China will not ban bitcoin mining

Beijing has been concerned for a long time that in some regions miners abuse the low cost of electricity, which sometimes disrupts the normal electricity usage
05 January 2018   1166

Representatives of the People's Bank of China denied the earlier rumors about a possible ban on bitcoin mining, but intend to gradually eliminate the existing preferential terms for this business in the field of electricity, taxes and land use. This is reported by CoinDesk.

Reports on the likelihood of a ban on mining in China appeared on Wednesday, January 3. As it was stated, at the closed meeting of the NBK, the plan for limiting the supply of electricity to the cryptocurrency miners was discussed.

However, as Caixin writes, no meeting was held on that date.

At the same time, the publication confirmed that the Chinese authorities are really considering the possibility of withdrawing the preferences that the mining companies have recently used.

It is alleged that official Beijing has been concerned for a long time that in some regions of the country, miners abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

To date, China has concentrated a number of the world's largest farms for cryptocurrency mining, which use huge computing power. With an increased demand for electricity, the infrastructure is sometimes trivial.

GMO Internet to Release 7nm Bitcoin Miner

Mass production is planned to begin on June 6;  shipment starting by the end of October
24 May 2018   150

Japanese IT-company GMO Internet intends to release the world's first devices for bitcoin mining based on 7-nm chips before the end of this year. This is reported by Coindesk.

The company will start production of the new B2 miner on June 6, and its deliveries will begin in late October.

The announcement was made after several months of research and development of technology for the future device. Company reported on its plans to develop ASIC miner last September. It is expected that the device will be able to provide greater computing power with less electricity, but more detailed information will be provided along with the official announcement in June.

In addition to selling B2 to other miners, GMO Internet plans to install new devices on its own farms. Last year, the company allocated $ 90 million to develop its own business in this area.