Crypto mining demand soars in Vietnam amid Bitcoin rally

The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) has surged above $51,000 for the first time since May. Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs in the country, local news agency VnExpress reported on Monday. Quang Thuan, owner of a chain store selling cryptocurrency miners across Ho Chi Minh City, said that the company’s sales have tripled in early September over the previous month. He noted that the mining rig market in…

Illegal crypto mining not cause of power shortages in Iran, ministry says

Iran’s Ministry of Industry, Mine and Trade reportedly dismissed the claims by a leading power company, Tavanir, that blamed illegal cryptocurrency miners for the ongoing power shortages in the country. According to a report by the Financial Tribune, Alireza Hadi, the ministry’s director of investment and planning, said that the figures announced by Tavanir “seem to be highly exaggerated.” Hadi questioned Tavanir’s claims that illegal mining activities consume 2,000 megawatts of power. “This amount would equal power used by 3 million pieces of hardware,” he said. While mining cryptocurrency has…

China mining shock may not be over yet, experts suggest

Earlier this year, the Chinese government took the momentous step to ban any crypto mining operations based within its borders, causing a massive exodus of hashing power — 168 exa hashes per second (EH/s) to nearly 86 EH/s as of June 23, representing a drop of nearly 40% — from China to surrounding countries.  As a quick refresher, the hash rate refers to the total computational power needed to acquire a single Bitcoin (BTC). In other words, one can say that while central banks issue fiat currencies, miners are provided…

CELO, Fantom and Keep3rV1 rally after liquidity mining programs launch

The cryptocurrency market once again finds itself waiting for some form of catalyst to get the prices moving and this week commenced with the market moving sideways as Bitcoin struggles to find its footing near $48,000.  Several altcoins have managed to break free of the wider market malaise and post impressive gains, giving credence to Cointelegraph’s Markets Pro data intelligence service which is now indicating that altseason has arrived. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows…

Russian man gets three-year sentence for stealing a friend’s mining rig

Authorities from Russia’s Zavolzhsky district have found a 34-year-old local man guilty of stealing cryptocurrency mining equipment worth more than 1.6 million rubles (nearly $22,000). According to the report shared by the Prosecutor’s Office of the Yaroslavl Region, the state prosecutor confirmed that the Yaroslavl resident was found entering a friend’s garage unlawfully back in Feb. 2021 and stealing their mining equipment that was intended to be used for earning cryptocurrency. The authorities found the Russian man to be guilty of committing a crime, citing large-scale theft of property and…

How does the infrastructure bill affect the mining industry in the US?

On August 10, the United States Senate voted to pass a $1 trillion bill to revitalize America’s infrastructure. From the standpoint of the crypto community, miners in particular, the Senate’s foray into crypto legislation has been a disaster. Unless the language defining brokers in the bill is clarified, it will singlehandedly thwart the growth of a domestic industry just as it is taking off. As written, the bill allows for multiple interpretations of the term “broker.” In the English language, there is no real controversy — or ambiguity — about…

Turkish prosecutors investigate alleged $119M Dogecoin mining scam

Turkish media reports that authorities there are investigating an alleged Dogecoin mining scam that  pulled the rug on investors after amassing $119 million worth of deposits. An Aug. 23rd report from local channel TV100 broke the news, with police identifying pseudonymous online avatar “Turgut V.” as the scheme’s suspected operator. Authorities believe that Turgut and 11 associates managed to gather close to 350 million Dogecoin valued at $119 million before disappearing. Turgut reportedly solicited investments from 1,500 Turkish citizens, drumming up excitement for the Dogecoin “mining” operation at in-person networking…

KuCoin encourages greener crypto mining with proof-of-work pool

Singapore-based crypto exchange KuCoin is launching a mining pool aimed at providing revenue to proof-of-work miners after integrating their rigs. In a Wednesday announcement, the exchange said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) and share rewards. At the moment, miners are required to install and run the necessary hardware themselves to join the pool, but KuCoin said it would introduce mining in the cloud in the future. KuCoin CEO Johnny Lyu also claimed the pool would…

Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining

Major publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 2021. In its Aug. 23 quarterly financial report, the U.S.-based firm reported $31.5 million in mining-related revenues for the three-month period — up roughly 1,540% from its Q2 2020 revenue of $1.9 million. The surging mining revenues drove a record quarterly net income of $19.3 million. By contrast, the company suffered a $10.6 million net loss for the second quarter of 2020. Riot held $195.4 million worth of cash and Bitcoin holdings as of June 30, 2021.…

Iran to lift Bitcoin mining ban in September

Iran will once again allow Bitcoin and crypto miners to operate in the country from the last week of September. According to a report by Iran’s Financial Tribune, Tavanir, the country’s power generation organization, made the decision known earlier in August. As previously reported by Cointelegraph, Iran’s government banned Bitcoin (BTC) and crypto mining operations back in May. At the time, the decision was reportedly made to prevent miners from overburdening the grid during the hot summer months. Indeed, Bitcoin miners have been blamed for incessant blackouts and power shortages in…