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Bitcoin Mining Industry Reveals Mergers, Hashrate Increases, And New Facilities Amid Market Downturn

29 Sep 2022

The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies. Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements.

The monetary policy regulators of China, Hong Kong, Thailand, and the United Arab Emirates have conducted a trial of cross-border payments with digital currencies issued by them. The successful completion of the pilot was announced by the Bank for International Settlement (BIS) Innovation Hub Hong Kong Centre.

The tests, which took place between Aug. 15 and Sept. 23, covered real-value transactions. They were processed through a distributed ledger platform called Mbridge, a payment project initiated by the Hong Kong Monetary Authority, Bank of Thailand, and the BIS Innovation Hub in 2019. The People’s Bank of China and the Central Bank of UAE joined in 2021.

During the trial, 20 commercial banks employed the platform to settle various kinds of payments for corporate customers, mainly in cross-border trade, the BIS explained in a post on Linkedin. “Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totalling more than $22 million in value,” it detailed.

Among the participants were the Industrial and Commercial Bank of China, the country’s largest lender, and its Abu Dhabi brand and ICBC (Asia) subsidiary in Hong Kong, according to Financial News, the official newspaper of the PBOC. Also, Bank of China’s Zhejiang branch made payments in digital yuan (eCNY) with HSBC and Siam Commercial Bank for two hi-tech companies in the province.

The report did not provide more details about the other currencies used, but besides China, which has been expanding the pilot project for the eCNY, Hong Kong, the United Arab Emirates, and Thailand have been testing central bank digital currencies (CBDCs) as well, the South China Morning Post noted. The Hong Kong-based publication also remarked that the experiment could undermine the role of the U.S. dollar in foreign trade if banks could settle directly without the greenback.

Other nations such as Russia have been also aiming for the same with their own digital currency projects. According to a recent report, the Russian Federation intends to use the digital ruble for settlements with China, its key ally and trading partner amid a geopolitical and economic clash with the West over Ukraine. Moscow wants to launch settlements with the CBDC early next year.

In its announcement, the BIS said that a detailed report on the progress of the international payment project will be released in October. The document will cover aspects such as technical design, legal, policy, and other regulatory considerations, and present the future roadmap for the Mbridge platform.

Do you expect CBDC projects like the one described in the report to challenge the role of the U.S. dollar in global trade? Share your thoughts on the subject in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies. Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements.

The monetary policy regulators of China, Hong Kong, Thailand, and the United Arab Emirates have conducted a trial of cross-border payments with digital currencies issued by them. The successful completion of the pilot was announced by the Bank for International Settlement (BIS) Innovation Hub Hong Kong Centre.

The tests, which took place between Aug. 15 and Sept. 23, covered real-value transactions. They were processed through a distributed ledger platform called Mbridge, a payment project initiated by the Hong Kong Monetary Authority, Bank of Thailand, and the BIS Innovation Hub in 2019. The People’s Bank of China and the Central Bank of UAE joined in 2021.

During the trial, 20 commercial banks employed the platform to settle various kinds of payments for corporate customers, mainly in cross-border trade, the BIS explained in a post on Linkedin. “Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totalling more than $22 million in value,” it detailed.

Among the participants were the Industrial and Commercial Bank of China, the country’s largest lender, and its Abu Dhabi brand and ICBC (Asia) subsidiary in Hong Kong, according to Financial News, the official newspaper of the PBOC. Also, Bank of China’s Zhejiang branch made payments in digital yuan (eCNY) with HSBC and Siam Commercial Bank for two hi-tech companies in the province.

The report did not provide more details about the other currencies used, but besides China, which has been expanding the pilot project for the eCNY, Hong Kong, the United Arab Emirates, and Thailand have been testing central bank digital currencies (CBDCs) as well, the South China Morning Post noted. The Hong Kong-based publication also remarked that the experiment could undermine the role of the U.S. dollar in foreign trade if banks could settle directly without the greenback.

Other nations such as Russia have been also aiming for the same with their own digital currency projects. According to a recent report, the Russian Federation intends to use the digital ruble for settlements with China, its key ally and trading partner amid a geopolitical and economic clash with the West over Ukraine. Moscow wants to launch settlements with the CBDC early next year.

In its announcement, the BIS said that a detailed report on the progress of the international payment project will be released in October. The document will cover aspects such as technical design, legal, policy, and other regulatory considerations, and present the future roadmap for the Mbridge platform.

Do you expect CBDC projects like the one described in the report to challenge the role of the U.S. dollar in global trade? Share your thoughts on the subject in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.

While bitcoin is down more than 72% from the crypto asset’s all-time high, bitcoin mining operations are expanding at a rapid pace during the downturn. On Tuesday, the bitcoin miner Cleanspark said its hashrate has surpassed 4 exahash per second (EH/s), and the Texas mining company Rhodium revealed it raised $11.9 million, according to a September 19 Securities and Exchange Commission (SEC) Form D filing. Rhodium further disclosed a merger with Silversun Technologies on September 29. Two days ago, Merkle Standard held a ribbon-cutting ceremony as it opened a new mining facility in Spartanburg, South Carolina.

A recently filed SEC Form D registration explains that Rhodium Enterprises, Inc. raised $11.9 million this month, according to a notice of an exempt offering of securities filing published on September 19, 2022. Ten days later, Rhodium and Silversun Technologies detailed the two companies will be merging.

The newly merged operation plans to apply for a public listing and the business combination is expected to settle by the end of the year. The Texas-based Rhodium utilizes “proprietary tech to self-mine bitcoin,” according to the firm’s website.

Following a number of announcements during the last three months, Cleanspark, Inc. (Nasdaq: CLSK) revealed on Tuesday that the company’s mining operations have surpassed 4 exahash per second (EH/s). Cleanspark details that the company is on schedule to meet the end-of-the-year goal of around 5 EH/s. Cleanspark’s CEO Zach Bradford said during the 4 EH/s milestone announcement that bitcoin mining can decarbonize the economy.

“Bitcoin mining, when done with an eye toward low-carbon energy sources, can hasten the decarbonization of our economy,” Bradford remarked. “No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more resilient, abundant, and clean.”

On Tuesday, Merkle Standard held a data center ribbon-cutting ceremony with residents of Spartanburg county, South Carolina state treasurer Curtis Loftis, BV Power, and congressman William Timmons (R-SC). “This is the future, so digital assets are going to be a part of our lives going forward and it’s great that we’re on the leading edge,” Timmons said during the ceremony.

According to the local news reports, Merkle Standard’s new facility is a $35 million investment in the Spartanburg county region. Timmons further noted on Tuesday that Merkle Standard’s new data center has provided the county with roughly two dozen jobs and he added that the number is expected to grow.

What do you think about the bitcoin mining operation expansions during the last week amid the crypto winter’s downturn? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

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