The Iran government has prepared a draft proposal on crypto-mining regulation is on way the Cabinet of Iran, sources reveal that most likely it will get approved and the licensed and registered cryptocurrency miners will have to furnish information to the state and renew the license every year. An anonymous commenter said, “It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government. They need to figure out how to balance mining so that they wouldn’t harm the power grid.”
China has become the home for some of the biggest crypto mining equipment manufacturers, recently it has been revealed that one of the major names in the bitcoin mining industry, Bitmain has emerged as the third among the hottest startups to work in the world’s second-largest economy. The ranking is done by the LinkedIn website and Bitmain at present has a workforce of 2,500 spread across the globe.
Cryptomining firm based in UK, Argo Blockchain is increasing its hash rate as the company stock price is moving northward. This has allowed expanding its mining capabilities in the past few months, which already owns 7,025 bitcoin mining machines and it is now planning to buy more. Chairman of Argo, Mike Edwards commented, “We are excited about the future prospects for the sector and continue to be focused on bringing greater institutionalisation and growth to the digital assets and blockchain technology ecosystem.”
The power plant operators at Yuzhnoukrainsk nuclear power plant have been put behind bars by the Security Service of Ukraine (SBU), for allegedly compromising the nuclear facility’s security via their mining setup’s internet connection. The detectives of SBU have unearthed unauthorized computer equipment and seized a media converter, fiber-optic cable and a partial network cable.
Bitmain, a major cryptocurrency mining has accused an almost unknown ‘Mangocoin’ (MGC) cryptocurrency for misusing the ‘Bitmain’ brand name. The Bitmain stated, “MGC and its website, APP, social media accounts, WeChat groups, QQ groups, etc. are not business channels or platforms of Bitmain, and these have no connection or affiliation with us whatsoever. Bitmain Cloud Miner on any platform of MGC is not developed by Bitmain.”
An electricity distribution company based in Malaysia, Tenaga Nasional Bhd (TNB) has lost approximately Malaysian ringgit ($760,736) due to illegal cryptocurrency mining in Kuantan. The general manager of TNB, Siti Sarah Johana Mohd explained, “TNB collected evidence that 23 premises were running bitcoin mining activities while the other 10 premises were aware of our raid this time around and destroyed the evidence.”
MyCoinDeal (A.K.A AWS Mining which operates in China, Russia & Paraguay) has been ordered by the Texas State Securities Board to refund 19 Texan investors the full value of contracts purchased. The firm guaranteed to investors a 200% return on the purchase price of crypto mining power contracts, a single contract priced at $400. But it violated Section 7 of the Texas Securities Act by offering securities & not registered with the Securities Commissioner.
Samsung has shared that the demand for cryptocurrency mining in its second quarterly report this year. It has also raised its profit target for the coming half as the market for High-Performance Computing (HPC) Chips, especially the ones used for the mining of digital currency has increased. GM of Samsung Foundries earlier revealed that they’re working on designing and the manufacturing of 3nm and 5nm chips for the mining of Bitcoin.
A cabinet meeting has been held this Sunday with President Hassan Rouhani in lead has authorized cryptocurrency mining as an industrial activity, hence entities engaged in the activity will be required to seek a license from Iran’s Ministry of Industry. The governor of Central Bank of Iran Abdolnaser Hemmati said, “Cryptocurrency industry should be recognized as an official industry in Iran to let the country take advantage of its tax and customs revenues.”
The mining firms in Quebec Canada has received good news that the major electricity distributor in the state, Hydro-Quebec will allow the firms to increase their electricity distribution to the blockchain industry. Hydro-Quebec reported, “300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors.”