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China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining. The news was reported by daily Chinese tabloid The Global Times on June 13. The Global Times is published under the auspices of state-backed newspaper group The People’s Daily. The report outlines that the Green...

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China Throws Bitcoin-Mining Grandma in Jail for Electricity Theft

China Throws Bitcoin-Mining Grandma in Jail for Electricity Theft

Chinese authorities sentenced a 61-year-old grandmother to four months in jail for stealing electricity while mining bitcoin. Qiuping Tang was also fined 10,000 yuan (about $1,500) for electricity theft. A federal court in the Hebei Province of China made the decision pursuant to a lawsuit filed by the Tangshan Power Supply Company, Chinese media reported. Specifically,...

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Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs, a blockchain fund manager that’s backed Binance, Coinbase and Canaan Creative, is investing $44 million in top-of-the-line bitcoin miners, a longer-term bet than most are making in the sector. Revealed exclusively to CoinDesk, the Shanghai-based firm plans to run 20,000 to 30,000 units of brand-new mining equipment starting in June to capture on...

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Majority of Chinese Mining Activity Happens With Renewable Energy

Majority of Chinese Mining Activity Happens With Renewable Energy

Bitcoin miners made the case for their industry as a driver of clean energy adoption, rather than the ecological disaster depicted by critics, at Fidelity’s Mining Summit Friday. The venue for the daylong event was as notable as the talks. The Fidelity Center for Applied Technology, an R&D division that has dabbled in bitcoin mining, hosted the...

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Bitcoin Mining’s New Bidding War

Bitcoin Mining’s New Bidding War

The Takeaway As bitcoin’s price edges up, secondhand mining equipment is becoming more profitable to run As a result, the price of used miners has nearly doubled in recent weeks, to $250-$320 for old Bitmain Antminers Somewhere between 220,000 and 700,000 mining units could come online this summer Newer, more powerful models won’t be shipped...

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Chinese Media Platform Publishes Chart On Bitcoin Mining Cost: China Cheapest, Denmark Most Expensive

Chinese Media Platform Publishes Chart On Bitcoin Mining Cost: China Cheapest, Denmark Most Expensive

Chinese media platform Odaily published its “Global Mining Cost Map”, showing the electricity cost of mining a Bitcoin in different countries across the world. Obviously, electricity makes up most of the cost for mining cryptocurrencies, hence this is a key consideration before choosing a location to start mining. Unsurprisingly, China is on top of the...

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Chinese Publicly Listed Construction Company Turned Mining Firm Lost Over $23 Million

Chinese Publicly Listed Construction Company Turned Mining Firm Lost Over $23 Million

Chinese publicly listed construction company turned to cryptocurrency mining firm, Huatie HengAn, has reportedly been sold after its value decreased by over 90%. The development was reported by English-language local crypto-focused media 8btc on April 19. The firm has been reportedly sold for around 12 million yuan ($1.8 million), after its value decreased from 170...

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Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

The secretary of Hong Kong’s Financial Services and the Treasury has stated that crypto mining operations are regulated by local trading law. His written response to Hong Kong’s Legislative Council was published on Wednesday, April 3. The Council has solicited information about the risks and fraudulent activities related to cryptocurrencies and underlying activity, such as...

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Mining Fraud: Chinese Investors Lose $2 million

Mining Fraud: Chinese Investors Lose $2 million

18 investors allegedly lost 12.7 million yuan ($ 1.89 million) in China’s biggest crypto mining fraud in 2018 which was initiated by a notable photovoltaics (PV) company, blockchain-focused media 31 Degree North Latitude Pro reported on Feb.20. Rijing Photoelectric (青海日晶光电有限公司), located in Delingha, northwest China’s Qinghai Province, was hailed as a key player for Qinghai’s PV industry with strong...

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Bitcoin Mining Power Battle About To Be Started In Sichuan

Bitcoin Mining Power Battle About To Be Started In Sichuan

Every year around April, when the ice high up in the mountains of China South western’s province Sichuan starts melting, over 1,400 rivers in the area become more and more active and lead the water to lower points. In Chinese referred to as 丰水期 (Fēng shuǐ qī), the abundance of water is driving the 3,267...

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