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These products are part of entirely different industries, but there are still some major industrial clusters in China that may be of particular interest to machinery buyers. Below follows a list of the most important cities and provinces:
Most buyers of machinery, parts and vehicles are not looking to order customized products, but factory designed products. However, referring to technical product specifications is as important when buying factory designed products. Keep in mind that theres no universal standard of good quality especially not in China.
When buying factory designed products, the supplier shall provide all product specifications, including detailed datasheets. A supplier refusing to offer such documentation is most likely not a manufacturer, but a small trader.
Vehicles, agricultural, production and various other types of machinery are regulated by one or more directives, or consensus standards. In most markets, including Europe, America, Australia and India, the importer is responsible to ensure that their imported machinery is compliant with applicable standards.
Compliance with local machinery regulations is not optional. Importing non-compliant machinery may result in having the units seized by the customs authorities or face a forced recall, combined with heavy fines.
Made for China machinery is not generally not compliant with mechanical and electrical safety standards in other countries and markets, such as the EU and the US. Thus, verifying that a supplier can show previous compliance is critical.
In some industries, the compliance rate is as low as 5%. That said, before you can verify if a supplier is compliant, you need to know which standards and directives are relevant in your market. Keep reading and find out.
As with all electrical components, RoHS (Restriction of Hazardous Substances Directive) compliance is also required. Weve already covered the RoHS directive in a separate article, which you find here.
ASTM International has developed and published a range of standards. However, unlike the CE Machinery Directive, which is applicable to most machines, there are no single ASTM standards that regulate all types of machinery.
Machinery is not regulated by a uniform directive or set of standards in Australia. Instead, various standards are applicable to different types of machinery. Certain types of machinery, including mobility scooters, trolley jacks and mini bikes, are required to be AS/NZS compliant.
Certain countries accept machinery that is compliant with American and European standards. However, there are plenty of countries that have implemented their own machinery regulations, including India and Nigeria:
Regulates pumping, irrigation, drainage and sewage equipment, automotivecomponents, electronics and optical equipment, testing instruments, and most other types of machinery are regulated by the ISI mark directive or BIS Product Certification Scheme.
Most types of machinery are regulated by the SONCAP directive. Compliance with the SONCAP directive requires a pre-shipment approval, proving that the item is compliant with the applicable NIS (Nigerian Industrial Standards). Click here to read more about SONCAP, and other product regulations.
Many Chinese machinery manufacturers claim to offer warranties, sometimes spanning for several years. However, before you place an order, you are wise to confirm the specific warranty terms set by the supplier.
At most, Chinese suppliers offer free spare parts, but only if the importer pays the freight cost. In some cases, its cheaper to buy spare parts locally, rather than paying for the air freight, not to mention import duties and other taxes.
Thus, its critical that you maintain a spare parts storage, that keeps you running until the supplier has delivered a replacement. At a minimum, you should expect to wait 30 days for new spare parts to arrive.
The complexity of securing a visa for a Chinese temporary worker is not be underestimated, as I learned myself a few years ago. A European client of ours ordered PVC banner printers from a manufacturer in Shenyang, Liaoning province. Their decision to not invest in a Quality Inspection proved to be a disastrous move when the cargo arrived.
The printers were defective, and needed repairs and new parts. As they lacked the technical experience to repair and install the machine by themselves, not to mention the needed parts, their only option was to request direct assistance from their supplier.
We were tasked with resolving the situation and provided the supplier with clear instructions on how to obtain an EU Schengen visa, for one of their technicians. Without going into details, I can say that the machine was, literary, collecting dust for more than 6 months, before the visa was secured and the technician could get it up and running.
Of course, there may be exceptions that I am personally not aware of, but in general, businesses importing Chinese made machinery better rely on local technicians, or their own skills, and spare part suppliers rather than expecting the supplier to solve anything.
Remember what I said about the client that received a damaged banner printing machine? For unknown reasons, they decided that a Quality inspection was not necessary. That mistake cost them tens of thousands of euros, in terms of lost business.
Thus, you must verify that your machines are functional, and compliant before the cargo leaves the factory. The only way to do this is by performing an on-site Quality inspection, either by yourself or by hiring an inspector based in China.
The Canton Fair is not only Chinas biggest trade fair but also Asias biggest trade fair for machinery and parts. Here, youll find suppliers of electric engines, pumps, packaging machinery, sewing machines, and much more all under the same roof. Click here to read more about the Canton Fair.
Guangzhou Keshenglong Carton Packing Machine is a carton packing machine manufacturer established in the 1990s. The company specialized in manufacturing carton printing machinery and carton packaging machinery.
Ruian Honetop Machinery was founded in 2002 in Ruian, Zhejiang Province, focusing on providing solutions to packaging companies of various products, such as food, granules, liquid and paste, powder, paper straws, and other types of products.
In addition to packaging machines, Ruian Honetop Machinery also produces more than 20 types of automatic machines in over 60 models, such as paper straw production machines, rotary premade pouch packing machines, and mask making machines.
The company has a professional technical team of engineers and product designers who provide customers with professional technical advice, plant process planning, and professional mechanical products and other services.
The product lines of Shenzhen Xinquanli Machinery are divided into 6 segments, covering every part of a sofa, such as fiber making, foam cutting, filling. These machines include semi-auto fiber carding & cushion filling lines, manual foam angel cutting lines, and CNC contouring lines.
Zhejiang Changjiang Machinery is a professional designer, manufacturer, and exporter of garden machines from Taizhou, Zhejiang province. The company was founded in 1998 and has been engaged in R&D activities for the past two decades, offering ODM and OEM grass trimmers and grass mowers of more than 30 models, available in different capacities, wheel sizes, heights, and fuel tank volume, and out power.
For example, clients can customize lawn mowers with different sizes, depending on the practical applications. Other customizable elements include the usages of the machines, such as motorcycle lawn mowers, hand-held lawnmowers, and auto-pilot lawnmowers.
Dongguan Hengsheng Machinery Manufacture was founded in 2000, specializes in the designing and manufacturing of machinery used in the PU and urethane foam product processing industry, such as furniture, beddings, textiles, and footwear.
The company has been engaged in the research and development, manufacturing, and sales of CNC laser cutting machine, metal plate processing, coil line equipment, linear and horizontal multi-joint robots, and other intelligent and automation machinery.
Currently, Jiangsu Yawei Machine Tool owns a manufacturing center of more than 330,000 square meters, employing more than 1,200 people, yielding a net revenue of a hundred million Chinese RMB. In 2011, was listed in the Shenzhen Stock Exchange Company.
Luoyang Shiying Machinery Production is a manufacturer specializing in the designing and manufacturing of tractors based in Luoyang, Henan. The company mainly produces medium to large scale tractors, castings, forgings, and other parts and components of agricultural machinery.
Xuzhou Construction Machinery Group focuses on providing clients customizable solutions for their construction projects. At the moment, the company offers more than a hundred models of heavy-duty machinery designed to be used for crane lifting, mining construction, earth-moving, and more.
For each type of machinery, there are various customizable options. For example, a crane can be customizable into a truck-adapted, crawler-adapted, rough-terrain-adapted, tower-adapted, and lorry-adapted style.
Shaoxing Jinhao Machinery is located in the textile market of Asia China Keqiao Textile City in Shaoxing, Zhejiang province. The company focuses on manufacturing and supplying automatic and computerized textile knitting machines for gloves, socks, bras, underpants, and sweaters.
The manufacturing center of Twothousand Machinery is located in Guangzhou, occupying more than 5,000 square meters areas, with a showroom of over 1,000 square meters inside the factory, displaying more than a hundred models of machinery.
Co-founder of Asiaimportal (HK) Limited and based in Hong Kong. He has been quoted in and contributed to Bloomberg, SCMP, Alibaba Insights, Globalsources.com, China Chief Executive, Quartz Magazine and more.
Casting Part, Lost Wax Casting, Investment Casting Parts manufacturer / supplier in China, offering End Bits, Quick Hitch Couple-Excavator Spare Parts, 4 Axis Machining Parts-CNC Machining Parts-CNC Precision Machining and so on.
Our credibility as a leading financial institution in Hong Kong relies on our operational integrity and the transparency of the information we provide to stakeholders. Upholding strong corporate governance, adhering to the highest ethical standards and effectively managing risk are essential to being an accountable, transparent and well-managed company.
Compliance issues are discussed and reviewed by the Board of Directors and various Management Committees. The Board has collective responsibility for promoting the long-term sustainability and success of the Bank by providing entrepreneurial leadership within a framework of prudent and effective controls.
In doing so, the Board commits to high standards of integrity and ethics. Matters relating to internal control and risk management governance as well as policies and practices on compliance with legal and regulatory requirements are considered at Board meetings.
Our staff are on the frontlines in ensuring we always operate ethically, honestly and with full accountability, and in maintaining the strength of our corporate reputation. We provide employee training covering issues including banking regulations and codes of practice; illegal activities such as bribery and corruption, money laundering and insider trading; and on equal opportunities and data privacy.
We have comprehensive systems to ensure the appropriate use and protection of all data, particularly in relation to customer information. We also have robust 'know your customer' and assessment processes designed to minimise our exposure to the risk of establishing relationships with individuals or organisations engaged in activities such as money laundering, terrorism and irresponsible environmental practices, and/or in operations that may involve forced or child labour or violate indigenous or other human rights.
We are committed to high standards of corporate governance to safeguard the interests of shareholders, customers, staff and other stakeholders. We follow the module on Corporate Governance of Locally Incorporated Authorised Institutions under the Supervisory Policy Manual (SPM) issued by the Hong Kong Monetary Authority and comply with all the code provisions and most of the recommended best practices as set out in the Corporate Governance Code in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (Listing Rules). We regularly review and enhance our corporate governance framework using international and local best practices as our reference benchmarks.Note A
Our Board consists of 17 Directors - three Executive Directors and 14 Non-executive Directors (NEDs). Of the 14 NEDs, 10 are Independent Non-executive Directors (INEDs). Four of our 17 Directors are women.
The high number of INEDs on our Board helps ensure the independence and objectivity of the Board's decision-making process as well as the thoroughness and impartiality of the Board's oversight of Hang Seng's management.
Members of the Board have a diverse range of business, banking and professional expertise. Both as individual Directors and collectively, the Members of the Board possess appropriate experience, competencies and personal qualities including professionalism and integrity to fully discharge their responsibilities and to ensure the effective governance and oversight of our business activities and operations.
The Nomination Committee has responsibility for leading the process for Board appointments and for identifying and nominating, for Board approval, candidates for appointment to the Board. Before recommending a Board appointment, the Nomination Committee will evaluate the existing balance of skills, knowledge and experience on the Board. The Nomination Committee will also consider the structure, size and composition of the Board, the independence of INEDs, the term of appointment of and time required from NEDs and appointments to Board Committees.
A diverse Board of Directors is a valuable asset to our business. In May 2013, the Board adopted a Board Diversity Policy, a copy of which is available on our website (www.hangseng.com) to promote transparency and good governance. Board appointments are based on merit and candidates are considered against a range of objective criteria, such as gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. We are committed to promoting a meritocratic Boardroom that provides a diverse and inclusive culture where Directors believe that their views are heard and their concerns are attended to, and in which bias, discrimination and harassment are not tolerated.
The Board has set up five committees: the Executive Committee, the Audit Committee, the Risk Committee, the Remuneration Committee and the Nomination Committee. Each committee has specific written terms of reference that set out its authorities and responsibilities.Note C
There are eight Directors on the Hang Seng China Board: the Chairman, one Executive Director (who is also Chief Executive and Vice-Chairman of Hang Seng China) and six Non-executive Directors (NEDs). Among the six NEDs, five are Independent Non-executive Directors.Note B
The Board has established five committees: the Audit Committee, the Risk Committee, the Connected Transactions Control Committee,the Remuneration Committee and the Executive Committee. Each committee has specific written terms of reference that clearly regulate its authority, duties and meeting rules.
The internal audit function provides independent, objective assurance to the Management and the Risk and Audit Committees over the risk management and controls framework, to add value and to improve operations. It helps the Management accomplish its objectives by bringing a systematic and disciplined approach in the evaluation and improvement of the effectiveness of risk management, control, and governance processes. It also assesses the design and effectiveness of the primary and secondary controls and it places a degree of reliance on the effectiveness of the work completed by the internal control teams. The outcome is a holistic and timely view of how effectively the material risks within the Bank are being managed.
The Risk Management Committee (RMC), which reports directly to the Executive Committee, oversees the risk management framework for the Bank and its subsidiaries. Its main functions are to review all existing and potential risks on a systematic basis to ensure mechanisms exist for early identification of risks, adequate controls exist to mitigate risks, related returns consider risks and that capital is appropriately allocated to manage risks. The Committee is also responsible for reviewing, recommending and approving policies and methodologies for the management of risk, and overseeing the risk management of its sub-committees. More details on our management of risk can be found in the 'Corporate Governance and Other Information', 'Financial Review' and '2013 Financial Statements' sections of our 2013 Annual Report.
Establishing an appropriate risk appetite limit is a key element in our management of risk. The Group's Risk Appetite Statement for 2013, which was approved by the Board as advised by the Risk Committee, describes the types and amount of risk that we are prepared to accept in executing our business strategy and applies at Bank-wide, business group and individual risk levels. Our risk appetite framework is underpinned by the following core principles:
The RMC undertakes regular reviews and monitors the Bank's risk profile against the limits set out in the Statement and determines appropriate management action in instances of material deviation from approved limits. Reports that detail the profile of the Statement - including material deviations from the same and, where required, suggestions for appropriate management action - are submitted to the Risk Committee and the Board by the Chief Risk Officer on a quarterly basis.
Product development and sign-off procedures are in place to ensure that the design of all new products and services are reviewed to ensure they meet market requirements and customer needs. All new products and material product variations must be approved by the Product Oversight Committee as a sub-committee of the RMC.
We maintain documented Business Continuity Plans for critical operations and significant risks, including arrangements for back-up site operations and a clearing and settlement services contingency plan to ensure that critical operations remain functional in emergency situations.
We support international responsible financing principles and sector-specific guidelines to help manage environment-related sustainability risks (see 'Responsible Banking Services' section below). We also require that our credit assessment executives conduct a sustainability risk assessment of all credit applications - both new applications and annual reviews - by our business customers.
Our key values include a solid commitment to quality, professionalism and integrity throughout our business. We have structures in place to ensure that our staff comply with both the letter and spirit of all relevant laws, codes, rules, regulations and guidelines and codes of conduct. In any jurisdiction where local compliance requirements are set at a lower standard than those established by our Group policies, our higher standards will apply where these do not contravene or conflict with local law.
Matters relating to internal control and risk management governance as well as policies and practices on compliance with legal and regulatory requirements are considered at Board meetings. Regular Business Governance Reports on financial crime compliance and regulatory compliance are submitted to the Executive Committee.
Among other things, the Audit Committee reviews our financial reporting, the nature and scope of audit reviews, the effectiveness of our systems of internal control, and compliance relating to financial reporting.
To ensure the Bank operates according to the highest standards of ethical conduct and professional competence, all staff are required to strictly follow the Code of Conduct contained in our Staff Handbook. With reference to the applicable regulatory guidelines and other industry best practices, the Code sets out the ethical standards and values to which all Bank staff are required to adhere and information on various relevant legal and regulatory issues. Topics covered include the prevention of bribery, use of information, insider dealing and personal investment dealing, personal benefits, outside directorships/employment and equal opportunities policy.
A key factor in ensuring legal and regulatory compliance, as well as guarding against illegal activities such as fraud and money laundering, is to maintain a high level of staff awareness through training. All employees must complete e-Learning programme that covers anti-money laundering, sanctions and anti-bribery and corruption issues to ensure that they are familiar with the relevant laws and regulatory requirements. Other compliance training programmes include those covering equal opportunities, data privacy, occupational health and safety, and code of banking practice. All management employees have completed this training. Line managers with members of staff on leave are responsible for reminding such staff to complete the training when they return to work.
We have procedures in place to keep information confidential and manage actual or potential conflicts of interest. Stringent internal structures have been designed to prevent the misuse of insider information and avoid conflicts of interest. Staff working in sensitive or high-risk areas are required to undergo additional job-specific training.
We comply with high standards of anti-money laundering, counter-terrorist financing and sanctions practice. We have stringent internal guidelines and procedure manuals that detail regulations, guidelines and Group policies with respect to customer due diligence, ongoing monitoring, financial sanctions and terrorist financing, and reporting of suspicious transactions, as well as related staff training and record-keeping. All Bank staff are required to observe such policies and practices.
We have established a robust framework for the disclosure of price-sensitive information in compliance with the Listing Rules and other regulatory requirements. The framework sets out the procedures and internal controls for the handling and dissemination of price-sensitive information in a timely manner to help shareholders, customers, staff and other stakeholders understand the latest position of the Bank and its subsidiaries. The framework and its effectiveness are subject to review on a regular basis according to established procedures.
Ensuring the privacy of customer information and other data is among our most important responsibilities in maintaining our reputation for good governance and in establishing the trust that underpins lasting business relationships. We comply with all data privacy regulations and have formulated a set of 'Privacy Principles' to guide staff in protecting the data and privacy of customers. Specific processes for the handling and protection of customer data are set out in the relevant internal procedure manual. Data privacy matters are overseen by the Head of Financial Crime Compliance & Regulatory Compliance and the Data Protection Officer. Data Controlling Officers have been appointed at a functional or business unit level to promote data protection and disseminate information on related new guidelines or developments. We also produce a quarterly bulletin on personal data privacy to further ensure staff awareness of the latest internal and external requirements.
We fully comply with Hong Kong labour law. We also take steps to assess potential new client and supplier relationships with the aim of minimising the risk of indirectly facilitating the violation of any individual's labour or human rights.
We provide a wide range of staff training on the equal opportunities, diversity and human rights-related issues that are relevant to our operations and to creating a positive working environment. We follow the Board Diversity Policy, which was implemented in May 2013. More details on our equal opportunities policies and training can be found in the 'Our Commitment: Staff' section of this Report.
Our credit evaluation process includes assessment of any potential environmental or socially sensitive-related risks. Measures to enable us to monitor the implementation of and compliance with environmental and social requirements by our clients are included in our financing agreement credit assessment process. In cases of material deviation from the required standards, we will work with the customer to establish a target date for compliance. Where no progress is made or in instances of a serious breach, we will exit the relationship.
For environmental risk-related matters, we follow the sustainability risk requirements laid down by the HSBC Group, which include specific guidelines on lending to businesses operating in sectors such as chemicals, energy, forestry, freshwater infrastructure, and mining and minerals. We have adopted the Equator Principles, a set of voluntary guidelines which define a process to implement common sustainability standards in project finance lending. We also have a defence equipment policy which clarifies our stance on lending to companies involved with weapons (see box: Responsible Financing).
Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex computational math problems.
Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto tokens. This may be because entrepreneurial typessee mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?
However, before you invest the time and equipment, read this explainer to see whether mining is really for you. We will focus primarily on Bitcoin (throughout, we'll use "Bitcoin" when referring to the network or the cryptocurrency as a concept, and "bitcoin" when we're referring to a quantity of individual tokens).
The primary draw for many mining is the prospect of being rewarded with Bitcoin. That said, you certainly don't have to be a miner to own cryptocurrency tokens.You can alsobuy cryptocurrencies using fiat currency; you can trade it on an exchange like Bitstamp using another crypto (as an example, using Ethereum or NEO to buy Bitcoin); you even can earn it by shopping, publishing blog postson platforms that pay users in cryptocurrency, or even set up interest-earning crypto accounts.
An example of a crypto blog platform is Steemit, which is kind of like Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called STEEM.STEEM can then be traded elsewhere for Bitcoin.
The Bitcoin reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Because these responsibilities are spread among many users all over the world, Bitcoin is a "decentralized" cryptocurrency, or one that does not rely on any central authority like a central bank or government to oversee its regulation.
Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions. This convention is meant to keep Bitcoin users honestand was conceived by Bitcoin's founder, Satoshi Nakamoto. By verifying transactions, miners are helping to prevent the "double-spending problem."
Double spending is a scenario in which a Bitcoin owner illicitly spends the same bitcoin twice. With physical currency, this isn't an issue: once you hand someone a $20 bill to buy a bottle of vodka, you no longer have it, so there's no danger you could use that same $20 bill to buy lotto tickets next door. While there is the possibility of counterfeit cash being made, it is not exactly the same as literally spending the same dollar twice. With digital currency, however,as the Investopedia dictionary explains, "there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original."
Let's say you had one legitimate $20 bill and one counterfeit of that same $20. If you were to try to spend both the real bill and the fake one, someone that took the trouble of looking at both of the bills' serial numbers would see that they were the same number, and thus one of them had to be false. What a Bitcoin miner does is analogous to thatthey check transactions to make sure that users have not illegitimately tried to spend the same bitcoin twice. This isn't a perfect analogywe'll explain in more detail below.
Once miners have verified 1 MB (megabyte) worth of Bitcoin transactions, known as a "block," those miners are eligible to be rewarded with a quantity of bitcoins (more about the bitcoin reward below as well). The 1 MB limit was set by Satoshi Nakamoto, and is a matter of controversy, as some miners believe the block size should be increased to accommodate more data, which would effectively mean that the bitcoin network could process and verify transactions more quickly.
The good news: No advanced math or computation is involved. You may have heard that miners are solving difficult mathematical problemsthat's not exactly true. What they're actuallydoing is trying to bethe first miner to come up with a 64-digit hexadecimal number (a "hash")that is less than or equal to the target hash. It's basically guesswork.
The bad news: It's guesswork, but with the total number of possible guesses for each of these problems being on the order of trillions, it's incredibly arduous work. In order to solve a problem first, miners need a lot of computing power. To mine successfully, you need to have a high "hash rate," which is measured in terms of megahashesper second (MH/s), gigahashes per second (GH/s), and terahashes per second (TH/s).
In addition to lining the pockets of miners and supporting the Bitcoin ecosystem, mining serves another vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically "minting" currency. For example, as of Nov. 2020, there were around 18.5 million bitcoins in circulation.
Aside from the coins minted via the genesis block (the very first block, which was created by founder Satoshi Nakamoto), every single one of those bitcoins came into being because of miners. In the absence of miners, Bitcoin as a network would still exist and be usable, but there would never be any additional bitcoin. There will eventually come a time when Bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million.
However, because the rate of bitcoin "mined" is reduced over time, the final bitcoin won't be circulated until around the year 2140. This does not mean that transactions will cease to be verified. Miners will continue to verify transactions and will be paid in fees for doing so in order to keep the integrity of Bitcoin's network.
Aside from the short-term Bitcoin payoff, being a coin miner can give you "voting" power when changes are proposed in the Bitcoin network protocol. In other words, miners have a degree of influence on the decision-making process on such matters asforking.
The rewards for Bitcoin mining are reduced by half every four years. When bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. By 2016, this was halved again to 12.5 BTC. On May 11, 2020, therewardhalved again to 6.25BTC. In November of 2020, the price of Bitcoin was about $17,900 per bitcoin, which means you'd earn $111,875 (6.25 x 17,900) for completing a block. Not a bad incentive to solve that complex hash problem detailed above, it might seem.
If you want to keep track of precisely when these halvings will occur, you can consult the Bitcoin Clock, which updates this information in real-time. Interestingly, the market price of Bitcoin has, throughout its history, tended to correspond closely to the reduction of new coins entered into circulation. This lowering inflation rate increased scarcity and historically the price has risen with it.
Although early on in Bitcoin's history individuals may have been able to compete for blocks with a regular at-home computer, this is no longer the case. The reason for this is that the difficulty of mining Bitcoin changes over time.
In order to ensure the smooth functioning of the blockchain and its ability to process and verify transactions, the Bitcoin network aims to have one block produced every 10 minutes or so. However, if there are one million mining rigs competing to solve the hash problem, they'll likely reach a solution faster than a scenario in which 10 mining rigs are working on the same problem. For that reason, Bitcoin is designed to evaluate and adjust the difficulty of mining every 2,016 blocks, or roughly every two weeks.
When there is more computing power collectively working to mine for bitcoins, the difficulty level of mining increases in order to keep block production at a stable rate. Less computing power means the difficulty level decreases. To get a sense of just how much computing power is involved, when Bitcoin launched in 2009 the initial difficulty level was one. As of Nov. 2019, it is more than 13 trillion.
All of this is to say that, in order to mine competitively, miners must now invest in powerful computer equipment like a GPU (graphics processing unit) or, more realistically, an application-specific integrated circuit (ASIC). These can run from $500 to the tens of thousands.Some minersparticularly Ethereum minersbuy individual graphics cards (GPUs) as a low-cost wayto cobble together mining operations.
The photo below is a makeshift, homemade mining machine.The graphics cards are those rectangular blocks with whirring fans.Note the sandwich twist-ties holding the graphics cards to the metal pole. This is probably not the most efficient way to mine, and as you can guess, many miners are in it as much for the fun and challenge as for the money.
The ins and outs of Bitcoin mining can be difficult to understand as is. Consider this illustrative example of how the hash problem works: I tell threefriends that I'm thinking of a number between one and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number; they just have to be the first person to guess any number that is less than or equal tothe number I am thinking of. And there is no limit to how many guesses they get.
Let's say I'm thinking of the number 19. If Friend A guesses 21, they lose because of 21>19. If Friend B guesses 16 and Friend C guesses 12, then they've both theoretically arrived at viable answers, because of 16 < 19 and 12 < 19. There is no "extra credit" for Friend B, even though B's answer was closer to the target answer of 19. Now imagine that I pose the "guess what number I'm thinking of" question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and 100. Rather, I'm asking millions of would-be miners and I'm thinking of a 64-digit hexadecimal number. Now you see that it's going to be extremely hard to guess the right answer.
In Bitcoin terms, simultaneous answers occur frequently, but at the end of the day, there can only be one winning answer. When multiple simultaneous answers are presented that are equal to or less than the target number, the Bitcoin network will decide by a simple majority51%which miner to honor.
Typically, it is the miner who has done the most work or, in other words, the one that verifies the most transactions. The losing block then becomes an "orphan block." Orphan blocks are those that are not added to the blockchain. Miners who successfully solve the hash problem but who haven't verified the most transactions are not rewarded with bitcoin.
"Hexadecimal," on the other hand, means base 16, as "hex" is derived from the Greek word for six and "deca" is derived from the Greek word for 10.In a hexadecimal system, each digit has 16 possibilities. But our numeric system only offers 10 ways of representing numbers (zero through nine). That's why you have to stick letters in, specifically letters a, b, c, d, e, and f.
What miners are doing with those huge computers and dozens of cooling fans is guessing at the target hash. Miners make these guesses byrandomly generating as many "nonces" as possible, as fast as possible. A nonce is short for "number only used once," and the nonce is the key to generating these 64-bit hexadecimal numbers I keep talking about. In Bitcoin mining, a nonce is 32 bits in sizemuch smaller than the hash, which is 256 bits. The first miner whose nonce generates a hash thatis less than or equal to the target hash is awarded credit for completing that block and is awarded the spoils of 6.25 BTC.
The screenshot below, taken from the site Blockchain.info, might help you put all this information together at a glance. You are looking at a summary of everything that happened when block #490163 was mined. The nonce that generated the "winning" hash was 731511405. The target hash is shown on top. The term "Relayed by Antpool" refers to the fact that this particular block was completed by AntPool, one of the more successful mining pools (more about mining pools below).
As you see here, their contribution to the Bitcoin community is that they confirmed 1768 transactions for this block. If you really want to see all 1768 of those transactions for this block, go to this page and scroll down to the heading "Transactions."
You'd have to get a fast mining rig, or, more realistically, join a mining poola group of coin miners who combine their computing power and split the mined Bitcoin. Mining pools are comparable to those Powerball clubs whose members buy lottery tickets en masse and agree to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners.
In other words, it's literally just a numbers game.You cannot guess the pattern or make a prediction based on previous target hashes. The difficulty levelof the most recent block at the time of writing is about 17.59 trillion, meaning that the chance of any given nonce producing a hash below the target is one in 17.59 trillion. Not great odds if you're working on your own, even with a tremendously powerful mining rig.
Not only do miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem. They must also consider the significant amount of electrical power mining rigs utilize in generating vast quantities of nonces in search of the solution. All told, Bitcoin mining is largely unprofitable for most individual miners as of this writing. The siteCryptocompareoffers a helpful calculator that allows you to plug in numbers such as your hash speed and electricity costs to estimate the costs and benefits.
Mining rewards are paid to the miner who discovers a solution to the puzzle first, and the probability that a participant will be the one to discover the solution is equal to the portion of the total mining power on the network.
Participants with a small percentage of the mining power stand a very small chance of discovering the next block on their own.For instance, a mining card that one could purchase for a couple of thousand dollars would represent less than 0.001% of the network's mining power.With such a small chance at finding the next block, it could be a long time before that miner finds a block, and the difficulty going up makes things even worse.The miner may never recoup their investment.The answer to this problem is mining pools.
Mining pools are operated bythird partiesand coordinate groups of miners.By working together in a pool and sharing the payouts among all participants, miners can get a steady flow of bitcoin starting the day they activate their miners.Statistics on some of the mining pools can be seen onBlockchain.info.
As mentioned above, the easiest way to acquire Bitcoin is to simply buy it on one of the many exchanges. Alternately, you can always leverage the "pickaxe strategy." This is based on the old saw that during the1849 California gold rush, the smart investment was not to pan for gold, but rather to make the pickaxes used for mining.
To put it in modern terms, invest in the companies that manufacture those pickaxes. In a cryptocurrency context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining. You may consider looking into companies that make ASICs equipment or GPUs instead, for example.
The legality of Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places.
Bitcoin ownership and mining are legal in more countries than not. Some examples of places where it is illegal are Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal, and Pakistan. Overall, Bitcoin use and mining are legal across much of the globe.
The risks of mining are often that of financial risk and a regulatory one. As mentioned, Bitcoin mining, and mining in general, is a financial risk. One could go through all the effort of purchasing hundreds or thousands of dollars worth of mining equipment only to have no return on their investment. That said, this risk can be mitigated by joining mining pools. If you are considering mining and live in an area that it is prohibited you should reconsider. It may also be a good idea to research your countries regulation and overall sentiment towards cryptocurrency before investing in mining equipment.
One additional potential risk from the growth of Bitcoin mining (and other proof-of-work systems as well) is the increasing energy usage required by the computer systems running the mining algorithms. While microchip efficiency has increased dramatically for ASIC chips, the growth of the network itself is outpacing technological progress. As a result, there are concerns about the environmental impact and carbon footprint of Bitcoin mining.
There are, however, efforts to mitigate this negative externality by seeking cleaner and green energy sources for mining operations (such as geothermal or solar), as well as utilizing carbon offset credits. Switching to less energy-intensive consensus mechanisms like proof-of-stake (PoS), which Ethereum is planning to do, is another strategy; however, PoS comes with its own set of drawbacks and inefficiencies.
We are committed to becoming a leading driver of Environmental, Social and Governance (ESG) performance in the local banking industry and the leading ESG-focused bank in Hong Kong in the eyes of our many stakeholders.
Hang Seng Bank aspires to become a leading entity to drive ESG in the banking industry. To achieve this, we are stepping up the consideration and inclusion of ESG issues with respect to our products, services, operations and disclosures. We are aware that we need to continue to broaden the variety of our products and services, as well as increase our contribution to tackling issues that require a global response. In particular, we shall focus on sustainable finance that addresses one out of many major and urgent challenges of climate change.
Our ambition is to achieve carbon-neutrality for our operations by 2030. Accordingly, we have established targets to reduce our electricity consumption and scope 2 greenhouse gas emissions and to source electricity from renewable energy schemes hosted by local providers.We have also set short, medium and long-term targets for water consumption, paper consumption, greenhouse gas emissions, and waste reduction and recycling.
Our Green Financing Promotion Scheme encourages corporate customers to acquire environmentally friendly equipment that contributes to sustainable development. In 2020, we also launched a Greenness Assessment programme to support their green loan applications, with second opinions and green credentials provided by a qualified third-party verifier.
Wehaveadopted our parent company HSBCs strategy to support the goals of the Paris Agreement.We are strengthening our risk management capabilities.We will manage the Banks credit exposure to climate sensitive industries and support ourcustomers in theirtransition to a low-carbon economy.
We aim toearn recognition as an ESG leader from the community, investors and government bodies.We strive to set a good example by continually improving our performance and participating in events like WWF HK and the Business Environment Councils corporate membership programme to demonstratesour commitment toprotect our community and planet.
Wehave implemented the internationally recognisedstandards for ESG disclosureand we arethe first home-grown bank in Hong Kong to sign up as a supporter of the Task Force on Climate-related Financial Disclosure (TCFD).
Mining & Construction Equipment Division (M&CE) of Voltas Limited dates its history way back to 1954 when the division was incepted as Earthmoving, Mining and Agricultural machinery (EMA). The post independence era required rapid industrialization in the country and thus reliance on heavy & capital machineries attained utmost significance. This was the period when Voltas Limited was incorporated and during the same period Earthmoving, Mining and Agricultural Machinery (EMA) of Voltas also came into existence. Voltas M&CE was amongst the 1st Engineering Product & Service companies in India to introduce Earthmoving & Infrastructure Machineries in India in the post Independence era. The product offerings ranged from Rear and Bottom dump trucks, Bulldozer, Electric power shovels, Motor graders, Towed and Self powered scrapers, Draglines, Clamshells, Backhoes, and supporting equipment like Air Compressors, exploratory & blast hole drills by joining hands with some of the global and leading manufacturers of Earth Moving & Mining Machineries in the world.
Mining and Construction form the backbone of infrastructural development. This industry operates in extremely severe environments. Our primary goal is to bring increased productivity with lower maintenance costs to our customers while maintaining a sustainable and environmentally friendly operation. We achieve this with a complete focus on Smart Optimisation. This includes making the most advanced technology available. We introduced the first all-wheel electro-mechanical wheel-drive large-class mining loaders in India and helped popularise the concept of electro-mechanical drive-wheel loaders for coal loading based on this technologys low operating costs. We are synonymous with trust and loyalty as is evident from the various contracts that the Company has been able to renew time and again; not only in India but also internationally.
Voltas' Mining & Constructions Equipment Division in its current capacity of association with Global Mining Equipment majors offers equipment and host of product support offerings.
Voltas' Mining & Constructions Equipment Division in its current capacity of association with Global Mining Equipment majors offers equipment and host of product support offerings.
Komatsu Mining Corp Group, USA P&H Rope Shovel & LeTourneau Loaders Product Support. Belaz Enrika Mining Equipments, Belarus Belaz Off Highway Dump Truck Product Support GE Transportation Mining, USA Traction Motor for Off Highway Dumpers Mesabi Heat Exchangers, Australia Heat Exchangers for Off Highway Machineries Bijur Delimon Lubrication, USA Farval / Denco/ Bijur Lube Systems for Mining Equipments Davesman Safety Products, India Mine Safety Appliances Volfan Voltas Mine Ventilation for Underground Mines Volcab Voltas Rigid Aircons for Earth Moving Machineries TPI Undercarriage, India Earth Moving Machinery Parts Lepton India Bulk Material Handling Products & Services Six Fold Technology, India Bulk Material Handling Products & Services. SKL - Kian Ann, Singapore Earth Moving Machinery Parts Mine Excellence, Australia Blasting Simulation, Mine Planning, Mine Safety, Operation Analytics, Drone Analysis, Digitization of Mines Integrate Sustainability, Australia EIA, Mine Closure plans, Rehabilitation & Revegetation of Mines,Stakeholder & Community Engagement
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