Thread by @DoveyWan

Let's start "This Week in Asia Crypto" with a hot new leak of S17's BOM cost breakdown 🔥🔥🔥

Mining ⛏️

- The latest Bitmain miner S17’s BOM cost got leaked out, expected to ship between 4/20 to 4/30. There's a possibility that this cost breakdown is purposely leaked (cont.

Due to the fact that 279 rmb/thash is exactly around the cost range you can buy from other SHA256 miner as T3 or S15, hence use this “leaked” table to set a reserve price psychologically according to a few insiders

so let's see what's price will be for S17 in a few days 👀

- There are fraudsters shilling “IPFS miner” and many local miners thought it’s a real deal hence get rekt

- Thanks to the IPFS miner fraud, PoC (Proof of Capacity), or storage base algo starts to get attention in Chinese community and a few big miners are preparing the launch

Lots of cheap hydropower are now being “pre-sale” in a bulk before the rainy season, there is no public price discovery of it and matchmaking are only happen in WeChat groups

Sichun, Fujian, Yunnan are the 3 biggest hydro supplier in terms of provinces

Trading 💰

- USDT/CNY saw a huge positive spread (as high as 5%!) last week after the price break out in Chinese OTC platform

It's major momentum signal on volume but impact on price is uncertain. Again, this price discovery of it only limited to Chinese trader community

- There is a saying $BTC price break out was trigger by Aisan traders who thought the April fool’s joke on approval of ETF was real.

There is also conspiracy theory flying around that Bitmain pumped the price of BTC so can boost sales of its new S17 with perfect timing

Exchange 🏦

- Liquid, an Japanese crypto ex is backed by Bitmain valued at 1B

- Biki.com was hacked by side channel attack via SMS hijacking

- Thanks to the price run-up, many alts ex are back to the shitcoin casino game (many you never heard of such as $SHE

Regulation 🚧

A new regulatory proposal was made by National Development and Reform Commission (a state planning governmental body) on 4/8 that may impact mining related business.

The proposal is a general guideline on industrial structural reform (cont.

It lists out thousands of industrial processes/businesses into 3 categories 1) promoting 2) restricting 3) eliminating where mining is listed as “business that recommended to be eliminated”

Full list of different industries here gys.ndrc.gov.cn/cyjgtzzdml2019…

The 130 pages proposal includes thousands of business, it’s hoping to use this guideline to promote more “sustainable business”

Actual implementation will be in tens of years down the road. Hence actual impact on local mining operation can be minimal

there is another version of such proposal published in 2011 gov.cn/gzdt/att/att/s…

Obviously many stuff should be “eliminated” in the 2011 version reappear in the 2019 version 🙃🙃🙃 such proposal in China usually is just “proposal”

for more context (🇨🇳regulatory landscape is fuzzy so hard to explain everything in tweet's length) - NDRC updates a new version of such proposal every other 3-5 years since early 2000. Items that should be eliminated by end of 2006 are still in the 2011 and 2019 versions