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<ul class="summary-list"><li>Residents near Granbury, Texas, want an 'intolerably loud' crypto mine to stop.</li><li>They say the constant hum and vibrations are causing health problems.</li></ul>Residents of Hood County in northern Texas have filed a lawsuit against a local bitcoin mining facility, alleging its "<a target="_blank" class="" href="https://earthjustice.org/wp-content/uploads/2024/10/2024-10-04-first-verified-petition.pdf">intolerably loud</a>" noises and physical vibrations have caused mental and physical health problems.The <a target="_blank" class="" href="https://www.maragranbury.com/">crypto mine in question</a> — located in Granbury, Texas — is operated by Marathon Digital Holdings, according to the suit, though construction began in 2022 and Marathon took over the lease in January 2024.Industrial cooling fans generate a near-constant hum, according to the suit — and residents want a permanent injunction, saying it causes them to "suffer day in and day out."They're being represented by environmental law nonprofit <a target="_blank" class="" href="https://earthjustice.org/wp-content/uploads/2024/10/2024-10-04-first-verified-petition.pdf">Earthjustice</a>.One impacted resident, Cheryl Shadden, has difficulty sleeping and has experienced hearing loss, vertigo, and tinnitus, according to the suit.Shadden's dogs and horses have also displayed signs of stress, and her electricity bills have risen as her home value has plummeted, the suit alleges."They think it's okay for us to live next door, and it's just not," another plaintiff, Hood County resident Daniel Lakey, <a target="_blank" class="" href="https://www.youtube.com/watch?v=NvLFRMsUllk">told local outlet Fox 4</a>. His solution? "Turn 'em off."Resident Liana Oechsle <a target="_blank" class="" href="https://www.nbcdfw.com/news/local/granbury-residents-file-lawsuit-bit-mining-company-noise-pollution/3667717/">told NBC 5</a> that the facility has a right to exist but wants it to be more responsible. She likened the noise to "trying to talk over a giant tractor," adding, "It's shaking loud."A MARA spokesperson "categorically" rejected the allegations in a statement to Business Insider."The data center, which we acquired less than a year ago, is in a well-established industrial zone, and sound measurements around the facility are below legal limits," the spokesperson said."Additionally, there is no established link — medical or otherwise — between our operations and the broad ailments that are being alleged," the company said, concluding, "We will defend ourselves against these false claims."A <a target="_blank" class="" href="https://www.maragranbury.com/">website for the plant</a> notes Marathon is working on extending a sound wall and transitioning to a quieter cooling process that involves placing servers in a special liquid.America is now the biggest home for crypto mines after the industry was banned in China in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/china-bitcoin-mines-american-electricity-china-crypto-ban-energy-crisis-2024-9">Business Insider previously reported</a>.Today, America's 52 operations use about 2% of the country's energy, and facilities from North Carolina to Ohio to Arkansas have sparked a backlash from disgruntled neighbors — with a powerful bitcoin lobby ascending to counter the pushback, BI previously wrote.

Residents in rural Texas are suing their noisy neighbor: a humming bitcoin mining facility

<ul class="summary-list"><li>Russia will start cryptocurrency exchange trials on September 1, Bloomberg reported.</li><li>The nation is look for new ways to transact payments amid sanctions.</li></ul>Russia, home to anti-crypto legislation, plans on testing digital assets as a way to break away from Western sanctions, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg</a> reported.Moscow will initiate cryptocurrency exchange trials as soon as September 1, anonymous sources told the outlet. The intention is to ease payment difficulties for Russian exporters, caused by restrictions related to Moscow's war in Ukraine.Sources said the National Payment Card System will be used to swap between rubles and cryptocurrencies in these trials. The network was chosen due to its preexisting functions, such as an interbank settlement and clearing feature, and its full regulation by the central bank.If successful, this experiment could eventually provide Russia with an alternative payment method for cross-border transactions. Payment issues have made it difficult to buy foreign supplies and have left exporters struggling to get reimbursed.This became problematic in June, when the <a target="_blank" class="" href="https://www.businessinsider.com/us-russia-sanctions-war-spending-exports-ukraine-china-banks-treasury-2024-8">new US sanctions</a> started targeting Russia-friendly foreign lenders. Given that global institutions rely on access to the dollar, the threat of secondary sanctions forced many to cut off ties with Moscow.For instance, most Chinese banks have since <a target="_blank" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">halted yuan payments</a> to Russia despite the yuan's prominent role in Russia's current-day economy. Meanwhile, Moscow can't rely on Western currencies such as the dollar, after the country lost access to the <a target="_blank" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">SWIFT international banking system</a>.Moscow's possible embrace of digital currencies is a significant retreat from its usual attitude: Russia has spent years arguing against crypto and has proposed a blanket ban in 2022. Even if crypto is adopted in international payments, its use inside the country <a target="_blank" href="https://www.reuters.com/markets/currencies/russia-weighs-risk-embracing-crypto-international-payments-2024-07-17/">remains restricted</a>.The <a target="_blank" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">legal turnaround came on August 8th</a>, when President Vladimir Putin legalized the creation of a cross-border crypto framework. Additionally, he signed into law a bill allowing from crypto mining in the country.Eventually, Russia may permit the Moscow Exchange and St. Petersburg Currency Exchange to creat crypto platforms next year, sources told Bloomberg. As to traditional crypto exchanges, Finance Minister Anton Siluanov acknowledged that this looks less likely:"We haven't found a solution yet on how to do this," he said at a forum on August 14th, quoted by the state-run Tass new agency.

Russia is turning to crypto as sanctions snarl payments, report says

Mumbai, <keyword id="19969771" type="General" weightage="20" keywordseo="crypto" source="keywords">Crypto</keyword> currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems. "Crypto currencies cannot be called currencies as they don't have any underlying value," P <keyword id="19944928" type="General" weightage="20" keywordseo="vasudevan" source="keywords">Vasudevan</keyword>, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take on how to tackle crypto currencies, the official said. Currently, bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. In the backdrop of the action against <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> and curbs imposed on some international card providers, Vasudevan said self-regulation can protect the fintech sector better. He also said that mechanisms could be looked at to highlight bad behaviour.

Crypto currencies have no underlying value, says RBI official

<ul class="summary-list"><li>Russia passed a bill allowing crypto trade payments and is aiming to roll out the digital ruble next July.</li><li>Moscow's tilt to crypto reverses its previous anti-crypto stance.</li></ul>Russia is stepping up sanctions-evading measures to keep its international trade flowing. The country is passing new laws regulating cryptocurrency and a plan for the digital ruble.On Tuesday, Russia's State Duma — the lower house of Russia's federal assembly — passed a bill that would let businesses use cryptocurrencies in international trade, <a target="_blank" class="" href="https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/">Reuters</a> reported.Under this new law, Russia's central bank will create a new "experimental" payments platform. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.Nabiullina also said on Tuesday that the Russian central bank plans a mass introduction of the digital ruble in July next year, per <a target="_blank" class="" href="https://tass.com/economy/1823089">TASS.</a>Digital currencies, like the digital ruble, are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks.</a><h2 id="04f69842-16d5-468a-85c4-9bbe54193e49">Some Russian businesses are already using crypto</h2>In addition, Russia passed new regulations legalizing crypto mining on Tuesday.An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.In January 2022 — before the full-scale invasion of Ukraine — <a target="_blank" class="" href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">Russia's central bank</a> proposed a ban on the use and mining of cryptocurrencies within the country, citing risks to financial stability and monetary policy.However, the heavily sanctioned country is facing so many issues with international payments that it has been forced to shift its position.Some Russian businesses are already using cryptocurrencies to trade with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.<a target="_blank" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said earlier this month that Russia had to <a target="_blank" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.Russia's tilt toward crypto isn't unexpected. Analysts have been speculating about how <a target="_blank" href="https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia">Russia would eventually move</a> toward using crypto and digital assets following sweeping sanctions over its invasion of Ukraine.<h2 id="0eca508c-15cf-41aa-b85a-a557ee507d8d">Increasingly tight Western sanctions hit Russia's international trade</h2>Until recently, Moscow hasn't really had to look into digital currencies that intently — since Russian companies have managed to keep on doing business using non-US dollar currencies, such as the Chinese yuan, or via smaller banks.But Russia's international trade is getting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">ever more difficult.</a>The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions — even in non-US dollars — with Russia to avoid getting in the crosshairs."This episode demonstrates the global power of the US Treasury, causing banks from Turkey to India and China to pause the processing of payments invoiced by or to Russian counterparties," wrote Christopher Granville, the managing director of global political research at GlobalData TS Lombard, in a May note about <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">digital currencies and dedollarization.</a>"In other words, simply settling commercial invoices in national currencies rather than US dollars turns out to be an insufficient counter to US sanctions," Granville added.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a><h2 id="b33701e6-83ac-4290-b6c2-ada7fbc1bf3a">Russia could be eying a digital-currency-based settlement system</h2>It isn't clear how Russia's crypto and digital currency regimes will shape up.Implementation may be easier said than done.Even China, which has one of the world's most advanced <a target="_blank" class="" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital currencies,</a> relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote in May that that setup avoided excessively disrupting the operations of banks, which could threaten broader financial stability.

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us. Therefore our views -- both that of the Reserve Bank and personally that of mine -- remain the same," Das said. Addressing a financial sector seminar organised by business daily Mint here, the Reserve Bank of India (RBI) chief also said that for emerging market economies and advanced economies, travelling down that path of cryptocurrencies will create huge risks which will be very difficult to contain going forward. "The question is why do you want to go down that road? What is it that you are going to get?," Das said while responding to a query about the development in the US with respect to cryptocurrencies. <keyword id="20153809" type="General" weightage="20" keywordseo="personally-das" source="keywords">Personally Das</keyword> and RBI, as an institution, are opposed to private cryptocurrencies on the grounds that they pose tremendous threat to the financial stability. "The US capital markets regulator in the same announcement also issued necessary cautionary advice and necessary warning to investors to be careful along with the risks it poses. Our position, my position and the RBI's position on this remain unchanged irrespective of who does what. Just because someone has done something, we are not here to emulate them," he said. The remarks were in the context of the US regulator SEC permitting bitcoin ETFs. The approval is seen as a landmark event in the adoption of cryptocurrencies in mainstream finance as the ETF structure gives institutions and financial advisors a familiar and regulated way to have an exposure to bitcoins. "I don't wish to comment on what a regulator of another country has done; they know what is best for their country. But I would like to say that they themselves have flagged risks in the product and advised people to be very careful. "We are all familiar with the Tulip mania in the Netherlands that had led to an asset bubble in the past. I don't think emerging markets and the world can afford a crypto mania that could lead to similar outcomes," the governor said. On whether he sees the forthcoming vote-on-account to be inflationary, Das said that going by the past records of the present government, he feels that the interim budget will not lead to inflationary pressures. Further, Das mentioned many supply side measures that the government has taken to contain price rise since the beginning of the Russia-Ukraine war.

The world cannot afford a crypto mania: Shaktikanta Das

<ul class="summary-list"><li>The International Monetary Fund is urging <keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> not to use <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> as a legal tender.</li><li>The financial institution also called on stricter regulation for Chivo, El Salvador's official e-wallet.</li><li>Bitcoin as legal tender "entails large risks for financial and market integrity, financial stability, and consumer protection," the IMF said.</li></ul>The International Monetary Fund is urging El Salvador not to use bitcoin as a legal tender, citing the large risks associated with world's biggest cryptocurrency.The IMF released a <a href="https://www.imf.org/en/News/Articles/2022/01/25/pr2213-el-salvador-imf-executive-board-concludes-2021-article-iv-consultation">report</a> Tuesday detailing its stance on why the Central American nation should narrow the scope of Bitcoin Law, which was passed in June 2021 after being voted by a supermajority.Bitcoin's use as legal tender "entails large risks for financial and market integrity, financial stability, and consumer protection," they said in the report. "It also can create contingent liabilities."The IMF directors also called on stricter regulation for Chivo, El Salvador's official e-wallet, and expressed concern over the risks associated with issuing bitcoin-backed bonds.While they commended the nation for "rebounding quickly" amid a pandemic, which has helped limit the economic and human toll on El Salvadorans, the directors pointed to the country's fiscal vulnerabilities — stemming from the large public debt-to-GDP ratio — which, they said, have grown.The institution also encouraged El Salvador to strengthen its anti-corruption and anti-money laundering and combating the financing of terrorism frameworks to be on par with global standards.This isn't the first time the IMF raised alarm over El Salvador's bitcoin move. The financial institution in <a href="https://markets.businessinsider.com/news/stocks/imf-international-monetary-fund-risk-el-salvador-bitcoin-legal-tender-2021-6-1030512990">June 2021</a> said adopting bitcoin as an official tender "raises a number of macroeconomic, financial, and legal issues that require very careful analysis."El Salvador in September 2021 officially adopted bitcoin as legal tender, making it the <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">first country in the world</a> to elevate the digital asset as equal to the US dollar, its other local currency. Since then, the nation, led by its crypto-loving president, Nayib Bukele, has bought more than <a href="https://markets.businessinsider.com/news/currencies/el-salvador-president-tweet-dgaf-nayib-bukele-moodys-downgrade-bitcoin-2022-1">1,000 coins</a>. The landmark move propelled the 40-year-old Bukele to fame, especially among the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> crowd, despite many critics questioning the move.Rating agency Moody's is among the skeptics. In July last year, it <a href="https://www.moodys.com/research/Moodys-downgrades-El-Salvadors-rating-to-Caa1-maintains-negative-outlook--PR_450956" target="_blank" rel="noopener">downgraded</a> the country's credit rating to CAA1, reflecting a very high risk of default on its debts. The rating agency cited a "challenging redemption schedule" and "a deterioration in the quality of policymaking," as reasons for the downgrade. In response to the demotion, Bukele replied "DGAF" on <a href="https://markets.businessinsider.com/news/currencies/el-salvador-president-tweet-dgaf-nayib-bukele-moodys-downgrade-bitcoin-2022-1">Twitter</a>. The letters are an acronym for "don't give a fuck." <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> has been pummeled recently, and is currently down 50% from its November peak of nearly $69,000. The asset however was up 8% in the last 24 hours to $36,455, after hitting a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-altcoins-crypto-markets-recovery-blockchain-ethereum-solana-cosmos-2022-1">six-month low</a> below $33,000 on Monday.

The IMF is urging El Salvador not to use bitcoin as legal tender citing the 'large risks' associated with the cryptocurrency

<ul class="summary-list"><li>Greenpeace and others have launched a campaign to encourage <keyword id="11930891" type="UNKNOWN" weightage="60" keywordseo="bitcoin-miners" source="Orion">bitcoin miners</keyword> to change how new coins are created. </li><li>Bitcoin uses a "proof-of-work" mining process that uses excessive amounts of energy, campaigners said Tuesday.</li></ul>Greenpeace and other climate groups launched a campaign Tuesday to tackle the excessive energy use in bitcoin mining by encouraging a change in how new coins are created. The goal of the "Change the Code Not The Climate" campaign is to remake the code underpinning bitcoin mining, moving it away from a proof-of-work process or reinventing this method to make it less energy intensive. "Bitcoin uses an outdated technology called proof-of-work to validate transactions. This proof-of-work method, at least as it currently operates, uses massive amounts of energy, and thus is a huge source of climate pollution," campaigners said in <a href="https://www.cleanupbitcoin.com/">a statement</a>.They believe that as bitcoin's price rises, so too will the amount of energy consumed, as the two are intrinsically linked at present. Chris Larsen, the co-founder of Ripple, has pledged $5 million to finance the campaign. Meanwhile, climate activist groups including Greenpeace USA and the Environmental Working Group will coordinate the effort with local organizations.China banned <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> in May, and the bulk of the world's <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> mining now takes place in the US, where fossil fuels are used to power the industry. Proof-of-work requires high-powered computers to compete to solve puzzles in order to create new coins, and that competition can result in excessive energy use. The campaign argues that a simple code change could potentially reduce bitcoin's energy use by 99.9%."If only 30 people — the key miners, exchanges, and core developers who build and contribute to bitcoin's code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, bitcoin would stop polluting the planet," campaigners said.Ripple's Larsen said on Twitter he is supporting the campaign because the time for change is now, as institutional investors flood into the crypto market.But moving to proof-of-stake from a proof-of-work process is not easy, going by the example of ethereum. Bitcoin's closest rival has been battling with the shift, but has been hit with delays.While Vitalik Buterin <a href="https://markets.businessinsider.com/news/currencies/ethereum-blockchain-technology-crypto-cryptocurrency-ether-eth-vitalik-buterin-markets-2022-3">announced</a> last month that the merge — which will see ethereum move to a proof-of-stake consensus mechanism — is only months away, it has been seven years in the making. Change the Code Note the Climate faces a tough road in its mission to address some of the climate issues surrounding bitcoin and proof-of-work mining, not least the fact that bitcoin mining is a $15 billion dollar industry, according to The Block Research. The organizers plan to take legal action against proposed mining sites, and to lobby bitcoin proponents to call for a code change."In this world, with all these smart people, there has got to be a better solution," Larsen said.Read more: <a href="https://www.businessinsider.com/investing-strategy-how-to-play-the-yield-curve-inversion-goldman-2022-3" target="_blank" rel="noopener noreferrer">Goldman Sachs warns 'yield curve inversion' is on the way but this time it could be different — We lay out what this means, why it can be a threat to your investments and what you can buy to profit from it</a>

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Residents in rural Texas are suing their noisy neighbor: a humming bitcoin mining facility

Geoff Weiss

Russia is turning to crypto as sanctions snarl payments, report says

Filip De Mott

Crypto currencies have no underlying value, says RBI official

PTI

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Huileng Tan

The world cannot afford a crypto mania: Shaktikanta Das

PTI

The IMF is urging El Salvador not to use bitcoin as legal tender citing the 'large risks' associated with the cryptocurrency

Isabelle Lee

Campaigners call for bitcoin miners to drop 'proof of work' to reduce their excessive use of energy

Adam Morgan McCarthy

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