Tag: Mining

SEC Charges Man Behind Alleged Crypto Mining Scam

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The Securities and Exchange Commission (SEC) has filed suit against Donald G. Blakstad for scamming investors partly through an allegedly fraudulent crypto mining operation. In a filing Jan 8, the SEC alleged Blackstad, 60, bilked over $3.5 million from investors of three separate firms: an oil and gas company; a vehicle parts holding company; and “Energy Sources International” (ESI), a purported cryptocurrency mining company whose Las Vegas datacenter has only one employee: Blakstad. The crypto mining operation specifically took in some $550,000 from five separate investors, all of whom were…

Canada’s DMG Blockchain Installs 1,000 New Bitcoin Mining Rigs for US Client

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Canadian tech company DMG Blockchain Solutions has installed 1,000 new Bitcoin (BTC) mining machines at its Christina Lake mining-as-a-service facility in British Columbia.  Per a Jan. 6 press release, DMG has purchased the new miners from Chinese mining giant Bitmain, with the total power consumption of approximately 1.5 megawatts.  Initially announced in December of last year, the newly installed mining equipment will serve a U.S.-based client, whose name was not revealed in the release. DMG operates as an industrial scale crypto mine hosting company, allowing clients to mine crypto through…

Largest Bitcoin Mining Facility Finds Perfect Match in Texas

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SBI Holdings and GMO Internet are all geared up to launch a massive Bitcoin mining facility in Rockdale, Texas. This supports a very strong narrative at play in the Bitcoin mining industry. More and more miners have moved away from Asia are migrating to the United States. Texas, in particular, has cheap energy and strong Libertarian roots, as reported by Bloomberg, January 8, 2019. Mining Capacity Not Slowing Down While the community has been breaking out into debates as to whether the Bitcoin halving is priced in or not, miners have seemingly…

KuCoin’s PoS Mining Platform Pool-X Launches BETA Version with Staking Service

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Pool-X, the next generation POS mining platform supporting lockup crypto transactions backed by KuCoin, today announced the launch of its BETA version and the opening of the Staking function. The first four staking products include KCS-30, TRX-30, XTZ-30, and ATOM-Flexible. In addition to receiving Staking rewards, participating users can also get a share of 250,000 POL every day. According to the Staking rules announced by Pool-X, the activity is valid from January 8 to January 12. Unlike other Staking providers, Pool-X pioneered the double-income model of staking. During the staking…

Japanese SBI and GMO to Mine Bitcoin at Texas Crypto Mining Farm

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The Japanese financial giant SBI Holdings Inc. and internet corporation GMO Internet Group will mine the number one crypto. To mine Bitcoin, SBI and GMO will rent capacity of the world’s leading mining farm based in Rockdale, Texas. As Bloomberg has reported, the companies have agreed with Whinstone Inc., a subsidiary of Frankfurt-based Northern Bitcoin AG. Neither SBI nor GMO has commented on the announcement yet, but those familiar with the matter said that mining begins ‘within the coming months’. It is notable that the new Northern Bitcoin center will…

SBI, GMO Reportedly Sign Deal with Operator of World’s Largest Bitcoin Mining Site

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The operator of what is set to become the world’s largest Bitcoin (BTC) mining facility has reportedly signed a deal with Japanese financial services giant SBI and internet provider GMO. A Jan. 7 BNN Bloomberg report claims that the two Japanese mega-firms have agreed in principle to process cryptocurrency transactions at a new mining facility — of unprecedented scale — now being developed in Rockdale, Texas. The facility will be operated by Whinstone Inc., a subsidiary of the Frankfurt-based Northern Bitcoin AG. Whinstone — which has been operating since 2014…

Ousted Co-Founder of Crypto Mining Firm Bitmain Opposes Layoffs

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Micree Ketuan Zhan, the co-founder of Bitmain who was recently dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs at the firm. As Bitmain — the world’s largest cryptocurrency mining firm — is reportedly planning to cut its workforce by 50% before the next Bitcoin (BTC) halving, Zhan claimed that he is “firmly opposed to layoffs” in a Jan. 6 Weibo post addressed to Bitmain employees. Zhan argues that Bitmain cannot lose its leadership in a highly competitive market Apart from claiming that Bitmain does not need to…

Bitcoin Mining Power Hits Fresh All-Time High

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Bitcoin’s hash rate reached record highs this week, amid rising prices and anticipation of the miner reward halving later this year. Based on a seven-day average, the hash rate has risen sharply from approximately 93 exahashes per second (EH/s) on Dec. 30 to more than 106 EH/s on Sunday. The best day overall was Jan. 1 when the hashing power exceeded 119 EH/s, surpassing the previous record of 114 EH/s set back in October. Bitcoin’s hash rate has increased considerably over 2019, rising from a weekly average of 40 EH/s…

Bitcoin Mining Giant Bitmain Ready to Fire Half of Its Employees

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Chinese state media Sina is reporting that Bitcoin mining behemoth Bitmain is considering laying off up to half of its employees as the company envisages economic consequences of the coming Bitcoin halving event. Meanwhile, the legal tussle between the co-founders of the firm continues with ousted chief Micree Zhan filing for control of Bitmain with a court in the Cayman Islands. Another Downsizing Round for Bitmain Reports coming out of China say major Bitcoin mining company Bitmain is considering a “personnel optimization plan.” Sources like Dovey Wan of Primitive ventures…

Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

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Cryptocurrency mining giant Bitmain reportedly has plans to reduce its workforce by another fifty percent. On Dec. 2, Chinese news media outlet Wushuo Blockchain reported that Bitcoin (BTC) mining rig maker Bitmain has launched a “personnel optimization plan” that will layoff a significant portion of its employees before the next BTC halving, which is expected in May. The world’s largest producer of cryptocurrency mining machines will reportedly hold an annual meeting on January 17, and it is expected that the layoffs will have been completed before that date.  People familiar…