Bitcoin 

FINRA Fines Former Merrill Lynch Employee $5,000 for Not Reporting Crypto Mining Activity

The United States regulatory body, the Financial Industry Regulatory Authority (FINRA), has charged one of Merrill Lynch’s staff $5,000 for mining cryptocurrency. Documents dated June 10 confirm the fine. According to the “letter of acceptance, waiver and consent” signed by the employee, Kyung Soo Kim, FINRA took action when it appeared the activities did not comply with its rules associated staff. Kim, who previously had no disciplinary record, should have informed FINRA in writing when he set up a separate outfit for mining, S Corporation, while still employed in December…

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Bitcoin 

Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining. The news was reported by daily Chinese tabloid The Global Times on June 13. The Global Times is published under the auspices of state-backed newspaper group The People’s Daily. The report outlines that the Green Grassland Police Station of the Qiqihar District Public Security Bureau were alerted to the alleged power theft after receiving a call from the head of oil production at Daqing Oil…

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Bitcoin 

Major Pan-African Insurance Firm Rolls Back Insurance for Crypto Mining Equipment

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10. Following comprehensive research of the industry, Old Mutual has arrived at a decision not to insure equipment used for digital currency mining because of the unregulated nature of the industry. Among other reasons, the company also named cryptocurrencies’ exposure to fraudulent activity and modified electronic infrastructure of mining equipment that leads to overheating and other malfunctions. Christelle Colman, an…

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Bitcoin 

Cybercriminals Use Obfuscation Trick to Install Crypto Mining Malware

Cybersecurity firm Trend Micro has confirmed that attackers have been exploiting a vulnerability in the Oracle WebLogic server to install monero (XMR) mining malware, while using certificate files as an obfuscation trick. The news was revealed in a Trend Micro blog post published on June 10. As previously reported, forms of stealth crypto mining are also referred to with the industry term cryptojacking — the practice of installing malware that uses a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. According to Trend Micro’s post,…

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Bitcoin 

Russian Parliament Considers Imposing Fines on Crypto Mining by End of June

Russia’s parliament, the State Duma, is considering imposing administrative responsibility for the mining of cryptocurrencies, local news outlet TASS reported on June 7. In an interview with TASS, Anatoly Aksakov, the chairman of the State Duma Committee on the Financial Market, said that the government may introduce administrative responsibility for digital currency mining by the end of June. Aksakov stated: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these…

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Bitcoin 

Over 74% of Bitcoin Mining is Powered by Renewable Energy

Cryptocurrency investment products and research firm CoinShares estimates that 74.1% of bitcoin (BTC) mining is powered by renewable energy in its bi-annual mining report published on June 5. The report also claims that “at current prices, the average miner is highly profitable, with even older gear and high-cost producers currently able to make positive ROI.” The paper also notes that bitcoin mining operations are concentrated where there is ample renewable energy supply. Still, the report also notes: “The renewables estimate is down from 77.8% in our November 2018 report and…

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Bitcoin 

UK-Based Crypto Mining Firm Argo Upgrades Q2 2019 Forecast Due to Market Rally

London-based cryptocurrency mining firm Argo Blockchain has significantly upgraded its 2019 second quarter forecast in light of the crypto market upturn. The news was reported by Alliance finance and stock market news agency for London South East on June 3. Following news of Argo’s revised forecast, shares in the firm reportedly spiked 20% to 6.29 pence (around $0.08) during morning trading hours today. The firm has a market capitalization of £18 million (around $22.8 million), Alliance notes. By the end of Q2 2019, Argo revealed it expects to generate 420…

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Bitcoin 

Chinese Authorities to Investigate Illegal Mining Farms at ‘Global Mining Capital’ Sichuan

The state authorities of China’s Sichuan province will investigate local bitcoin (BTC) mining farms that have been allegedly been built illegally, local media agency Sina reports on May 30. Located at the bitcoin “global mining capital” of Sichuan, the bitcoin mining farms with over 30,000 bitcoin mining machines have been reportedly constructed without an official approval from the local government, and are thus subject for further examination. Specifically, the alleged illegal mining farms are located along the Sichuan’s Dadu river, a major Chinese river that will host the world’s biggest…

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Blockchain 

Australian Securities Regulator Releases Cryptocurrency, Mining, ICO Guidelines

The Australian Securities and Investment Commission (ASIC) published new initial coin offering (ICO) and cryptocurrency guidelines on its official website on May 30. The regulator detailed the prerequisites that a cryptocurrency business needs to follow in order to comply with both the Australian Corporations and ASIC Acts, but did not cover regulations enforced by other national institutions. Notably, the guideline specified that if a crypto asset is a financial product, then the issuer and firms dealing with it are required to hold an Australian financial services license. The report also…

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Blockchain 

Australian Advisory Firm to Launch $250 Mln Digital Securities Offering for Mining Sector

Major Australian capital advisory firm PCF Capital Group has chosen permissioned blockchain ecosystem KoreConX for a $250 million digital securities offering. The news was revealed in a press release shared with Cointelegraph on May 14. PCF Capital is a corporate advisory firm with a focus on serving clients within the mining and resource sector, and has executed 120 mine divestment and project financing mandates for over $2 billion, according to the press release. KoreConX is reportedly a permissioned blockchain ecosystem for fully-compliant digital securities. It comprises a network of broker-dealers,…

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