Gor Gevorkyan, a Los Angeles resident, has filed a lawsuit against Bitmain for allegedly mining cryptocurrency at his expense. The class action claims that bitcoin mining giant had redesigned its ASIC devices “to mine crypto currency for the benefit of itself rather than its customers who purchase the products”. Bitmain Allegedly Used Customers Resources to…
Having banned the exchanges where cryptocurrencies like Bitcoin are traded, the Chinese government is now cracking down on the plants where such currencies are mined. The Yingjiang Administration Bureau for Industry and Commerce, which enforces enterprises and consumer protection laws, issued a notification to the Bitcoin mining facilities operating in China’s Yunnan province. The bureau…
BTCC, China’s oldest Bitcoin exchange, is shutting down its mining pool, which has been operating for more than four years, the company announced. The firm claims the decision to cease operations indefinitely from November 30 is due to business adjustments. BTCC’s Mining Pool to Cease Operations Indefinitely from November 30 The cryptocurrency mining pool launched…
As Bitcoin adoption increases, a new study published Monday by Nature Climate Change warns that energy-demanding Bitcoin transactions would easily sling the global temperature past the 2-degree threshold set under the Paris Climate Agreement. But, is it true that Bitcoin is this energy inefficient that the mainstream media portrays? While Bitcoin’s precipitous rise has been…
It’s commonly known that cryptocurrency mining farms located in China have a stronghold over the Bitcoin ecosystem. However, a scathing new report suggests that China’s increasing influence over the leading cryptocurrency by market cap may be putting the Bitcoin network at severe risk. China’s Control Over the King of Crypto A new report entitled The…