the business remains at a major peak.

On the other hand, it should be remembered that this company has its mining projects in Argentina in an advanced stage. Above all, the farm that they will have in the province of Córdoba. Now, the company announced a new outpost, this time in Washington where they will build a new farm established on 100% ecological bases.

According they announced it the new farm would be made up of some 6,200 state-of-the-art mining equipment. These would mine with a computing power of 620 petahashes per second. All the machines would be powered by hydroelectric energy.

Russian Duma begins digital mining regulation process

The authorities of the Russian Federation seem to be willing to break the legal limbo that weighs on Bitcoin mining. In that sense, a work team was created to address the regulation of digital mining. This is because some regulators believe that the loophole helps companies evade taxes.

The ad of these works, was unveiled recently this week. According to this communication, the president of the State Duma, Vyacheslav Volodin, ordered the creation of the aforementioned working group. This new advance is made at the request of Deputy Andrei Lugovoy, of the far-right Liberal Democratic People’s Party.

According to this deputy, the issue of mining regulation becomes an unavoidable issue, since it in this legal limbo lends itself to many issues. One of them, apart from the aforementioned tax evasion, is corruption. Russia is one of the mining strongholds of the world and currently the influx of Chinese miners increases the hash power within the borders of that Eurasian nation.

Among the most important news in this weekly summary dedicated to Bitcoin mining, the announcement by the Russian Duma to start the process of regulation of the mining business stands out.  Source: Telesur
Among the most important news in this weekly summary dedicated to Bitcoin mining, the announcement by the Russian Duma to start the process of regulation of the mining business stands out.

Energy supply in Kazakhstan is in danger due to influx of miners

Returning to the issue of the implications that the illegalization of the Bitcoin mining business in China continues to cause, the situation in Kazakhstan is now becoming more acute. This is one of the countries that receives the largest number of displaced miners from the Asian country. There are several reasons for this, including low cost of energy, business-friendly policies, and proximity.

However, the situation is spiraling out of control for the authorities. The large number of miners within its borders is endangering the country’s energy supply capacity. In this way, the vice minister of energy of that nation, Murat Zhurebekov, offered some impressions.

Among other things, said that tackling the issue of what mining means for energy supply is a matter not to be put off. The alarming figures show that the number of miners consuming energy in Kazakhstan could be double compared to the number of miners legally registered to carry out their operations.

Bitmain’s new S19 XP miner is the most powerful on the market

Another of the important news highlighted in this summary on Bitcoin mining, highlights the new machine of the manufacturer Bitmain. It is the S19 XP, so far the most powerful of the ASICs in the mining market. Although it is a version very similar to the previous S19 Pro, launched a year ago, its qualities are obvious.

Among the advantages it represents is that its efficiency is more than 36% better than previous versions. In addition, its mining power is about 150 TH / s. To get an idea of ​​how advanced this equipment is, it is noted that its components include a powerful 5-nanometer semiconductor chip.

It should be noted that Bitmain remains the leading manufacturer of Bitcoin mining machines. Its position as the undisputed leader in the choice of large companies is followed by other important manufacturers such as MicroBT, Canaan Creative, Ebang and others of less importance.



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