Day: May 14, 2023

BTC miner Rhodium faces lawsuit over an alleged $26M in unpaid fees: Report

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Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner Rhodian enterprises, according to its Q1 2023 report. Published on May 10, Riot’s report stated that Whinstone – a wholly owned subsidiary of Riot – has filed a petition against Rhodium Enterprises on May 3, alleging a breach of contract after failing to pay “certain hosting and service fees under agreements.” Riot seeks to recover “more than $26 million,” plus legal fees and other…

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies – Economics Bitcoin News

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The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. dollar. Southeast Asian Countries’ De-Dollarization Efforts The leaders of the Association of Southeast Asian Nations (ASEAN) gathered in Labuan Bajo, Indonesia, for the 42nd ASEAN Summit on May 10-11 under the chairmanship of the Republic…

US Government Faces ‘Significant Risk’ of Default in June, Congressional Budget Office Warns – Economics Bitcoin News

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The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line with the estimate by the Treasury Department that a U.S. default could occur on June 1. CBO Sees ‘Significant Risk’ of the U.S. Defaulting in June The Congressional Budget Office (CBO) released an update to the Budget Outlook for 2023 to 2033 Friday. The…