There is a kind of mining, rare but not metal?

As the representative of strategic metals, tungsten, molybdenum and rare earth elements are very rare and difficult to obtain, which are the main factors that hinder the development of science and technology in most countries such as the United States. In order to get rid of the dependence on third countries such as China and ensure the smooth development of high-tech industries in the future, many countries have listed tungsten, molybdenum and rare earth metals as key raw materials.Such as the United States, Japan, South Korea and the European Union.

 

China is rich in land and resources, and Jiangxi Province alone enjoys the reputation of “Tungsten Capital of the World” and “Rare Earth Kingdom”, while Henan Province is also regarded as “Molybdenum Capital of the World”!

 

Ore, as its name implies, refers to the natural substances contained in strata, such as tungsten ore, molybdenum ore, rare earth ore, iron ore and coal mine, which contain many metal elements. As we usually understand it, mining is to dig out useful things from these minerals. However, what will be introduced below is a special mineral, which is rare but not metal.

Bitcoin is mainly mined by bitcoin mining machine. More generally speaking, a bitcoin mining machine is a computer used to earn bitcoin. Generally, these computers have professional mining chips, and most of them work by installing a large number of graphics cards, which consumes a lot of power.

 

According to China Tungsten Online, due to the tight policy, China will welcome a large area of bitcoin mining machine, and the shutdown load is about 8 million. Sichuan, Inner Mongolia and Xinjiang are mainly clean energy and hydropower provinces, but they have not become forts for bitcoin mining in China. Sichuan is currently the most important bitcoin mining machine gathering place in the world.

 

On June 18th, a document named Notice of Sichuan Development and Reform Commission and Sichuan Energy Bureau on Clearing and Closing Virtual Currency Mining Projects shows that for virtual currency mining, relevant power enterprises in Sichuan need to complete screening, clearing and closing before June 20th.

 

On June 12th, Yunnan Energy Bureau stated that it would complete the power consumption rectification of Bitcoin mining enterprises by the end of June this year, and seriously investigate and punish the illegal acts of Bitcoin mining enterprises relying on power generation enterprises, privately using electricity without permission, evading and abolishing national transmission and distribution fees, funds and adding profits, and immediately stop power supply once found.

 

On June 9th, the Development and Reform Commission of Changji Hui Autonomous Prefecture of Xinjiang issued the Notice on Immediately Stopping Production and Rectifying Enterprises with Virtual Currency Mining Behavior. On the same day, the Qinghai Provincial Department of Industry and Information Technology issued the Notice on Completely Closing the Virtual Currency Mining Project.

 

On May 25, Inner Mongolia Autonomous Region stated that it would strictly implement the “Several Safeguard Measures of Inner Mongolia Autonomous Region on Ensuring the Completion of the Target and Task of Double Control of Energy Consumption during the 14th Five-Year Plan”, and further clean up the “mining” behavior of virtual currency. On the same day,It also drafted “Eight Measures of Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Cracking Down on” Mining “of Virtual Currency (Draft for Soliciting Opinions)”.

 

On May 21st, when the Finance Committee held its 51st meeting to study and deploy the key work in the financial field in the next stage, it pointed out: “Combat bitcoin mining and trading activities and resolutely prevent individual risks from being transmitted to the social field”.

After the introduction of these policies, many miners sent a circle of friends. For example, some people said, “Sichuan has a load of 8 million, and it is closed collectively at 0: 00 tonight. In the history of blockchain, the most tragic and spectacular scene of miners is going to happen. How far-reaching will it be known in the future?” This means that the price of the video card will be reduced.

 

According to other data, the average computing power of the whole bitcoin network is 126.83EH/s, which is nearly 36% lower than the historical peak of 197.61 eh/s (May 13th). At the same time, the computing power of bitcoin mining pools with Chinese background, such as Huobi Pool, Binance, AntPool and Poolin, has dropped sharply, with the decreasing ranges of 36.64%, 25.58%, 22.17% and 8.05% respectively in recent 24 hours.

 

Under the influence of China’s supervision, it is a foregone conclusion that bitcoin mining will withdraw from China. Therefore, going out to sea is an inevitable choice for miners who still want to continue mining. Texas may become the “biggest winner”.

 

According to Washington Post, Jiang Zhuoer, founder of Leibit Mine Pool, was described as “China’s bitcoin giant” who was going to the United States, and he planned to move his mining machine to Texas and Tennessee.