ChainCatcher news, according to Cointelegraph, as various industries connect large data centers and facilities to the power grid, the demand for electricity in North America driven by cryptocurrency mining and artificial intelligence operations has reached new highs. The electricity consumption of crypto mining can vary, typically fluctuating with changes in market prices, which further complicates grid management and leads to sudden fluctuations in energy load demand during normal operations.NERC's latest long-term reliability assessment shows significant growth in areas such as Texas, with peak demand expected to grow at a rate of 4.6% per year by the summer of 2029, four times the previous forecast.

ChainCatcher news, according to a report by the Russian TASS agency, starting from January 1, 2025, 10 regions in Russia (Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, the Donetsk and Luhansk People's Republics, as well as Zaporizhzhia and Kherson regions) will impose a complete ban on cryptocurrency mining for a period of six years. The ban will last until March 15, 2031.Russian lawmakers have also approved seasonal restrictions on cryptocurrency mining in major mining regions to prevent power outages. These restrictions are consistent with the Russian cryptocurrency mining law signed by the president in August and October 2024.

ChainCatcher news, according to Caixin, the UAE's first local cryptocurrency company listed on the Abu Dhabi Securities Exchange (ADX), Phoenix Group, recently announced the appointment of a new CEO and plans to achieve dual listing on Nasdaq in 2025 to further expand its international market and enhance its global influence.Phoenix Group was established in 2017 and is headquartered in Abu Dhabi, UAE. In October 2023, it successfully listed on the Abu Dhabi Securities Exchange, becoming the first private cryptocurrency and blockchain entity to be listed on the Middle Eastern stock market.As the largest cryptocurrency mining business operator in the Middle East and North Africa region, Phoenix Group has rapidly risen in recent years and has developed into a technology group with a market value of several billion dollars.

ChainCatcher news, according to Cryptonews, the Abkhazian police have recently intensified their crackdown on private crypto miners, seizing nearly 200 mining machines within four days. The Abkhazian State Security Service (SSS) conducted raids in cities such as Ochamchira and Sukhum from December 10 to 13, confiscating 194 mining machines. The Ministry of Internal Affairs also seized 10 mining machines from the Gudauta and Gagra districts.Timur Dzhindzholiya, head of Chernomorenergo, stated that despite the implementation of rolling blackouts, energy consumption has not decreased, indicating that crypto mining continues to consume a significant amount of electricity. On December 10, internet service providers suspended the network for seven hours in an attempt to alleviate the pressure of mining on the power grid. On December 11, the Inguri Hydroelectric Power Station was forced to shut down for 24 hours due to low water levels.In addition, Abkhazia's acting Prime Minister Bganba has called on the government to consider declaring a state of emergency in the energy sector.

ChainCatcher news, the encrypted mining chip design company Nano Labs has completed its previously announced private placement of 5,611,459 shares of Class A common stock at a purchase price of $6.46 per share, raising approximately $36.25 million. The total purchase price was paid in USD, Bitcoin, and USD.

ChainCatcher news, the encrypted mining chip design company Nano Labs has completed its previously announced private placement of 5,611,459 shares of Class A common stock at a purchase price of $6.46 per share, raising approximately $36.25 million. The total purchase price was paid in USD, Bitcoin, and USD.

ChainCatcher news, according to DL News, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital and its CEO Eng Taing, accusing them of a $115 million unregistered securities offering fraud. According to the complaint, from 2021 to early 2023, the defendants raised approximately $118 million through false advertising of cryptocurrency mining and debt restructuring businesses, including $95 million from the crypto mining project and $23 million from the debt restructuring project, involving over 1,500 investors across the United States.The SEC stated that Taing falsely promoted the project as a "stable and predictable" high-yield savings account investment, while in reality, these investments were "highly speculative and lacked liquidity." The SEC accused the defendants of misappropriating investor funds for personal purposes and continuing to solicit investors even after the business began to collapse. In fiscal year 2024, the SEC initiated a total of 583 enforcement actions, obtaining a record $8.2 billion in financial compensation.

ChainCatcher news, according to Cointelegraph, based on year-to-date data, 16 publicly listed crypto mining companies have spent a total of $3.6 billion on property, plant, and equipment (PP&E) upgrades, including new mining hardware. So far in 2024, these 16 mining companies have raised over $5 billion, with the third quarter being the highest period for PP&E spending since the first quarter of 2022. Spending on mining hardware accounts for the majority of PP&E expenditures. Since 2023, publicly listed mining companies have spent a total of $2 billion on hardware upgrades. The report explains that the lifespan of crypto mining hardware typically averages 3-5 years and must be upgraded regularly to maintain profitability. Additionally, crypto companies are shifting from equity financing to debt financing.Regarding the PP&E expenditures of mining companies in November 2024, Bitfarms signed a miner hosting agreement with Stronghold on November 1, which includes terms for hosting an additional 10,000 Bitcoin mining devices at its facility in Pennsylvania. Around the same time, CleanSpark, a company focused on renewable Bitcoin mining, announced plans to build 400 megawatts of mining infrastructure after acquiring mining company GRIID in October 2024. On November 11, Hive Digital purchased 6,500 application-specific integrated circuits (ASICs) for the company's upcoming facility in Paraguay.

ChainCatcher news, according to Bloomberg, Northern Data AG is expected to complete the sale of its cryptocurrency mining business, hoping to take advantage of the rising Bitcoin market to profit. Northern Data's Chief Financial Officer Elliot Jordan stated that the company has hired bankers to invite bidders to submit offers and is currently reviewing various proposals. Jordan told investors, "Clearly, now is the best time to sell this business." The main shareholder of Northern Data is the stablecoin issuer Tether, which is seeking to free up funds to expand its artificial intelligence services business.

ChainCatcher news, according to Cryptonews, the Russian Federal Tax Service has confirmed that Russian companies are applying for cryptocurrency mining licenses, with 150 applications submitted so far. The head of the Federal Tax Service, Daniil Egorov, stated that these applications were all submitted after November 1. Registrants must provide the Federal Tax Service with the cryptocurrency assets they mine, cryptocurrency wallet addresses, and other data.Private miners with a monthly electricity consumption of no more than 6,000 kilowatt-hours (kWh) are exempt from registration.

ChainCatcher news, the Russian government's Electricity Development Commission approved cryptocurrency mining restrictions on Monday, which will take effect on December 1, with a subsequent enforcement period from November 15 to March 15 each year until 2031.Deputy Energy Minister Evgeny Grabchak confirmed this decision, which targets 13 regions including Irkutsk, Buryatia, and Transbaikal, but excluding Moscow. The approval to extend the enforcement period is aimed at managing peak electricity demand and addressing energy shortages. Other affected regions include Karachay-Cherkessia, Kabardino-Balkaria, Donetsk, and Luhansk People's Republic.

ChainCatcher news, according to Protos, Russian authorities have announced plans to ban cryptocurrency mining in the occupied territories of Ukraine. Russian Deputy Prime Minister Alexander Novak chaired a meeting attended by senior ministers, where they discussed the country's "difficult regime balance" and its impact on the power industry, which is facing supply and capacity shortages during the autumn and winter seasons.Reports indicate that the Russian government plans to extend the proposed ban on cryptocurrency mining to the occupied territories of Ukraine, such as Donetsk, Luhansk, Zaporizhzhia, and Kherson regions.Additionally, six other regions in the North Caucasus will face a complete ban on cryptocurrency mining activities until 2031. Irkutsk, parts of Buryatia, and the Transbaikal Territory will face partial mining bans during the autumn and winter seasons until 2031. Russia passed a law in July that legalizes cryptocurrency mining starting November 1, meaning there is only an 18-day gap between legalization and prohibition.

ChainCatcher news, according to short-selling research firm S3 Partners, the short interest in Bitcoin mining stocks has surged by 50% over the past 30 days, reaching $4.6 billion.This is the highest level for 2024, with Bitcoin mining stocks like Riot, Marathon Digital, and CleanSpark seeing price increases of 86%, 55%, and 73% respectively since September, far exceeding Bitcoin's gains.Matthew Unterman, Managing Director at S3 Partners, stated that this rapid increase could trigger a short squeeze, leading to market volatility.

ChainCatcher news, according to Chainwire, the decentralized protocol Prosper announced that its native project token PROS has received investment from the crypto mining company BIT Mining, with the specific amount not disclosed.It is reported that the Prosper protocol aims to connect institutional-grade Bitcoin mining capabilities to the blockchain, with the goal of unlocking the potential of Bitcoin through liquidity mining.

ChainCatcher news reports that Russia's comprehensive cryptocurrency mining regulations came into effect on November 1, imposing strict energy limits, mandatory registration, and rigorous oversight to reform the industry. The law officially defines mining as a legal activity in Russia, stipulating safety and operational requirements for miners and creating a framework for trading digital financial assets on specially approved platforms. This framework aims to provide clarity and oversight for Russia's growing cryptocurrency industry, in the face of increasing energy demands and concerns over illegal mining activities.Under the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. However, individual Russian citizens who are not formally registered as entrepreneurs can also mine, but with a monthly electricity consumption limit of 6,000 kWh. If they exceed this limit, they will need to register as entrepreneurs to continue their mining activities. This approach ensures that smaller individual mining operations remain viable while imposing stricter requirements on larger, potentially commercial operations.The regulations also establish detailed reporting obligations for miners, requiring them to disclose the total amount of digital currency mined to the Federal Tax Service (FTS) and provide address identifiers for each transaction. This information will be accessible only to law enforcement agencies, ensuring a degree of privacy protection while enabling oversight. Additionally, miners must ensure that their operations meet standards of reliability, safety, and power stability to mitigate risks to the local power grid.

ChainCatcher news, Russian Deputy Energy Minister Evgeny Grabchak announced that due to ongoing energy shortages, Russia will restrict cryptocurrency mining in specific regions. The affected areas include the Far East, southwestern Siberia, and southern regions with limited power resources. The power shortage may persist until 2030, making large-scale mining difficult to sustain in the long term. The state news agency TASS confirmed the ban.Law enforcement actions have been launched against illegal or household mining. On October 28, Russian authorities arrested a resident of Novosibirsk who was suspected of power fraud related to cryptocurrency mining, profiting over 12 million rubles (approximately $123,000). The case is still under further investigation.

ChainCatcher news, Bitmain issued a statement stating that Bitmain focuses on the cryptocurrency mining machine business and has no connection with the recent media reports regarding the supply investigation. Any news claiming that Bitmain is involved in the aforementioned incident is false. Bitmain reserves the right to pursue legal responsibility against media outlets that publish and disseminate false information.Previous news, the U.S. Department of Commerce launched an investigation into TSMC earlier this month to confirm whether it provided chips to Huawei. Subsequently, TSMC stopped supplying chips to the AI company Sophgo, which is affiliated with Bitmain.

ChainCatcher news, according to Cointelegraph, Green United promoter Kristoffer Krohn filed a motion on October 24 in the U.S. District Court for Utah, requesting the Tenth Circuit Court of Appeals to rule on the SEC's allegations in a $18 million cryptocurrency mining fraud case. Krohn argues that the SEC's application of securities law is incorrect, claiming that the company is selling high-performance computing hardware rather than securities.Previously reported, U.S. District Court Judge Ann Marie McIff Allen dismissed the defendants' motion to dismiss, stating that the SEC's allegations of unregistered securities sales are "well-supported."

ChainCatcher news, Bitcoin mining company BitFuFu announced plans to acquire a majority stake in an 80 megawatt (MW) cryptocurrency mining facility in Ethiopia. This acquisition marks a shift for the Wall Street-based mining company as they seek cheaper energy in East Africa to cope with rising operational costs and shrinking profit margins.Over the past year, BitFuFu's operating costs have surged by 170%, leading to a 75% decline in net profit. The company's entry into Ethiopia is expected to alleviate these challenges by reducing energy costs (averaging below $0.04 per kilowatt-hour).