Crypto mining now punishable by law in Angola – and here comes China
Angola laid down the law on April 10 with a new rule, the “Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining,” that flips the script on crypto enthusiasts. Under this rule, tapping into your computer to mine cryptocurrencies now lands you in hot water, legally speaking, with punishments ranging from a year […]
Tax evasion uncovered in Sweden, crypto miners owe nearly $90 million
The Swedish Tax Authority, Skatteverket, has concluded about 21 mining firms that deal with cryptocurrency after a full audit. According to the audit team, the period was between 2020 and 2023. This investigation revealed that the companies allocated tax illegally at improper rates to 18 of these corporations. These eight companies are in a position […]
What Is Crypto Mining? A Comprehensive Guide
Have you ever been curious about the inner mining work of cryptocurrency? Welcome to the world of crypto mining, a complex system powered by hash rates, a competitive endeavor to solve cryptographic puzzles, and, indeed, a lot of mathematics. If you’re picturing a conventional mine, it’s time to think again. Although crypto mining might evoke […]
Crypto firms prevail as energy agency EIA ends data quest for crypto mining
In a recent development, the U.S. Department of Energy (DOE) has agreed to terminate its efforts to gather information regarding the energy consumption of cryptocurrency mining operations. This decision follows a lawsuit filed against the Energy Information Administration (EIA), a division responsible for data tracking within the DOE. EIA commits to data destruction in compromise […]
U.S. Department of Energy to Initiate Comment Period for Crypto Miner Survey
In a significant development for the crypto mining industry, the U.S. Department of Energy (DOE) has announced the commencement of a comment period concerning its proposal for a survey targeting crypto miners. The decision emerges as a resolution following a lawsuit from crypto industry participants, marking a pivotal moment in the ongoing dialogue between regulatory […]
Crypto mining operators in Kazakhstan urge the president for tax reforms
In a significant development in the cryptocurrency mining industry, eight leading mining operators in Kazakhstan have penned an open letter to President Kassym-Jomart Tokayev, expressing their deep concerns regarding the soaring energy costs crippling their operations. This move comes as Kazakhstan grapples with its status as the world’s third-largest Bitcoin mining hash rate market. The […]
Canaan announces the release of its new Avalon 14 series miners
The recent “Avalon Bitcoin & Crypto Day” conference held in Singapore was the stage for Canaan, a prominent bitcoin mining application-specific integrated circuit (ASIC) manufacturer, to unveil its latest innovation – the Avalon-made 14 series mining rigs. These cutting-edge mining machines represent a significant leap in energy efficiency and hashing power in the world of […]
Could Qatar be part of El Salvador’s Bitcoin mining project after Qatar’s Prince official visit?
The visit of HH Prince Sheikh Tamim bin Hamad Al-Thani of Qatar to El Salvador today September 13th 2023 has raised questions that bitcoin mining could be part of the discussions The news of the visit sparked the interest and imagination of some influencers and enthusiasts in the crypto community. Could Qatar be part of […]
Laos cuts electricity supply to crypto miners amid drought issues
Laos, the Southeast Asian nation, has decided to halt electricity supply to cryptocurrency mining operations within the country. The state-owned electricity distribution company, Électricité du Laos (EDL), cited a range of factors for this decision, including the challenge of generating sufficient power due to ongoing drought conditions. Laos blames increased electricity demand In a recent […]
Dropbox ends unlimited storage plans, cites crypto mining abuse
Dropbox, the popular online storage platform, announced the discontinuation of its unlimited storage Advanced plan, citing abuse by users engaged in cryptocurrency mining. The company revealed that the unlimited storage offering, initially designed for businesses, had been exploited for resource-intensive activities, including crypto mining and pooling storage for personal use. Dropbox policy to address unintended […]
Oman’s MTCIT unveils massive $350 million Bitcoin mining facility in Salalah Free Zone
The Ministry of Transport, Communications, and Information Technology (MTCIT) in Oman has unveiled a state-of-the-art Bitcoin mining and data hosting facility within the Salalah Free Zone. Valued at approximately $350 million (RO 135 million), the newly established facility marks a significant stride toward positioning Oman as a global data hosting and mining epicenter. This recent […]
Arkansas counties to regulate crypto mining noise amid new state law
Several counties in the United States state of Arkansas are hurrying to pass emergency legislation to control noise and other activities related to cryptocurrency mining before a new state law comes into effect on August 1, according to local media reports. Arkansas state law will come into effect on August 1 The upcoming state law […]
Riot Platforms increases its mining capacity with new purchases
Riot Platforms, a prominent player in the Bitcoin mining industry, has recently made a significant investment to enhance its operations. The company has acquired 33,280 state-of-the-art Bitcoin mining rigs, procured from leading manufacturer MicroBT. The purchase, valued at $162.9 million, is aimed at bolstering Riot Platforms’ self-mining capacity ahead of Bitcoin’s anticipated halving cycle in […]
50 Chinese nationals detained in Libya for crypto mining
In an audacious scenario that spotlights the clandestine world of cryptocurrency mining, 50 Chinese citizens have been taken into custody by the Libyan authorities. Their apprehension follows accusations of them orchestrating a crypto mining operation in Zliten, a city located in the east of the Tripoli province. The illicit operation was reportedly dismantled, marking a […]
Core Scientific’s chapter 11 plan paving the way for Bitcoin mining titan’s resurgence
Core Scientific, a Bitcoin mining company facing serious difficulties due to the current bankruptcy procedures, has taken a decisive step to ensure its long-term viability. The company has recently filed for Chapter 11 bankruptcy protection in order to demonstrate its commitment to reorganizing its business and pleasing its creditors. The Chapter 11 plan was submitted […]
Crypto miners rejoice as threatening energy tax withdrawn
Cryptocurrency miners nationwide found their spirits uplifted this Sunday as a dark cloud threatening their industry parted, revealing a silver lining. The potential storm, a 30% energy excise tax looming over them under the proposed “Digital Asset Mining Energy excise tax,” had been withdrawn from the Fiscal Responsibility Act of 2023. The unexpected reprieve brought […]
White House defends 30% crypto mining tax proposal
The White House has released a report justifying a proposed 30% excise tax on cryptocurrency mining firms, asserting that this action would be in the best interest of American communities and the environment. The report states that firms currently do not bear the full cost of the negative impact they impose on society and that […]
Russia makes new record in crypto mining
Cryptocurrency mining is on the rise in Russia with the country now taking the second spot for total power capacity devoted to digital currency production. According to data provided by Bitriver, one of the country’s largest miners, a staggering 1 gigawatt (GW) was reached during the first three months of 2023. The United States continues […]
Crypto mining faces huge tax hike in the US, will it kill the industry?
Under President Joe Biden’s budget proposal, US crypto miners could be subject to a 30% tax on electricity costs to reduce mining activity. According to a supplementary budget explainer paper released by the Department of the Treasury on March 9, any firm using resources for digital asset mining – whether owned or rented – would […]
Russia Crypto investors can now benefit from new $4,000+ fund for mining projects
A Russian company has launched an investment fund to finance crypto mining projects despite regulatory challenges and hostile stances from certain government bodies. According to Kommersant, a Russian business news source, Investors with a minimum of 300,000 rubles (around $4,000) can take part in the scheme, using the capital to purchase hardware and pay for […]
Crypto wins in Montana: Senate makes move to protect miners
The state of Montana is making progress in securing the rights of cryptocurrency miners in the region. Following the introduction of a new bill, the Montana Senate has moved to ban unfair regulations and discriminatory rate classifications for digital asset miners in the state. The legislation aims to create legal certainty for digital asset mining […]
Warrant issued for a 39-year-old over illegal crypto mining in Massachusetts
It is no secret that crypto mining is a costly endeavor. One individual from Massachusetts took the calculated decision to have a school bear his crypto mining expenses. A former facilities worker who reportedly set up a hidden crypto mining operation in the crawl space of a Massachusetts school is going to be arrested after […]
U.S. states introduce crypto mining protection laws
States around the United States are adopting legislation that defines, licenses, and regulates digital assets as the cryptocurrency market drama continues to develop, typified by falling asset prices and a series of scandals involving crypto banks, investment companies, and exchanges. The states are Mississippi, Missouri, Montana, and Oklahoma. What the states’ regulations entail The measures […]
Russia to start operating a crypto-mining center worth over $12.3 Million
The Russian Federation plans to start operating a cryptocurrency mining plant worth $12.3 million (900 million rubles) in the upcoming months. According to a report by local Russian media, RBC, this enormous data processing facility would be situated in Buryatia, a Russian republic in eastern Siberia. The data center is anticipated to contain 30,000 mining […]
Argo Blockchain CEO resigns after 3 years of service
In light of its recent acquisition and lawsuit filing, the bitcoin miner Argo continues to undergo a series of organizational adjustments. Peter Wall is resigning from his roles as CEO and interim chairman of Argo Blockchain in order to “pursue new opportunities.” According to official sources, he will give up interim leadership to COO Seif […]
Chinese central bank former exec explains why China is wary of crypto
Professor of finance and economics at Peking University’s National School of Development and former member of the People’s Bank of China’s Monetary Policy Committee Huang Yiping explains in a piece by blockchain reporter Colin Wu why China is cautious about cryptocurrencies. China doesn’t think cryptos are real currencies According to Yiping, adopting a position on […]
Bitcoin mining company Riot removes “Blockchain” from its name
To showcase its broad range of operations, Riot Blockchain has rebranded itself as Riot Platforms. However, the CEO of Riot Platforms Jason Les, said: “Riot’s rebranding underpins the company’s growth strategy to continue expanding its increasingly diversified business operations and reflects a renewal of its corporate vision to become the world’s leading Bitcoin-driven infrastructure platform.” […]
Russia set to expand power infrastructure in Serbia as demand for crypto mining increases
As the Ukrainian conflict lingers into its 10th month, Russia recently declared a potential rise in energy output due to heightened need from crypto miners. The remarkable surge in crypto mining is primarily due to the Federation’s initiative to legalize cryptocurrency as a form of international exchange. Due to the increasing electricity demand, the Russian […]
Major concern as Russia’s crypto mining bill remains delayed
On the December 23rd, Anatoly Aksakov, Russia’s congressional finance committee chairman, stated at a press conference that Russia’s law on cryptocurrency mining regulation is being postponed due to fears that it might act as a conduit for capital flight, according to the most recent report by Russian news agency TASS. I will not name the […]
Japan’s new energy MOU a big win for crypto miners
Agile Energy inc and Triple 1, a semiconductor company, have partnered to leverage renewable energy for crypto miners in Japan. Agile Energy X is a Tokyo Electric Power Company (TEPCO) subsidiary, Japan’s largest electric power company. The subsidiary began operation on October 1, 2022, to accelerate the introduction of renewable energies by operating cutting-edge distributed […]
US state offers sweet new deal to crypto miners
The US state of Arkansas is positioning itself as a hotbed for troubled crypto miners. Miners have faced much opposition in various jurisdictions owing to the activity’s negative environmental impact. Arkansas is a landlocked southern US state bordering the Mississippi river. The state is famous for its vast wilderness areas with terrains composed of caves, […]
Bitcoin miner Argo Blockchain plans to file for bankruptcy
Argo Blockchain, a company that mines cryptocurrencies, made public its intentions to file for bankruptcy earlier than expected on December 12 due to an administrative error. Will Foxley, the Content Director at Compass Mining, was the one who first posted a screenshot of the special announcement made by Argo Blockchain on December 9. Included in […]
Central Bank of Russia’s new crypto mining conditions
The Central Bank of Russia has remained steadfast in supporting crypto mining in Russia. Their firm stance has, however, created a headwind situation with the Ministry of Finance as the country reviews its crypto mining laws. On November 17, legislators presented a bill before the State Duma to define the mechanism for miners’ sale of […]
Are crypto miners losing faith in Bitcoin? Over 10K BTC dumped
The ongoing crypto winter has been harsh for everyone involved in the overall DeFi space. However, it has been specifically challenging for miners who are struggling to make profits from long-term holdings. Miners have always been synonymous with HODLing. Bitcoin volatility has brought tremendous returns for miners in the past decade, as significant bull runs […]
PoW crypto mining banned by NY governor: Will mining become extinct?
Last week, New York Governor Kathy Hochul signed new regulations to ban certain crypto mining operations. The signed moratorium bans proof-of-work mining facilities that use any carbon-based power source for the new two years. Mining companies that use 100% renewable energy are exempt from this new law. The governor stated that this initiative will curb […]
Best crypto to mine with GPU (Top Picks for 2022)
One of the most well-liked methods of earning cryptocurrency is mining. However, as time goes on, profitability has been rapidly declining. Despite this, mining is still one of the most important aspects of the cryptocurrency industry since it is required for the blockchain to operate normally and because it has a near-cult following. Many cryptocurrency […]
How to Mine Pi 2022 (Complete Guide)
Mining cryptocurrency is how new coins are put into circulation. Miners are rewarded with a portion of the cryptocurrency for verifying and committing transactions to the blockchain. Long ago, anyone could mine Bitcoin on their computer at home. However, as the network grew, it became increasingly difficult to profitably mine without expensive hardware. Some cryptocurrencies […]
How to Mine Vertcoin 2022 (Complete Guide)
In the cryptosphere, earning passive income on assets has been a thing among traders and investors for many years, especially with airdrops, liquidity pools, staking, and mining making the rounds. Cryptocurrency mining is particularly popular as it emerged with the first crypto, Bitcoin. If you are not hardware savvy but want to participate in the mining world, Vertcoin cloud mining is […]
How to Mine Ergo 2022 (Complete Guide)
Since the inception of Bitcoin, mining has become very profitable because it is a way to earn passively. Mining is the foundation of Proof of Work (PoW) cryptocurrencies. One cryptocurrency that allows mining is Ergo. That Ergo coin is worth $3.02 at the time of writing and has gained about 18% in the past 24 […]
Compass Mining set to expand its mining activities
Compass Mining has announced plans to enter into a partnership with Compute North which will see the company expand to a 75 megawatts data center. This update is coming off the back of a recent reduction of its workforce. Some weeks ago, Compass Mining announced that it had cut about 15% of its staff, with […]
