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<ul class="summary-list"><li><keyword id="68460" type="COUNTRY" weightage="60" keywordseo="El-Salvador">El Salvador</keyword>'s president Nayim Bukele announced his country is exploring using volcanic energy to mine <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li><li>The move comes after El Salvador made bitcoin legal tender via a supermajority decision.</li><li>Bitcoin's price jumped roughly 10% on Wednesday to trade around $36,000.</li></ul>El Salvador's president Nayim Bukele <a href="https://twitter.com/nayibbukele/status/1402680890057166858">took to Twitter</a> on Wednesday for yet another big <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-b9e43547-7fff-bfd2-c67c-e9787abebf89">bitcoin</a> announcement. This time, Bukele said that he has instructed the president of the country's state-owned geothermal electric company, LaGeo SA de CV, to "put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos." The move comes after the country passed a law to make <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">bitcoin legal tender</a> on Wednesday via a supermajority (62 votes out of 84 possible). Bitcoin's price rose roughly 10% on Wednesday to trade around $36,000 per coin after the bullish news broke. Bitcoin mining's energy-intensive nature has led critics to question its environmental impact over the past few years. According to <a href="https://cbeci.org/cbeci/comparisons">data from Cambridge</a>, 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-b9e43547-7fff-bfd2-c67c-e9787abebf89">bitcoin</a> network's total energy consumption represents about 0.53% of total global energy consumption, and more than 85% of the energy consumed is used in the mining process. Critics have argued bitcoin mining could <a href="https://www.businessinsider.com/elon-musk-tesla-bitcoin-bad-for-the-environment-carbon-emissions-2021-5">exacerbate climate change</a>, while others, including Cathie Wood of ARK Invest, have said that bitcoin's power use will only help <a href="https://markets.businessinsider.com/currencies/news/cathie-wood-bitcoin-energy-use-concerns-boost-renewable-mining-solar-2021-6-1030505197">boost the adoption</a> of renewable mining and solar power. In other crypto news, Coindesk reported Chinese consumers are currently unable to search for popular cryptocurrency exchanges including Binance, OKEx, and Huobi on popular Chinese search engines in a sign of potential censorship. China has been cracking down on cryptocurrency mining for some time, even going so far as to <a href="https://markets.businessinsider.com/currencies/news/china-crypto-crackdown-weibo-bitcoin-influencers-accounts-blocked-2021-6-1030499644">block the social media accounts</a> of prominent crypto influencers over the weekend. Last month, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-china-crypto-miners-halt-operations-2021-5-1030458013?utm_source=markets&amp;utm_medium=ingestgest">crypto miners were forced to halt operations in China</a> after the country implemented tighter regulations. Chinese government officials have previously stated they would target the crypto industry to try to reach net-zero emissions by 2060. <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>

The president of El Salvador says the country is exploring using geothermal energy from volcanoes to mine bitcoin following its decision to make the cryptocurrency legal tender

<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="11907000" type="UNKNOWN" weightage="60" keywordseo="belarus" source="Orion">Belarus</keyword> is set to bring in rules enabling its authorities to track <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> wallets linked to illicit activity.</li><li>President Lukashenko signed a decree Monday that also allows the free circulation of cryptocurrencies.</li></ul>Belarus has moved to cement its reputation as a crypto-friendly country with a decree to allow free circulation of digital currencies and to bring in rules to clamp down on criminal wallets.The country's president, Alexander Lukashenko, signed the <a href="https://president.gov.by/bucket/assets/uploads/documents/2022/48uk.pdf">decree</a> Monday. It lays the ground for the Hi-Tech Park — the Belarus crypto watchdog — to create a register of crypto wallet addresses suspected of being used for illegal purposes."Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows free circulation of digital currencies," the president's office <a href="https://president.gov.by/ru/events/podpisan-ukaz-o-reestre-adresov-virtualnyh-koshelkov-i-osobennostyah-oborota-kriptovalyuty">said in a Monday statement</a> translated by Insider."At the same time, this requires constant monitoring of the situation and, if necessary, supplementing and clarifying regulatory norms," it added.Belarus, ranked third in Eastern Europe in Chainalysis' 2021 <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">Crypto Adoption Index</a>, is bidding to present itself as a crypto-friendly regime. Earlier in February, its ministry of finance put forward rule changes to make it easier for funds to invest in digital assets.The register of virtual wallets will be used by law enforcement agencies in their investigations in areas such as funding for terrorism and extremism, as well as illicit activities, according to the decree."This rule is designed to protect participants in the digital asset market from the loss of property and prevent unintentional involvement in activities prohibited by law," the president's office said.At the same time, President Lukashenko has been a prominent backer since cryptocurrencies were legalized in Belarus in 2017. In August, he <a href="https://markets.businessinsider.com/news/currencies/president-belarus-mining-cryptocurrency-energy-bitcoin-lukashenko-infrastructure-alexander-2021-9">pointed out</a> existing locations where Belarusians could mine digital assets, as he opened the Petrikovsky mining and processing plant.This prompt to citizens came at a time when <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> mining had drawn global criticism for its negative environmental impact, with proponents like Elon Musk<a href="https://www.businessinsider.com/elon-musk-bitcoin-tesla-payment-green-energy-environment-2021-6"> speaking out</a> against <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>'s negative environmental impact.Read more: <a href="https://www.businessinsider.com/stock-market-outlook-3-big-risks-that-may-cause-a-crash-morningstar-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">A Morningstar investing chief says US stocks need to fall by at least 20% before they start looking attractive and lays out the triggers for a full market crash — as well as 3 sectors that still offer good value</a>This story has been updated to clarify that Belarus law enforcement will be able to inspect the register of crypto wallets.

Belarus to let law enforcement inspect a register of crypto wallets linked to criminal activity, under the president's new decree

<ul class="summary-list"><li><keyword id="6359891" type="UNKNOWN" weightage="60" keywordseo="emerging-markets">Emerging markets</keyword> are pioneering digital and <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> currency usage, trading and mining. </li><li>Since <keyword id="68460" type="COUNTRY" weightage="60" keywordseo="El-Salvador">El Salvador</keyword> voted to adopt <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> as legal tender, a slew of politicians have said they want to follow suit. </li><li>Many showed their support through tweets or by adding the symbolic laser eyes to their Twitter pictures.</li></ul>Cryptocurrencies can often stir up concern among conservative investors and few are as conservative as central banks, and regulators are definitely skeptical. But this does not appear to be the case in emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Politicians, central bankers and regulators across the developed world might be a little wary, but those in the emerging world are pushing the boundaries of <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-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> adoption, by pioneering how digital tokens are used, traded and mined. In fact, they could become crypto's next big frontier, as a slew of politicians from Brazil, and Argentina and even Tonga have publicly stated that they want their countries to follow the example of El Salvador in making cryptocurrencies legal tender. <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">El Salvador's Congress approved a law</a> last week that made the small Central American country the first to accept bitcoin as legal tender, giving it equal status to the US dollar in El Salvador. "Other countries will follow El Salvador's lead for two main reasons, making bitcoin legal tender will attract Bitcoin entrepreneurs and ease the burden of sending money internationally." Edward Moya, senior market analyst at OANDA told Insider. Indeed, since El Salvador's president <a href="https://www.businessinsider.com/el-salvador-seeks-make-bitcoin-legal-tender-first-nation-crypto-2021-6?utm_source=markets&amp;utm_medium=ingestgest">Nayib Bukele first announced the bitcoin bill</a>, a slew of other emerging markets politicians have said that their own countries should follow suit. Paraguayan congressman Carlitos Rejala <a href="https://twitter.com/carlitosrejala/status/1401905833399685123">tweeted</a> "This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc &amp; #paypal". Gabriel Silva, a congressman from Panama <a href="https://twitter.com/gabrielsilva8_7/status/1401965129051389958">said</a> his country could not afford to be left behind and a broader adoption of <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-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> was necessary for the country to attract technological innovation and entrepreneurship. Brazilian politician <a href="https://twitter.com/gilson__marques/status/1402007277662523392">Gilson Marques</a> and the Argentinian <a href="https://twitter.com/fsancheznqn/status/1402045876386807809">Francisco Sánchez</a> were among those who added laser eyes, a symbol used by bitcoin bulls, to their public profile pictures. Central banks around the world are considering launching their own digital currencies that would be centrally managed and regulated - a key difference to existing cryptocurrencies like bitcoin. The Federal Reserve and European Central Bank are still in the very early stages of looking into a digital currencies, while many emerging-market central banks are making fast progress in the area. "Their use in small-scale trading and remittance transfers from workers abroad are among the main reasons for the popularity of crypto currencies in EM. Central bank digital currencies (<keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword>) could also facilitate getting social transfers to the poor and improve transparency of the large informal economy. These channels could be positive for economic growth in EM." a recent Bank of America research note said. The popularity and value of crypto currencies like bitcoin and ether has boomed over the past year. They're both an asset class in their own right, as well as a means of payment for goods and services. Various sports teams like the Dallas Mavericks or Oakland A's for example accept cryptocurrencies as payments for tickets or merchandise. In El Salvador, a whole town was already running on crypto - El Zonte, also known as 'Bitcoin Beach'. Soon the whole country could now be working in similar ways and, if some politicians get their will, other emerging markets countries could as well. El Salvador's decision has however been received cautiously by regulators and politicians in developed markets. Bank of England Governor Andrew Bailey said just this week that <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-volatility-andrew-bailey-bank-england-governor-bitcoin-boe-2021-6-1030520851">cryptocurrencies are too volatile to be used as a payment form.</a> And the <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-btc-world-bank-help-rejected-environment-transparency-2021-6-1030530998">World Bank rejected El Salvador's request to help with the implementation of bitcoin</a> over environmental concerns linked to crypto mining. Further, regulators have shown concern about the use of crypto to fund illicit activities. Bitcoin is already up by 300% in the last 12 months and, if more countries adopt it, it should stand to gain even more, even though regulators are tightening their scrutiny of the market, analysts said. "Bitcoin becoming legal tender in other countries should support the bull case for bitcoin," OANDA's Moya said. <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/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <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>

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

<ul class="summary-list"><li>Celsius received approval to expand its <keyword id="11955836" type="UNKNOWN" weightage="60" keywordseo="mining" source="Orion">mining</keyword> operations as it looks to reorganize and pay back creditors.</li><li>Prospects still look grim for Celsius' customers, as the lender only holds $170 million in cash.</li></ul>Celsius Holdings unveiled a plan to reorganizes its finances and hack away at $5.5 billion in obligations, by mining more <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> through its subsidiary, Celsius Mining, with the firm receiving approval for an expansion in a bankruptcy court hearing on Monday.The crypto lender's troubles became public in June, when it <a href="https://markets.businessinsider.com/news/currencies/crypto-lender-celsius-freeze-withdrawals-transfers-accounts-market-tumble-bitcoin-2022-6">paused customer withdrawals</a> shortly before filing for Chapter 11 bankruptcy in early July. Currently, <a href="https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/">Celsius has around $5.5 billion in liabilities</a> – $4.7 billion of which is customer holdings – and only $170 million in cash on hand, CoinDesk reported. That debts owed to its users have spurred hate mail and death threats as customers lose faith in getting their deposits back, according to the <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcelsius-defends-decision-to-halt-withdrawals-at-debut-bankruptcy-hearing-11658189510">Wall Street Journal</a>. Now, the lender has proposed trying to pay down debt by significantly ramping up mining operations. After presenting a 61-page plan yesterday, the crypto lender got a green light to spend $5 million more dollars to triple its mining rigs in operation, with 43,000 units currently working and plans to have 112,000 in operation by mid-2023. Some officials have expressed skepticism about the plan. A US Trustee Program attorney suggested the Celsius should pursue liquidation, noting that the company still needed to pay duties for 37,500 mining rigs, which are currently inoperable and held by customs authorities.Celsius' legal team defended the expansion and asserted its potential for profitability. "In a world where the crypto market rebounds, the mining business has the potential to be quite valuable," the company's lawyer said. The prospects don't look promising for Celsius' customers, who run a major risk of losing their funds held with the firm. Celsius lost billions in assets since the <a href="https://markets.businessinsider.com/news/currencies/crypto-crash-confidence-crisis-stablecoin-terra-luna-tether-usdt-coin-2022-5">crash of the stablecoin Terra and its related crypto Luna.</a>

Crypto lender Celsius is betting on its mining operation to help it reorganize as creditors and customers look to recoup $5 billion from the firm

s de<ul><li><keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>'s decision to ban cryptocurrency transactions sent <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> down as much as 8% on Friday.</li><li>But the country has been trying to rein in the digital asset sector for nearly a decade.</li><li>Here's a timeline of all the regulatory actions China has imposed on <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>It was deja vu all over again for some cryptocurrency investors on Friday after <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-ether-altcoins-china-cryptocurrency-ban-transactions-illegal-2021-9">China said it would ban all cryptocurrency-related transactions.</a>The People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a> that virtual currencies "are not legal and should not and cannot be used as currency in the market." Bitcoin fell as much as 8% on Friday following the news, while several other <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> coins like <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword>, litecoin, and Solana fell nearly 10%.But China's hostile stance to bitcoin has been well known, as the country implemented its first "ban" in 2013. Since then, China has been attempting to rein in the booming digital asset sector with various restrictions targeting different areas of the market.Today's moves were the most forceful so far against cryptocurrencies. Still, despite all of the bans, Beijing has stopped short of making it illegal for Chinese citizens to hold onto their digital cryptocurrencies.Here's a timeline of all the regulatory actions China has imposed on cryptocurrencies since 2013, many of which occurred amid a volatile rally in bitcoin and other altcoins.December 2013: China bans banks from handling bitcoin transactionsThe People's Bank of China said <a href="https://www.bbc.com/news/technology-25233224">in a statement</a> that bitcoins are a "virtual good" that has no legal status and shouldn't be used as a currency. This was effectively the first ban towards crypto applied to major financial institutions within the country. Many believe the ban was implemented due to a surge in interest among Chinese citizens amid a strong bull run in bitcoin. September 2017: China orders local cryptocurrency exchanges to cease operationsThe country <a href="https://www.businessinsider.com/china-ban-bitcoin-exchanges-2017-9">banned initial coin offerings</a> and ordered all domestic cryptocurrency exchanges to end operations within the country. The move came amid a strong bull market for bitcoin which eventually topped out near $20,000 in late 2017.May 2021: China bans various financial institutions and payment firms from offering crypto servicesThe country <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-rally-china-bans-banks-crypto-business-btc-2021-5">reiterated its prior bans</a> from 2013 and 2017, citing the dangers of speculative trading in the crypto coins, and cemented the ban for various payment platforms and business activities related to cryptocurrencies.June 2021: China ramps up crypto mining crackdownThe country set its eyes on <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">banning cryptocurrency mining</a> with various regulations towards the sector. Following the new rules, <a href="https://markets.businessinsider.com/news/currencies/crypto-trading-volume-bitcoin-china-cryptocurrency-mining-volatility-2021-07">bitcoin mining immediately moved overseas</a> to more crypto friendly countries, including the US. China cited environmental concerns and excessive energy consumption as reasons for its new restrictions. September 2021: China bans cryptocurrency-related transactionsThe country made <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">cryptocurrency-related transactions illegal</a> and forbid overseas exchanges from serving its citizens. Coins such as bitcoin and ether "are not legal and should not and cannot be used as currency in the market," the People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a>. The ban effectively ends trading for cryptocurrencies, though it is currently not illegal for its citizens to hold the asset.

China's crypto crackdown is shaking markets, but it's been trying to rein in the sector for years. Here's a timeline of Beijing's regulatory sweep.

<ul class="summary-list"><li><keyword id="72226" type="COMPANY" weightage="60" keywordseo="New-York-City">New York City</keyword> Democratic mayoral front runner Eric Adams said he will turn the city into a <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> hub within a year. </li><li>He said NYC would steal the crown from <keyword id="15641" type="COMPANY" weightage="60" keywordseo="Miami">Miami</keyword>, which has become a major center for <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> adoption. </li><li>The New York State assembly rejected a bill to limit crypto mining in the state earlier this month. </li></ul>New York City Democratic mayoral front runner Eric Adams said he would turn the city into a bitcoin hub within a year, rivalling Miami for the position as the epicenter of the US crypto community. "I promise you, in one year [...] you're going to see a different city. [...]. We're going to become the center of life science, the center of cyber security, the center of self-driving cars, drones, the center of bitcoin, we're going to be the center of all the technology," Adams <a href="https://www.youtube.com/watch?v=bmxq6oGxgdw">said</a> on Tuesday after voting closed for the primaries. Adams is currently leading the race, while bitcoin fan Andrew Yang, who had also <a href="https://markets.businessinsider.com/currencies/news/andrew-yang-new-york-bitcoin-hub-cryptocurrencies-elected-mayor-candidate-2021-2-1030078017">said he would transform the city into a bitcoin hub</a>, dropped out of the race after polls placed him second in line. New York's state assembly rejected a bill to limit crypto mining for environmental reasons earlier this month. It had passed through the state senate after Senator Kevin Parker had <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497">proposed the state halt bitcoin mining for three years</a> until its environmental impact, especially its greenhouse gas emissions, could be evaluated. Should Adams be elected and make good on his promise to turn New York City into a bitcoin hub, the city would rival Miami as the focal point of the crypto community in the US. Miami has been dominating the scene over the past months, as its mayor Francis Suarez has advocated for bitcoin adoption and has said he was <a href="https://markets.businessinsider.com/currencies/news/miami-crypto-bitcoin-biggest-hub-expatriate-experts-florida-2021-6-1030532964">trying to make Miami into the world's crypto capital</a>. Earlier this month, thousands of crypto fans congregated in the city to attend the <a href="https://markets.businessinsider.com/currencies/news/bitcoin-2021-jack-dorsey-michael-saylor-best-quotes-miami-crypto-2021-6-1030497497">Bitcoin 2021 Miami</a> and Shitcoin 2021 conferences despite the ongoing Covid-19 pandemic. Bitcoin 2021 is the biggest annual crypto convention and saw guests like Jack Dorsey, Michael Saylor and the Winklevoss twins attend. El Salvador's President also used the conference to announce a bill that would make bitcoin legal tender in the Central American country - which he <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">successfully pushed through congress</a> the following week. "Miami, you had your run, we're bringing our businesses back!" Adams said on Tuesday.

NYC Democratic mayoral front runner says he will turn the city into a bitcoin hub to rival Miami

<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."

You Searched For "is crypto mining legal" and got 8 results

The president of El Salvador says the country is exploring using geothermal energy from volcanoes to mine bitcoin following its decision to make the cryptocurrency legal tender

Will Daniel

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

Parisa Hashempour

Belarus to let law enforcement inspect a register of crypto wallets linked to criminal activity, under the president's new decree

Adam Morgan McCarthy

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

Sophie Kiderlin

Crypto lender Celsius is betting on its mining operation to help it reorganize as creditors and customers look to recoup $5 billion from the firm

Jennifer Sor

China's crypto crackdown is shaking markets, but it's been trying to rein in the sector for years. Here's a timeline of Beijing's regulatory sweep.

Matthew Fox

NYC Democratic mayoral front runner says he will turn the city into a bitcoin hub to rival Miami

Sophie Kiderlin

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

Phil Rosen

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