Autor Cointelegraph By Ezra Reguerra

Profitability makes crypto mining more expensive in Argentina

Profitability makes crypto mining more expensive in Argentina

Uverejnil používateľ | feb 4, 2022 |

China’s crackdown on mining has led miners to search for other countries to continue their operations. Promises of reduced costs led some to Argentina. However, the country’s government has now applied new rates for crypto miners in the province of Tierra del Fuego.Argentina’s Energy Secretary of the Ministry of Economy published and announced resolution 40/2022, eliminating the energy government subsidies for crypto mining energy usage. The new rates make mining in the country up to four times more expensive than it used to be.According to the resolution, the hourly and seasonal energy used by miners is intense and constant. Because of this, crypto mining “presents challenges to the infrastructure of the concession area to which they are connected.”The resolution adds that because the activity is profitable and payment is available, crypto miners must pay energy prices that are “equivalent to the cost of supply.” It further mentions that it is unfair that the miners are paying the same subsidized price that a residential user is paying.The new regulation affects miners located in the province of Tierra del Fuego, a place known for its cold climate making it ideal for miners that need to regulate the temperatures of mining equipment.Related: Another solo Bitcoin miner solves valid block, becoming the 4th in 2022Meanwhile, a federal region in Russia called Irkutsk Oblast is struggling with a rise in Bitcoin mining energy demand. Because of newly-established mining activities, the region is finding it difficult to sustain energy stability.While there are difficulties in terms of energy prices, miners have also been struggling because of natural occurrences. Because of a winter storm, a miner in Texas shut down 99 percent of operations due to an expected rise in energy demand during the storm. This was done to lessen the pressure on the state’s power grid.

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'Dutiful son' drugs dad's tea to access BTC funds worth $400K

'Dutiful son' drugs dad's tea to access BTC funds worth $400K

Uverejnil používateľ | feb 4, 2022 |

A father and son’s disagreement over crypto trading led to a near-death experience and some jail time. Because of a shift in crypto market prices, a son reportedly drugged his father to gain access to his Bitcoins. The dad, who didn’t want to be identified, made his son, Liam Ghershony, a partner in his crypto investing account worth $100,000 back in 2018. After some time, the fund grew and reaped $350,000 in profits, according to the duo. However, things changed when crypto prices fell, and the son’s drug use became more concerning.As the market conditions changed, the father and son had different opinions on what to do with their Bitcoin (BTC). Amid the falling prices, the dad insisted on “hodling” while the son wanted to cash out. Convinced that his son’s judgment is clouded by his drug use, the father placed a two-step authentication on the account where the funds were stored.The father recounts that it led to an argument where the son told him that he needs to sell and he responds with, “no, you need to stop doing drugs.” Because of this, the son crafted a plan. One day, he helped his father move some furniture, and after coming home from dinner at a restaurant, he initiated his plot.With seemingly good intentions, Ghershony offered his father some tea for an “energy boost.” The dad accepted not knowing that it was spiked with large doses of benzodiazepine to knock him out. After this, the son used his dad’s phone to transfer $400,000 worth of Bitcoins to his account and converted two-thirds of it into Ether (ETH). He left his dad alone, thinking he’d naturally wake up.Related: Bitcoin price bounces after Amazon stock gains 15% in US tech comebackTwo days later, after a call from a concerned friend, the police found the father lying in his bedroom unresponsive, but alive. He was brought to a hospital where he spent four days recovering from dehydration and organ dysfunction.The son confessed to what he did to his mother, Christine Prefontaine. She then decided to report him to the police, while his father filed a criminal case against him. “I very strategically made a case against my son to force him into care and to protect our community,” the dad said.In the end, the son served 125 days in jail and evaded further penalties by spending two months in rehab. 

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$2.5B in stolen BTC from Bitfinex hack awakens

$2.5B in stolen BTC from Bitfinex hack awakens

Uverejnil používateľ | feb 1, 2022 |

A chunk of the inactive Bitcoins (BTC) stolen in the 2016 Bitfinex exchange hack has moved from the hacker’s wallets to an unknown wallet on Tuesday, as detected by blockchain analytics bot Whale Alerts.20 transactions involving the stolen Bitcoins were flagged. A sum of 64,641.29 BTC, worth almost $2.5 billion at the time of writing, was moved. This is more than half of the total amount seized by the hackers which are estimated to be around 120,000 BTC.The biggest transaction detected was around 10,000 BTC, worth over $383 million, while other transactions amounted to as little as 0.29 BTC. The wallet address that received the blacklisted BTC now holds a total of 94,643.29 BTC, which is around $3.6 billion.⚠ ⚠ ⚠ ⚠ ⚠ ⚠ ⚠ ⚠ ⚠ ⚠ 10,000 #BTC (383,540,711 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallethttps://t.co/kvvWQpZoq8— Whale Alert (@whale_alert) February 1, 2022While it’s impossible to determine the exact purpose as to why the hackers are moving the Bitcoins, speculators think it’s to scare investors into selling their BTC.Back in 2021, as hackers moved 10,000 of their stolen BTC, Twitter user Alistair Milne hypothesized that since the hackers are unable to cash out, they may be moving the Bitcoins to induce market panic while having short positions. According to the user, the hackers can’t sell, but they can move the coins to “manipulate the market.”Related: $1.5M in Stolen Bitcoin From 2016 Bitfinex Hack Changes AddressIn 2019, some of the stolen BTC were returned to the exchange with the help of US authorities. In the same year, hack-related arrests were made in Israel, when the police tracked stolen fund movement that’s worth $1.5 million.A year later, Bitfinex offered up to $400 million to anyone who can give information that could lead to the recovery of the stolen crypto. The amount will be considered as “costs of recovery” according to the exchange.

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Russian Finance Ministry submits crypto regulatory framework for review

Russian Finance Ministry submits crypto regulatory framework for review

Uverejnil používateľ | jan 27, 2022 |

In a new twist of the Russian crypto regulation saga, the country’s Ministry of Finance has come forward with an initiative that stands in stark contrast with the Central Bank’s hardline position.The Central Bank of Russia recently called for a ban on crypto trading and mining activities throughout the country. Citing volatility, environmental impact, and use in illegal activities, the central bank published a report calling regulators to implement a total ban and impose strict sanctions on violators.However, the proposal received opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, an official from the ministry, stated that the government should regulate crypto instead of banning it entirely. Chebeskov said that the authorities should provide an opportunity for the industry to develop and that a complete ban may result in Russia falling behind on the technology.Today, RBC reported that the ministry has sent a letter to Dmitry Chernyshenko, the Deputy Chairman of the Government of the Russian Federation, and officially submitted a regulatory proposal to the government. The proposal introduces a new framework for crypto use in the country that suggests that crypto operations be done within the traditional banking infrastructure, with mechanisms in place to identify traders’ personal data.According to the ministry, regulating crypto can bring multiple benefits such as increased tax revenue and enhancing law enforcement’s ability to track criminal activity. The ministry cites statistics showing that Russian citizens are holding crypto that’s worth around 2 trillion Russian rubles, adding that a total ban or a lack of regulation will eventually undermine the industry and create a black market. Related: Bitcoin shrugs off Russia crypto ban fears as BTC price nears $43.5KTelegram founder Pavel Durov also reacted negatively to the proposed ban on crypto. The tech executive expressed that a ban may not stop “unscrupulous players,” but will affect compliant and legal blockchain projects. He adds that a ban will delay the development of blockchain-based technologies.Meanwhile, Russian President Vladimir Putin highlighted some benefits to crypto in a meeting with government officials. “We also have certain competitive advantages here, especially in the so-called mining,” Putin said. The president then called on the government and the central bank to reach a consensus on the matter.

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The Sandbox announces $50M fund for its startup accelerator program

The Sandbox announces $50M fund for its startup accelerator program

Uverejnil používateľ | jan 27, 2022 |

Virtual world project The Sandbox announced its metaverse accelerator program that will push the development of the open metaverse by investing $50 million in startups. The Animoca Brands subsidiary is partnering with the venture accelerator firm Brinc to target 30 to 40 blockchain startups a year for the program.The Sandbox Metaverse Accelerator Program will allocate up to $250,000 in investment to each potential project and will give additional incentives to top-performing projects. The bonuses include The Sandbox (SAND) digital asset and LAND, digital real estate within The Sandbox’s metaverse. Apart from this, the best-performing startups will also have access to additional investment grants and high-profile mentors.According to The Sandbox Co-Founder Sebastien Borget, the program is an expansion of its goal to support a new wave of metaverse entrepreneurs. Through this, startups across the world can make their ideas come to life. “We’re especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem,” he said.Applications are now open, and the first batch of investments is scheduled to proceed by the second quarter of 2022. The program runs within Launchpad Luna, a collaboration effort by Animoca Brands and Brinc that aims to support the development of startups.The program supports the development of an open metaverse, the metaverse that is not owned by any single entity. According to Animoca Brands Co-Founder and Executive Chairman Yat Siu, the open metaverse “presents an incredible opportunity to create a participatory and collaborative nonzero-sum environment based on openness, equitability, user governance, and digital property rights.”Related: NFT-focused Animoca Brands valued at $5B following $358M raiseApart from supporting businesses, the development of the metaverse may also help the environment in the long run. Manav Gupta, the founder and CEO of Brinc believes that “as digital experiences develop, we will find ourselves having fewer reasons to emit carbon to travel for work or play.” Gupta says that this can decrease the demand for physical products like art and merch that have unsustainable production methods. 

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