Bitfarms set to acquire 48,000 new miners in 2022 despite chip shortage

Bitfarms set to acquire 48,000 new miners in 2022 despite chip shortage

Chinese supplier MicroBT will be providing the new hardware over the next two years.

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One of the largest publicly traded Bitcoin mining operations in the world, Bitfarms, has undertaken to purchase 48,000 new miners over the next two years.

The Canadian mining company has sourced the equipment from Chinese supplier MicroBT in a bid to increase its hashing capacity by another 5 EH (exahashes) according to reports. Bitfarms was founded in 2017 and currently has a capacity of 1 EH. It has targeted a 200% increase by the end of 2021.

The hashing capacity is the amount of pure computing horsepower that can be dedicated to mining Bitcoin or cryptocurrencies.

The firm anticipates the initial shipment of hardware to take place on or before January 2022, with the final mining rigs expected to arrive in December 2022. It will increase its overall hashing capacity to a total of 8 EH over the next two years. Emiliano Grodzki, CEO of Bitfarms, stated it was getting harder to secure mining rigs:

“The supply of miners will be one of the greatest challenges in for the foreseeable future due to a global shortage of wafers used to create semi-conductor chips which is a vital component in mining rigs.”

The report did not specify which units would be purchased but MicroBT’s flagship product is the “WhatsMiner M30S++” boasting 112 TH/s and retailing at $9,300. The company website currently reports all mining devices are sold out.

Over the past eight months, Bitfarms has acquired over 12,000 mining rigs from MicroBT, citing reliability and power efficiency as reasons for the purchases.

In December 2020, Bitfarms deployed 1,000 new Whatsminer M31S mining rigs and placed an order for an additional 3,000 Whatsminer M31S+ miners scheduled for delivery in late February 2021.

Bitfarms was the first Bitcoin mining company to complete its long-form prospectus with the Ontario Securities Commission and started trading on the Toronto Stock Exchange in July 2019. The company has five industrial scale facilities located in Quebec, all powered with hydroelectric energy.


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Chinese supplier MicroBT will be providing the new hardware over the next two years.

Chinese Energy Supplier Deploys Blockchain Node in State-Run Network

Chinese Energy Supplier Deploys Blockchain Node in State-Run Network

Gansu province is now connected to the state-run Energy Zone Blockchain public service platform.

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An energy supplier in China has successfully deployed its first blockchain node. This node went live through the government-backed network, the State Grid Corporation of China.

According to The Paper, Gansu province becomes the second provincial power company outside the State Grid Ningxia Power Company to connect to the state-run Energy Zone Blockchain public service platform.

The deployment of the blockchain node in the province is part of the Party Central Committee’s initiative to strengthen the research and application of blockchain technology.

Providing fairness and transparency

The announcement says that the next step is to continue exploring the local application of blockchain technology across the province. The region looks forward to strengthening the fields of energy and power to promote further blockchain applications.

Strengthening blockchain adoption

Chinese authorities have identified blockchain as a key component for several sectors of the economy.

Cointelegraph reported that the Chinese Circular of the National Health Commission plans to ramp up information technology support in preparation for future pandemics.

On June 26, Yun­nan province city of Kun­ming completed the development and internal testing of the country’s first completely blockchain-based public resource bidding platform.


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Gansu province is now connected to the state-run Energy Zone Blockchain public service platform.

Continental Unveils Demo Earning App for Blockchain-Based Car Platform

Continental Unveils Demo Earning App for Blockchain-Based Car Platform

Automotive supplier Continental pilots “Earn As You Ride” app that lets drivers monetize their parking data

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Automotive supplier Continental has unveiled an application called Earn As You Drive, which uses blockchain technology to monetize car user information.

Parking space data for digital currency

Forbes reported the news on Aug. 29. Per the report, Continental has partnered with tech firm Hewlett Packard Enterprise and open source network provider Crossbar.io to create Earn As You Drive. This application reportedly lets drivers opt in to earn digital currency for sharing information about street parking availability through vehicle sensors. The data is shared with a manufacturer, who in turn sends it to a third party parking service.

The new app relies on Continental’s blockchain-based Data Monetization Platform (DMP). As previously reported by Cointelegraph Brasil, Continental partnered with Hewlett Packard for this development, which was announced back in February. In addition to monetizing vehicle-collected data, the project also purportedly aimed to use the data to bolster driver confidence and safety.

Jaguar Land Rover’s experiment earning programs

Jaguar Land Rover has also been trialing an earning program with the Iota Foundation. According to the report, the company has been testing the program in Ireland, which allows users to receive IOTA cryptocurrency in return for sharing data.

As reported earlier today by Cointelegraph, Jaguar Land Rover and Iota are performing a demo of a new distributed ledger technology for tracking and sharing energy data. In addition to providing data on how much energy the Jaguar I-Pace uses, the platform also tracks the origins of the energy and can ensure that it originates from sustainable sources.

Blockchain-based data monetization in the home

As previously reported by Cointelegraph, the Energy network company E.On filed a patent application for a blockchain-based information collector that could be used for data monetization. The device would reportedly use sensors to collect user data from smart home applications, which users could then selectively sell to third parties.


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Automotive supplier Continental pilots “Earn As You Ride” app that lets drivers monetize their parking data

Bitmain Chip Supplier Faces Infringement Lawsuits From Competitor

Bitmain Chip Supplier Faces Infringement Lawsuits From Competitor

TSMC, the world’s top semiconductor foundry and chip supplier for Bitmain, faces multiple infringement lawsuits from GlobalFoundries

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TSMC, the world’s largest independent semiconductor foundry and chip supplier for Bitmain, is facing multiple lawsuits from its competitor GlobalFoundries (GF).

Alleged patent infringement 

GF, the second biggest semiconductor foundry by sales after TSMC, filed several lawsuits in the United States and Germany, accusing Taiwanese TSMC of infringing on 16 GF patents, according to an official GF statement on Aug. 26.

In the lawsuits, the California-based company seeks orders to ban TSMC from importing semiconductors produced with its technology to the United States and Germany, with GF claiming that importation of infringing Taiwanese semiconductors is unlawful. 

Additionally, GF is seeking damages from TSMC based on TSMC’s unlawful use of GF’s proprietary technology in its “tens of billions of dollars of sales,” as announced by GF.

Multiple lawsuits were filed on Aug. 26 in the U.S. International Trade Commission, the U.S. Federal District Courts in Delaware and Texas, and the Regional Courts of Dusseldorf and Mannheim in Germany.

TSMC will defend its tech

TSMC published an official statement regarding the issue on Aug. 27, claiming that the company is in the process of reviewing the complaints. However, TSMC stressed that they are confident that GF’s allegations are baseless. TSMC added that the firm is “disappointed to see a foundry peer resort to meritless lawsuits instead of competing in the marketplace with technology.”

Apple, Google and Nvidia also on the list of defendants

According to a report by Chinese finance news outlet Sina, GF’s allegations included infringement of technology that covers 7 nanometer (nm), 10nm, 16nm and 28nm semiconductor processes. Citing a report by China-based tech blog DeepTech Deep Technology, Sina reports that apart from TSMC, Apple and Nvidia, as well as six chip design manufacturers and ten consumer product suppliers such as Google, ASUS and Lenovo have joined the list of defendants. 

In July, Bitmain reportedly confirmed its urgent order for wafers from TSMC, claiming that it will receive 30,000 7nm wafers from the company.


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TSMC, the world’s top semiconductor foundry and chip supplier for Bitmain, faces multiple infringement lawsuits from GlobalFoundries

IBM Launches New Blockchain Platform for Supplier Data Management

IBM Launches New Blockchain Platform for Supplier Data Management

IBM launches new blockchain network for managing supplier information and reducing the risk of fraud and errors

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Tech giant IBM and blockchain company Chainyard have jointly developed a new blockchain network for supply chain management. IBM announced the platform in a press release shared with Cointelegraph on Aug. 5.

Alongside IBM, the Trust Your Supplier network’s founding members are also American brewing company Anheuser-Busch InBev, tech companies Cisco, Lenovo, Nokia, Schneider Electric, British pharmaceutical company GlaxoSmithKline and telecoms company Vodafone. The product is built on the IBM Blockchain Platform and aims to eliminate manual time-consuming processes and help reduce the risk of fraud and errors.

Per the release, Trust Your Supplier creates a digital passport for supplier identity on the blockchain network that enables suppliers to share information with selected buyers on the network. By deploying the platform, users purportedly can reduce the time and cost associated with qualifying, validating and managing new suppliers. Renee Ure, chief supply chain officer for Lenovo’s data center group, said:

“Blockchain has the ability to completely transform how companies onboard and manage their supplier network for the future. Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity and speed.”

IBM continues expanding blockchain projects 

The Trust Your Supplier network thus joins an array of other blockchain-based projects from IBM. In mid-July, the company tripled the number of blockchain patents secured in the United States since 2018, boasting over 100 active patent families. 

Also last month, American tech giant Seagate in collaboration with IBM entered the pilot stage of its blockchain project designed to fight counterfeit hard disk drives (HDD). The project aims to help manufacturers, integrators and business partners to better authenticate the provenance of HDDs by using IBM’s Blockchain Platform.


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IBM launches new blockchain network for managing supplier information and reducing the risk of fraud and errors

South Korea’s Largest Car Supplier Hyundai to Use DLT in Smartphone-EV Pairing Tool

South Korea’s Largest Car Supplier Hyundai to Use DLT in Smartphone-EV Pairing Tool

South Korea’s largest car manufacturer Hyundai will use blockchain in its apparently industry-first smartphone-vehicle pairing tool

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South Korea’s largest car manufacturer, Hyundai Motor Group, will use blockchain in its new tech for pairing electric vehicles (EVs) with smartphones. Sustainable mobility-focused news agency Green Car Congress reported on the development on April 22.

Hyundai reportedly announced development of smartphone-EV pairing based performance adjustment technology that allows users to customize primary functions via a smartphone application.

In the claimed industry-first, Hyundai will reportedly implement blockchain technology to prevent security issues while users upload and share their custom settings on the server.

As such, the upcoming system is set to encrypt major performance parameters on a blockchain network by creating new data blocks in the process of uploading and sharing custom settings in order to prevent unauthorized manipulation of data.

According to the report, drivers will be able to adjust seven performance features such as the maximum torque output of the motor, acceleration and deceleration abilities, regenerative braking capacity, maximum speed limit, responsiveness and energy use on climate control.

Earlier this year, Hyundai’s financial services subsidiary, Hyundai Commercial, partnered with American tech giant IBM to transform its business model with blockchain. The partnership is focused on deploying open source Hyperledger Fabric blockchain technology to create a new supply chain financing ecosystem for the Hyundai Commercial network.

Recently, IBM was granted a patent for a new system to manage data and interactions for self-driving vehicles.


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South Korea’s largest car manufacturer Hyundai will use blockchain in its apparently industry-first smartphone-vehicle pairing tool

Major UK Energy Company Acquires Stake in Blockchain Firm Electron

Major UK Energy Company Acquires Stake in Blockchain Firm Electron

Major U.K. energy supplier OVO has made an investment in blockchain firm Electron through its recently launched technology division, Kaluza

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Major United Kingdom energy company OVO has invested in blockchain firm Electron through its recently launched technology division, Kaluza. The development was announced in an OVO blog post published on March 12.

Kaluza —  an intelligent grid technology company that provides software and hardware products to the energy sector — has reportedly made an investment in Electron, a London-based energy tech company that uses blockchain technology. The move aims to facilitate Electron’s deployment of distributed energy trading platforms.

Electron will purportedly use the proceeds of the investment to develop its energy platforms and systems, or its distributed flexibility marketplace. “The development of Electron’s shared asset register will be crucial to supporting the growth of Kaluza and deliver on its mission to securely connect all devices to an intelligent zero-carbon grid,” the post explains.

The new investment from OVO is reportedly the first since Mitsubishi acquired a 20 percent stake in the firm. OVO is reportedly the seventh largest energy supplier in the U.K.

Blockchain has seen multiple applications in the energy sector globally. Earlier in March, Thai petroleum refining firm Bangchak Corporation Public Co. Limited (BCP) began testing a blockchain-based energy trading platform and commercial microgrid. The platform will support the basic electricity needs of an average BCP fuel station in addition to generating, distributing and storing energy for neighboring shopping mall tenants.

Last month, Japan’s solar power supplier Kyocera partnered with LO3 Energy to test blockchain-based virtual power plants (VPP) for improved energy distribution. The test will allow the companies to evaluate the the feasibility of VPPs that promote low-carbon use without fuels or carbon emissions based on peer-to-peer distributed consensus network.

According to recent research from Infoholic Research LLP, the global blockchain in energy utilities market is expected to grow by 60 percent by 2024. The market was assessed to be $210.4 million in 2018, and is expected to reach $3.4 billion by 2024. Infoholic Research predicts the growth at a compound annual growth rate of 59.4 percent from 2018 to 2024.


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Major U.K. energy supplier OVO has made an investment in blockchain firm Electron through its recently launched technology division, Kaluza

Solar Power Supplier Kyocera Teams up With Blockchain Firm to Improve Energy Distribution

Solar Power Supplier Kyocera Teams up With Blockchain Firm to Improve Energy Distribution

Japan’s solar power supplier Kyocera has partnered with LO3 Energy to test blockchain-based virtual power plants for improved energy distribution

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Japan’s solar power supplier Kyocera has partnered with LO3 Energy to test blockchain-based virtual power plants (VPP) for improved energy distribution, according to a press release published on Feb. 25.

Scheduled for Feb. 28, 2019, the test will allow the companies to evaluate the the feasibility of VPPs that promote a low-carbon society without fuels or carbon emissions based on peer-to-peer (P2P) distributed consensus network.

Within the joint project, Kyocera — which has 81.79 billion yen ($736 million) in net income — will set up small VPPs using its solar photovoltaic (PV) modules and batteries, while New York-based LO3 Energy will be responsible for managing energy flow based on its distributed ledger technology.

LO3’s blockchain technology is applied for verifying and recording transactions, distributing energy with their own solar panels through a microgrid rather than using large energy grids.

In turn, Kyocera has been specializing in solar power generating systems and storage batteries for Japan’s government-led VPP test projects, developing new expertise in remotely controlled distributed power resources.

Lawrence Orsini, CEO of LO3 Energy, said that the necessity to reduce carbon emissions exerts a profound impact on energy providers all over the world, while using blockchain can enable micro energy transactions that are needed to meet this challenge.

He claimed that the combination of Kyocera’s energy expertise with LO3 Energy’s blockchain knowledge can potentially build a new generation of virtual power plants that can accelerate Japan’s transition to a low-carbon society.

In May 2018, global tech giant IBM partnered with blockchain firm Veridium Labs to tokenize carbon credits that will allow companies to track their carbon footprint with blockchain, which also addresses the issues of global warming.

In November last year, scientific journal Nature Sustainability reported that cryptocurrency mining processes consume more energy than mineral mining. According to the study, mining copper, gold, platinum require less energy to generate one United States dollar than mining major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).


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Japan’s solar power supplier Kyocera has partnered with LO3 Energy to test blockchain-based virtual power plants for improved energy distribution

Swiss Electronics Supplier SIRIN Labs to Ship Its First Blockchain-Based Smartphone

Swiss Electronics Supplier SIRIN Labs to Ship Its First Blockchain-Based Smartphone

Swiss-based SIRIN Labs will start shipping its first blockchain-enabled FINNEY phone tomorrow, as electronics giant HTC also plans a blockchain-related phone release

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Blockchainfocused electronics supplier SIRIN Labs will ship its first blockchain-based smartphone tomorrow, Nov. 29, U.S.-based IT and business tech magazine Computerworld reports today, Nov. 28.

Following a funding round that raised $157 million in an Initial Coin Offering (ICO) for a blockchain-powered phone in December 2017, the Swiss-based firm announced this summer that they will release their blockchain-enabled smartphone FINNEY in November 2018.

Based on both Android and SIRIN’s open-source operating system (OS), SIRIN OS, the FINNEY phone will offer a cold-storage crypto wallet and provide secure encrypted communications. On sale for $1,000, FINNEY will also contain a Token Conversion Service (TCS) that reportedly eliminates the need for visiting external exchanges by converting supported tokens and coins, the article notes.

Cointelegraph reported in July that the phone will be manufactured and developed at the Taiwan-based Foxconn Technology group, a major manufacturer of products from Apple, Google, Cisco, Huawei, and Amazon.

SIRIN’s CEO has stated that the brand new blockchain-powered smartphone aims to simplify the process of using cryptocurrencies and peer-to-peer networks, also making it more familiar via Android OS.

Back in May, electronics giant HTC also revealed its plans to release “the first native blockchain phone,” HTC Exodus. However, this summer, the company clarified that they will not be releasing a smartphone with a native blockchain network for crypto trading, but rather a phone featuring a crypto wallet and Ethereum (ETH)-based decentralized application (DApp) game CryptoKitties.

Also this summer, the Opera web browser had announced that they are releasing a beta version of their service for Android that would include a native crypto wallet.


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Swiss-based SIRIN Labs will start shipping its first blockchain-enabled FINNEY phone tomorrow, as electronics giant HTC also plans a blockchain-related phone release