South Korean police have arrested over a dozen individuals involved in an
illegal bitcoin mining operation that used cheap electricity afforded to industrial complexes.
But
many bitcoin mining operations seek out locations where alternative power is abundant, requiring less of a strain on the electricity grid and keeping costs lower than usual.
South Korean police have arrested over a dozen individuals involved in an
illegal bitcoin mining operation that used cheap electricity afforded to industrial complexes.
The report, published on Jan. 4 by the Chinese business publication Caixin, said that China's central bank did not host any meetings to discuss a policy requiring the closure
of bitcoin mining operations in the country by a certain deadline.
Instead, it focused on one proposed solution for curbing the overwhelming influence of
Chinese bitcoin mining operations, which are quickly spreading on an industrial scale.
The Chinese government has already shut down exchanges in China, but it was recently reported to be taking even further measures against new forms of online trading as well
as Bitcoin mining operations in the country.
According to online leaked documents, the Chinese government is seeking an «orderly exit»
from bitcoin mining operations in the coming months with the Leading Group of Internet Financial Risks Remediation, which happens to be the country's top internet - finance regulator, issuing a notice asking local governments to force mining operations out of business by resorting to measures such taxation, electricity pricing, property law and environmental regulations.
The police are now getting in touch with power companies to identify if there has been a sudden surge in power consumption in any area - as is usually the case when a large scale
Bitcoin Mining operation takes place.
In December, for example, Science announced that it planned to use some of the capital raised to launch Blockchain Delta, a renewable
energy bitcoin mining operation headquartered in the U.S.)
Bitcoin mining operations pushed Plattsburgh over its energy allotment in December and January, forcing the city to buy power on the open market, which is more expensive, said Dale Dowdle, a member of Plattsburgh's Common Council.
The authorities in South Korea have arrested 14 people who are reported to be involved in
bitcoin mining operations using illegally subsidized electricity.
This time it's not the government but a subsidiary of the State Grid Corporation that has issued the decree, in a move which calls into question the country's ability to
sustain bitcoin mining operations.
Since issuing its blanket ban on crypto assets, China has outlined new measures to clamp down
on bitcoin mining operations, as well as domestic currency traders relying on foreign exchanges to flip their crypto assets.
The company designs the silicon that goes in bitcoin mining equipment, assembles the machines and sells them worldwide, in addition to its
own bitcoin mining operation and the ones that it manages for other mining pools.
Venezuelan President, Nicolas Maduro, even openly stated that the country was open to all forms
of bitcoin mining operations in the future and as such, is currently one of the cheapest countries in the world to host such a business.
Based on Digiconomist analytics, the power consumption
from Bitcoin mining operations is similar to the energy usage of such countries as Oman, Morocco, Serbia and Denmark.
Bitmain Technologies, the large
Chinese Bitcoin mining operation, is expanding to Switzerland due to China doing everything possible to end crypto mining within its country.
This news closely followed the recent announcement from Russian Miner Coin (RMC) which plans to raise $ 100 million worth of cryptocurrency and start a large -
scale bitcoin mining operation to compete with China.
The funding will be used to expand MGT's
bitcoin mining operations in the northwest US, where plentiful hydropower has attracted more than a few miners.
At the time, John was starting up
a Bitcoin mining operation, and was looking for locations to set up his mining rigs (they look a lot like server racks, but with as many GPUs packed into them as possible to get the most parallel processing power).
Despite a myriad of concerns, the Nasdaq - listed company claims to be pushing forward with plans to expand
its bitcoin mining operation and to possibly launch a cryptocurrency exchange.
On November 2nd it announced the acquisition of
a Bitcoin mining operation and from there the stock went absolutely ballistic.