Category Archive : Mining News

Cops bust illegal crypto mining in Muara Tabuan, 90 machines seized | Malaysia

A police photo showing the crypto mining rigs at the premises in Muara Tabuan yesterday. — Picture courtesy of the police

KUCHING, Oct 16 ­— A commercial shoplot unit in Muara Tabuan here has been raided by the police around 10am yesterday after it was found to be stealing electricity for crypto mining.

District police chief ACP Ahsmon Bajah in a statement today said during the raid, police arrested two male suspects aged 24 and 44 years old who worked as caretakers of the premises.

“It is estimated that the premises had mined about RM184,000 worth of cryptocurrencies in the last eight months,” said Ahsmon.

He also said police were also tracking down the owner of the premises, adding that the premises had been crypto mining since February this year.

The police seized one computer unit, 90 cryptocurrency mining rigs, an internet modem and other related devices during the raid.

The case was investigated under Section 379 of the Penal Code and Section 33(5) of the Sarawak Electrical Ordinance.

Sarawak Energy (SEB) and the Ministry of Utilities have uncovered the largest electricity theft case involving cryptocurrency mining in Sarawak at Demak Laut, here this week.

During the operation, a total of 1,200 cryptocurrency mining rigs worth RM1.74 million were seized from a factory that was turned into a mining outlet.

Onsite inspections by Sarawak Energy’s technical team has led to the discovery of direct tapping of cables and electricity theft.

It is estimated that Sarawak Energy has incurred losses of more than RM300,000 per month in unregistered electricity consumption over the course of the cryptocurrency’s operations. ­— Borneo Post Online

Read more at www.malaymail.com

Cipher Mining stock sinks 20% to post-SPAC low, down nearly 60% since Sept. 17 peak – Seeking Alpha

Cipher Mining stock sinks 20% to post-SPAC low, down nearly 60% since Sept. 17 peak  Seeking Alpha
Read more at seekingalpha.com

All You Needed to Know About Cryptocurrency in Greece

cryptocurrency
Cryptocurrencies are on the rise in Greece. Credit: Public Domain

In the past couple of years, cryptocurrency has invaded Greece’s society, mostly because of high taxation and the pandemic. While the average Greek might not know what “bitcoin” means, interest in its mining has risen significantly.

In Greece, an estimated double-digit percentage of the population are into cryptocurrency trading in various platforms. Mining, on the other hand, is a much more expensive and energy-consuming business for Greek individuals.

Grecian Delight supports Greece

“The cost of cryptocurrency mining equipment and the rising costs of electricity in Greece make crypto mining a prohibitive task for Greek citizens,” says civil engineer and entrepreneur Georgios Nolis. Big business, on the other hand, could attempt it with much greater ease.

Cryptocurrency is a form of digital money, completely decentralized and out of the reach of banks and national governments. It is recorded in a sort of digital catalog, and its maintenance demands huge amounts of electricity.

Mining is a process through which computers are being asked to solve extremely difficult mathematical riddles. These riddles demand top-notch computer equipment, thus even higher than usual amounts of electricity.

Cryptocurrency in Greece is often financially prohibitive

As an example, in order to maintain bitcoin‘s cryptocurrency mining system, it would need the yearly electricity consumption of the nation of Finland. As a result, cryptocurrency mining is unreachable for even an upper-middle-class EU citizen — and this is even more true in Greece.

“There is no methodology to measure the number of people or companies mining cryptocurrency in Greece,” says Nolis, the CEO of Lancom Ltd, a data collection and cloud service provider based in Thessaloniki.

Cryptocurrency mining is as anonymous as the currencies themselves, he says. “I am personally aware of a handful of miners in Greece who are amateurs. They are investing in between 1 and 10…

Read more at greekreporter.com

AMD’s new Radeon RX 6600: 27MH/s mining Ethereum, 30MH/s when tweaked

AMD’s new Radeon RX 6600 graphics card is nearly here, with the non-XT variant also thrown into some crypto mining and achieving 27MH/s of Ethereum mining power.

The new Radeon RX 6600 has been benched on the crypto mining table somewhere in the world, with Wccftech reporting that the Radeon RX 6600 has 27MH/s at stock and around 30MH/s when overclocked and tuned for crypto mining.

AMD’s current Radeon RX 6600 XT is already a performance champion, offering 33MH/s of Ethereum crypto mining power for just 55W… but the new Radeon RX 6600 has 30MH/s of mining power for 50W. The cut-down Radeon RX 6600 features a Navi 23 XL GPU, with 28 Compute Units or 1792 Stream Processors. AMD will have 8GB of GDDR6 memory on a 128-bit memory interface, and 32MB of Infinity Cache.

We should expect an MSRP of somewhere between $299 and $329 for AMD’s new Radeon RX 6600, but that is just an invisible placeholder price — it will be much more expensive than that when it hits shelves. Compared to the Radeon RX 6600 XT with its MSRP of $379.

Read more at www.tweaktown.com

ASX opens higher, Sigma lobs rival bid for API – The Sydney Morning Herald

ASX opens higher, Sigma lobs rival bid for API  The Sydney Morning Herald
Read more at www.smh.com.au

Love Bitcoin? Mine Your Values | Andrew Bailey & Troy Cross

Bitcoin is an ark, they say, in a sea of rising liquidity. Millions already have tickets. But where is it headed?

Satoshi engineered a vessel that to some extent steers itself. It’s more profitable to publish full blocks than empty ones, to cooperate rather than attempt a 51% attack and to run Bitcoin rather than a fork. This all works by design. The game theory of adoption, too, whereby early adopters are rewarded, guides the ship towards a safe and prosperous harbor.

Andrew M. Bailey is associate professor of Humanities at Yale-NUS College. Troy Cross is professor of Philosophy and Humanities at Reed College. Crypto Questioned is a forum to discuss the ideas and philosophies that drive the cryptocurrency industry.

But these incentive structures only set a rough heading. Perils…

Read more…

New Jersey Pension Invested $7M in Bitcoin Mining Stocks Last Quarter – Yahoo Finance

New Jersey Pension Invested $7M in Bitcoin Mining Stocks Last Quarter  Yahoo Finance

Read more…

Viridi Funds Launches RIGZ Cleaner Energy Crypto-Mining ETF

metamorworks / Getty Images/iStockphoto

Viridi Funds has launched the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF, focused on investments within the cryptocurrency mining and mining infrastructure industries.

Clean: Square Invests $5 Million in Blockstream To Build Solar-Powered Bitcoin Mining Facility
Green: What Is Chia? How To Buy the New Green Cryptocurrency

The launch comes amid renewed criticism about Bitcoin’s enormous carbon footprint. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production.

The new fund, RIGZ, was created by Viridi to align profit with purpose, as a growing number of investors are keen to gain exposure to the cryptocurrency sector through…

Read more…

Sichuan Suspends 1,360 Power Stations For Suspected Crypto Checks

Authorities in Sichuan — a southwestern Chinese province that was once a hotbed for crypto mining, thanks to its abundant hydropower resources — is tightening scrutiny of small hydropower stations, without giving any exact reasons behind the move.

Fast facts

  • The Sichuan Provincial Water Resources Department said that it had listed 5,131 small hydropower stations for environmental protection-related “rectification,” according to a statement.
  • As of June 30, a total of 243 small hydropower stations remained in operation, 3,528 had completed rectification, and another 1,360 had seen their operations suspended, the authority said.
  • Last month, crypto mining operations in Sichuan became targets of a government crackdown, and some local power stations were reportedly told to cut…

Read more…

Thai Crypto Miner Found Dead After Suspected Electronics Accident

There may be more to the perils of cryptocurrency mining than a potential brush with the law. In what could be the world’s first death from Bitcoin mining, a 26-year-old crypto miner in Thailand was killed earlier this week in a case of suspected electrocution when trying to fix his mining rig at home in the resort town of Pattaya, the Pattaya News reported.

The victim, named Danai in the report, was found shirtless alongside his Bitcoin mining machine. His brother, Apiwat, said he had warned Danai not to do anything with the broken machine, which had a power leak, and that he had already arranged a technician to repair it the following day.

The technician arrived to find Danai dead beside the rig. Local police believed he was electrocuted when trying to repair the machine himself,…

Read more…

Join the Community