Tagged: mining

Lawyer Leaks Legislation Proposing Ban on Cryptocurrencies in India

Indian “blockchain lawyer” Varun Sethi has leaked a copy of draft legislation proposing a ban on cryptocurrencies in India. Text from the eighth chapter, six-part and 27 clause bill in its present iteration reads as follows: “No person shall mine, generate, hold, buy or sell… Read More

Adios, Amigo: Proposed $500 Million Bitmain Cryptomining Facility Dormant in Texas

Development of “the largest data centre in the world,” in Rockdale, Texas, has slowed to a halt less than a year after the facility was announced by Bitmain, the world’s largest cryptomining firm, Wired reports. During the course of courting officials in the region, Bitmain… Read More

Company Wants to Combine Cryptomining and Farming and Address Food Security in Chilly Labrador

Cryptomines across the globe have been running into trouble for the large volumes of power they consume while producing relatively few jobs. According to Bloomberg, Iranian media have reported that authorities in Iran recently cut power to and seized mining equipment from several cryptomining facilities… Read More

Chinese Authorities Shut Down Illicit Bitcoin Mine Hidden in Marsh

Police from the city of Qiqihar in Western China used a drone to locate an illegal Bitcoin mine hidden in the centre of the large “fish pond” or marsh adjacent to an oil production facility, Chinese news outlet Huangiu reports. Police from the Green Grassland… Read More

Report: Iran’s Deputy Energy Minister Says Country Should End Energy Subsidies to Crypto Miners

Iran Deputy Energy Minister Homayoun Haeri told an audience in Tehran over the weekend that cryptocurrency miners in his country should have to pay the same rates for power as firms purchasing electricity exports, Iranian news site Financial Tribune reports. So far, Iran has had a… Read More

Older Woman in China Fined and Imprisoned for Stealing Electricity to Mine Bitcoins

A 61-year-old woman in China has been sentenced to 4 months in prison and fined 10 000 Yuan ($1450 USD) for allegedly “stealing the national power resources” to mine Bitcoins, Chinese news outlet The Paper reports. The Kaiping District People’s Court of Tangshan City, Hebei… Read More

Dutch Man Charged for Running Fraudulent 100 Million Euro Bitcoin Mining Scheme

A 33-year-old man in the central-Netherlands city of Apeldoorn has been arrested for allegedly using a fake cryptocurrency mining scheme to defraud 100 investors out of €100 million ($112 million USD), de Gederlander reports. Officers from The Tax Information and Investigation Service of the tax authorities (FIOD)… Read More

Australian IT Worker Charged for Using Government Systems to Mine Cryptocurrency

A 33-year-old IT worker has been charged for using computer systems at an unnamed Australian government agency to mine cryptocurrencies. Police say the accused, “abused his position as an IT contractor to manipulate programs to use the processing power of the agency’s computer network for… Read More

Quebec Townships Working with Local Cryptominers, But How Sustainable is the Industry?

Officials in the city of Sherbrooke, Quebec, think cryptocurrency mining could boost economies in small Quebec cities, The Vancouver Sun reports. Christian Laprise, director of Sherbrooke’s municipal power utility, for example, has been working with companies like Bitfarms to make sure their power-thirsty facilities don’t… Read More

Hydro Quebec Establishes Standards Cryptocurrency Miners Must Meet to Qualify for More Power

The Régie de l’énergie (Hydro Quebec) has announced the criteria it will use to allocate an additional 300 MW of electricity to “blockchain” companies operating in the region. During the crypto boom of 2017, a large number of cryptocurrency mining companies flocked to Canada’s frigid… Read More

When You Mine Crypto are You Creating a Security? Templum Presses the SEC to Decide if Miners Must be Broker Dealers

Mining is a vital part of the cryptocurrency industry today. While some industry followers believe that crypto mining will go away in the not so distant future, it remains an active pursuit for individuals and companies to mint digital money using racks of computers. In… Read More

Feeling the Heat: Bitcoin Mining Adversely Impacting Iceland Terrain, Environmentalists Say

Cheap hydroelectric and geothermal power, cooler temperatures and a relatively stable business environment have drawn droves of cryptocurrency mining firms to Iceland over the past few years. Abandoned industrial sites, fish factories, and even barns have been commandeered for the mining of Bitcoins and other… Read More

China: WeiyangX Fintech Review

China Implements First National Standard for Insurance Sector On April 11th, China has implemented its first national standard for the insurance industry. The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to… Read More

Test Versions of Mozilla Firefox Browsers Now Include Anti-Tracking and Anti-Cryptojacking Features

Mozilla, the software company behind popular free web browser Firefox, is confronting the increasingly relevant problems of online privacy-intrusion and cryptojacking by releasing a test version of enhanced Firefox software that blocks these activities. “To combat these threats,” writes Mozilla, “we are pleased to announce new… Read More

Mid-Size Chinese Cryptominers Weathering Risks to Access Cheap Power in Iran

In the wake of increasing Chinese state reticence towards a once supported industry, the biggest Chinese crypto mining firms have been steadily expanding or relocating to Canada, the US and Iceland, Chinese crypto news outlet 8BTC reports. But small and mid-size Chinese crypto miners have… Read More

China’s State Planning Commission Proposes Ban on Cryptocurrency Mining

China’s National Development and Reform Commission (NDRC) has reportedly added cryptocurrency mining to, “a revised list of industries it wants to encourage, restrict or eliminate,” Reuters reports. Cryptocurrency mining appears on the list along with 450 other industrial activities the NDRC says should be, “phased out… Read More

Bitfury Confirms Layoffs at Hut 8 Cryptocurrency Mines in Alberta

The price of Bitcoins made a newsworthy jump of 20% last Monday morning, and that gain is still holding, but the lean early months of 2018 saw a second round of layoffs at Hut 8, “Canada’s largest cryptocurrency miner,” CBC reports. Hut 8 runs 85… Read More

Damage Done? New Cryptocurrency Mines in Montana County Must Use Renewable Energy

The Missoula County Board of County Commissioners has unanimously passed interim zoning overlay regulations that, effective immediately, require all new cryptocurrency mines in the region to be 100% powered by renewable energy. Existing firms can continue more or less as usual, despite the fact that… Read More

Cryptomining Firm Bitfarms To Be Delisted from Tel Aviv Stock Exchange, Files Preliminary Prospectus in Ontario

Cryptomining company Bitfarms (formerly Blockchain Mining) lost $18.2 million during the 2018 crypto bear market and will shortly be delisted from the Tel Aviv Stock Exchange (TASE), Isreali news outlet Globes reports. Meanwhile, the company has reportedly sought to establish a foothold in Ontario, where… Read More

Bitmain’s Hong Kong IPO Application Lapses

An IPO application submitted by Bitmain to the Hong Kong Stock Exchange in September has lapsed. Bitmain is the world’s largest crypto-mining consortium. The company operates numerous crypto mining and research facilities across the globe and also designs and manufactures some of the industry’s most… Read More

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