Tagged: mining

Authorities Seize 52 Transformers Directing Stolen Power to Cryptocurrency Mines in Hebei, China

Police in Tangshen, a city in China’s northeastern coastal province of Hebei, have seized three privately-installed high-power electricity transformers directing stolen electricity to 790 bitcoin mining machines running in an adjacent village. The machines have also been seized, CCTV reports. Police claim the electricity commandeered… Read More

Cryptocurrency Mine Operator in Montana “Blindsided” by Arrest of BitClub Principals

The operator of a Montana cryptocurrency “mine” says he has been “blindsided” by the arrest of Matthew Brent Goettsche, indicted earlier this week for allegedly pervading a $722 million USD cryptocurrency fraud. According to The Sacramento Bee, Rick Tabish of Butte, Montana, has been operating a cryptomining… Read More

Bitmain’s Jihan Wu Hosts First Promotional Meeting Since Ouster of Co-Founder, Micree Zhan

Details have emerged regarding Jihan Wu’s plans to regroup cryptomining hardware giant Bitmain and restore company fortunes after the hostile ouster of co-f0under Micree Zhan earlier this fall. Zhan, an electrical engineer, and Wu, a Beijing tech entrepreneur, co-founded Bitmain in 2013. As one of… Read More

BitClub Principals Arrested for Promoting Alleged $722 Million Cryptomining Fraud

Four men have been arrested and charged with promoting a cryptocurrency mining pyramid scheme that defrauded victims out of $722 million USD. Matthew Brent Goettsche, Jobadiah Sinclair Weeks and Joseph Frank Abel were arrested in various locations in the United States early this month and were… Read More

Report: Bitcoin Mining Company Great North Data Has Gone Bankrupt in Labrador

A cryptocurrency mining company that received grants and unsecured loans from several Canadian government agencies has filed for bankruptcy, CBC reports. According to the outlet, bankruptcy documents filed last month indicate that Great North Data has liabilities of $13.2 million CAD and assets of $4.6… Read More

Vertcoin Sustains Minor “Double Spend” Attack. Is This a Dry Run?

Hackers appear to have rented cryptocurrency mining power at NiceHash this week and then used it to conduct a 51% attack on the Vertcoin network. According to Coindesk, the hacker managed to offset 603 genuine blocks of data mined by legitimate network participants and replace… Read More

Wyoming Cryptocurrency Advocates Propose Reviving Coal Plants to Power Cryptomining

Parties working to make Wyoming friendly to cryptocurrency businesses have offered to revive aging coal-fired power plants in the region. Wyoming “utility giant” PacifiCorp has come to regard the plants as a liability, but members of the crypto are desperate to bring down costs. Cryptocurrency mining… Read More

Report: Ambitious Quebec Cryptomining Firm Bitfarms Grappling with Noise Complaints and Executive Shake Up

A Quebec-based cryptomining firm that transformed five abandoned industrial facilities in small-town Quebec into 24-7 digital currency factories has run into trouble of late thanks to noise complaints and an executive shake-up, The Canadian Press reports. Many cryptomining ventures that expanded heartily during the crypto… Read More

Large-Scale Data Infrastructure Provider Compute North Launches 100+ Megawatts Facility in Kearney, Nebraska

Compute North, an established provider of high-powered, large-scale data infrastructure, recently revealed that it has launched its biggest co-location facility in Kearney, Nebraska. The new data center facility is the company’s third site. Other sites are based in Texas and South Dakota. Compute North’s latest… Read More

Crypto Miner Cannan Raises $90 Million in NASDAQ IPO, Shares Decline

Canaan AvalonMiner

Yesterday, Canaan Inc. (Nasdaq: CAN) a Chines crypto mining company,  completed an initial public offering (IPO) of 10,000,000 American Depositary Shares (ADSs), each representing 15 Class A ordinary shares. Shares were issued at US $9.0 per share for a total offering of US $90 million. … Read More

Cryptomining Hardware Company and Bitmain Competitor Canaan Files for IPO on Nasdaq

After an application to go public in Hong Kong lapsed last year, Canaan, the second-biggest maker of cryptocurrency mining hardware after Bitmain, has brought its bid to go public to New York. According to a registration statement submitted to the SEC in Washington, Canaan plans… Read More

China: WeiyangX Fintech Review

China Issues New Rules Against Illegal Lending On October 21st, a new financial rule was jointly released by four ministries and commissions of China’s central government-the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security and the Ministry of Justice. According to… Read More

Bitmain’s Back: Cryptomining Giant “Fulfils” Promise to Create Facility in Texas

Rockdale, Texas, a former coal and aluminum producing town hit hard by the exit of those industries. DMG (TSX-V: DMGI), a Canadian firm, will provide hosting and management services for the Texas facility and will work with Bitmain to expand the capacity and to ensure… Read More

Bitmain Set to Launch Digital Mining Map

Bitmain, a manufacturer of cryptocurrency mining hardware and operator of crypto mining pools, announced on Friday it is planning to launch a platform to connect mining hardware owners with mining farm owners through the World Digital Mining Map (WDMM). The company reported: “To remain price-efficient,… Read More

Authorities Crack Down on Cryptomining in Mongolia, Call Crypto “Pseudo-Financical Innovation”

Officials from five government departments in the Inner Mongolia Autonomous Region of China are gearing up to crack down on crypto mining in that region, Chinese crypto media outlet ChainNews reports. Mongolia’s Autonomous Region Development and Reform Commission, Public Security Department, Office of the Ministry… Read More

Company Used 9000 Technicians to Deploy Malicious Cryptomining Software in China

Police in China have shut down a massive cryptomining exploit pervaded by a computer network maintenance company in the Northeastern city of Zhengzhou, CCTV News reports. Officially, the company offered network maintenance services and “value-added advertising,” to Internet cafes and other businesses. Unofficially, the company’s 9000… Read More

Prosecutors: Accused Capital One Hacker Also Used Victims’ Servers for Cryptomining

A Seattle woman and former Amazon Web Services employee accused of stealing personal data from credit card-issuer Capital One and 30 other companies also used victim’s servers to mine cryptocurrency, prosecutors in the State of Washington allege. Paige Thompson is accused of accessing victims’ servers… Read More

Marathon Patent Group Ups Its Cryptomining “Hashing Power” by 7X

Anticipating an “improving market for Bitcoin,” Marathon Patent Group (Nasdaq: MARA) has traded 2 335 000 shares for 6000 new Antminer S-9 cryptomining machines with an unnamed hardware provider. Marathon is a micro-cap and one of the first Nasdaq-listed Cryptocurrency mining companies. The transaction means,… Read More

Authorities Find Stealth Cryptomining Set Up in Ukraine Nuclear Power Plant

The Security Service of Ukraine has found unauthorized cryptomining set ups in facilities South Ukrainian Nuclear Power Plant facilities Internet UA reports. One system was found in “Office 104” and another in dormitory facilities housing members of the Ukrainian National Guard, who are tasked with protecting… Read More

Heavy Rains in Sichuan Knock Out Crypto Mines Again

Heavy seasonal rains and flooding in Sichuan, China’s “Bitcoin mining capital” have once again damaged cryptomining facilities in the region, Chinese crypto press outlet 8BTC reports. This year’s continuous heavy rainfall began August 18th, and while the devastation so far appears to be less than last year’s,… Read More

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