Cryptocurrency exchange Binance has announced that it is delisting the Chinese Yuan (CYN) trading by the end of the year. This comes as China continues a regulatory crackdown on crypto. Many major crypto exchanges and miners have already packed up and taken their business to other parts of the world.

According to Binance, the Chinese Yuan trading zone will be deleted in its entirety from the exchange on December 31, 2021. A statement from the exchange addressed to Chinese users reads:

Binance will conduct an inventory of platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the ” withdrawal only ” mode, and users will only be able to withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account switch.

As of October 7, more than 20 digital asset companies had halted services in the country and withdrawn from the Chinese market. Even major exchange Huobi, which was founded in China recently announced plans to relocate its business permanently. The exchange suspended the creation of new accounts and revealed that accounts belonging to users from mainland China would be closed by December 31. It will also cease CYN deposits and spot trading by mid-December. Following Houbi and now Binance’s announcement, OKEx is the only major exchange yet to issue a statement detailing its plans.

The government is said to be compiling a list of IP addresses suspected to be engaged in illegal crypto mining.

Binance involved in $130 million crypto-related money laundering case

Police in China’s Zunyi City have arrested close to 100 suspects in one of the largest crypto-linked money laundering operations in the country has ever seen. About $130 million is reported to have been laundered using top exchanges Houbi, Binance and OKEx.

China’s Zunyi police arrested nearly 100 people using cryptocurrency money laundering with huobi okex and binance, involving a total of 130 million U.S. dollars. https://t.co/T7QhsqOXTR

— Wu Blockchain (@WuBlockchain) October 13, 2021

The scam was unearthed by a joint anti-fraud task force between the Zunyi City Public Security Bureau and the Ministry of Public security. Besides the crypto money laundering case, 332 cases of telecommunications fraud were reported to have taken place country-wide. Roughly 51 mobile phones, 15 computers and 511 bank cards were seized by the investigators.

Colin Wu, a Chinese journalist outlined the crimes committed by the cartel:

Organize the use of more than 500 bank cards, use a new money laundering method of buying low and selling virtual currencies, collect criminal stolen money from telecom fraud, carry out criminal acts such as concealing criminal proceeds, criminal proceeds, etc., and have long passed the gang’s regulations Multiple card changes and transfers, small-amount transfers, and other methods have evaded investigations by public security organs and bank control.

Der Beitrag Binance announces Chinese Yuan (CNY) delisting as regulatory pressure mounts erschien zuerst auf Crypto News Flash.

A Museum of Bitcoin Mining History opened in Venezuela over the weekend. It will showcase the history of Bitcoin mining. The museum was created by CriptoAvila, a private company of Bitcoin miners with about nine years of experience in the industry. The museum is located at Chacao’s Torre Xerox in the Venezuelan capital of Caracas and admission is free for everyone. Its main purpose is to take knowledge about Bitcoin mining mainstream.

The museum will reportedly show the history and evolution of Bitcoin mining from its infancy, central processing unit (CPU) days, the graphics processing unit (GPU) days and finally the presently used application-specific integrated circuit (ASIC) or integrated circuit (IC).

Speaking on the need for a public place for people to learn about Bitcoin and their goal of becoming a worldwide authority in preserving Bitcoin mining history, CriptoAvila member Joan Telo says,

We decided to take this step because, until now, there is no, or at least not publicly, place where people can observe evolution and we felt it was necessary Each equipment, each brand, and model that we will exhibit has a story to tell, either because they have been transcendental in the history of mining or because they represented obstacles.

He added:

Within this story, there are also scams, equipment that ended up harming many people who tried to mine bitcoin at the time […] Our idea is to add equipment to the museum as we get them because we want to be a world reference on this issue of the evolutionary process of cryptocurrency mining.

The museum will also feature a model mine built to teach visitors how the Bitcoin mining process works.
Venezuela continues to be one of the top contributors to the Bitcoin network’s hashrate. Data supplied by the University of Cambridge indicates that as of April 2020, Venezuela was among the top ten countries in terms of bitcoin hashrate, contributing about 0.42 per cent.

This news comes as the crypto market continues to experience a dip with Bitcoin and most altcoins in the red, with the Bitcoin/USD rate at $29,700 as of this writing.

Venezuela’s relationship with Bitcoin mining

Bitcoin miners in Venezuela have not always enjoyed the freedom they currently do. In the past, maltreatment, incarceration and seizure of mining equipment by authorities forced many miners to take operations underground.

The Venezuelan government has recently proven to be more receptive to Bitcoin mining. Today, miners are only required to register with the local cryptocurrency regulator Sunacrip to be permitted to operate. Paranoia and disinformation have caused some miners to continue operating illegally which puts them at great risk of equipment seizure and fines from authorities.

As recently as June this year, 400 mining machines were seized by authorities because of a lack of permits. On July 15, six people were arrested in Puerto Ordaz after it was discovered that they were running an unregistered mine. This resulted in the seizure of 25 ASIC miners. They have since been released.

Der Beitrag Venezuela opens the first ever Bitcoin mining museum erschien zuerst auf Crypto News Flash.

Energy Harbor Corporation (EHC), recently signed a 5-year deal with Standard Power to launch an eco-friendly Bitcoin mining operation. The latter is a leading hosting provider for blockchain mining companies. Following the launch, the carbon-free energy plant will provide electricity to a bitcoin mining unit in Coshocton, Ohio.

The two parties are yet to disclose the size of the mining plant or how much energy will be consumed. However, Energy Harbor has maintained that it can ensure all of its endeavours rely on renewable energy. According to a PR shared by Energy Harbor, the Bitcoin mining facility will begin receiving sustainable power later this year.

Harbor for Bitcoin mining

China has continued to widen its crackdown on cryptocurrency miners. The country has enforced these regulations to meet international agreements on carbon emissions and to cur ‘financial risk’. For these reasons, Bitcoin miners have been compelled to shift their operations to crypto-friendlier grounds, such as in the U.S.

For others, yet, this has become a business opportunity as they develop renewable energy mining set-ups. Such operations have intensified especially after Tesla CEO Elon Musk scrutinized Bitcoin for its high energy footprint. Musk further declined payment for his Tesla EVs in Bitcoin, causing a massive price crash in May. The tycoon said he might reconsider this decision, should 51 percent of Bitcoin mining utilize clean energy.

Standard Power’s CEO, Maxim Serezhin commented on this development saying:

We selected Ohio because of its low electricity costs with the availability of carbon-free sources of energy. By partnering with Energy Harbor, we have proactively structured our hosting capabilities to ensure that 100% of the power associated with this facility is carbon-free.

Ohio state also makes a strategic location for miners as it has friendly cryptocurrency policies. For instance, its Governor, John Kasich, signed a bill in August 2018 to make blockchain transactions acknowledgeable in state courts. Moreover, in November of the same year, Ohio legalized Bitcoin as a form of payment for taxes.

Pursuit of green BTC

The Proof-of-Work (PoW) mining algorithm has reduced the luster of Bitcoin and other cryptocurrencies using the same reward technique. US Treasure Secretary Janet Yellen admonished Bitcoin mining during a New York Times DealBook conference saying:

It’s an extremely inefficient way to conduct transactions, and the amount of energy consumed in those transactions is staggering.

The Bitcoin Mining Council is attempting to bring a better perception of Bitcoin besides promoting sustainable mining methods. The group was formed by several North American miners and is backed by MicroStrategy CEO Michael Saylor.

With the aim to become a reference point for the bitcoin mining industry, the Council has published statistics questioning the alarming data cited by politicians. One of their findings, tweeted by Saylor, stated that “mining electricity mix increased to 56% sustainable in Q2 2021, making Bitcoin one of the cleanest industries in the world.”

Der Beitrag Energy Harbor partners with Standard Power in Ohio for nuclear Bitcoin mining power erschien zuerst auf Crypto News Flash.

One of them is the renowned provider ScryptCube. The platform offers Cloud Mining for Bitcoin and other cryptocurrencies and is dedicated to making the entry into the mining business as easy as possible. We took a closer look at the provider and show you whether you can use ScryptCube easily and without any problems.

ScryptCube Mining: Easy and secure for all investors?

ScryptCube is a provider of cloud service solutions based in the United Kingdom. The company wants to make Bitcoin Mining accessible to everyone and has therefore set the entry threshold for customers relatively low. It is already possible to use cloud mining contracts for low performance of 100GH/s.

This allows potential investors to carry out BTC mining with little capital and to try out the platform step by step. The first step is to register on the official website, create an account and provide personal and payment information. When this has been successfully completed, you can have a look at the clearly arranged dashboard. You can use Visa, Mastercard or even Bitcoin for the deposit.

Source: https://scryptcube.com/

Even for inexperienced users it is possible to use the services of ScryptCube. There is a very detailed FAQ section. Furthermore the customer support of ScryptCube can be contacted at any time via the ticket system. The prices are simple and clearly arranged.

There are 2 different contract forms: Bitcoin Mining for 1 year with a price of 1.90 USD per 100 GH/s and a 2-year contract with a price of 3.50 USD per 100 GH/s. You can effectively save on the larger package.

The contracts can be designed flexibly so that the right hardware performance and price is available for every investor. There is also a calculator on the website, with which the investment as well as the resulting profit can be calculated. In the dashboard you can see which contract you have selected and how much Bitcoin you have on your wallet.

Source: https://scryptcube.com/

You can also adjust the contract at any time and buy more hashrates. In addition, there are detailed statistics on all mining key figures, which can be viewed in real time on the website or app. ScryptCube guarantees a once completed operating period, constant fees and the maintenance of all conditions entered into at the time of signing the contract.

Conclusion on ScryptCube Mining

Although we are not experts in the mining business, we know our way around. We are really completely satisfied with the range of functions and the support. We received an answer from the support within 24 hours.

ScryptCube has been selling hashrates since 2016 and can look back on a long experience in the business. The payout of the Bitcoins we used including our winnings was very simple and worked without any problems. We can recommend the platform for both beginners and advanced users.

If you have any questions about the provider, feel free to contact us by mail or contact the company via Twitter, Facebook, Instagram or via the Telegram chat.

Der Beitrag ScryptCube Cloud Mining review: Is the provider secure and reputable? erschien zuerst auf Crypto News Flash.