Yuhong Bitcoin Mining Company said several months before its US stock listing that its mining machines were seized and XMX would no longer be repurchased

Wu Blockchain learned that Yu Hong, a well-known figure in China's cryptocurrency and mining circles, acquired Keniu Finance, "China's first auto loan stock", and renamed it "Bit Digital", making it a US-listed company focusing on Bitcoin mining. It claims to be the first Bitcoin mining company on Nasdaq and has more than 20,000 mining machines.

Dianniu Finance is the first Chinese auto loan company and the first Chinese P2P company listed on the US stock market to be filed. On March 20, 2018, Dianniu Finance (DNJR) was successfully listed on the Nasdaq in the United States and was called "the first Chinese auto loan company". On July 31, 2019, the Pudong Branch of the Shanghai Public Security Bureau filed a case against it for suspected illegal absorption of public deposits, making it the first US-listed P2P platform to be filed, and issued a red notice through Interpol against Zeng Erxin, the actual controller of Dianniu Finance.

On September 8, 2020, Yuhong acquired the company for $10 and renamed it "Bit Digital", with the Chinese name "Bit Digital" and the trading code changed to "BTBT". Yuhong served as CSO and said that it started the Bitcoin mining business in February 2020 and was the first Bitcoin mining company listed on Nasdaq. It will continue to invest to increase market share to maintain its competitiveness in the industry.

Regarding the company's business, the financial report stated that the revenue in the first half of the year was US$690,000, with a total of 6,004 Shenma M21S. In the third quarter, an additional 16,765 mining machines were launched in Xinjiang, Inner Mongolia and Sichuan, China. In September, 100 mining machines will be launched in Texas, USA. As of September 30, 2020, a total of 22,869 mining machines were in operation, 949.51 bitcoins had been obtained, and unaudited revenue of approximately US$10.08 million was confirmed; 2,000 M21 mining machines will be shipped to the United States in November.

Yuhong's claim that it is the first mining company on Nasdaq is untrue. For example, Riot Blockchain is also a mining company listed on Nasdaq. Riot purchased a total of 17,600 S19Pro mining machines and 1,040 S19 mining machines from Bitmain this year, which shows that it has strong financial resources. In contrast, Yuhong's mining company uses almost all old mining machines from last year, which were purchased for the XMX hashrate coin.

A few months ago, Yuhong said that it had severed ties with the previously issued XMX coin. XMX claimed to be the world's first computing power coin and promised to use the mining machine revenue for destruction. Yuhong is suspected of installing the mining machine into the US listed company system after severed ties. Currently, XMX has fallen back to 0.001 RMB, with a drop of more than 88% in the past year. The total market value of Bit Digital has reached 267 million US dollars.

Yuhong was born in Sichuan and started a business in the gaming industry. She has acquired NEEQ companies through capital operations many times. In 2018, Yuhong launched the "Three O'clock Sleepless Blockchain" WeChat group and entered the blockchain industry. She then issued XMX, claiming to be the world's first public chain, and claimed to have acquired the XMX.com domain name with 350 BTC. However, after the price of XMX went online, it quickly fell from 30 yuan to 2 cents.

In 2019, XMX transformed from a public chain to a hashrate coin. Yuhong also began to focus on the concept of mining at this time. Users holding a certain proportion of XMX is equivalent to "cloud mining". However, in May 2020, Yuhong announced that due to the impact of the macro-economy and the halving of Bitcoin production, all mining machines were suspended and the repurchase plan was suspended. Yuhong revealed on Weibo on June 1 that the mining machine was shut down because XMX's mining machines in the Lanzhou mine were seized and the lawsuit was still going on. Currently, XMX has begun to transform into the DeFi concept again.

Yuhong once promised that the XMX Foundation would continue to repurchase and destroy XMX with the rewards from mining. But in July, Yuhong said that XMX was independently operated, the team held shares, and the individual did not hold any shares in the exchange. The XMX Foundation held shares in the exchange, and the exchange would be listed on the US stock market independently after it became profitable in the future. At present, the price of XMX has fallen to only 0.001. Just a few months later, Yuhong's mining company was listed in the United States , and the mining machines previously used for computing power destruction were most likely injected into the new company.

Currently, the US stocks of Bitcoin and mining machine concept stocks have risen due to the soaring Bitcoin price. Canaan has risen by 22% recently. Yuhong's inclusion of mining business in US listed companies at this time can be regarded as a brilliant move, and it can make a lot of money.