China's Supreme Court ruled to return Genesis Mining 485 000 video cards – Bits Media

China's Supreme Court Orders Return to Genesis Mining Company 485 000 AMD Radeon RX470 graphics cards 8 GB of video memory. The cost of the equipment is estimated at $200 million.

Genesis Mining was founded in Iceland in 2013 year. Business grew over time, and c 2017 year the company entered into a deal on Placing equipment for mining with the CHUANGSHIJI Technology Limited Data Center in the Chinese province of Jiangsi.

However, c 2018 the company's wallets stopped entering the wallets-representatives of the Data Center stated, that Genesis Mining did not pay for electricity bills and equipment placement. At the same time, the equipment itself continued to work, It was just reconfigured to the wallets of the Date Center.

In May 2019 year, Genesis Mining lawyers filed a lawsuit in the city of Fujou with a refund 560 000 video cards and 60 580 ASIC Mainers Antminer S9. The court took the side of the Western company, But the Date Center appealed, And the highest provincial court supported the decision.

After filing a new appeal, the Supreme Court again supported Genesis Mining. Currently, the court has decided to return 100 000 Genesis mining division in China and 385 000 Video accelerators of the Hong Kong unit of the company. Nothing is known about the return of the Asic Mainers and the remaining video cards.

Note, What a hashrate 485 000 Video cards for the extraction of cryptocurrencies on the Ethash algorithm is about 14 Ths. In this way, This equipment can bring about $1 million a day, minus operating costs.

At the end of last year it was reported, that Genesis Mining plans to use heat, highlighted by equipment for mining cryptocurrencies, for heating greenhouses.