Tag: Mining

Mining City: A Blueprint for Success?

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“Together we grow!” This is the slogan of Mining City, a company with a solid foundation in the cryptocurrency market. Is this catchphrase a real promise, or an overstated declaration? Let’s find out. Brick by brick  Cryptocurrencies are considered by many as the “gold of the digital age”. Just as the discovery of gold deposits in North America caused the famous Gold Rush, the introduction of Bitcoin in 2008 significantly affected the financial circulation on the Internet. It is safe to say that we are dealing with a “Crypto Rush”, which is becoming increasingly…

Mastermind of Bitcoin Mining Ponzi Scheme Extradited to the US: $20 Million in Victims’ Funds Laundered

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The US government says it has extradited Gutemberg Dos Santos, the co-founder of the Airbit Club Ponzi scheme from Panama and he now awaits his trial in a Manhattan court. Dos Santos is facing charges relating to his role in perpetuating a “cryptocurrency” scam which defrauded victims of “tens of millions of dollars.” Fraudulent Claims According to the US Department of Justice (DOJ), Dos Santos and five accomplices are accused of falsely promising victims that they will earn passive income from cryptocurrency mining. However, investigations found that “no bitcoin mining…

Venezuelan army starts mining Bitcoin to make ends meet

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The regime of Nicolás Maduro continues to lean on crypto to keep economically solvent. Via Instagram, an engineering brigade of the Venezuelan army inaugurated the new “Digital Assets Production Center of the Bolivarian Army of Venezuela.” As the video shows, the center houses various ASIC mining equipment used to crack proof-of-work algorithms. General Lenin Herrera presented the new mining operation. The stated goal of the mining operation is “strengthening and self-sustainability of our units of the Bolivarian Army,” adding later that these mining centers would be generating “unblockable sources of…

Venezuelan Army Starts Mining Bitcoin for ‘Unblockable Income’

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The Venezuelan Army has inaugurated a cryptocurrency mining center with bitcoin mining equipment aimed at generating “unblockable income,” as the country attempts to bypass U.S. sanctions. The crypto mining center has the support of the country’s crypto regulator, Sunacrip. Venezuela’s Army Starts Cryptocurrency Mining The Venezuelan Army’s cryptocurrency mining center was inaugurated on Nov. 19 by the 61st Agustín Codazzi Engineer Conditioning Brigade, according to local media. The inauguration was led by the General of the Bolivarian Army Lenin Herrera, Commander of the Brigade. He was accompanied by Major General…

This Bitcoin mining company’s stock is in free fall following Q3 loss

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The stock of one of China’s “Big Three” mining firms is in free fall Monday after reporting another quarterly loss, underscoring the operating challenges imposed by COVID-19. Canaan Creative, which manufactures mining rigs, released its third-quarter financial results Monday. The company posted a net loss of $12.7 million, or 54 cents per share, on revenues of $24 million. Although quarterly revenues grew 5%, the company’s net losses more than quadrupled. Quanfu Hong, Canaan’s chief financial officer, poured cold water on the negative earnings release by claiming that demand for mining…

Justice Department extradites alleged BTC mining Ponzi operator from Panama

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Per a Monday announcement, the United States Department of Justice and the Southern District of New York have extradited from Panama a leader of alleged Ponzi scheme AirBit Club.  Gutemberg Dos Santos is one of six operators of AirBit Club indicted, and the last to come into the U.S. to face trial before the SDNY. Dos Santos is a dual citizen of Brazil and the United States. Authorities initially apprehended five of the six back in August, with a sixth avoiding authorities until October.  The DoJ alleges that AirBit Club sold…

Bitcoin Mining Difficulty Nears All-Time High in Recent Rally

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The Bitcoin mining difficulty after reaching its all-time high in October 2020 took drastic steps backward between October 17 and November 2 from 146.5EH/s to 106.6 EH/s. Bitcoin mining difficulty has just as expected neared its all-time high in response to the recent bull-run driving the price near its all-time high price. Mining difficulty is a concept that explains how time-consuming and difficult it is to successfully solve the complex mathematical puzzle that generates a mineable asset. At this point, finding the hash that perfectly fits each block becomes challenging. Just…

Bitcoin mining difficulty approaches ATH as price stabilizes above $18K

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The price of Bitcoin has reached a two-year high of more than $19,000 and fallen below $17,000 more than once in the span of a week as mining difficulty continues to rise. According to on-chain analytics provider Glassnode, Bitcoin (BTC) mining difficulty increased by 8.9% today, putting the metric within 5% of its all-time high value set last month. #Bitcoin mining difficulty increased by 8.9% today. It is now only 4.4% below its ATH. Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc — glassnode (@glassnode) November 29, 2020 A rise in mining difficulty marked the…

New Free Bitcoin Mining App 2020 | Mine 0.3 BTC in 15 Minutes | Earn Bitcoin Without Investment

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Ethereum Classic plans ‘Thanos’ hard fork to restore mining with older GPUs

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Ethereum Classic (ETC) is planning to execute the Thanos hard fork, an upgrade that would ensure several more years of mining functionality for graphics cards with 4 gigabytes of RAM. The upgrade, scheduled for block 11,700,000 — set to be mined between Nov. 28 and Nov. 29 — will roll back the epoch parameter for Ethereum Classic’s mining algorithm, Ethash. Ethash features a set of precomputed data used during the mining process, called DAG. The data set grows at a rate of about one gigabyte every 18 months, and is…