In 2021, the Supreme Court announced a civil ruling requiring Jiangxi Fuzhou Genesis Technology Co., Ltd. to return 485,000 MSI-made AMD graphics cards RX470 8GB to Genesis Mining, a company engaged in cryptocurrency mining. Genesis Mining reached a custody agreement with Genesis Technology in 2017, and terminated the cooperation in 2018. In May 2019, Genesis Mining filed a lawsuit with the Fuzhou Intermediate Court, requesting the return of 560,000 graphics cards and 60,580 Antminer Bitcoin mining machines S9. This incident means that Genesis Technology is engaged in mining hosting services, mining Bitcoin (ant mining machine) and Ethereum (graphics card). A CCTV feature film last Sunday revealed more details about the case: Genesis accounted for 10% of Fuzhou’s total electricity consumption from 2017 to 2020. Xiao Yi, the former vice-chairman of Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference, who was the secretary of the Fuzhou Municipal Party Committee, instructed the relevant departments to fabricate statistical reports and adjust the classification of electricity consumption. He also asked for financial subsidies for the company, and promoted government agencies to provide the company with guarantees, loans and other financing support of more than 2.4 billion yuan, and helped the company build a new data center building in the high-tech zone.
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