Crypto News 

Taiwan’s Semiconductor Giant Set to Make Profits from Crypto Mining

“But now this hunger for processing power has reached another level thanks to the booming cryptocurrency mining industry” reports financemagnates.com. The Bitcoin contribution is automatic.” But unlike the smartphone or computer industry, the crypto mining industry is not evergreen.In keeping with this demand, the semiconductor manufacturing giant Taiwan Semiconductor Manufacturing Co. (TSMC) is eyeing massive profits by delivering high powered chips to crypto miners.TSMC is not the first chip manufacturer looking to profit from the cryptocurrency mining industry.But because of the massive demand for powerful chips in the crypto mining…

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China reportedly plans to block access to foreign cryptocurrency exchanges

“Bloomberg reports that China is cracking down hard on cryptocurrency activity in the country by plotting to block domestic access to foreign exchanges and platforms that allow for centralized trading” writes Abhimanyu Ghoshal for thenextweb.com. That’s worrying news for crypto enthusiasts in China, who have already seen local exchanges being shut down entirely towards the end of 2017. China continues to be one of the biggest hubs for mining cryptocurrency, even as the energy cost for it rose greatly over the past year.The news follows reports and clarifications about South…

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China Goes After Alternative Cryptocurrency Trading Platforms

“Last year, Chinese authorities banned trading in cryptocurrencies, but recently the country has been seeking out alternative cryptocurrency trading venues” reports pymnts.com. China steps up its regulation of cryptocurrency trading by going after online platforms and mobile apps.The government is also going after companies and individuals who enable cryptocurrency trading by providing services such as market making, settlement and clearing.Chinese regulators want to block people in the country from accessing offshore and homegrown platforms that enable cryptocurrency trading.Since last year, China has been clamping down on bitcoin trading, banning exchanges…

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Bitcoin Mining Hardware Firm Posts Massive 2017 Profits

“According to their co-chairman Kong Jianping, a company making Bitcoin mining hardware has posted sales of over 1.2 billion yuan (US$ 185.2 million) during 2017” reports newsbtc.com. Kong told Chinese media outlet Yicai Global that he anticipates Canaan Creative’s profits to reach 5 billion yuan.Sales have been steadily increasing inline with surging interest in cryptocurrency since they began selling hardware chips designed for the purpose of mining. Source: newsbtc.com Share This:

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Uranium Mining Industry Renews Push Into Bears Ears

“Mining groups have also waged a six-year legal battle against a moratorium on new uranium mining on more than a million acres of land adjacent to the Grand Canyon” writes Hiroko Tabuchi for nytimes.com. Energy Fuels said it had sold its Bears Ears claims to a smaller company, Encore Energy, in 2016.But President Trump has prioritized scrapping environmental regulations to help revitalize domestic energy production. Source: nytimes.com Share This:

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Chinese Crackdown on Bitcoin Mining Could Send Companies to Canada

“Rumors of a Chinese crypto mining ban have been circulating of late, and may have reached their peak in recent days” reports financemagnates.com. Initial pressure was placed on exchanges and companies conducting ICOs, and is now spreading to mining operations within the country.Some mining companies have already shut down their operations, and others have moved to alternative locations around the world.Canadian public utility company Hydro Quebec, has been attempting to lure various mining companies to the area, on the grounds of low cost energy supply, and lenient government policies pertaining…

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Bitcoin Can Drop 50% and China Miners Will Still Make Money

“Bitcoin mining is so profitable in China that the cryptocurrency could fall by half and miners would still make money, according to Bloomberg New Energy Finance” writes Dan Murtaugh for bloomberg.com. Bloomberg’s Justina Lee reports on how China is said to be curbing power for bitcoin miners.In China, miners used 15.4 terawatt hours, which is just a blip in the country’s massive power industry.The computers used in mining aren’t expected to last more than two years and the other equipment involved is relatively cheap.And if China does make good on…

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You can now rent a Kodak-branded bitcoin mining rig — but you’ll have to hand over half of the profits you make

“As part of the agreement, Spotlite gets to keep half of all proceeds the machines generate by mining bitcoin” writes Finanzen Net Gmbh for businessinsider.com. Kodak, the once-iconic camera company, is licensing its brand to Spotlite, which builds computers specifically designed to mine bitcoin, for a new line of bitcoin mining machines.The new bitcoin mining rental service was one of two blockchain-related announcements from Kodak at CES on Tuesday.Some argued that Kodak jumping into bitcoin mining was evidence of a bubble in cryptocurrencies. Source: businessinsider.com Share This:

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ViaBTC Announces Closing of Mining Business

“On Monday, the Chinese cloud cryptocurrency mining pool ViaBTC announced the shutdown of its mining business” reports financemagnates.com. Now just after a few months, its mining business is experiencing the same fate.Its cloud mining infrastructure allows users to buy slots in its remotely located advanced mining rigs to mine for cryptocurrencies and make some profit.The mining company took this step after reports surfaced that the Chinese authorities are planning to curb the Bitcoin mining business in an systematic fashion.ViaBTC launched its mining business at the end of 2016. Source: financemagnates.com Share…

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The tea company that planned to buy bitcoin mining machines is backpedaling on its plans

“That would leave the company with an extra $5.69 million in cash that it did not explain its plans for” writes Finanzen Net Gmbh for businessinsider.com. Long Blockchain, which until December was known as the Long Island Iced Tea Corporation, has walked back its announcement to raise capital through a new stock issuance in order to purchase 1,000 bitcoin mining rigs, the company said Tuesday in a press release.Long Island Iced Tea originally pivoted to its new name and focus back in December 2017, when the name change sent its…

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