More than 20 cryptocurrency companies have announced they are leaving China after the government cracked down on the industry on September 24. This new wave of sanctions paves the way for the US to gain the upper hand in this sector.
Volcanoes are known for their catastrophic destructive potential. The citizens of Pompei knew this full well. However, with the advancement of mankind, even this mighty force of nature does not seem so scary anymore. Some crazies have found a way to harness it for profit. For bitcoin mining, for example.
Ukrainian police have uncovered an illegal mining farm in the city of Kryvyi Rih. The farm was operated by a 32-year-old citizen in an ordinary flat. The operator is currently under arrest while the amount of damage is being investigated.
Governments are continuously recognizing cryptocurrency activities, including mining, through liberal legislation. Until recently, the surplus power was wasted. But some countries now want to use it for mining digital currencies.
Initially perceived as a scam and unreliable, digital currencies were only worth a few cents. Today, things are different as the cryptocurrency industry has grown immensely. This growth has brought with it some ridiculous stories worth telling.
Energy consumption in mining cryptocurrencies is a problem for most countries in the world. Countries are looking for energy efficient ways to produce cryptocurrency. However, some of them are doing the opposite and cracking down on miners of digital currencies.