A federal court in the Hebei Province of China sentenced 61-year-old grandmother to four months in jail for stealing electricity while mining bitcoin. Authorities say Tang operated four bitcoin mining rigs, including one regulator and one mobile device using stolen electricity. Tang was charged with stealing about $1,300 worth of electricity while mining bitcoin between January and October 2018.
Bitcoin mining is thriving in Canada, where firms are capitalizing on cheap energy prices and partnering with local municipalities to generate profits. Emiliano Grodzki, founder and chief strategy officer for Bitfarms, recently told local media about efforts to bring more provinces on board to help them benefit from mining. Canada is attractive because of its energy cost efficiencies, which crypto mining operation is taking advantage.
The President of Belarus Alexander Lukashenko during his recent meeting with representatives of the IT industry has reaffirmed that the nation is bullish on digital economy and will protect and promote them. He further commented: “We will launch the atomic station and there will be surplus energy. I have left some space there – we’ll build farms and we’ll be mining and selling those bitcoins. They say if you have bitcoin it’s not a problem to sell it, right?”
A 56-year-old Romanian-Australian businessman, Frank Timiș has been revealed to be stakeholder in Bitcoin mining company, Argo Blockchain after a company shakeup that led to the ouster of two top Argo executives. He now owns 14% of shares of the company, has been linked with Rothschild Bank, has been looking at cryptocurrency and the disruptive power for sometime now is planning an overhaul of the company’s entire business plan earlier this year.
Numerous Chinese Bitcoin miners are currently eyeing on penetrating the Iranian market. Apart from that, it has been proposed in the country that bitcoin mining operation should be banned as it will only cause a negative effect on the environment. The suggestion proposed to the government of China however reported have been predicted by the local mining companies.
The National Development and Reform Commission (NDRC) had passed a proposal to ban the cryptocurrency mining activity in the country due to environmental concern. The research in the Institute of Finance and Banking at the Chinese Academy of Social Sciences, Zhao Yao explained, “The move by the NDRC, which determines industrial policies, carries much more weight.”
Big and small-scale cryptocurrency miners are looking to renewable energy as market conditions and electricity costs have substantially lowered cryptocurrency mining profitability. Reddit user cadese stated “I just installed solar panels to run my miners during the day. I cut the mining cost by 75%. It’s not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax”
Canaan Creative, a Bitcoin miner manufacturer after reportedly going for a public listing in the US market through a New York-based stock exchange has raised several hundred million US dollars in a fresh funding round. It is the second largest Bitcoin mining hardware manufacturer in the world following Bitmain.
In 2018, Long Island Iced Tea rebranded to Long Blockchain, resulted 5 times increase of its share used it to purchase Bitcoin (BTC) miners. In August 2018 it switched cryptocurrency business. The latest development is it signed deal with Canadian firm ECC2 Ventures to sell its ready-to-drink tea.