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<a href="https://www.businessinsider.com/category/rise-of-the-crypto-economy"></a><div type="image" title="Left to right: White Rock Management CEO Andy Long, Founder Serhiy Tron, and North America General Manager Alex Lyashok." height="3840" width="5119" msid="92525977" hostid="261" sizebytes="437624"></div><ul class="summary-list"><li>New York issued a two-year moratorium on certain crypto-mining permits that could set a precedent.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> miners who use sustainable energy sources could have an advantage if other states follow.</li><li>White Rock Management's sustainable mining is helping it expand into other countries like the US.</li></ul>When New York's State Legislature passed a <a href="https://markets.businessinsider.com/news/currencies/cryptocurrencies-new-york-mining-bill-senate-moratorium-passes-bitcoin-vote-2022-6">bill</a> in June putting a two-year moratorium on issuing certain new crypto-mining permits, it was an attempt, in part, to curb the use of fossil-fuel plants. But the crypto-mining industry, which lobbied hard against the bill, saw it as a potential precedent that other states, and maybe even the federal government, might follow.Supporters of the bill wanted to see miners banned from using the city's power grid as the state executes <a href="https://www1.nyc.gov/site/sustainability/achievements/renewable-energy.page#:~:text=A%20clean%20energy%20system%20is,100%25%20clean%20electricity%20by%202040">climate-change themed</a> initiatives that rely on electricity.White Rock Management is a <keyword id="14313891" type="UNKNOWN" weightage="60" keywordseo="crypto-miner" source="Orion">crypto miner</keyword> that uses <a href="https://www.businessinsider.com/cowa-green-crypto-mining-startup-tips-industry-for-consolidation-2022-4">sustainable techniques</a>, like hydro electricity, which are immune to such moratoriums. But that hasn't stopped its CEO Andy Long from voicing his concerns over the regulation."When government starts to decide what you can and can't do with a piece of hardware, it's the thin end of the wedge. It's too close to the state deciding what private enterprise can do," Long told Insider.White Rock, which is based in Switzerland, mines 712 petahashes, or 0.7 exahashes, per second and owns just under 1% of the network. It plans to expand its bitcoin-mining operations to other countries, including the US, to diversify its mining locations and push its network share to 1.5% by 2024. Long, who was a miner nine years before joining White Rock in 2021, knows how critical regulations can be to business. He recalled being offered "very cheap power" in Iran a few years back. He turned down the offer and months later it proved to be a wise decision when sanctions were announced against Iran, a measure that would have disrupted plans. "You don't want to have all your eggs in one basket. It's good to be globally diversified," Long said.In White Rock's eyes, the US is an attractive country overall when examining infrastructure and regulation. It's also keen on positioning itself for the mergers and acquisitions it believes will soon follow the recent market selloff. "There are 29 listed miners between the US and Canada. And then you have privately-held entities like ourselves. I think there's going to be quite a lot of activity of companies merging and acquiring each other. So we want to have a presence in North America to be part of that picture," Long said.White Rock is keeping an eye on how states like New York handle the crypto-mining industry. If New York's governor signs the moratorium, it wouldn't stop White Rock from entering the Empire state because the corporate miner mainly uses clean energy sources, Long said. White Rock's operations include 19 hydro-electric stations on a river in Sweden that generate 4,300 megawatts, of which White Rock uses more than 50 megawatts. The miner aims to have a similar setup in the States, if possible. Northern New York is on its radar, but the state doesn't offer enough hydroelectric options to keep it top of White Rock's list of viable locations for its hardware. So the company is focusing more on the middle of the country.White Rock <a href="https://www.prnewswire.com/news-releases/white-rock-management-launches-first-us-bitcoin-mining-operation-301576032.html">secured a location in Texas</a>, a state that already houses one of the <a href="https://markets.businessinsider.com/currencies/news/largest-bitcoin-mine-operator-plans-us-listing-raise-half-billion-2021-2-1030113575">largest crypto mines in the world</a>, and is in "advanced talks" to secure more locations in other states, including Wyoming.The miner is still looking for prime locations. For White Rock, Long said those are states "more inclined to let private enterprise take personal responsibility for what they're doing; and states where there's infrastructure to basically secure the <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> network." In June, Bitzero, a bitcoin-miner backed by investor and Shark Tank personality Kevin O'Leary, announced it was setting up its operations in <a href="https://markets.businessinsider.com/news/currencies/conocophillips-sells-natural-gas-north-dakota-bitcoin-miners-bakken-shale-2022-2?utm_medium=ingest&amp;utm_source=markets">North Dakota</a>. The company is looking into other ways to source energy in case hydro electricity isn't always possible like solar, wind, and nuclear. But it has to be consistent and predictable for machines that run non-stop.<a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-flare-gas-btc-energy-crusoe-energy-coinbase-winklevoss-2021-6-1030537177">Flare gas</a>, a byproduct of oil patches which one the US's largest bitcoin miners, North Dakota-based <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-flare-gas-btc-energy-crusoe-energy-coinbase-winklevoss-2021-6-1030537177">Crusoe Energy</a> uses to run its operations, is an option. But Long said flare gas has yet to be fully efficient. So White Rock will keep an eye on the legislation surrounding it. "We've seen some states actually legislate to restrict flaring. And we think that's a good thing because there's better ways of doing that," Long said. "But that's getting into direct emissions. It's not saying what you do with the power. That's what I don't like about the New York legislation."

White Rock Management is taking a sustainable approach to crypto mining in its US expansion as the sector faces increased scrutiny from regulators

<ul class="summary-list"><li>North Korean hacking group APT43 likely launders stolen crypto using cloud mining, a cybersecurity firm found.</li><li>The group acquires crypto via targeted phishing attacks, like posing as a website or company. </li></ul>APT43, a North Korean hacking group, is likely using cloud services to launder stolen cryptocurrency, according to a new <a href="https://www.mandiant.com/resources/reports/apt43-north-korea-cybercrime-espionage" target="_blank" rel="noopener">report</a> from Mandiant, a cybersecurity firm owned by Google.The group is a "moderately-sophisticated cyber operator" that supports the interests of the North Korean regime, the researchers noted, and they use hacking and cybercrime to fund their activities. Cloud mining services own infrastructure underpinning the technology that secures cryptocurrency. APT43, Mandiant found, uses stolen crypto to pay for these services, which it then uses to accrue crypto that isn't associated with crime. "[T]he ultimate aim of campaigns is most likely centered around enabling North Korea's weapons program, including: collecting information about international negotiations, sanctions policy, and other country's foreign relations and domestic politics as these may affect North Korea's nuclear ambitions," the Mandiant report said.The group acquires crypto via targeted phishing attacks, like posing as a website or company, to persuade people to share personal information that can then be exploited. The news comes as other researchers have found a similar uptick in North Korean hacking activity this year. Kaspersky said in January that the Lazarus Group — which was responsible for the $625 million Axie Infinity hack last April — was <a href="https://markets.businessinsider.com/news/currencies/north-korea-hackers-lazarus-crypto-crime-venture-capital-firms-trm-2023-1">mimicking venture capital firms and banks</a> in an effort to swindle crypto."Over the last year or so, we've moved from a post 9/11 world into a new digital battlefield," Ari Redbord, head of legal and government affairs at TRM Labs, told Insider previously. "Nation-state actors know to go after crypto businesses to fund real weapon proliferation, it's not just some hackers trying to fund a lifestyle."

North Korean hackers are likely laundering stolen crypto through cloud mining services, cybersecurity group says

<ul class="summary-list"><li>The president of <keyword id="11907000" type="UNKNOWN" weightage="60" keywordseo="belarus" source="Orion">Belarus</keyword> urged his government to use deserted industrial sites to mine crypto, <a href="https://cointelegraph.com/news/belarus-president-lukashenko-calls-on-state-to-mine-cryptocurrency">Cointelegraph</a> reported.</li><li><keyword id="12004261" type="UNKNOWN" weightage="60" keywordseo="alexander-lukashenko" source="Orion">Alexander Lukashenko</keyword> said his country has enough energy resources to power the electricity-intensive activity.</li><li>The leader's prompt comes as <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> has drawn global criticism for its negative environmental impact. </li></ul>The president of Belarus, Alexander Lukashenko, has urged his government to use the country's deserted industrial sites to mine cryptocurrencies rather than moving overseas to pursue low-paying farming jobs, <a href="https://cointelegraph.com/news/belarus-president-lukashenko-calls-on-state-to-mine-cryptocurrency">Cointelegraph</a> reported, citing <a href="https://www.rbc.ru/crypto/news/6128f2569a794793d5821309">Russian media</a>. Lukashenko said his country has enough energy resources to power the electricity-intensive activity that China has famously <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-mining-ban-riot-blockchain-renewable-jason-les-crackdown-2021-7">banned</a> in June.The 66-year-old authoritarian leader pointed to the already existing locations that Belarusians could use to mine digital assets during the opening of the Petrikovsky mining and processing plant on August 27. "We must understand, they are not waiting for us anywhere [...] Build something based on electricity," he told <a href="https://www.rbc.ru/crypto/news/6128f2569a794793d5821309" target="_blank" rel="noopener nofollow">Russian media RBC</a>. "After all, start mining cryptocurrencies or whatever it's called. There is enough electricity in the country."Lukashenko's prompt comes as cryptocurrency mining has drawn global criticism for its negative environmental impact.Earlier this year, <a href="https://www.businessinsider.com/elon-musk-dogecoin-developers-environmentally-friendly-2021-5?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">bitcoin mining's energy consumption</a> have hounded the world's most valuable cryptocurrency, causing it to shed nearly half of its value from its April all-time high. Shortly after China's clampdown, <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-mining-ban-riot-blockchain-renewable-jason-les-crackdown-2021-7">various industry experts</a> have said the Asian superpower's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ban on mining</a> has been one of the most impactful moves on the bitcoin network. Miners located in China, as a result, scrambled to relocate their operations to other countries.But Lukashenko, who became president in 1994, has been favoring cryptocurrency mining for a while. In April 2019, the strongman <a href="https://cointelegraph.com/news/what-would-the-re-election-of-alexander-lukashenko-mean-for-crypto">proposed to use excess energy</a> from one of his country's nuclear power plants to mine cryptocurrencies, as Cointelegraph reported. Read more: <a href="https://www.businessinsider.com/crypto-price-forecasts-altcoins-tokens-goldman-sachs-hedge-fund-executive-2021-8" target="_blank" rel="noopener">An ex-Goldman hedge-fund exec predicts bitcoin will reach $250,000 to $400,000 and ethereum will surpass $20,000 by March. He lays out his investment case for the 2 largest cryptos - and shares other altcoins in his portfolio.</a>

The president of Belarus reportedly wants his government to mine crypto using spare power infrastructure

<ul class="summary-list"><li><keyword id="11915963" type="UNKNOWN" weightage="60" keywordseo="miami" source="Orion">Miami</keyword> Mayor <keyword id="12188570" type="UNKNOWN" weightage="60" keywordseo="francis-suarez" source="Orion">Francis Suarez</keyword> told the Wall Street Journal he has been pitching miners on his city's nuclear plants and <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> friendliness. </li><li>In June, Suarez made a similar pitch to Chinese firms displaced by Beijing's mining ban.</li><li>Outside of Miami, too, miners are eyeing other opportunities to link with <keyword id="12188569" type="UNKNOWN" weightage="60" keywordseo="nuclear-energy" source="Orion">nuclear energy</keyword> sources.</li></ul>Concerns about <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>'s <a href="https://markets.businessinsider.com/news/currencies/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3">heavy environmental impact</a> are pushing miners toward carbon-free nuclear energy as cities like Miami look to capitalize on the trend, according to a <a href="https://www.wsj.com/articles/bitcoin-miners-eye-nuclear-power-as-environmental-criticism-mounts-11632654002">Wall Street Journal</a> report.Miami Mayor Francis Suarez, who has fast become a <a href="https://markets.businessinsider.com/news/currencies/miami-crypto-bitcoin-biggest-hub-expatriate-experts-florida-2021-6">beloved figure in crypto circles</a>, told the Journal that he has been pitching <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> mining firms on his city's nuclear facilities and crypto friendliness. A Miami-based nuclear plant owned by Florida Power &amp; Light has been in talks with bitcoin miners over how to get ahold of cheap land near the facility to host mining rigs, Suarez told the Journal. He said worries about bitcoin's eco-unfriendliness "come from the fact that a lot of the mining was being done in coal-producing countries."In June, Suarez made a similar pitch to Chinese firms <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-crypto-crackdown-visuals-sichuan-mining-pool-2021-06">displaced by Beijing's mining ban</a>."The fact that we have nuclear power means that it's very inexpensive power," he told CNBC at the time. "We understand how important this is … miners want to get to a certain kilowatt price per hour."While bitcoin mining is a highly energy-intensive activity, using nuclear power generates nearly zero carbon emissions or air pollution - presenting a seemingly tidy fix to a growing concern.Outside of Miami, too, miners are eyeing other opportunities to link with nuclear energy sources. Nuclear startup Oklo Inc. for example, has signed a 20-year deal to supply energy to Compass Mining through its mini reactor. Oklo CEO Jacob DeWitte told the Journal that he had received requests from other interested bitcoin miners, though federal approval is still forthcoming.

Miami's crypto-friendly mayor is pitching bitcoin miners on the city's nuclear facilities to shrink their carbon footprint

<a href="https://www.businessinsider.com/category/master-your-crypto"></a><div type="image" title="Crypto mining" height="3526" width="4702" msid="94517535" hostid="261" sizebytes="313978"></div><ul class="summary-list"><li>Limited power and infrastructural and logistics issues have led to inefficiencies in cryptocurrency mining farms.</li><li>Sabre56 is a cryptocurrency mining consultancy working to plug a hole in this sector's problems.</li></ul>Cryptocurrency mining is an infamously energy-intensive endeavor, and <a href="https://institutions.newscientist.com/article/2320474-cryptocurrency-mining-is-still-on-the-rise-despite-huge-price-drops/" target="_blank" rel="nofollow noopener sponsored">a growing number of crypto miners </a>are hungry for electricity.With limited power on national grids, "all the low-hanging fruit for power has been snapped up," CEO of mining consultancy firm Sabre56, and ex-special forces operative, Phil Harvey, told Insider. Pair this with the fact that, until recently, there has been a lack of direction regarding exactly how organizations should efficiently build and run crypto mining farms, and, as Harvey said: "expensive mistakes are being made." Companies like Sabre56 aim to help crypto miners avoid mistakes and make good choices in terms of infrastructure and planning. According to the <a href="https://ccaf.io/cbeci/index" target="_blank" rel="nofollow noopener sponsored">Cambridge Bitcoin Electricity Consumption Index,</a> Bitcoin, the world's largest cryptocurrency, consumed <a href="https://ccaf.io/cbeci/index" target="_blank" rel="nofollow noopener sponsored">105 terawatt-hours</a> (TWh) of electricity per year in 2021. That is more than what powers some small countries and excludes the energy used by thousands of other crypto coins flooding the market.While many investors who populate the crypto mining industry have access to capital, Harvey says millions of dollars are often spent buying equipment without considering essential infrastructural issues.Temperature and climate concerns, navigating local governmental regulations, and liaising with utility providers, these infrastructural setbacks can all delay a mining rig's kick-off date. "If machines aren't turned on the day they arrive, the investors and companies that purchased them are losing money. I know of hundreds of thousands of machines that are sat in warehouses without plug sockets, not generating any value," said Harvey, whose company scouts sites and works with local utility companies to ensure they can accommodate the power for mining.<h2>Transforming a hydroelectric dam in Paraguay into crypto power</h2>One such venture with big ambitions, but which began with very little knowledge of the practicalities of mining, is the ongoing project at the Itaipú dam on Paraguay's Brazilian border, which is seeking to transform excess power into a source of crypto mining.Since 2020, low energy costs in Paraguay have encouraged both local and foreign companies to <a href="https://cointelegraph.com/news/president-of-paraguay-vetoes-crypto-regulation-law" target="_blank" rel="nofollow noopener sponsored">increase their investments</a> in the country's crypto mining infrastructure, with the Paraguayan senate officially recognizing cryptocurrency mining as an industrial activity <a href="https://www.coindesk.com/policy/2022/07/15/paraguayan-senate-passes-bill-regulating-crypto-mining-and-trading/" target="_blank" rel="nofollow noopener sponsored">in July of this year,</a> seeing an opportunity to create jobs and improve commerce across the South American nation.Michael Blank, an independent advisor to Paraguay's government, who worked on the project alongside Sabre56, told Insider, "We sought to implement this process for growing the digital asset mining sector, with limited to no in-depth knowledge about the industry." Citing government stipulations such as minimum employee requirements, the implementation of specific technology solutions, and ESG concerns, the team faced a number of difficulties. "The industry landscape — or lack thereof — was naturally challenging," Blank said. Working alongside Blank and his team, Sabre56 surveyed the site, considered how the project would integrate with local urban and rural infrastructure, and whether the technology, power, and workforce needs were sufficient in the area, and advised on how a large-scale mining rig might best be regulated by the government. At the time of writing, the project is up for tender, with cryptocurrency miners competing to take control of the dam. <h2>Designing a successful crypto mining facility</h2>Sabre56 has consulted on projects as varied as re-routing excess power from Abu Dhabi's nuclear projects to sustainably-sourced mining in Norwegian and Canadian hydroelectric dams. Harvey's team has helped deliver around 400 megawatts of power to the crypto mining sector, which they say is the equivalent of up to 800, 50-story tower blocks worth of energy.While the design intent of each mining facility is similar — utilize excess energy to power the computers that make up the backbone of cryptocurrencies' blockchains — each project presents its own challenges. "The parties that come together are very different, or government regulations are different, or you have certain project nuances such as temperature, climate, timeframes, budgets, and all the drama that continues around the world to delay the project," he said. Sabre56 uses its military edge to navigate these competing factors — around half of the consultancy is made up of British ex-special forces operatives. "One of the things we were taught is no plan survives contact with the enemy," he said. In mining, that enemy is anything that threatens to delay the machines.According to Harvey, it is carefully orchestrated projects like that of the Itaipu dam that move crypto mining away from its <a href="https://www.sec.gov/news/speech/gensler-aspen-security-forum-2021-08-03" target="_blank" rel="nofollow noopener sponsored">"Wild West"</a> reputation, and will prove critical in building a long-term, scalable, and sustainable sector."If there is any industry that can push forward the sustainability program, or move from carbon to renewables, then it would be the blockchain industry," said Harvey, of the sector that is currently thought to emit around <a href="https://www.weforum.org/agenda/2022/08/cleaning-up-cryptocurrency-mining/" target="_blank" rel="nofollow noopener sponsored">65 megatons</a> of carbon dioxide into the atmosphere each year. This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.

Crypto miners turn to infrastructure consultancies like Sabre56 to help them avoid costly mistakes

<ul class="summary-list"><li><keyword id="6380984" type="UNKNOWN" weightage="60" keywordseo="kazakhstan" source="Orion">Kazakhstan</keyword> shut down its internet nationwide after political unrest sparked by rising gas prices.</li><li>Among the sectors affected by the outage was <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> mining, which has taken off in the Central Asian nation. </li><li>Other commodities such as <keyword id="12062407" type="UNKNOWN" weightage="60" keywordseo="uranium" source="Orion">uranium</keyword> and <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> also were impacted, with both seeing price spikes days after the uprising.</li></ul>It's been days since thousands of protesters stormed the streets of Kazakhstan to express outrage against the rising prices of liquefied petroleum gas, which means it's also been days since the internet was shut down nationwide, compromising the safety and security of many businesses and residents.Among the sectors that were hit hardest was bitcoin mining, a burgeoning industry in the Central Asian nation.Kazakhstan last year became the world's second-largest center for bitcoin mining after China <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">clamped down</a> on crypto activities, according to <a href="https://www.jbs.cam.ac.uk/insight/2021/geographic-shift/" target="_blank" rel="noopener">data</a> from the Cambridge Centre for Alternative Finance.Hours after the internet was cut off Tuesday evening, bitcoin's hash rate dropped by 12%, Larry Cermak, VP of research at The Block, said in a <a href="https://twitter.com/lawmaster/status/1478764142957846531?s=20" target="_blank" rel="noopener">tweet</a>. Hash rate is a key measure of how much computing power is required to support the network and to create new bitcoin. "The internet blackout likely prevented miners from accessing the bitcoin network, thereby leading to an immediate and steep drop-off in the global network," John Warren, CEO of GEM Mining, a bitcoin mining firm told Insider.But Warren isn't too concerned. He said even if it's difficult to foresee how the events in Kazakhstan will unfold, bitcoin's network is resilient, having been able to seamlessly recover from recent outages."I think such disruptions won't have a big impact on it," he told Insider.As of Friday evening, internet connectivity in Kazakhstan continued to flatline for the <a href="https://twitter.com/netblocks/status/1479568654048145416">60th hour</a> despite being briefly restored in some parts of the country for a couple of hours to air the televised speech of its president, according to Isik Mater. She is the director of research at NetBlocks, a watchdog organization that monitors cybersecurity and the internet globally.Kazakhstan's appeal to bitcoin miners has a lot to do with the nation's affordable energy supply thanks to an abundance of coal power, according to Mohamed Elkasstawi, co-founder of enterprise financing platform Tribal Credit, said."This is a significant advantage to miners who compete in a low-margin industry where their highest cost is energy," Elkasstawi told Insider.Bitcoin <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-3month-low-fed-policy-kazakhstan-hash-rate-2022-1">slipped</a> to a three-month low on Friday. While the drop in hash rate is not directly linked to the asset's price, the internet shutdown has affected bitcoin's ability to create more of itself through bitcoin mining. Marcus Sotiriou, analyst at digital asset broker GlobalBlock, called this slide a "short-term spook."Going forward, it remains to be seen what the bitcoin miners will do if the situation in Kazakhstan doesn't change. For Alan Konevsky, chief legal officer at PrimeBlock Ventures, an investment firm focused on digital assets, bitcoin miners in the US will be indirectly affected in positive ways."First, less hash power in the network means more room for miners in North America to increase their share of the network," Konevsky told Insider. "Second, mining companies set up in countries like Kazakhstan and Kosovo because the cost of electricity is much cheaper than in North America. If mining becomes a complete non-starter in these countries, we could see miners re-locate instead of shutting operations, negating the loss of hash power."Outside of digital assets, some commodities have spiked in the midst of the turmoil. Prices of uranium and crude oil, in particular, surged on <a href="https://markets.businessinsider.com/news/commodities/uranium-and-oil-prices-spike-on-turmoil-in-kazakhstan-2022-1">fears of diminished production</a>.Kazakhstan is the world's largest supplier of uranium, the most widely used fuel by nuclear plants accounting for about 40% of global output, <a href="https://markets.businessinsider.com/news/commodities/uranium-and-oil-prices-spike-on-turmoil-in-kazakhstan-2022-1">Insider reported</a>. Prices of uranium jumped about 8% on Wednesday, according to commodity pricing agency <a href="https://www.spglobal.com/platts/en/market-insights/latest-news/metals/010622-kazakhstan-unrest-has-little-impact-on-mine-output-but-logistics-disruptions-feared" target="_blank" rel="noopener">S&amp;P Platts.</a>Brent futures also rose about 6% this week after production at Tengiz, Kazakhstan's biggest oil field, was reduced on Thursday due to disrupted train lines, <a href="https://www.reuters.com/business/energy/chevron-says-production-continues-kazakhstan-oil-venture-2022-01-06/" target="_blank" rel="noopener">Reuters</a> reported. The country is a major oil producer with an output of 1.6 million barrels a day, according to Reuters. President Kassym-Jomart Tokayev on Friday said order has been "mainly restored" after one of the most intense political upheavals the country has seen since gaining independence over 30 years ago.

Here's why the unrest in Kazakhstan is wreaking havoc on crypto and commodity markets

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/KCNA</div></div></div>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.A US cybersecurity firm has accused North Korea of hacking South Korean cryptocurrency exchanges. The report comes amid recent allegations that North Korea is mining and hacking cryptocurrencies as a way to deal with crippling economic sanctions.Here's how the largest cryptocurrencies stand currently: <ul><li><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204" target="_blank" rel="noopener">Bitcoin (BTC)</a>: $11,718 (+4.3%)</li><li><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0VUSC1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580Be6ed6f47" target="_blank" rel="noopener">Ethereum (ETH)</a>: $1,059 (+4.91%)</li><li><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204"></a><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL1hSUC1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580B26177c69" target="_blank" rel="noopener">Ripple (XRP)</a>: $1.59 (+2.0%)</li><li><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JUQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580C4c631204"></a><a href="http://e.businessinsider.com/click/11705984.1581/aHR0cDovL21hcmtldHMuYnVzaW5lc3NpbnNpZGVyLmNvbS9jdXJyZW5jaWVzL0JDQy1VU0Q_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1GaW5hbmNlRGFpbHk/556dfaab166dcf5d498b4580B9eb71dc8" target="_blank" rel="noopener">Bitcoin Cash (BCC)</a>: $1,791 (+4.4%)</li><li><a href="http://markets.businessinsider.com/currencies/LTC-USD" target="_blank" rel="noopener">Litecoin (LTC)</a>: $195 (+1.9%)</li></ul>What's happening:<ul><li>Some cryptocurrency traders in South Korea<a href="http://www.businessinsider.com/cryptocurrency-traders-in-korea-react-to-bitcoin-bloodbath-2018-1/#just-lost-45-and-shattered-the-monitor-one-person-said-1"> took the bitcoin 'bloodbath' to a whole new level by shattering monitors, throwing laptops, and more.</a></li><li>The New York Stock Exchange is <a href="http://markets.businessinsider.com/news/etf/new-york-stock-exchange-wants-to-list-a-suite-of-etfs-that-would-raise-bitcoins-volatility-2018-1-1012581395">looking to list a suite of ETFs that would amplify bitcoin's volatility.</a></li><li>A strategist at one of the world's largest asset managers has some thoughts on cryptocurrency. <a href="http://markets.businessinsider.com/news/stocks/state-street-strategist-cryptocurrencies-stocks-investing-john-velis-interview-2018-1-1013307545">You can read them all here.</a></li><li><a href="http://www.businessinsider.com/switzerland-showed-why-bitcoin-may-struggle-to-go-mainstream-2018-1">Switzerland just showed why bitcoin may struggle to go mainstream.</a></li><li>The SEC has finally <a href="https://www.coindesk.com/sec-outlines-reasons-for-reluctance-to-list-cryptocurrency-etfs/">outlined the reasons for its reluctance to list cryptocurrency ETFs.</a></li></ul>Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the Business Insider Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nuclear-bomb-launch-procedure-us-government-president-2017-11">Here's how easy it is for the US president to launch a nuclear weapon</a></h3> <div> </div> </div>

CRYPTO INSIDER: North Korea accused of hacks

<ul class="summary-list"><li><a href="https://www.businessinsider.com/category/virgil-griffith">Virgil Griffith</a>, the US cryptocurrency expert arrested last week on suspicion of helping North Korea evade US sanctions, reportedly said it'd be "really cool" if North Korea mined ether.</li><li>Ether is a cryptocurrency developed by the Ethereum Foundation, a nonprofit cryptocurrency platform which Griffith also works for.</li><li>Griffith reportedly also told fellow crypto experts in April that he intended to arrange the delivery of equipment into North Korea to create ether.</li><li>Griffith has since been released from prison and is awaiting trial. His lawyer described the allegations against him as "untested."</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories.</a></li></ul>A US cryptocurrency expert arrested last week on suspicion of helping North Korea evade US sanction told acquaintances last year that he thought it would be "really cool" if the reclusive state mined cryptocurrency ether, according to one person with direct knowledge of the matter.Virgil Griffith, 36, a US citizen who works for the Ethereum Foundation, told fellow digital currency experts in April 2018 about his intention to arrange the delivery into North Korea of equipment to create ether, two sources told Reuters at the time.Cryptocurrencies, like bitcoin and ether, are created through a computer process called mining, which requires powerful hardware. Once generated, they can be exchanged on anonymous online platforms for fiat currencies such as the US dollar, which in turn can help illicit activities like evading sanctions or laundering money.One of the sources said Griffith said it would be "really cool" if ether were mined in North Korea.Reuters was unable to determine whether Griffith's plans to send the equipment to North Korea, which have not been previously reported, came to fruition. Federal prosecutors in Manhattan charged Griffith over a different incident, accusing him of sharing valuable technical information during a conference in North Korea in April 2019."We dispute the untested allegations in the criminal complaint," said Brian Klein, Griffith's attorney, in a written statement. "Virgil looks forward to his day in court, when the full story can come out."Klein added that he was pleased that a judge found that his client should be released from jail pending trial.<h2>The US Department of State had denied Griffith permission to attend the April conference in Pyongyang</h2>A spokesman for the Ethereum Foundation declined to comment on the mining plans. US prosecutors did not respond to a request for comment.According to the federal complaint, Griffith traveled to North Korea via China this April to attend the Pyongyang Blockchain and Cryptocurrency Conference, despite being denied permission by the US Department of State to go.There, he and other attendees discussed how cryptocurrency technology could be used by Pyongyang to launder money and evade sanctions, the prosecutors said.Griffith, who faces up to 20 years in prison, acknowledged in a consensual interview with the FBI in November that his presentation amounted to a transfer of technical knowledge to other attendees, the complaint said.The Ethereum Foundation said in a written statement that it is aware of the recent charges filed against Griffith, and that it was not represented in any capacity at the events outlined in the Justice Department's filing. The "Foundation neither approved nor supported any such travel, which was a personal matter," it added.The complaint says Griffith and others combined and conspired to violate rules in the International Emergency Economic Powers Act from as early as August 2018. But the two sources said Griffith was talking about his interest in helping North Korea create ether at least since April that year, when cryptocurrency and blockchain experts gathered for an industry conference in Seoul's Walkerhill Hotel.<h2>An East Asian cybersecurity expert has said Griffith's presence in Pyongyang is 'likely to have been valuable to North Koreans'</h2>Griffith, who lives in Singapore, said that he planned to get the equipment through China into North Korea with the help of a Singaporean friend who was going to be in Pyongyang to participate in the annual marathon, the people said.Griffith, who has a doctorate from the California Institute of Technology, said at the time the plan was to have someone hand deliver the equipment to North Korea's telecom agency, one of the sources said.The 36-year-old's actions were defended by Ethereum cofounder Vitalik Buterin last week. On Sunday, <a href="https://twitter.com/VitalikButerin/status/1201182913481584640">he tweeted</a> his hope that the US would "show strength rather than weakness and focuses on genuine and harmful corruption," and said he didn't think Griffith gave North Korea "any kind of real help in doing anything bad." But on Tuesday, East Asian cybersecurity and ex-NSA expert Priscilla Moriuchi questioned Buterin's analysis. She <a href="https://www.businessinsider.com/north-korea-virgil-griffith-cryptocurrencies-bad-idea-analyst-2019-12?r=US&amp;IR=T">told Business Insider</a> that Griffith's talk was "likely to be valuable to North Koreans.""Most North Koreans, even relatively high-ranking government officials, do not have regular and unimpeded access to the global internet and it is therefore more difficult for them to gain access to knowledge about cryptocurrency that others might find basic or common," she added.North Korea is known to steal from cryptocurrency exchanges as well as banks. As Reuters reported in August, <a href="https://www.businessinsider.com/north-korean-hackers-stole-2-billion-to-fund-weapons-program-2019-8?r=US&amp;IR=T">North Korean hackers stole $2 billion from banks and cryptocurrencies</a> at leader Kim Jong-un's behest in order to fund the development of nuclear weapons.

Cryptocurrency expert Virgil Griffith reportedly once said it would be 'really cool' if North Korea mined Ether

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Fabrizio Bensch/REUTERSA technician of computer microprocessors maker AMD poses for the media with a wafer at the chip plant in Dresden October 24, 2006. AMD celebrated its 10th anniversary of the AMD plant in the eastern German city of Dresden on Tuesday.</div></div></div><ul class="summary-list"><li><a href="https://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Cryptocurrencies</a>, including <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/usd-eth">ethereum</a>, are sitting at their lowest levels in more than a year.</li><li>Chipmakers such as <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nvidia</a> have warned investors about potential headwinds following the crypto boom and its bust.</li><li>AMD and Nvidia's oversupply of cryptocurrency-mining chips will persist longer than expected RBC says.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nvidia</a> trade live.</li></ul>As <a href="https://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">cryptocurrencies</a> plunge to their <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tumbles-crypto-bloodbath-continues-2018-11-1027755712">lowest levels in more than a year</a>, crypto-mining chipmakers such as <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nvidia</a> are feeling the long-lasting pain, RBC said in a note titled "Crypto mining issues likely to persist longer than expected."<div title="Page 1"><div title="Page 1">"A high quality crypto mining GPU was still profitable as of last quarter and at this point in time no GPU is profitable," Mitch Steves, an RBC analyst, said in a note distributed Sunday.</div>Cryptocurrencies have been under pressure this year. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Bitcoin</a>, the largest crypto by market value, has tanked 72.5% since January - touching an intraday low of $3,592 a coin on Monday. And with bitcoin and its rival cryptocurrencies sitting at their lowest price levels in 14 months, using expensive graphics processing units to mine digital currencies is more and more unprofitable, according to RBC. By the firm's calculation, the break-even point for <a href="https://markets.businessinsider.com/currencies/usd-eth">ethereum</a> - the main currency that can be mined profitably - is about $175 an ether. However, Ethereum has lost 87% value this year and are now near $108.Chipmakers have warned about the potential for crypto headwinds following the boom and bust in digital currencies. "Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected," Nvidia CEO <a href="https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-third-quarter-fiscal-2019" target="_blank" rel="noopener">Jensen Huang</a> said in the company's third-quarter earnings release earlier this month. And in August, management warned that it was expecting "<a href="https://markets.businessinsider.com/currencies/news/nvidia-stock-price-crypto-business-dead-not-coming-back-2018-8-1027467378?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">essentially no cryptocurrency</a>" business moving forward. That mirrored rival AMD's warning in July which said it <a href="https://markets.businessinsider.com/news/stocks/amd-stock-price-crypto-bitcoin-boom-over-earnings-call-2018-7-1027404897?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">expects the impact from crypto to fall to nearly zero</a> in the third quarter.<div title="Page 1">"While Nvidia and AMD have suggested that the crypto currency overhang will be a one quarter issue, we think it is more likely a two quarter issue given new market dynamics," Steves said.</div><div title="Page 1"> Steves noted that two factors have added to risks for the excess of mining GPUs for cryptocurrencies. First, since most GPUs are on a two-year warranty, there is likely demand for used GPUs which could cause additional near-term inventory issues. Additionally, more private companies are entering the competition to create higher-quality chips. For example, Bitmain's new ethereum specific mining chip is far superior to any GPU and is likely the only product running "in the green" at this time, according to Steves.Despite that, Steves remains bullish on AMD and Nvidia.<div title="Page 1"><div title="Page 1">"While we are taking a cautious stance on crypto related revenue for yet another quarter, we note that the secular trends for both companies remain unchanged," Steves said. "Nvidia's long-term story (AI, Auto, VR/AR) remains solid, and we think AMD's new chiplet architecture and 7nm lead will help on the server CPU side." <h2>Now read:</h2><ul><li><a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tumbles-crypto-bloodbath-continues-2018-11-1027755712">Bitcoin tumbles to its lowest level since September 2017</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-short-seller-andrew-left-says-he-is-buyer-2018-11-1027743996">Nvidia recovers all its earlier losses after short seller Andrew Left says he is a buyer </a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-wall-street-ignores-risk-key-business-2018-10-1027646126?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Wall Street is ignoring a risk related to a key part of Nvidia's business, UBS says</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-not-much-upside-from-gaming-business-anytime-soon-2018-9-1027552454?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">MORGAN STANLEY: Don't expect much upside from Nvidia's gaming business anytime soon</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-q3-what-wall-street-says-2018-11-1027734863?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">'Crypto strikes again': Here's what Wall Street is saying about Nvidia's underwhelming earnings</a><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-short-seller-andrew-left-says-he-is-buyer-2018-11-1027743996"></a><a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tumbles-crypto-bloodbath-continues-2018-11-1027755712"></a></li></ul></div></div></div></div>Get the latest Nvidia stock price<a href="http://markets.businessinsider.com/stock/NVDA-Quote"> here &gt;&gt;</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/nuclear-bomb-launch-procedure-us-government-president-2017-11">Here's how easy it is for the US president to launch a nuclear weapon</a></h3> <div> </div> </div>

AMD and Nvidia's crypto problems 'will persist longer than expected,' RBC says

China used to be the crypto capital of the world. Thanks to the cheap energy and friendly regulations, <a target="_blank" class="" href="https://www.businessinsider.com/bitcoin-how-to-mine-foundry-china-crypto-ban-kevin-zhang-2021-11">mining companies</a> flocked to set up shop in a country reluctantly playing host to the energy-intensive process of creating coins and validating transactions. In 2019, despite some regulation and a ban on initial coin offerings years prior, China's leader, Xi Jinping, called for widespread implementation of blockchain technology to support the country's quest for secure and reliable data systems, boosting blockchain research and further propelling China ahead of the US. At its peak, in 2021, the country accounted for almost 70% of global cryptocurrency mining.But in May of that year, China changed course. Concerns about the use of cryptocurrencies for illegal activity resulted in an effective <a target="_blank" class="" href="https://www.businessinsider.com/china-crypto-ban-bitcoin-golden-opportunity-us-blockchain-regulation-2021-10">ban on crypto mining and transactions</a>. Zongyuan Zoe Liu, a senior fellow at the Council on Foreign Relations, told me the ban stemmed from the risk that cryptocurrencies posed to China's financial system through activities like <a target="_blank" class="" href="https://www.businessinsider.com/bitcoin-crypto-fraud-scam-money-laundering-jian-wen-uk-2024-3">money laundering</a>. This sent the industry spiraling.Mining companies immediately fled the country, many moving to nearby Kazakhstan, where there was an abundance of coal power. Since minting bitcoins requires solving increasingly complex math problems, the hundreds of specialized machines used in the process — along with the equipment to cool them — take a massive amount of electricity. According to the <a target="_blank" href="https://ccaf.io/cbnsi/cbeci/mining_map">Cambridge Bitcoin Electricity Consumption Index</a>, Kazakhstan went from accounting for 7% of the global "hashrate" — the computational power required to make new bitcoins — in May 2021 to almost 20% just three months later. The influx of crypto miners began sucking up 7% of the country's generated energy, sending the price of fuel soaring and creating widespread power outages. After a massive public outcry at the end of 2021, mining companies in Kazakhstan were effectively cut off from the grid.So then they came to America. Today, the US makes up about 40% of the <a target="_blank" href="https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country">global hashrate</a> — up from 17% during China's 2021 peak — making America the biggest hub for bitcoin mining. The country's 52 cryptocurrency-mining operations use about 2% of America's energy — enough to power the entire state of Utah or West Virginia. While it hasn't caused the kind of crisis that took place in Kazakhstan, the massive energy consumption has still prompted pushback from locals and heightened <a target="_blank" class="" href="https://www.businessinsider.com/bitcoin-mine-texas-lawsuit-links-to-chinese-investors-2023-12">concerns about Chinese-owned operations moving in</a>. And it's just the latest example of China kicking out burdensome industries only for them to end up on America's doorstep.Among the major Chinese-owned crypto-mining companies that migrated to America was Bit Mining. In May 2021, the company had the largest data center and crypto-mining facility in the world, in China. By that September, after a brief stint in Kazakhstan, it was setting up shop in Akron, Ohio, in a building once owned by the tire giant Goodyear. Other bitcoin-mining companies settled in rural regions in the US with affordable electricity, favorable regulations, and ample warehouse space. But the noisy facilities, which typically employ only a few dozen people, haven't formed the rosiest relations with neighbors."The amount of energy these companies use is staggering," Jeremy Fisher, a senior strategy advisor with the Sierra Club's Environmental Law Program, told me. In Rockdale, Texas, for example, a Riot Platforms mining facility uses 450 megawatts of energy — the equivalent of what's needed to power roughly 300,000 homes. Electricity is also becoming an increasingly pressing issue in the climate crisis. <a target="_blank" class="" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">Power outages nationwide</a> have increased 64% since the early 2000s, and weather-related outages have increased 78%."At a moment when we need to be rapidly increasing the amount of renewable generation and shutting down fossil-fuel plants, proof-of-work cryptocurrency is pushing the wrong direction," Fisher said.Resistance to bitcoin mining has manifested largely at the local level. Frustrated locals in Murphy, North Carolina, Massillon, Ohio, and other places are signing petitions, forming coalitions, and creating YouTube channels to fight back against the mines in their towns. Gladys Anderson, who lives next to a mining facility in Bono, Arkansas, <a target="_blank" class="" href="https://katv.com/news/local/chinese-owned-cryptocurrency-mining-facility-planned-in-vilonia-opposed-by-townsfolk-local-government-officials-mayor-preston-scroggins-chinese-government-communist-party-green-digital-llc-greenland-usa-greenland-holding-group-mike-matos-arkansas-hb-1799">spoke</a> about her experience at a town-council meeting for a proposed facility in Vilonia, Arkansas, last summer. "It's caused a lot of headaches," she said. Her son, who has autism, struggles to deal with the loud noise. "My son is currently in the backyard having a meltdown," she said. The Bit Mining facility in Akron has also faced pushback. "They're going to be using a lot of water, and electricity rates tend to go up for that sort of thing," Kelley Sayre, a resident there, said. A <a target="_blank" class="" href="https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html?">New York Times</a> analysis found that the energy used by the Akron facility translated to 705,000 tons of CO2 emissions a year (roughly equal to the annual amount of emissions from two gas-fired power plants). Bit Mining didn't respond to a request for comment.The mayor's office of Akron isn't excited about the mine, either. "The bitcoin mining industry as a whole runs counter to this administration's values and policy goals," Stephanie Marsh, the director of communications for the city of Akron, said in a statement. "Digital mining operations consume an exorbitant amount of electricity, employ very few individuals, and take up a considerable amount of space." Marsh told me the city would prefer the space to be occupied by a company that could provide hundreds of jobs and contribute to the local economy. It's not clear what benefits the city gets from the Bit Mining facility.Countering local pushback is a powerful, ascendent new force: the bitcoin lobby. Tech companies and bitcoin investors are already having an impact on legislation in states like California, where, last September, Gov. Gavin Newsom vetoed a bill that would've established a licensing and regulatory framework for "digital financial assets." His veto came after the crypto industry spent over $400,000 on lobbying efforts. That influence has grown to a federal level, too. Bitcoin lobbyists spent more than $20 million to ensure that Congress would block federal oversight of cryptocurrencies by the Securities and Exchange Commission, which it did in May."Bitcoin stands for freedom, sovereignty, and independence from government coercion and control," former President Donald Trump told crypto enthusiasts at July's Bitcoin Conference in Nashville, reversing his previous opposition to the coin, which he called a scam during his presidency. To thunderous applause, Trump promised to fire the chair of the SEC and position America as the "<a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-reaction-trump-us-crypto-capital-planet-comments-impact-2024-7">crypto capital of the planet</a>." In response, crypto investors and super PACs dumped millions into Trump's campaign.In 2008, bitcoin's inventor, Satoshi Nakamoto, whose identity remains unknown, <a target="_blank" href="https://satoshi.nakamotoinstitute.org/quotes/motives/">described</a> the coin as "very attractive to the libertarian viewpoint." The supposed decentralized nature of the blockchain has attracted supporters who believe in free-market economics and techno-utopianism. Crypto enthusiasts dream of a world where financial institutions are replaced by decentralized cryptocurrencies, money that they say is inflation-proof.However, in recent years, bitcoin mining has become increasingly concentrated in the hands of a small number of private companies. In 2021, the National Bureau of Economic Research found that 10% of miners controlled 90% of the bitcoin-mining capacity. "The concentration of currency holding, processing power, and programming skills in the hands of one group of people who are effectively partners in a venture defeats the entire purpose of employing a blockchain structure," the economist Saifedean Ammous wrote in his book "The Bitcoin Standard."As it grows, the people who own this concentrated industry are becoming of particular interest to politicians concerned about the new Cold War with China.At a packed City Council <a target="_blank" href="https://massillonohio.gov/wp-content/uploads/03-18-24-Council-Mtg.pdf">meeting</a> in Massillon in March, many residents raised concerns about the proposed Bitdeer Inc. crypto-mining facility. The company owns mining facilities across the world and is listed on the Nasdaq; the proposed facility in Ohio would be made up of 30 buildings on 31 acres of land and employ 70 people. Cheyanne Diehl, a 29-year-old Massillon resident, said she wasn't just concerned about energy usage and noise but also had qualms with the company's country of origin. "Some of these questions you guys might not be able to answer, but I did want to know if there are any factors that might motivate a small American town to consider the construction of a bitcoin facility particularly when the facility's owner is a Chinese billionaire," she said. In April, Massillon's City Council ultimately voted 8-1 to move ahead with the facility in hopes of stimulating the economy. It's set to be constructed by next summer. In Arkansas, the backlash was so severe that the state reversed course on its laws allowing crypto mining and passed regulations this year addressing noise reduction, proximity to residential areas, and foreign ownership.The surge in cryptocurrency-mining operations owned by investors from China has prompted the Biden administration to keep a close eye on the industry. In May, President Joe Biden ordered a <a target="_blank" class="" href="https://www.businessinsider.com/pentagon-chinese-owned-bitcoin-operation-cheyenne-wyoming-microsoft-2023-10">mining company that is majority-owned by Chinese investors</a> to sell its facilities close to a nuclear-missile base in Wyoming, arguing it posed a security risk. A spokesperson for the Chinese Embassy in Washington, <a target="_blank" href="https://www.ft.com/content/a15bb35a-152e-4f8a-bdc2-f45b7497a92c">Liu Pengyu, claimed</a> that this kind of "politicization" of free trade undermined "international confidence in the US market environment."It's yet another touchstone amid the wider economic tension between the US and China. Across the economy, China seems to always be one step ahead of America. When <a target="_blank" href="https://www.businessinsider.com/plastic-recycling-problem-america-waste-pyrolysis-big-oil-china-2024-4">China banned plastic imports</a>, the US suddenly had to deal with its own plastic waste. When China ramped up <a target="_blank" href="https://www.businessinsider.com/us-china-tech-war-computer-chips-semiconductor-plants-costing-americans-2023-1">making computer chips</a>, America rushed to catch up. And when <a target="_blank" href="https://www.businessinsider.com/cheap-chinese-electric-cars-will-upend-the-us-vehicle-market-2023-5">China put cheap electric vehicles</a> on the market, the <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">US quickly imposed heavy tariffs</a> to avoid hurting the domestic EV market. Now, Chinese-owned mines are sucking the energy out of the US.For Fisher of the Sierra Club, the solution is multifaceted. He said it's important to have transparency and ensure regular electricity ratepayers aren't subsidizing bitcoin-mining facilities. "Right now, it's profitable to mine cryptocurrency at electricity costs that put steel mills out of business," he said. "We might need to implement fees to ensure that the grid stays affordable for ratepayers and industries." His final recommendation is an ambitious one: a moratorium on new mining facilities.Fisher isn't alone in calling for a pause on building new facilities. Harrison, Arkansas' City Council, for example, enforced a multimonth moratorium on a Green Digital facility after witnessing citywide opposition to the project. It ultimately greenlighted the project, but it showed that a city council was capable of enforcing a moratorium.Given how much energy bitcoin mining consumes, it's worth questioning whether its presence in the US is really worth the trade-off. The bitcoin lobby's rosy vision for the future has so far been confined to the realm of utopianism and, if left unchecked, could accelerate a climate dystopia for us all.<a target="_blank" rel="" href="https://www.businessinsider.com/author/taylor-dorrell">Taylor Dorrell</a> is a writer and photographer based in Columbus, Ohio.

Bitcoin miners got kicked out of China. Now they're sucking America dry.

<ul class="summary-list"><li>India made history Wednesday as the first nation to land a spacecraft on the moon's south pole.</li><li>Days earlier, Russia's space agency said "the race for the development of the natural resources of the moon has begun."</li></ul>"To the moon" is no longer a rallying call just for the crypto crowds, as a global race to explore the celestial body heats up.On Wednesday, India made history as the <a href="https://www.businessinsider.com/watch-india-attempt-first-ever-moon-landing-2023-8#:~:text=India%20on%20Wednesday%20achieved%20a,south%20pole%20of%20the%20moon.">first nation to land a spacecraft</a> on the moon's south pole, an unexplored region of <a href="https://www.businessinsider.com/nasa-scientist-microbial-life-hiding-on-moon-south-pole-2023-6">icy craters</a> and minerals. The Chandrayaan-3 mission was India's second attempt, and its success stood in stark contrast to the failures of other countries in reaching the pole. Just days prior to the touchdown, Russia's <a href="https://www.businessinsider.com/russia-space-program-in-decline-china-leaping-forward-us-intel-2023-4">Luna-25 vessel</a> crash landed when approaching the surface.Despite Russia's botched mission, Yury Borisov, chief of the state space agency, said that returning to the moon was a matter of national interest. "This is about ensuring defensive capabilities and achieving technological sovereignty," he told Russia-24. "Today, it is also of a practical value because, of course, the race for the development of the natural resources of the moon has begun."China and the US are also competitors in this lunar race, as the two nations share similar plans to reach the south pole, which is said to be rich in water.Water could be a source of fuel for spacecraft, allowing the moon to act as a layover for missions to Mars and other areas of deep space. Water would also be necessary for any people living on a future colony. Other resources on the moon could make mining lucrative. Estimates of the value of the moon's commodities range widely.In 2015, NASA said the moon holds "<a href="https://www.jpl.nasa.gov/infographics/the-lunar-gold-rush-how-moon-mining-could-work" target="_blank" rel="noopener">hundreds of billions of dollars</a>" of untapped resources, calling it a potential "lunar gold rush."In addition to water, NASA pointed to helium-3, which could be used in nuclear fusion. It also noted rare earth metals like lanthanides, scandium, and yttrium, which are used in electronics and mostly produced in China.Meanwhile, <a href="https://www.dailymail.co.uk/sciencetech/article-10879023/Who-snap-piece-multi-quadrillion-pound-moon-pie.html" target="_blank" rel="noopener">estimates cited in the Daily Mail</a> last year valued the moon's water at more than $200 billion, its helium at $1.5 quadrillion, and its metals at $2.5 trillion. Besides the rare earths, other minerals include basalt, iron, quartz, silicon, platinum, palladium, rhodium, and titanium.The moon isn't the only celestial body loaded with lucrative elements. A 173-mile-wide asteroid known as 16 Psyche is thought to be made up of gold, iron, and nickel. The ore on the asteroid has been <a href="https://markets.businessinsider.com/news/commodities/asteroid-psyche-iron-nickel-gold-nasa-10-quintillion-metals-spacex-2023-7">estimated to be worth about $10 quintillion</a>. Another asteroid, Davida, is thought to be worth $27 quintillion.The 2015 US Commercial Space Launch Competitiveness Act gives companies the <a href="https://www.businessinsider.com/asteroid-mining-company-earth-startups-raw-materials-cobalt-gold-platinum-2021-3?utm_medium=ingest&amp;utm_source=markets" rel="">legal right to the materials mined</a> in space. And firms have already sprung up to test technology that could theoretically make this work.

You Searched For "crypto mining nuclear" and got 12 results

White Rock Management is taking a sustainable approach to crypto mining in its US expansion as the sector faces increased scrutiny from regulators

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Crypto miners turn to infrastructure consultancies like Sabre56 to help them avoid costly mistakes

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Cryptocurrency expert Virgil Griffith reportedly once said it would be 'really cool' if North Korea mined Ether

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