Iran vs Bitcoin Mining: Confiscates 1,000 Crypto Mining Machines after Electricity Rise

Iran vs Bitcoin Mining: Confiscates 1,000 Crypto Mining Machines after Electricity Rise

The authorities in Iran have seized roughly 1,000 Bitcoin mining machines from two former factories, as reported by local TV reporters. The actions clearly indicate that the government is highly concerned about the increased consumption (7% in June) of electric power which is illegally used by crypto miners from buildings and factories that enjoy lower per unit cost of electricity. Recently, a spokesperson of Iran’s Ministry of Energy, Mostafa Rajabi Mashhadi said that the country’s…

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Iran Cracks Down on Cryptocurrency Miners: “Making the Grid Unstable”

Iran Cracks Down on Cryptocurrency Miners: “Making the Grid Unstable”

With concern to electricity consumption, Iran has recently claimed that increased cryptocurrency mining activities have resulted in up to seven percent increase in the country’s monthly electricity consumption. Mining cryptocurrencies such as Bitcoin requires plenty of computing power that, in turn, requires a greater consumption of electric power. When it comes to Bitcoin, more than 80% of the popular cryptocurrency is already mined which means that mining the rest of the Bitcoins will require an…

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Cryptocurrency Mining Firm Bitmain Seeks IPO Again as Bitcoin Climbs to New High

Cryptocurrency Mining Firm Bitmain Seeks IPO Again as Bitcoin Climbs to New High

It seems like the China-based ASIC chips master Bitmain, which is one of the largest companies that offers cryptocurrency mining equipment, is back in the initial public offering (IPO) game again. You will recall that Bitmain hasn’t had the best year since the 2018 crypto winter. From downsizing its workforce to slamming the brakes on its Texas mining operation and closing down its offices in the Netherlands and Israel, it has been one horrific ride…

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Merrill Lynch Employee Fined and Suspended for Not-Disclosed Crypto Mining Operation

Merrill Lynch Employee Fined and Suspended for Not-Disclosed Crypto Mining Operation

The United States Financial Industries Regulatory Authority (FINRA) has suspended and fined an ex-Merrill Lynch banker, Kyung Soo Kim. The self regulating financial authority has taken the decision to impose a $5,000 fine,and one month suspension on Kim for partaking in a cryptocurrency activity without a proper notice. Kim allegedly performed a cryptocurrency mining operation in December 2017, right before the Bitcoin price peaked at almost $20,000. Although he has neither confirmed nor denied these…

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Russia Examines Anti-Crypto Legislation to Fine Cryptocurrency Mining

Russia Examines Anti-Crypto Legislation to Fine Cryptocurrency Mining

Anatoly Aksakov, Chairman of Russia’s State Duma Committee (parliament), announced that Russian lawmakers have been considering imposing fines on the mining of cryptocurrencies which are based on an open blockchain, like Bitcoin. This was revealed in an interview with Russian news outlet TASS. Anatoly Aksakov said: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for…

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“Totally Different”: McAfee Freedom Coin Will Not Be Minable and Will Not Include ICO

“Totally Different”: McAfee Freedom Coin Will Not Be Minable and Will Not Include ICO

Antivirus software pioneer John McAfee has recently come into the crypto limelight (again) for an announcement he made on Twitter. The famous ‘crypto freedom lover’ John McAfee tweeted his plan to launch a digital coin which, according to him, will be totally different from other cryptocurrencies and that it will also bears his name, “McAfee Freedom Coin.” In the crypto community, McAfee is known for his optimistic views of Bitcoin and other cryptocurrencies. Previously, he…

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China Throws 61-Year Old Grandma in Jail for Stealing Electricity to Mine Bitcoin

China Throws 61-Year Old Grandma in Jail for Stealing Electricity to Mine Bitcoin

China has once again drawn criticism for its harsh measures against members of the crypto mining community after a 61-year old grandma was jailed for stealing electricity to mine Bitcoin. While the crime justifies some sort of penalty, the harsh punishment for the elderly lady was criticized by human rights advocates as efforts to further subdue and scare away the mining community. The 61-year old Qiuping Tang was jailed for four months and fined 10,000…

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Crypto Mining Giant Bitmain Reports 88% Decline in Bitcoin Mining Power

Crypto Mining Giant Bitmain Reports 88% Decline in Bitcoin Mining Power

Beijing-based crypto mining rig manufacturing giant, Bitmain, recently reported that its internal Bitcoin and Bitcoin Cash mining operations have generated 88% less computing power compared to a month ago. The major cutdown has been revealed by the company in its monthly hashing power disclosure. As per the hashing power disclosure, on May 7th, the hash rate of all Bitcoin and Bitcoin Cash mining hardware which are running on the SHA265 chips has dropped significantly. Comparing…

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Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Bitcoin and other virtual currencies have been featured extensively in the news, relating to one criminal act or the other. Being a highly sophisticated and privacy-oriented currency, money launderers and cybercriminals have turned to this new found digital currency as a hideout from suspecting eyes. While some of these swindlers demand virtual assets as a ransom or payment, others use it to fund criminal activities and terrorist groups. In the news today is a suspected…

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Microsoft Korea: Crypto Mining Attacks Are on the Rise

Microsoft Korea: Crypto Mining Attacks Are on the Rise

According to a new Microsoft Security Intelligence Report by the company’s South Korean arm, cyberattacks have been increasing steadily in Korea and other countries around the world. Apart from phishing attacks, supply chain attacks and cryptocurrency mining malware have become the most common cyberattacks that the majority of the users are facing today. South Korea has relatively low cyberattack threats compared to other parts of the world. However, Microsoft Korea is urging individuals and organizations…

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