Tag: Mining

Latam Insights: Paraguay Unveils Bitcoin Mining Centric Development Strategy, Itau Unibanco Rolls Crypto Trading for All Customers

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Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguay unveiled a bitcoin mining-centric strategy, Itau Unibanco rolled out crypto trading services for all its customers, and Worldcoin decided to establish a hub in Argentina. Paraguayan Minister Unveils Future Economic Strategy Centered […] Original

Trump Champions Bitcoin Mining, Vietnamese Increase Gold Buying, and More — Week in Review

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Former U.S. President Donald Trump expressed support for the bitcoin mining industry, advocating for producing the remaining bitcoin in the U.S. to enhance national energy dominance. Vietnam sees increased interest in gold bullion purchases due to favorable prices at state-owned banks. New York Attorney General Letitia James takes legal action against crypto pyramid schemes targeting […] Original

Chinese public telecom provider Coolpad Group allocates $13.5m to buy Bitcoin mining rigs

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Shenzhen-headquartered telecommunications equipment company Coolpad Group has announced the purchase of $13.5 million worth of crypto mining rigs. Coolpad Group, a public Chinese telecom provider listed on the Hong Kong Stock Exchange, said in a regulatory filing it has allocated over HK$106 million (around $13.5 million) to purchase Bitcoin mining rigs as the firm now “actively pursues opportunities in web 3.0 digital currency business.” As per the document, Coolpad plans to acquire 2,700 crypto mining rigs from Hong Kong-based JingYun Intelligent Technology Limited, with deployment slated for North America. The…

Bitcoin Mining Stabilizes Power Grids Strained by AI Data Centers

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To keep a power grid at the correct frequency, grid operators must “balance” the power grid by adjusting energy production to match user demand. This process is called “load following.” Historically, increasing and decreasing energy production was the only real-time response action grid operators had available to them. But now, during periods of high or low electricity demand, Bitcoin miners can quickly adjust their power consumption to create a second, real-time response action that grid operators can use to establish balance. Original

Biden’s Proposed Nonsensical 30% Tax Would Kill Bitcoin Mining in the U.S.

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The egregious mining tax, implemented despite the billions of dollars invested in the sector, is part of his budget proposal for the fiscal year 2025, which aims to address environmental concerns and regulate the digital asset mining industry. The proposal suggests that the tax would be phased in over three years, starting at 10% in the first year, increasing to 20% in the second year and reaching the full 30% in the third year. This tax is prejudicing digital mining, exclusively, not data centers generally. Original

Donald Trump Pledges to Champion Bitcoin Mining in Historic Meeting With Industry Leaders

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Former U.S. President and presidential candidate Donald Trump has engaged with leaders in the bitcoin mining sector, expressing his support for the industry. Trump stressed that bitcoin mining “may be our last line of defense” against a central bank digital currency (CBDC). He emphasized the importance of producing the remaining bitcoin in the U.S., suggesting […] Original

Make bitcoin mining stocks great again? Trump calls for US mining dominance

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Donald Trump announced on Tuesday that he wants all remaining bitcoin (BTC) mined in the United States, citing the country’s potential to dominate the energy sector. In a late-night post on Truth Social, the Republican presidential candidate expressed the sentiment that Bitcoin mining may be the country’s last line of defense against a Central Bank Digital Currency (CBDC.) Due to these comments, Bitcoin mining stocks had a great day in the markets on Wednesday. TeraWulf (WULF) jumped by nearly 20% at one point and settled into 10% intraday gains. Hut…

Russian Bitcoin mining supplier to spend over $130m on AI data centers: report

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Russia’s crypto mining equipment supplier Intelion is reportedly considering an investment of over $130 million to develop AI data centers. Moscow-headquartered crypto mining supplier Intelion is planning to spend up to 12 billion Russian rubles (over $130 million) on purchasing server equipment to build artificial intelligence (AI) data centers, Russian media RBC reports, citing Intelion Cloud head Maxim Vyaznikov. As per the report, Intelion, which also operates a branch in Dubai, already possesses servers equipped with Nvidia’s A100 chips, despite a 2022 U.S. Department of Commerce ban on the sale…

Bitcoin mining attracts ‘various types of criminal actors,’ Europol says

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European law enforcement agency Europol slammed crypto mining as well as layer-2 solutions, saying they cause “additional problems for law enforcement investigations.” European law enforcement agency Europol has criticized crypto mining and layer-2 blockchain solutions, asserting that they pose “additional problems for law enforcement investigations.” In a recent 40-page report on cryptographic encryption, the Hague-based agency highlighted how crypto mining has become an attractive method for criminals to launder illicit proceeds. Criminal actors can use mining operations to obscure illicit earnings, in some cases even generating further profits for criminals,…