Suspects Arrested for Stealing Electricity in Crypto Mining Operation

In the German city of Klingenthal, Saxony, police have arrested a group of suspects for stealing electricity to operate a cryptocurrency mining farm, Cointelegraph auf Deutsch reports Feb. 6. Police officers reportedly tracked down a system of 49 computers operating in the premises of former electrical services company PGH Elektro. Since at least 2017, the mining farm has reportedly consumed as much electricity as 30 households, with the damage for the affected electricity supplier estimated to around 220,000 euros ($250,053). Per local news site FreiePresse, 30 of the 49 computers…

Seven Jailed In Taiwan for Bitcoin-Ponzi Operation

The Taiwanese authorities have officially pressed charges against the seven fraudsters who were arrested in June last year for allegedly running a bitcoin-powered Ponzi scheme, reported local news source Focus Taiwan on January 18, 2019. Multiple Banking Laws Violated Per sources close to the matter, the Taichung District Prosecutors Office has indicted seven residents for allegedly organizing a cryptocurrency Ponzi scheme that according to data gathered by the nation’s Investigation Bureau, which is under the remit of the Ministry of Justice, generated about USD 51 million from more than 1,000…

Canada’s DMG Blockchain Puts 85 Megawatt Crypto Mining Facility Into Operation

Canadian blockchain and cryptocurrency company DMG Blockchain Solutions Inc. has energized its new crypto mining facility, according to an announcement published Nov. 8. DMG states that the facility will start at 60 megawatts, and can expand its capacity up to 85 megawatts. DMG Blockchain Solutions initially revealed its plans to launch the station in July, stating that  their crypto mining operation will be implemented on an industrial scale with direct support from the local government and electricity providers. The station will purportedly increase DMG’s hosting capability by more than 20…

World’s Largest Bitcoin Mining Pool Launches Ethereum Operation

The world’s largest bitcoin mining pool is preparing to expand its horizons. BTC.com, which produced 21 percent of all newly-mined BTC over the past 12 months and currently accounts for more than 16 percent of the bitcoin hashrate, announced on Thursday that it has opened an ethereum mining pool. The pool will initially support both ethereum and ethereum classic, and users will have the ability to shift between the two Ethash-based cryptocurrencies to enhance profitability. “Because contracts are charged per line of executed code and miners are rewarded for dedicated…

‘Operation Cryptosweep’ Results in 200 Crypto-Related Investigations

The North American Securities Administrators Association (NASAA) announced today, August 28, that its ongoing initiative “Operation Cryptosweep” has resulted in over 200 investigations of Initial Coin Offerings (ICOs) and crypto-related investment products. State and provincial securities regulators in the U.S. and Canada launched probes into potentially fraudulent crypto investment programs as part of the NASAA’s “Operation Cryptosweep” in May. The initiative targeting suspicious crypto investment products is reportedly the largest such coordinated investigation by state and provincial officials. The NASAA President and Alabama Securities Commission Director Joseph P. Borg said…

New York State to See Bitcoin Mining Operation Powered by Hydroelectric Dam in Q4 2018

A California-based Bitcoin mining company has completed work on a repurposed hydroelectric dam to service its new mining farm, a press release announced Thursday, August 23. DPW Holdings will now prepare to use the dam, which is located in Valatie Falls, New York, as the source of electricity for its yet-to-be-built mining facility towards the end of 2018. The move means fresh competition for the steadily increasing miner population in New York State, where Coinmint signalled it would begin operations in an old smokestack with local government backing earlier this…