Mining industry heats up with new 7nm chip, new $700m farm and a new $12bn public company? - Weekly Recap 12 June

in bitcoin •  11 months ago

Mining hardware manufacturing is heating up with Japan based GMO unveiling a 7nm bitcoin mining rig. This is more powerful and efficient than incumbent Bitmain’s 16nm Antminer S9 and Halong Minings 10nm DragonMint T1.

Coinmint has invested $50 million so far to convert a 1,300-acre Alcoa aluminum smelting plant in New York into a bitcoin mining farm. They plan to invest a total of $700m to make this one of the largest in the world.

Bitmain, the world’s largest producer of bitcoin mining ASICs, may be about to go public. Last year they made a record $2.5bn in revenue.

Bitmain has raised $400m in pre-IPO funding at a $12bn valuation from Sequoia Capital China.

South Korean cryptocurrency exchange Coinex suffers $40m hack. The hackers targeted altcoin ‘Pundi X’.

Cryptocurrency exchange Binance will be launching fiat to crypto trading through a separate legal entity in Malta. The exchange has previously avoided regulations like KYC and AML by only allowing trading between cryptocurrencies.

The CTFC, as part of it’s investigation into market manipulation, has demanded the trading data of 4 major Bitcoin exchanges. These include Bitstamp, Coinbase, Itbit and Kraken, which altogether serve as reference price for the CME bitcoin futures.

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