"Two hands" reach out to the source of Bitcoin

The computing power of Bitcoin has once again experienced a decline, with a drop of 19% in half a month. There is no question that the Chinese regulatory punch is working. On May 21, after the Financial Stability and Development Committee of the State Council (hereinafter referred to as the "Financial Committee") made it clear to "crack down on bitcoin mining and trading", the action soon began in northern China. On the 25th, the Development and Reform Commission of the Inner Mongolia Autonomous Region issued a draft for soliciting comments on "Eight Measures to Resolutely Crack Down on and Punish Virtual Currency "Mining" Behaviors." After the industrialization of Bitcoin mining that relies on electricity, the saying that "Chinese miners control the computing power of Bitcoin" has been circulating for many years. Last month, scholars from the Chinese Academy of Sciences and Tsinghua University published a paper on "Nature Communications" to digitize this statement: Chinese miners account for more than 75% of the Bitcoin network's computing power. The paper points out that without any policy intervention, the annual energy consumption of China's Bitcoin blockchain is expected to generate 130.5 million metric tons of carbon emissions in 2024, which will exceed the total annual greenhouse gas emissions of the Czech Republic and Qatar. Such consequences obviously run counter to the goals of "carbon neutrality" and "carbon peak" proposed by our country this year. In May, policy intervention came quickly. China's Bitcoin Miners Face a Choice: Shut Down or Move? At the moment of decision-making, Musk, who "changed his face" about Bitcoin some time ago, came again. The founder of Tesla called on miners around the world to use clean energy to mine through social media to help the sustainable development of Bitcoin. The magazine "Playboy" launched the first original NFT series "The Playboy Party People": On December 4th, to celebrate the 69th anniversary of "Playboy", the entertainment company will launch the first original NFT series on the Sandbox metaverse platform "The Playboy Party People". A total of 1,969 NFTs will be issued in this series (38 of which will be reserved for The Sandbox and Playboy), and each NFT will be priced at 100 SAND; it will be publicly sold at 2 pm UTC on December 6, 2022, and Live on OpenSea 48 hours after minting. [2022/12/4 21:22:14] When China plans to liquidate the Bitcoin mining industry, some North American companies and capital are beginning to move. According to the data of OKLink on May 26, the computing power of Bitcoin’s entire network dropped to 145 EH/S, a drop of 19% from this year’s peak of 180 EH/S in half a month. The starting point of the last big landslide in computing power was April 16, and it dropped from 168 EH/S to 136 EH/S in about a week, becoming the lowest point since the beginning of the year. The computing power of BTC has dropped again this year. The NFT project "Genesis Pass" launched by the hardware wallet Ledger became the No. 1 OpenSea sales in the past 24 hours: Jinse Finance reported that the hardware wallet manufacturer Ledger has launched an NFT distribution platform called "LEDGER" Market, referred to as L Market, its launch partners include LVMH's Tag Heuer and NFT projects such as RTFKT and DeadFellaz. Ledger's first set of Genesis Pass NFT issued a total of 10,000 pieces. After being minted, it currently ranks first in the 24-hour sales of the OpenSea NFT market with 1587.61 ETH. This NFT allows owners to exchange limited edition Ledger Black-on-Black Nano X and give priority to Buy new Ledger hardware. [2022/7/27 2:40:01] Compared with the data of the same period last year, Honeycomb Finance found that May 26 last year was also the lowest point of the entire network computing power in the whole year, only 90.35EH/s. Last year’s computing power peaked on October 17, reaching 146.47EH/s, which is a relatively low level of computing power for the entire network this year. It can be seen that within a year, with the high price of BTC, the computing power has been increasing. Li Ang (pseudonym), a Bitcoin miner, analyzed that as usual, in April and May, some mines are in the stage of migrating from north to south, and thermal power mining is shifting to hydropower mining to prepare for the wet season. The transition has a certain relationship, and in April this year, BTC soared to 64,000 US dollars a piece, and the difficulty of mining the entire network is also increasing. Generally, inefficient mining opportunities will withdraw from the computing power market, which will also bring about a decline in the computing power of the entire network "SIX Digital Exchange launches SDX Web3 service: Golden Finance reported that SIX Digital Exchange (SDX) designed a series of products SDX Web3 service for institutional customers. SDX Web3 service is aimed at institutional customers and will initially focus on the most prominent application of Web3: encryption Currencies, NFTs and other asset tokens. SDX Web3 services provide institutional clients with fully secure digital asset custody services. Starting with key cryptocurrencies and expanding to other classes of tokens, these services include key storage, transaction execution and monitoring of bank-level compliance standards, automated reporting and blockchain management. (finextra) [2022/6/24 1:27:49] For miners, the good water season in southwest regions such as Sichuan and Yunnan has become an uncertain factor this year, and the uneasiness brought about by tightened supervision The atmosphere is hanging over their heads. On May 21, after the meeting of the Financial Affairs Commission of the State Council made it clear to "crack down on Bitcoin mining and trading", policy news from Inner Mongolia began to spread in the mining circle. On May 25, the "Eight Measures of the Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Cracking Down on and Punishing Virtual Currency "Mining" Behaviors (Draft for Comments)" (hereinafter referred to as the "Draft for Comments") was released to the public. The "Draft for Comments" specifically mentioned the requirements of the 51st meeting of the Financial Commission of the State Council on cracking down on bitcoin mining and trading, and specified specific measures for soliciting opinions, including industrial parks that provide venues for "mining", data centers, self-provided power plants, and subjects with "mining" behaviors (big data centers, cloud computing companies, communication companies, Internet companies, Internet cafes, etc.); Transfer to relevant departments; companies and personnel with "mining" are included in the blacklist of dishonesty; public officials who participate in virtual currency "mining" or provide them with convenience and protection shall be transferred to the discipline inspection and supervision agencies for processing. DCG CEO: The market has reached the "maximum pain" and will buy Bitcoin: Golden Financial News, Digital Currency Group CEO Barry Silbert wrote, "It feels like the encryption market has reached the maximum pain and uncertainty, and we are here Buy BTC". [2022/6/18 4:35:59] As early as February this year, the Inner Mongolia Development and Reform Commission had issued "Several Guarantee Measures for Ensuring the Completion of Energy Consumption Dual Control Targets during the 14th Five-Year Plan (Draft for Comment)", planning Clean up and shut down virtual currency mining projects in an all-round way, and withdraw all before the end of April. The energy consumption dual control goal in the "14th Five-Year Plan" refers to strict control of high energy consumption and high emission projects. This year, the Chinese government has proposed the goals of carbon peaking and carbon neutrality, and the timetable is becoming clearer. Since April, many provinces and cities across the country, such as Guangxi and Liaoning, have implemented the task of "dual control". Various measures have been introduced in various places, and Bitcoin, which relies on electricity production, has hit the gun. On April 6, a paper entitled "Policy Evaluation of Carbon Emissions and Sustainability of China's Bitcoin Blockchain Operation" was published in "Nature Communications". The paper has aroused the attention of Chinese and even overseas media. The paper points out that without any policy intervention, the annual energy consumption of China's Bitcoin blockchain is expected to peak at 296.59 TWh in 2024, generating 130.5 million metric tons of carbon emissions, which will exceed the annual greenhouse gas emissions of the Czech Republic and Qatar. Total emissions. A piece of data in this paper also brought Chinese miners to the forefront again, "Chinese miners account for more than 75% of the Bitcoin network's computing power." Metaverse chain game MELI officially disclosed investment institutions: According to official news, Metaverse chain game MELI officially disclosed 105 guilds and some investment institutions including AC Capital, BAF Capital, BIP32 Venture, BoringDao, BSCS, Chainup Capital, Cloud Hashrate, CryptoPHD, Coinup, Coinvision, Dazhi VC, Formless, Gate.io, GMC fund, IPFSfund, K24 Venture, Magnus Capital, MEXC, NGC, OKEx Blockdream Venture, OP Crypto VC, Pancake Swap, TECH FLOW, Ticker Capital, Redline DAO, Unionblock VC, ZB.com, ZBG. (The rankings are not divided into front and back) It is reported that Meli is an NFT battle game based on the two-dimensional culture, which integrates playing methods such as battle, ranking, incubation, and cultivation. Connect with a rich and interesting combination of scenes. [2021/11/17 21:56:08] The paper uses mining pool computing power data. Indeed, judging from the teams of mining pool companies, there are Chinese entrepreneurs behind F2P F2P, AntiPool, Poolin and Poolin, which have a large proportion of computing power. Some people in the industry pointed out that this does not explain the geographical distribution of specific miners' computing power. In addition, some mines in China have adopted clean energy or consumed electricity for mining according to the requirements of local policies. The most typical area for power consumption is Sichuan. Since last year, Aba, Ganzi, Ya'an and other places in Sichuan have begun to build consumption demonstration parks, and dispatch surplus power to load points with power demand. Many big data companies. According to industry sources, some big data companies in the park are actually mines, but they are also stationed in accordance with local policy requirements and park regulations. Under the country's "dual control" goal, this year's consumer parks in Sichuan also began to limit power. Before the regulatory requirements for Bitcoin mining were issued, on May 16, a local hydropower consumption demonstration area implemented a temporary all-day power cut. A few days later, the computing power of Bitcoin's entire network plummeted by 20%. On May 25th, a miner in a mine in a mining park in Sichuan said, "Today's electricity supply is on time." Although he was optimistic about mining during the high water season, his tone could not help but reveal helplessness, " Let’s take one step at a time.” When China showed a clear attitude towards the Bitcoin mining industry, miners had to make a choice before the arrival of specific implementation policies: shut down or relocate? Waiting and watching, Tesla founder Elon Musk appeared again. On May 25th, Musk said on social media that he was in contact with North American encryption mining companies, and in order to help the sustainable development of Bitcoin, he called on miners around the world to use clean energy for mining. Mike Saylor, CEO of MicroStrategy, a US-listed company, confirmed Musk's move. He said on social media that he presided over the meeting on May 24, and North American mining companies have agreed to form the Bitcoin Mining Council (Bitcoin Mining Council) to improve energy consumption transparency and accelerate sustainable activities around the world. MicroStrategy and Tesla are both public companies holding bitcoin. According to media reports, eight institutions attended the meeting, including Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon Digital Holdings and other companies. These institutions decided to set up an organization to make energy consumption Standardize disclosures and seek to meet renewable energy mining targets. In fact, mining with clean energy is nothing new. In April 2021, Bitcoin mining company Gryphon Digital Mining stated that its Bitcoin mining operations will use 100% clean energy. At that time, the company revealed that there were at least three global companies using clean energy to mine Bitcoin, including ArgoBlockchain in the UK and Neptune Digital Assets in Canada, both of which are listed companies. This year, the price of Bitcoin is high, and the market is called "institutional bull". The source of a large amount of institutional capital is the US Grayscale Fund, MicroStrategy and Tesla. When the outside world believes that Chinese miners hold most of the source of Bitcoin production, overseas capital and companies have exposed their ambitions to get a share of it. The iron fist of Chinese regulation creates a good time. Foundry USA, located in North America, has long aimed at China's mining industry. The mining pool announced in April this year that BitDeer, a digital asset mining ecological service provider, has reached a cooperation with it. Bit Deer was previously famous in the industry for selling cloud computing power, and the capital behind it is Bitmain, a giant in the production of bitcoin mining machines. Foundry CEO Mike Colyer said in his speech, "Welcome the global leader in cloud mining, BitDeer Group, to become the first Asian institutional client of Foundry USA mining pool." The news of the cooperation was posted on the official blog of Foundry USA, which shows the importance to Asian clients degree of importance. The proportion of BTC computing power of each mining pool Mike Colyer has always hoped that the computing power of the Foundry USA mining pool can break into the top five. Previously, he stated to the outside world that North America has sound infrastructure, cheap electricity, and good compliance. He predicted that North America will become the next preferred place for mining. According to the data of BTC.com on May 26, the current 24-hour computing power of the mining pool accounts for only 1%, ranking 13th. The top three are F2Pool, Biyin and AntPool, accounting for 25.7%, 13.3% and 12.4% respectively. In fact, not only the capital and enterprises of European and American countries are eyeing bitcoin mining, but Kazakhstan next door to China also has a bitcoin mining industry. A mine called Enegix found domestic blockchain media through social platforms last year. Hope to introduce Kazakhstan's mining industry to Chinese miners.

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