Bitmain’s Latest Air-Cooled Antminer Set to Ship in Q1 2024

Korean Ministry of Government Legislation Holds Lecture on Generative AI and BlockchainThe Korean Ministry of Government Legislation said it held a lecture on generative artificial intelligence and blockchain in light of the global rise of advanced technologies on Thursday as a means of educating and enhancing the digital capabilities of its employees.The legal environment is expected to undergo rapid and substantial changes in tandem with the fast-paced advancement of technological innovation. In response, the Ministry is conducting a three-part series of special lectures on the expected demands of legislation in the future to help its employees prepare accordingly.This lecture was the second installment in the series, titled “Essential Survival Strategies in the Era of Generative AI.”It was planned as per Minister Lee Wan-kyu’s special orders to educate Ministry employees on the promotion and regulation of new technologies such as generative AI and blockchain, which have been gaining traction as key topics in recent legislative discussions.Photo by RUT MIIT by UnsplashA future led by blockchainThe first lecture, held on July 20, was led by Professor Park Seong-jun, Head of the Blockchain Research Center at Dongguk University in Seoul. During the session, he discussed how blockchain technology would impact South Korean society in the future and shared his insights into the trajectory of related legislation.Living with generative AIThe most recent second lecture featured Chief Judge Kang Min-gu of the Seoul High Court, who delved into the kind of mindset that public officials should adopt in the era of generative AI. He emphasized the need to strike a balance between digital and analog expertise and highlighted the importance of reassessing our attitude towards innovative technology while still valuing the essential principles for our way of life.Managing money launderingThe upcoming final lecture, scheduled for next month, will be given by Park Jeong-hoon, the former Head of the Korea Financial Intelligence Unit, regarding the topic of virtual assets and anti-money laundering. Given the existing concerns about the potential for virtual assets to facilitate money laundering due to their key characteristics such as anonymity and decentralization, this lecture aims to underscore the significance of instituting regulatory measures for preventing money laundering related to virtual assets.“Our laws must evolve to reflect the times that we are living in. Our society is currently experiencing rapid digital innovation — through the enhancement of the digital capabilities of our Ministry employees, I hope that legal administration can undergo innovation as well,” said Minister Lee, who also attended the lectures.“In the future, we will continue to expand capacity-building education opportunities for Ministry employees, enabling them to facilitate legislation that is demanded by modern times.”

Kloint and Korea University to develop on-chain data analysis solutionsKloint, a company specializing in the tracking of virtual asset transactions, revealed on Tuesday a partnership with the College of Informatics and the Center for Information System Security at Korea University. The collaboration is set to focus on the joint development of algorithms and platforms for on-chain data analysis.Photo by Shubham Dhage on UnsplashSharing insights on regulatory frameworksAs part of this initiative, Kloint and Korea University will cooperate to understand the domestic and international demand for on-chain data analysis. They will also exchange insights on the regulatory and policy frameworks that govern the technologies involved.Growing crypto-related criminal activitiesThe collaborative effort between Kloint and Korea University is set against a backdrop where, with the expansion of the cryptocurrency market, there has been a corresponding uptick in its use for criminal activities like money laundering, drug trafficking, and embezzlement.Traditional techniques used by government bodies, such as the public prosecutor’s office and financial regulators, have proven expensive and increasingly ineffective in tracking virtual assets as they struggle to keep pace with the sophisticated methods now used to circumvent detection.Kloint was co-founded last September by three blockchain technology firms: Fair Square Lab, S2W and Ozys. With a vision set on the horizon, Kloint is gearing up to supply government entities and virtual asset service providers (VASPs) with analytical platforms and reporting services. In the more immediate term, the company is focusing its efforts on developing solutions for data collection and analysis tailored to the Korean cryptocurrency market.

Ethiopian Investment Holdings, the largest sovereign wealth fund in Africa, has announced the signing of a memorandum of understanding (MoU), which is suspected to involve a deal on Bitcoin mining. Deal uncertaintyTaking to LinkedIn on Feb. 15, the sovereign wealth fund outlined details of a partnership with Data Center Service, a subsidiary of Hong Kong’s West Data Group. Separately, Kal Kassa, CEO of Ethiopian operations at Hashlabs Mining, posted on the X social media platform, outlining that it was a stakeholder in the project and that it involved Bitcoin mining. The matter lacks full confirmation however, given that Kassa subsequently deleted his post while the sovereign fund’s statement falls short of mentioning Bitcoin mining. Once verified, the project would signify a substantial investment of $250 million. It’s understood that the investment would be directed towards the establishment of state-of-the-art infrastructure tailored for data mining and artificial intelligence (AI) training operations within Ethiopia.Photo by Kelly on PexelsExploiting abundant energy resourcesA key component of this venture may involve the setup of Bitcoin mining operations utilizing Canaan Avalon miners. This initiative would align with Ethiopia's broader strategy to capitalize on its abundant energy resources to attract international investment and stimulate economic growth.Ethiopia has about 5,200 MW of installed generation capacity, 90% of it coming from hydropower and the remainder from wind and thermal sources. While the official confirmation from the government is pending, the ambitious project has sparked both excitement and skepticism within the industry. Concerns linger regarding the energy-intensive nature of Bitcoin mining and its potential strain on the local electricity supply, an issue of particular relevance in a nation where energy accessibility remains a pressing challenge for many. Bloomberg reportEarlier this month, a report from Bloomberg highlighted Ethiopia as being a new haven for Chinese crypto miners. Following the imposition of a mining ban in China in 2021, many operations were redeployed overseas. Kazakhstan in particular was a popular choice. The Eurasian country wasn’t prepared for the influx, leading to power blackouts.Hashlabs Mining co-founders Jaran Mellerud and Alen Makhmetov both featured in the article. Mellerud outlined the difficulty, stating:“Firstly, countries can run out of available electricity, leaving no room for miners to expand. Secondly, miners can suddenly be deemed unwelcome by the government and be forced to pack up and leave.”Makhmetov outlined that he had a 10 MW facility in Kazakhstan which still sits idle today as curbs and taxes enforced in Kazakhstan on miners “basically killed the industry.” Despite these difficulties in Kazakhstan and China's official ban on cryptocurrency trading, the legalization of Bitcoin mining in Ethiopia in 2022 has spurred a notable influx of Chinese miners seeking new investment avenues. Ethiopia will need to be mindful of the difficulties experienced in Kazakhstan. With that, the Ethiopian government's move towards regulating cryptographic products, including mining activities, reflects a measured yet optimistic approach towards harnessing the economic potential of Bitcoin mining. This regulatory framework aims to strike a balance between fostering sector growth and safeguarding the country's energy security and environmental commitments.