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Cryptocurrency Mining and Energy

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Christinne MuschiA worker checks the fans on miners, at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada.</div></div></div><ul><li>The city of Plattsburgh, New York is imposing an 18-month moratorium on commercial cryptocurrency mining.</li><li>Due to its low electricity costs, Plattsburgh is an attractive place to set up a commercial cryptocurrency mining operation, since it uses up a lot of electricity. </li><li>Commercial cryptocurrency mining has caused Plattsburgh to exceed its allotted monthly power budget, which forced the city to buy power on the open market for a higher cost. </li><li>The purchase of electricity from the open market has caused significantly higher electricity bills for Plattsburgh residents. </li></ul> The city of Plattsburgh, New York announced on Thursday that it is temporarily <a href="http://www.cityofplattsburgh.com/CivicAlerts.aspx?AID=229">banning the commercial mining of cryptocurrency</a> for 18 months.The official reasoning for the moratorium is to "protect and enhance the City's natural, historic, cultural and electrical resources."Plattsburgh residents have seen skyrocketing electrical bills - as much as $100 to $200 increases - as a result of commercial cryptomining operations that mine for cryptocurrencies like bitcoin, according to Plattsburgh Mayor Colin Read, who spoke with <a href="https://motherboard.vice.com/en_us/article/8xk4qv/bitcoin-ban-plattsburgh-coinmint-mining">Motherboard.</a> The city is taking action to protect its citizens from those rising electrical bills that the city of Plattsburgh says is caused by cryptomining operations.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersA collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration</div></div></div>It turns out that commercial cryptocurrency mining operations used up so much electricity that the city of Plattsburgh exceeded its allotted monthly budget of electricity. One single cryptocurrency mining operation called Coinmint used up around 10% of the city's allotted power supply alone in January and February, according to Motherboard. When its electrical budget was exceeded in January, the city had to buy electricity from the open market at a higher cost, which was distributed among its residents. Mining for cryptocurrency involves powerful computer components that use a large amount of electricity in order to solve complex computational problems. The problems being solved are used to verify the transfer of cryptocurrencies independently of a central bank. Those components are usually dedicated cryptocurrency-mining components called "ASIC" cards. Some operations use graphics cards that are normally used to run high-resolution PC games. Plattsburgh was a particularly attractive place to set up a large-scale commercial cryptocurrency mining operation due to its low electricity costs compared to the national average. The city charged 4.5 cents per kilowatt-hour (kWh) when the <a href="https://www.eia.gov/electricity/state/">national average is about 10 cents per kWh</a>. And industrial operations, which include cryptocurrency operations, paid even less at 2 cents per kWh for electricity. Plattsburgh obtains its electricity from a hydroelectric power dam on the St. Lawrence River. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Wikipedia/ceedub13The Moses-Saunders Power Dam on the St. Lawrence River.</div></div></div>The city's moratorium isn't designed to remove cryptocurrency mining from Plattsburgh. During the 18-month moratorium, the city will work with residents and commercial cryptocurrency miners to come up with a solution, like applying overages on miners when the city's power budget is exceeded, according to Motherboard. Local cryptocurrency miners who spoke with Motherboard say they're willing to work with the city to come up with a solution. The city will issue a penalty of $1,000 per day of operation for any "firm, person, corporation, or other entity" that established or runs a commercial cryptocurrency mining operation when the moratorium goes into effect. The effective date of the moratorium has yet to be approved. Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-bluetooth-sucks-bad-problems-issues-disconnects-2018-2">Why does Bluetooth still suck?</a></h3> <div> </div> </div>

For the first time, a US city has banned cryptocurrency mining

<ul class="summary-list"><li><keyword id="10975637" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining-stocks">Bitcoin mining stocks</keyword> mounted a recovery on Friday after <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> found support at the $50,000 per-coin level.</li><li>Shares of Riot Blockchain, Marathon Digital Holdings, BitDigital, and other crypto-associated stocks all rose early Friday.</li><li>Bitcoin has been under pressure after Elon Musk reversed a decision to accept bitcoin as payment for Tesla vehicles.</li></ul><keyword id="6097384" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-mining">Cryptocurrency mining</keyword> stocks recovered on Friday as <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> climbed back above the $50,000 per-coin level despite continued pressure on the cryptocurrency for its environmental impact.Shares of crypto miners like <a href="https://markets.businessinsider.com/stocks/riot-stock">Riot Blockchain</a>, <a href="https://markets.businessinsider.com/stocks/mara-stock">Marathon Digital Holdings</a>, and <a href="https://markets.businessinsider.com/stocks/btbt-stock">Bit Digital</a> all rose during premarket hours on Friday.However, over the past month, shares of Riot Blockchain are down 62%, while shares of Bit Digital and Marathon Digital Holdings are down 37% and 61%, respectively.The fall comes amid a breakdown in bitcoin's price due to repeated questions about the cryptocurrency's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5-1030424949">environmental drawbacks</a>, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-vs-ethereum-experts-which-asset-rather-hold-btc-eth-2021-5-1030405530">competition from Ethereum</a> and <a href="https://markets.businessinsider.com/currencies/news/dogecoin-tesla-payment-elon-musk-crypto-bitcoin-environment-stocks-2021-5-1030429931">Dogecoin</a>, and more recently, comments from <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Elon Musk.Musk announced Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingestgest">suspend vehicle purchases</a> using bitcoin due to the environmental impact of the digital currency on Wednesday.The billionaire CEO's bitcoin "U-turn" caused the digital asset's price to plummet below $48,000 per coin before mounting a mild recovery back above the $50,000 resistance level.Bitcoin's fall from grace came just a day after the US Securities and Exchange Commission said the digital currency is a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-regulation-sec-volatility-highly-speculative-asset-suitable-etf-2021-5-1030421711">"highly speculative"</a> investment in a warning to investors."As such, investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market," the SEC said in a statement.Despite warnings from the SEC and an Elon Musk "U-turn," <keyword id="1926395" type="PERSON" weightage="60" keywordseo="Bitcoin-miners">bitcoin miners</keyword> have continued to invest in their businesses.Marathon Digital Holdings announced on Monday in its first-quarter earnings report that it produced 386 newly minted bitcoins in 2021 and increased the number of active miners in its operations to 6,800.Last week, Bit Digital announced that it earned 1,013.40 bitcoin from mining operations in the first quarter and now owns more than 40,000 miners.And on Monday, Riot Blockchain announced that it mined 206 bitcoin in April, a 90% jump from the 108 bitcoin the company mined in April of last year.Shares of Riot Blockchain traded up 9.99%, while shares of Bit Digital and Mara Digital Holdings traded up 6.11% and 12.36% as of 9:40 a.m. ET.

Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000

<ul class="summary-list"><li>Former Credit Suisse traders Kyle Davies and Su Zhu started a firm that now owns billions in <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>.</li><li>Their largest <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> holding is in <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword>, Bloomberg reported.</li><li>They were unphased by last week's crypto sell-off amid concerns over energy use. </li></ul>Crypto whales Kyle Davies and Su Zhu have billions of dollars worth of cryptocurrency in their portfolios - and tweets from Tesla CEO Elon Musk and concerns over energy use aren't phasing them.An article from Bloomberg, titled, "<a href="https://www.bloomberg.com/news/articles/2021-05-25/ex-credit-suisse-traders-amass-billions-of-dollars-of-crypto?sref=BWbpWjRm">Ex-High School Classmates Are Among the World's Largest Crypto Holders</a>," details how the pair of 34-year-olds quit their jobs as Credit Suisse derivatives traders after three years and started Three Arrows Capital, which has focused exclusively on cryptocurrency for the past three years. <a href="https://www.threearrowscap.com/about-us/">Three Arrows Capital</a>, based in Singapore, owns a 5.6% stake in the $22 billion Grayscale <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> Trust, making the firm the largest shareholder, Bloomberg reported, citing a January filing. Davies and Zhu, who have advised crypto billionaires on Twitter to remain quiet on their fortunes, didn't reveal to Bloomberg how much of their firm's capital belongs to them or other direct cryptocurrency investments.But, Davies said the firm's largest cryptocurrency holding is in Ethereum. Investing in Ethereum is the "best way to beat bitcoin," and beating bitcoin is their "ultimate goal," he told Bloomberg. Three Arrows Capital did not immediately respond to Insider's request for comment for the story. The two have been vocal on Twitter about their bullishness in Ethereum and crypto in general. Following last week's volatility, Zhu said he "<a href="https://twitter.com/zhusu/status/1396413451065466882">didn't sell any ETH</a> or DeFi on the way down and own more ETH today than ever before." With Three Arrows Capital, the two started a fund called <a href="https://www.defiance.capital/#About">DeFiance Capital</a>, which is a "Decentralized Finance (DeFi) focused cryptoasset fund" betting that "DeFi will eat traditional finance during the next decade." <a href="https://www.businessinsider.com/bitcoin-stumbles-again-following-a-wild-week-global-cryptocurrencies-selloff-2021-5">Cryptocurrencies plummeted</a> last week amid concerns over energy use, tweets from Tesla CEO Elon Musk, and a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">crackdown from China</a>. Read more: <a href="https://www.businessinsider.com/what-does-inversion-of-btc-basis-trade-mean-crypto-analysts-2021-5" target="_blank" rel="noopener">A nearly risk-free trade that cashed in on bitcoin's volatility is now inverted. Analysts and traders break down what this has to do with the massive rebound of major cryptos this week - and whether this upward move is sustainable.</a>Musk said Tesla may <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">dump bitcoin</a> because of energy use, creating turmoil for the cryptocurrency. But as for his influence over the market, Davies told Bloomberg outsized voices "usually don't last very long if they're used too much."With regard to concerns over energy use, Davies said it doesn't apply to all of crypto, as those that use very little electricity is "the direction that a lot of crypto is headed in."According to an estimate from the University of Cambridge's <a href="https://cbeci.org/cbeci/comparisons">Bitcoin Electricity Consumption Index</a>, Bitcoin <keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">mining</keyword> consumes more than 113 terawatt hours per year, slightly more than the Netherlands, which consumes 110 terawatt hours.Ethereum, for its part, is trying to switch to a proof-of-stake system, which reduces the carbon emissions problem of the proof-of-work system currently used by Ethereum and Bitcoin that needs a global network of computers running 24/7, <a href="https://fortune.com/2021/05/24/ethereum-bitcoin-buterin-carbon-footprint-proof-of-stake/">Fortune reported</a>.The proof-of-stake system is already used by other cryptocurrencies such as Cardano, Polygon, Tezos, Polkadot, and EOS, <a href="https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030">NBC News reported</a>.

A pair of 34-year-old former Credit Suisse traders turned crypto whales say they're beating bitcoin by owning ether - and downplay the energy-use concerns of mining and Elon Musk's impact

<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>Canadian electric-vehicle maker <keyword id="11021272" type="UNKNOWN" weightage="60" keywordseo="daymak">Daymak</keyword> is planning a car that will mine bitcoin while charging.</li><li>It is intended to launch in 2023, and Daymak is accepting pre-order payments in cryptocurrencies.</li><li>Critics have slammed <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword>, however, as very energy intensive and bad for the environment.</li></ul>Forget <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, there's a new electric carmaker on the cryptocurrency block. Maybe. Canadian light-electric-vehicle manufacturer Daymak <a href="https://www.daymak.com/daymak-nebula.html">said on Tuesday</a> that its new Avvenire Spiritus model will be able to mine cryptocurrencies, including <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a>. However, the technology - which Daymak calls the Nebula Miner - is yet to secure a patent. And the Avvenire range is yet to begin production, although Daymak has received more than $350 million of pre-orders, with the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-ef6b76cf-7fff-080c-787b-f260918bf047">bitcoin</a>-mining Spiritus three-wheeler set to launch in 2023. Nonetheless, Daymak is bullish about the future. "Whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked," said Aldo Baiocchi, president of Daymak, cited in a press release. "Daymak has been a champion for disruptive technologies since its inception, and the current crypto movement is a clear indication that by the 2023 Spiritus release date, we will be in the midst of the blockchain revolution." Daymak - which specializes in electric scooters but is planning a major move into cars - said the Nebula Miner will go to work whenever the vehicle is charging. <keyword id="6097384" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-mining">Cryptocurrency mining</keyword> is the energy-intensive process through which computers solve complex puzzles to secure crypto networks and create coins. Critics - <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5-1030424949">now including</a> bitcoin evangelist and Tesla boss <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> - have slammed it as <a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">extremely bad</a> for the environment. Daymak is planning to link the car to a Nebula Wallet that will allow owners to collect, store and transact with the cryptocurrencies their car has mined. The company is accepting pre-order payments in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-4f0ad99f-7fff-3a2b-8de4-6d736ead257a">cryptocurrencies</a> including dogecoin, ethereum, bitcoin and cardano, it said in its statement. Bobby Ong, cofounder of crypto data platform Coingecko, said there are a number of problems with Daymak's idea. "Embedding a bitcoin mining chip into a machine that is supposed to last for several years assumes that bitcoin's difficulty will not increase over time," he said. "Bitcoin's difficulty will increase over time, making old mining chips inefficient and obsolete." He added that the car would need to be constantly connected to the internet to mine, "not to mention draining electricity from the car too." At least one amateur crypto fan has already had a crack at mining bitcoin with a car. Simon Byrne decked out a BMW i8 hybrid with a small crypto mining rig in January, according to the <a href="https://www.hardwaretimes.com/miner-installs-nvidia-rtx-3080-farm-on-bmw-i8-worth-147500/">Hardware Times</a>. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

An EV company is planning a crypto-mining car that will dig for bitcoin and dogecoin while parked

<ul class="summary-list"><li>China's crackdown on <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> mining has expanded into the northern province of Hebei, Reuters reported Tuesday. </li><li>The area's cyberspace commission said crypto mining consumes an enormous amount of energy. </li><li>China is targeting <keyword id="11971141" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining" source="Orion">bitcoin mining</keyword> operations as it works to reduce carbon emissions.</li></ul>China's efforts to restrict cryptocurrency mining and trading have stretched to the northern province of Hebei, where a regulator said it will be a part of broader clampdown, <a href="https://www.reuters.com/world/china/chinas-hebei-province-clamp-down-cryptocurrency-mining-trading-2021-09-14/">Reuters reported</a> Tuesday. "Cryptocurrency mining consumes an enormous amount of energy, which is against China's 'carbon neutral' goal," and it carries huge financial risks, Heibei's cyberspace commission said in a statement, according to the report. The commission said the local financial regulatory bureau and public security departments will be among the government offices that work on cryptocurrency restrictions. China has pledged to cut down on <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> mining operations in the country to reduce carbon emissions. The world's largest economy is aiming to reach carbon neutrality before 2060 and reach peak carbon emissions before 2030.The Sichuan, Anhui, and Gansu provinces are among those that have said they would order the shutdown of crypto mining operations. Earlier this year, China's Inner Mongolia Autonomous Region said it had set up a hotline for the general public to <a href="https://markets.businessinsider.com/news/stocks/inner-mongolia-bitcoin-mining-ban-china-cryptocurrency-hotline-report-operations-2021-5-1030447689?utm_source=markets&amp;utm_medium=ingestgest">report outlying crypto-mining operations</a> that were still active in the region.

China's crypto crackdown expands as a northern province announces new restrictions on mining and trading in cooperation with Beijing

<ul class="summary-list"><li>China's <keyword id="329891" type="COMPANY" weightage="60" keywordseo="Inner-Mongolia">Inner Mongolia</keyword> Autonomous Region has set up a hotline for the general public to report any outlying cryptocurrency-mining operations that are still active in the region.</li><li id="recirc"><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>Its a move to further crack down on mining operations that could jeopardize China's goal to reduce carbon emissions. </li><li>Inner Mongolia was once a hub for crypto-mining operations but has tried to fully clear them out of the region.</li></ul>The government in China's Inner Mongolia Autonomous Region is cracking down further on cryptocurrency-mining operations. The Inner Mongolia Autonomous Region Development and Reform Commission <a href="http://fgw.nmg.gov.cn/xxgk/zxzx/tzgg/202105/t20210518_1502529.html">announced </a>on Tuesday that it has set up a hotline, email, and mail address for the general public to report any outlying crypto-mining operations that are still active in the region.The commission is also targeting mining companies that are posing as data centers and enjoying preferential policies in tax, land, and electricity prices, and any company that offers land rental services for crypto mining operations.The creation of a hotline comes after the commission announced in March it was trying to fully clear out and shut down all virtual currency mining projects by the end of April 2021, <a href="https://www.theblockcrypto.com/linked/96591/chinas-inner-mongolia-seeks-to-shut-crypto-mining-farms-in-new-proposal">per The Block</a>.According to <a href="https://cointelegraph.com/news/inner-mongolia-sets-up-hotline-to-report-suspected-crypto-miners">Cointelegraph</a>, Inner Mongolia was once a hub for <keyword id="6097384" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-mining">cryptocurrency mining</keyword> operations, and accounted for 7.71% of the global Bitcoin hash rate from September 2019 to April 2020.Now, China has pledged to reduce carbon emissions, and Chinese authorities have cracked down on mining operations. China pledged in 2020 to reach carbon neutrality before 2060 and reach peak carbon emissions before 2030.The announcement from Inner Mongolia comes as the cryptocurrency market experiences a <a href="https://markets.businessinsider.com/currencies/news/crypto-market-value-47-percent-lost-7-days-2021-5-1030447473">steep sell-off.</a> As of Wednesday afternoon, the global crypto market cap is $1.6 trillion, a 18.46% decrease over the last day, according to <a href="https://coinmarketcap.com/">CoinMarketCap</a>.Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>

Inner Mongolia doubles down on crypto-mining ban and sets up a hotline for the general public to report suspected activity

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP</div></div></div><ul><li>The newest version of Apple's App Store rules prohibits cryptocurrency mining.</li><li>Unscrupulous programmers have sneakily inserted software that mines cryptocurrency in unrelated advertisements and apps. That's what Apple is banning.</li><li>Apple does explicitly permit a lot of cryptocurrency apps, including wallets, exchanges, and software that mines cryptocurrency on a server.</li></ul>Apple has a clear message for cryptocurrency enthusiasts: Don't mine it on our devices. It's a new rule included in the latest version of Apple's App Store policies, released last week as part of the company's annual developer conference.The ban couldn't be clearer. From <a href="https://developer.apple.com/app-store/review/guidelines/">section 2.4.2</a>, "hardware compatibility," emphasis ours:Design your app to use power efficiently. Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.Most Bitcoin and cryptocurrency miners use specially designed chips, purpose-built to process the complicated math that underpins the technology, which are often housed in giant data centers. The iPhone isn't a great cryptocurrency miner, especially compared to special mining machines, but that doesn't mean that a surreptitious app couldn't mine tokens like Monero in the background. If enough people used that app, then that could add up to real money for the shady developer. That's actually what happened in the case of an app called Calendar 2, <a href="https://appleinsider.com/articles/18/06/11/apple-bans-cryptocurrency-mining-on-the-iphone-and-ipad">according to Apple Insider</a>. There are also lots of examples of <a href="https://arstechnica.com/information-technology/2018/01/now-even-youtube-serves-ads-with-cpu-draining-cryptocurrency-miners/">advertisements mining cryptocurrency</a> in browsers like Google Chrome on the desktop. Because the App Store is the only way for most people to install software on their iPhones, Apple's new rule also suggests that there may not be any purpose-built apps to mine cryptocurrency either - not that any of these apps would really make any money for users. Mining tokens on an iPhone would simply destroy its battery and make it heat up. Apple also has an existing section addressing cryptocurrency apps on its App Store that's been in place since about 2014. Apple allows apps like Coinbase and Robinhood to enable users to trade Bitcoin, Ethereum, and other cryptocurrencies, so it's not a complete ban on mobile crypto. Here's that section of the rules: 3.1.5 (b) Cryptocurrencies:(i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.(ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).(iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.(iv) Initial Coin Offerings: Apps facilitating Initial Coin Offerings ("ICOs"), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants ("FCM"), or other approved financial institutions and must comply with all applicable law.(v) Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/which-macbook-buying-guide-2018-5">How to know which MacBook you should buy</a></h3> <div> </div> </div>

Apple bans mining cryptocurrency on iPhones

<ul class="summary-list"><li><keyword id="41896" type="COUNTRY" weightage="60" keywordseo="Iran">Iran</keyword> has banned <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> mining over the summer ahead of an anticipated surge in <keyword id="159873" type="PERSON" weightage="60" keywordseo="electricity-demand">electricity demand</keyword>, Bloomberg reported.</li><li>The ban is effective immediately until September 22.</li><li>Approximately 4.5% of all <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> occurs in Iran, according to Elliptic.</li></ul>Iran has banned cryptocurrency mining over the summer ahead of an anticipated surge in electricity demand, <a href="https://www.bloomberg.com/news/articles/2021-05-26/iran-bans-crypto-mining-to-keep-the-lights-on-over-summer">Bloomberg first reported</a>. The country the past few days has experienced widespread <keyword id="4330279" type="PERSON" weightage="60" keywordseo="blackouts">blackouts</keyword> due to higher than usual energy consumption, compounded by drought and high temperatures, according to <a href="https://www.arabnews.com/node/1863336/middle-east">Arab News</a>.While cryptocurrency mining was highlighted, other electricity-intensive activities were also prohibited, President Hassan Rouhani announced on state television Wednesday."The ban on the mining of cryptocurrencies is effective immediately until September 22," Rouhani said as <a href="https://www.reuters.com/technology/iran-bans-cryptocurrency-mining-4-months-amid-power-cuts-2021-05-26/">Reuters reported</a>. "Some 85% of the current mining in Iran is unlicensed." <a href="https://www.businessinsider.com.au/category/bitcoin-mining">Cryptocurrency mining</a> has <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497">long been criticized</a> due to its heavy energy use and environmental impact. Various research, including a study from Cambridge University, <a href="https://cbeci.org/cbeci/comparisons" target="_blank" rel="noopener">has shown</a> that bitcoin mining around the world uses more energy each year than some entire nations.Mining cryptocurrencies, a complex process that includes validating data blocks to include in the public ledger, is power-intensive and often relies on fossil fuels. Approximately 4.5% of all bitcoin mining occurs in Iran, according to blockchain analytics firm <a href="https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions">Elliptic</a>.<div type="image" title="Screen Shot 2021 05 26 at 9.01.11 AM" height="443" width="591" msid="82975545" hostid="261"></div>The fact that the country has <a href="https://www.businessinsider.com/currency-crisis-impoverishes-iranians-strains-economic-defenses-2020-7">restricted access to foreign currencies</a> also makes cryptocurrency mining more attractive.The ban however raises concerns about pushing the practice -including those licensed-into the black market. Iran in the past has launched a crackdown on illegal miners, accordin to <a href="https://www.bloomberg.com/news/articles/2021-05-21/iran-enlists-its-spies-to-hunt-down-power-hungry-bitcoin-miners">Bloomberg</a>.

Iran bans crypto mining for the summer ahead of peak electricity demand

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> surged as much as 9% on Monday after its worst weekly performance since March 2020 last week. </li><li>The cryptocurrency rose after a bullish report from <keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi">Citi</keyword> that said bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-could-become-currency-global-trade-citi-2021-3-1030134805">could be at the start of a "massive transformation"</a> into the mainstream of finance.</li><li>The price of bitcoin also jumped amid news that China's <keyword id="329891" type="COMPANY" weightage="60" keywordseo="Inner-Mongolia">Inner Mongolia</keyword> will ban all cryptocurrency mining activities by April 2021.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>The price of bitcoin surged as much as 9% on Monday after logging its worst weekly performance since March 2020 last week. The move higher follows an upbeat note from Citi and news of a ban on cryptocurrency mining in China's Inner Mongolia region. "Bitcoin seems to have bounced back today as cryptocurrency <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> start the week in a resurgent mood," said Paolo Ardoino, CTO at Bitfinex, a cryptocurrency exchange. "The backdrop of huge pent-up institutional demand and interest from long-term investors may be here to say, but time will tell."As of 1:45 p.m. ET, <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> was trading higher by 7.3%, at $48,540.14. The world's largest cryptocurrency by market capitalization rose after a bullish report from Citigroup's Global Perspectives &amp; Solution that said bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-could-become-currency-global-trade-citi-2021-3-1030134805">could be at the start of a "massive transformation"</a> into the mainstream of finance. The 108-page report also floated the prospect that bitcoin could become the currency of global trade."There are a host of risks and obstacles that stand in the way of bitcoin progress," the report said. "But weighing these potential hurdles against the opportunities leads to the conclusion that bitcoin is at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream."The price of bitcoin also jumped on news that China's Inner Mongolia will ban all cryptocurrency mining activities by April, <a href="https://www.reuters.com/article/china-climatechange-energy/chinas-inner-mongolia-to-end-cryptocurrency-mining-ban-new-steel-coke-projects-idUSL3N2KZ2C0">Reuters first reported</a>, amid efforts to curb high energy-use projects, according to a draft plan posted on the Inner Mongolia Development and Reform Commission's site on February 25. Cryptocurrency mining, particularly, bitcoin, is known to be highly <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-worry-big-investors-fahad-kamal-kleinwort-2021-2-1030131653">energy intensive</a>, with some <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-worry-big-investors-fahad-kamal-kleinwort-2021-2-1030131653">reports</a> suggesting that it uses more electricity each year than some whole countries, including Argentina and Ukraine.The autonomous region, now one of China's top two coal-mining regions, was the only one among 30 areas under Beijing's energy consumption and energy intensity review that did not meet its targets in 2019. Inner Mongolia, a major energy consumer known for its low electricity prices, is working towards limiting the growth of energy consumption to around five million tons of standard coal in 2021 and plans to cut emissions per unit of gross domestic product by 3% compared to 2020."[Inner Mongolia] will tighten its energy control measures and bear the targets throughout all economic and social aspects," <a href="https://www.reuters.com/article/china-climatechange-energy/chinas-inner-mongolia-to-end-cryptocurrency-mining-ban-new-steel-coke-projects-idUSL3N2KZ2C0">the draft rule said</a>.The region accounted for 8% of <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> computing power worldwide, <a href="https://www.bloomberg.com/news/articles/2021-03-01/bitcoin-rises-after-china-region-declares-war-on-crypto-mining">Bloomberg reported</a>, according to Cambridge University's <a href="https://cbeci.org/mining_map">Bitcoin Electricity Consumption Index</a>. China overall, meanwhile, accounted for 65% of the total.In 2017, China<a href="https://www.businessinsider.com/r-china-bans-initial-coin-offerings-as-illegal-fundraising-2017-9"> banned individuals and organizations</a> from raising funds through initial coin offerings.

Bitcoin surges 9% amid Citi comments, China region mining ban

<ul><li>Google has removed eight fake cryptocurrency mining apps designed to mislead innocent users.</li><li>These apps had in-app purchases ranging from $14.99 to $189.99.</li><li>According to security research firm <keyword id="146876" type="General" weightage="20" keywordseo="trend-micro" source="Orion">Trend Micro</keyword>, there are over 120 fake cryptocurrency mining apps still available online.</li></ul>Cryptocurrency is all the rage these days, and as it usually happens, malicious apps and hackers are here to take advantage of the ongoing crypto hype. These apps are designed to mislead innocent users into installing them on their smartphones. Google has identified eight such dangerous <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">crypto apps</a> on the Play Store and banned them. These apps were designed to lure innocent and unsuspecting users into installing them on their phones. These apps employed the usual “<a href="https://en.wikipedia.org/wiki/Get-rich-quick_scheme">get rich quick</a>” scheme to lure users into investing money in a ‘cloud mining service’ and reaping profits. “Despite these apps not being associated with cloud-mining operations or having any <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">cryptocurrency-mining</a> features, some of these apps prompt users to pay for increased cryptocurrency-mining capabilities via the apps’ in-app billing systems that range from $14.99 to as high as $189.99,” the Trend Micro <a href="https://www.trendmicro.com/en_in/research/21/h/fake-cryptocurrency-mining-apps-trick-victims-into-watching-ads-.html">report</a> said. According to an analysis by security firm Trend Micro, the eight banned apps forced users to watch advertisements and have an average monthly fee of $115 (approx. ₹1,114). These apps also suggested to users that they could pay for increased mining ability by buying their favourite crypto “machines” in the cloud. “The app called Daily Bitcoin Rewards – Cloud Based Mining System prompts its users to upgrade their crypto mining capacity by “buying” their favourite mining machines to earn more coins at a faster rate," the report further added. The eight apps banned by Google are: <ul><li>BitFunds – Crypto Cloud Mining</li><li>Bitcoin Miner – Cloud Mining</li><li>Bitcoin (BTC) – Pool Mining Cloud Wallet</li><li>Crypto Holic – Bitcoin Cloud Mining</li><li>Daily Bitcoin Rewards – Cloud Based Mining System</li><li>Bitcoin 2021</li><li>MineBit Pro - Crypto Cloud Mining &amp; btc miner</li><li>Ethereum (ETH) - Pool Mining Cloud</li></ul>What’s worse is, Trend Micro says that there are over 120 fake cryptocurrency mining apps still available. These apps have affected more than 4,500 users in the last year, according to the security research firm. If you have any of these apps installed on your phone, it is advised that you uninstall them. To do so, go into Settings -&gt; Apps and then, tap on the app’s name and select ‘Uninstall’. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/onlyfans-seeks-to-reassure-adult-content-creators-after-backlash-over-banning-porn-from-the-site/articleshow/85551146.cms">OnlyFans seeks to reassure adult content creators after backlash over banning porn from the site</a> <a href="https://www.businessinsider.in/tech/news/the-next-iphone-will-have-insane-amounts-of-storage-packed-into-a-familiar-slim-design-heres-what-to-expect-from-apples-next-gen-smartphone-/articleshow/85535337.cms">The next iPhone will have insane amounts of storage packed into a familiar slim design. Here's what to expect from Apple's next-gen smartphone.</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-removes-personal-information-from-afghan-users-accounts-for-safety/articleshow/85530702.cms">Clubhouse removes personal information from Afghan users' accounts for safety</a>

You Searched For "cryptocurrency mining" and got 12 results

Cryptocurrency Mining and Energy

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Apple bans mining cryptocurrency on iPhones

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