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South Korea Declares Andong City as Blockchain Free-Trade Zone to Boost Medical Hemp Production

South Korea’s national government has declared Andong (located in the Gyeongbuk province) as a “regulation-free” zone for blockchain development. The city is now a local free trade zone in which blockchain technology will be used for medical-grade hemp (cannabis) management and production.

Blockchain Helps South Korea Meet Production Goals

Lee Chul-woo, the Governor of Gyeongbuk province, said that the Andong region has become a “special free zone” to allow the industrial-grade production of hemp products. The creation of such a free zone is regarded as a significant development in boosting the region’s bio industry.

The city’s “special industrial hemp free zone” aims to develop a new business model of specialized industries by implementing high-tech bioindustry and smart farming solutions at the regional level.

In order to make the project a reality, the South Korean government has had to ease the restrictive terms of a 77-year old narcotics law, in order to allow for the industrial-level production of cannabis in particular areas. All operations will be recorded and reconciled on a blockchain platform that is expected to be unveiled after the completion of the network infrastructure in Gyeongbuk’s free trade zone.

The South Korean government aims to use blockchain technology to monitor the hemp production system for transparency and safety. The blockchain platform would offer production line tracking solutions and classifying the products by categories of origin, quality, and final destination.

In the past, the old narcotics laws restricted its use to only seeds and textiles. But the latest amendment to the 77-year old law allows the creation of a high-value biomaterials market that would facilitate the industrialization and mass production of medical hemp.

The governor of Gyeongbuk province, Lee Chul-woo, said that the special regulatory zone intends to develop a rational industrial plan for narcotic drugs and that the city would grow more and as a result write a new history of surplus production.

Blockchain Market Creates Golden Opportunity

South Korea calls the blockchain marketplace as a golden opportunity and strives to exploit the new technology. The government of South Korea has positioned itself as a key player in the country’s economic development by continuing to work hand-in-hand with private businesses to maximize the nation’s footprint in the blockchain market. The government’s budget is reported to include several blockchain-related projects. As a result, people in the financial and business world have expressed interest in blockchain. The new technology is now being utilized in several industries, like ensuring that diamonds are ethically sourced. The agriculture industry has seen a rise in the application of blockchain to track the origin of food products from farms to business stores.

Riot Blockchain Mined 508 BTCs, Increased 150% in April

Riot Blockchain, Inc, a Colorado-based Bitcoin mining company, announced Tuesday that its Bitcoin production and mining operations have surged in April.

Riot said that it produced 508 Bitcoins last month, an increase of about 150%, compared to 203 Bitcoins produced in April 2021.

As of April 30, the crypto mining firm stated that it held approximately 6,320 Bitcoins, all produced by the company’s self-mining operations.

Riot further mentioned that last month, it sold 250 Bitcoin generating net proceeds of about $10.0 million.

The firm also disclosed that currently, it has deployed a fleet of approximately 46,375 miners, with a hash rate capacity of 4.7 exahash per second (“EH/s”).

Besides, Riot revealed that last month, it received an additional 5,070 new S19j Pros and deployed approximately 3,456 S19j Pros in its immersion-cooled building. The company said that it expects to receive an additional 7,240 mining machines to deploy in its operating plants. The firm ordered a shipment of 1,702 S19j Pros from Bitmain and is expected to be received this month. After the deployment of the anticipated mining machines, Riot disclosed that it expects to have a total of 55,317 miners deployed with a hash rate capacity of approximately 5.6 EH/s.

In April, Riot disclosed that it continued expanding its 400-megawatt (“MW”) infrastructure project at its Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas.

Jason Les, CEO of Riot, talked about the latest satisfactory achievements and said: “April marks yet another incredible milestone for Riot, with the announcement of the Company’s 1 gigawatt (GW) Expansion in Navarro County, Texas. Our ability to source and manage this second significant expansion opportunity in Texas exemplifies the Company’s partnership-driven approach with all stakeholders, including the Company’s business partners, ERCOT, and all levels of government, to commit to sustainable economic development. We are excited to build upon our demonstrated ability to develop high-quality, large-scale digital infrastructure, leveraging our experienced employee base and opening the doors to new jobs and economic opportunities in Navarro County.”

Despite being founded in 2020, Riot Blockchain has made great success. The crypto mining company’s achievements have been partly contributed by better management, acquisitions of talented teams, and continued expanding and upgrading its mining operations by securing the most efficient miners currently available. Riot is headquartered in Castle Rock, Colorado, and the firm’s mining facility operates out of upstate New York.

Greenidge Generation’s Bitcoin Mining Production Rose 18% in June

Greenidge Generation Holdings Inc., a US-based Bitcoin mining company, announced its mining production increased by about 18% in June.

According to its monthly operating update released on Monday, Greenidge said it produced approximately 230 Bitcoins in June, an increase of about 18%, compared to 195 Bitcoins it mined in May.

The miner disclosed that it increased its hashrate capacity to 2.5 exahash per second (“EH/s”) from 27,500 mining machines in June, an increase from 1.7 EH/s of mining capacity from 20,400 mining machines in the previous month.

Greenidge stated that it ordered an additional 200 mining machines, which are in transit, as they will be installed upon their arrival.

The miner said last month it located 24% of the hash rate capacity at its facility in Spartanburg, South Carolina, which was acquired and its operations started in December last year. Greenidge further said it has mined a total of 1,183 Bitcoins for the six months ended June 30.

Meanwhile, at the end of last month, the New York regulator denied the renewal of Greenidge Generation’s air permit.

On June 30, New York’s Department of Environmental Conservation (NYSDEC) denied a key permit for a gas-powered cryptocurrency mining facility owned by Greenidge on the shores of Seneca Lake. The regulator said the mining facility produces too much planet-warming pollution that cannot be allowed under the state’s climate law.

However, Greenidge vowed to appeal the decision through the legal process and said it will keep operating as usual. The 106 MW Greenidge gas plant hosts a large-scale Bitcoin mining facility, with about 17,000 mining machines.

Adapting the Bear Market

The current sharp decline in Bitcoin price has made it difficult for several mining operations to generate a profit. While this bear market has caused many facilities to close their shop, experienced miners are becoming creative and capturing greater market share.

Successful mining firms have deployed innovative new strategies to gain competitive advantages through energy efficiencies; minimizing capital expenditures and operating expenditures.

Last month, Argo Blockchain plc, a major global cryptocurrency mining firm, mined 179 Bitcoins in June compared to 124 BTC in May 2022. The firm sold 637 BTC in June to offset operating expenses and outstanding loans.

Early last month, Hut 8, a Canada-based Bitcoin mining company, bought 5,800 mining machines to add higher petahashes per second (PH/s) of hashrate to its Bitcoin mining capacity at its Ontario facility.

To address electricity concerns, Aspen Creek Digital Corporation (“ACDC”), a U.S.-based crypto mining firm, launched a six-megawatts solar-powered facility for its new mining operations in the western part of Colorado.

The above examples show some of the successful, experienced Bitcoin mining firms that so far have been able to thrive regardless of Bitcoin Price by using flexible, long-term strategies that minimize monthly operating expenses.