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Founder of Bitmain Rival Held by Police Over Possible IP Dispute

Zuoxing Yang, founder and CEO of Shenzhen-based bitcoin miner maker MicroBT, is being held by local police to assist an investigation, CoinDesk has learned. The investigation is likely over allegations of intellectual property infringement by the firm related to the technology of its rival Beijing-based crypto mining giant Bitmain, according to one source close to MicroBT with knowledge of the matter. The news was first reported by Chinese crypto news source BlockBeats. The source confirmed …

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The Power in Energy, and How New Technologies Can Shift It

The world is slowly, but very surely, turning its attention to climate change, and to the human activities that are having the largest impact. The recent U.N. General Assembly on Climate Change broached these topics in detail, looking at how politics, economy and human activity need to change in order to limit the damage being done to the environment.  While industries such as oil and fashion leave a prominent carbon footprint that is difficult to reduce, that …

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Crypto Miner Steals $5M Worth of Computing Power Using Identity of Riot Games Founder

The millionaire game developer, Marc Merril, was a victim of the Singaporean man who stole identities to utilize Amazon Web Services’ and Google cloud computing power for crypto mining. A case of stolen identity In a recently unsealed court filing on Nov. 7, Forbes discovered that Marc Merrill, the co-founder of Riot Games,  was the previously anonymous victim of Singaporian national Matthew Ho’s identity theft scheme. Riot Games is most famous as the developer behind …

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WEF’s Mining Blockchain Initiative Aims for ‘Industry-Wide Trust’

Last week, the World Economic Forum teamed up with seven major mining and metals firms to develop responsible sourcing and sustainability practices using blockchain. Specifically, the “Mining and Metals Blockchain Initiative” will include building an inclusive blockchain platform, which will ostensibly help to increase “transparency, efficiency or improve reporting of carbon emissions” across the industry. So, is blockchain a truly good fit for mined resources? Blockchain in the mining industry: from theory to practice The …

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Bitcoin Mining Power Sees Short-Term Drop as Rainy Season Ends in China

After sustained growth over the past three months, computing power on the bitcoin network has seen a fallback as the summer rainy season trails off in China. According to data from Poolin, the world’s largest bitcoin mining pool by real time hash rate, bitcoin’s seven-day average computing (or hashing) power has dropped to around 90 exahashes per second (EH/s) since Oct. 24, signaling that some miners have been unplugging from the network. It had previously been …

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Bitcoin Just Hit $1 Billion in All-Time Transaction Fees

On Oct. 30, 2019, the bitcoin blockchain reached $1 billion in cumulative transaction fees. “This milestone is a really cool milestone just because it shows how much people value block space,” said Bryan Aulds, founder of bitcoin wallet Billfodl. “And that it’s something people don’t mind paying for, which I think is really important moving forward.” According to data from blockchain analytics startup BlockChair, the amount of bitcoin transaction fees collected annually has actually decreased …

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Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO

Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S. Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation …

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7 Mining Heavyweights Partner With WEF on Blockchain Sourcing Initiative

Seven major mining and metal companies have inked an agreement with the World Economic Forum (WEF) to develop and deploy blockchain tools to assist with sourcing materials more responsibly and sustainably. The Mining and Metals Blockchain Initiative – consisting of founding members Tata Steel, Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA and Anglo American/De Beers (Tracr) – will investigate the creation of a blockchain solutions for the tracking and tracing …

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Why Bitmain Is Building the World’s Largest Bitcoin Mine in Rural Texas

The Takeaway Bitmain, the world’s largest maker of bitcoin-mining computers, chose an old Alcoa aluminum-smelting plant in Rockdale, Texas, for a new bitcoin mine. The Beijing company says the plant has an initial power size of 25 megawatts but will be expanded to 50 megawatts and potentially 300 megawatts. Texas has an abundance of power resources, so the new plant is unlikely to affect local electricity prices, say officials. ROCKDALE, TEXAS – In the concrete-and-iron …

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