Tag: Mining

Several Crypto Mining Operations Busted in Russia – Mining Bitcoin News

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Authorities and power utilities in various Russian regions have shut down illegal crypto mining farms, seizing hardware and taking operators to court. The action against the coin minting facilities comes amid discussions on a proposal to introduce criminal liability for miners breaking the upcoming legislation for the industry. ‘Underground’ Crypto Mining Farms Shut Down Across Russia Police and power suppliers have uncovered and dismantled illegal crypto mining installations in Siberia and Southern Russia, local crypto news outlets reported this week, quoting authorities. In one of the cases, the organizers of…

Crypto mining in 2023 — Is it still worth it? Watch Market Talks

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In this week’s episode of Market Talks, Cointelegraph welcomes Justin Kramer, CEO of Badgerland Home Crypto Mining and a long-time cryptocurrency investor. When he is not attending to his own mining rigs, Kramer provides consultation services to home-based operations and larger startups on how to set up mining farms. We start things off with miner prices and how they have changed in the last few months. Have the prices gone up or down, and what kind of impact does Bitcoin (BTC) have on prices? Which miners are the most in-demand right now,…

Crypto Winter Ends Era of Bitcoin Mining ‘Hodlers’

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The liquidation of bitcoin holdings was particularly strong in June 2022, when miners sold 14,200 bitcoins, according to Zhao’s analysis. Roughly half of that was from now-bankrupt Core Scientific. Since then, miners tracked by Zhao have been selling 5,000 to 7,000 bitcoins per month, more than twice as many as they were selling between January and May 2022. Original

Cardano founder Charles Hoskinson explains Ethereum’s and Bitcoin’s flaws

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Charles Hoskinson, founder of Cardano, points out the limitations of Ethereum’s and Bitcoin’s protocols. 0:00 Intro 0:48 What is your argument against post-Merge Ethereum? 4:43 Why do you think Bitcoin should abandon proof-of-work mining? 9:23 Why isn’t Cardano moving fast and breaking things? 11:25 Outro Subscribe to Cointelegraph Markets Pro: Check out the latest crypto merch at the Cointelegraph Store: Want to join the Cointelegraph team? Check out #Cointelegraph #Bitcoin #CryptoMarkets Subscribe to Cointelegraph: Follow COINTELEGRAPH: Website: Telegram: Facebook: Twitter: Cointelegraph covers…

Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam – Regulation Bitcoin News

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The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many as 800,000 people may have fallen prey to the scam. 88 Digital Currency Wallets Used to Receive Funds From Investors Egyptian police recently arrested 29 individuals thought to be the masterminds of the Hoggpool cryptocurrency…

Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation – Mining Bitcoin News

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A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, According to New Bill Russian crypto miners will have to report their income and provide tax authorities with detailed information about their digital assets, including wallet addresses, to avoid being prosecuted by the state. That’s…

‘Bad batch’ or flawed design? Compass Mining flags problems with new ASIC miners

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Bitcoin mining company Compass Mining claims to have found “three issues” in the ASIC design of the two new Antminer S19 miners, units that are primarily used to mine Bitcoin (BTC). These issues could result in the machines overheating and in some cases, completely breaking down. The firm’s mining operations team warned in its Mar. 6 post that “Miners need to be ready,” particularly those who purchased the S19 90T and S19 XP Antminers manufactured from 2022 onwards. Bitmain changed its ASIC design. Miners need to be readyhttps://t.co/cs8z96lR1L pic.twitter.com/2NN4O3sEfP —…

U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms

“The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid with digital asset miners,” according to the document. “Digital asset mining also creates uncertainty and risks to local utilities and communities, as mining activity is highly variable and highly mobile. An excise tax on electricity usage by digital asset miners could reduce mining activity along with its associated environmental impacts and other harms,” the…

Biden budget proposes 30% tax on crypto mining electricity usage

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A phased-in 30% tax on cryptocurrency mining electricity costs has been proposed by United States president Joe Biden in his administration’s 2024 fiscal year budget. A Department of the Treasury supplementary budget explainer paper released Mar. 9 said any firm using resources — whether they be owned or rented — would be “subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.” One of the few surprises in the Biden budget. A proposed excise tax on electricity usage from crypto mining.…

Jack Dorsey’s Block seeks feedback on its bitcoin mining kit

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Jack Dorsey’s Block is calling on members of the public to give feedback concerning the features they want in its open-source silicon-based bitcoin (BTC) mining hardware system under development.  Nearly two years after announcing plans to launch its bitcoin mining hardware, Jack Dorsey’s Block says it has been hard at work building a team to explore its bitcoin mining project. Finally, it has now kicked off the process of building its own BTC  mining semiconductor chips. Per a blog post by the company, its application-specific integrated circuits (ASICs) miners will…