Stablecoin issuer Tether (USDT) is now holding at least $2.82 billion of Bitcoin (BTC) as the firm continues to scoop up the crypto king at a high rate. According to Ki Young Ju, the founder and chief executive of on-chain market intelligence platform CryptoQuant, Tether is currently holding at least 66,400 BTC. “Tether revealed in […]
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The storage platform turned to metered storage after discovering its Advanced plan was being used by some for crypto mining and other resource-intensive tasks.
The online storage platform Dropbox has binned its unlimited storage plan after discovering some of its users were using the service for resource-intensive purposes like mining crypto.
In an Aug. 24 blog post, Dropbox said its unlimited Advanced plan has instead moved to a metered storage plan with new users getting 15 terabytes of storage — apparently enough to house 100 million documents.
It added it knew its “all the space you need” plan would result in uneven usage levels but in recent months it had seen a surge in some users consuming “thousands of times more storage than our genuine business customers.”
“A growing number of customers were buying Advanced subscriptions not to run a business or organization, but instead for purposes like crypto and Chia mining.”
Dropbox said other high-resource uses included some reselling its storage or multiple individuals pooling storage for personal use.
Dropbox cited the increased unintended usage growth following “other services making similar policy changes.” Microsoft and Google have also scrapped their unlimited storage plans in recent months.
The company said it understands the move is “disappointing” but added it would be unsustainable and difficult to enforce a list of unacceptable use cases.
Related: The future of BTC mining and the Bitcoin halving
In the past, hackers have used cryptojacking malware that’s inserted into a victim's internet-connected device or cloud-storage account.
The malicious program uses the resources of the device or cloud service to create a virtual machine that mines cryptocurrencies.
In 2021, Google said some attackers targeting its storage platform users could compromise an account and install mining software within 22 seconds.
Magazine: Hall of Flame: Crypto Banter’s Ran Neuner says Ripple is ‘despicable,’ tips hat to ZachXBT
A Chinese man will reportedly spend the rest of his life in prison after being caught hiding illicit crypto mining activities and accepting bribes. According to a new report by the South China Morning Post, former senior provincial official Xiao Yi has been handed a life sentence for providing support for local crypto mining businesses. […]
The post Man Faces Life Sentence After China Accuses Him of Running Secret Crypto Mining Activities, Bribery: Report appeared first on The Daily Hodl.
The crypto mining industry is getting a dedicated lobby group aimed at opening up discussions with lawmakers in Washington D.C.
The United States crypto mining industry is getting a new lobbying group, with one of its biggest goals to dispel misconceptions about its sustainability from policymakers.
Launched on Aug. 15, the Digital Energy Council said its aim is to advance policies that encourage the growth of digital asset mining and energy development.
DEC founder and president Thomas Mapes told Cointelegraph it was “long overdue” for digital asset miners to have a unified voice in Washington D.C.
Its official first member association solely focused on the intersection of digital asset mining and energy ⚡️ policy at the federal level, look forward to working with digital asset and energy leaders check it out: https://t.co/kBFRkXHTNy https://t.co/kzNhtfxYZi
— Tom Mapes (@tommapes88) August 16, 2023
Mapes previously served as the director of energy at the Chamber of Digital Commerce. Prior to that, he was chief of staff at the U.S. Department of Energy’s Office of International Affairs.
Mapes said it was during his time at the Energy Department that he began to see crypto mining firms as an essential part of the energy ecosystem — providing energy to the grid during times of demand or purchasing excess energy that would otherwise go unused — among other benefits.
“I see them as energy companies in the future,” he said, adding:
“I see energy companies, utility companies, power providers — the big majors — all taking a look at this new technology and figuring out ways they can get involved in this.”
However, Mapes expressed that many lawmakers have yet to see the industry in the same light. “Within the past year or so, you have pieces of legislation dropping against the industry,” he said.
Related: Futurama’s latest reboot takes aim at Bitcoin miners
In March, the chair of the Senate Environment and Public Works Submittee announced the reintroduction of legislation accusing crypto miners of “sucking megawatt after megawatt from our public grids” and emitting huge amounts of greenhouse gasses, “just so they can make a buck for themselves.”
Mapes cited Biden's proposed 30% digital asset mining excise tax and the White House’s crypto mining environmental impact report as other examples.
Mapes confirmed the association has several founding members which include crypto mining and energy firms — some of which are publicly listed companies.
Excited to see the launch of the Digital Energy Council, the first association focused on the intersection of energy security and digital asset mining. Their mission to promote responsible energy practices, grid resilience, and economic growth through crypto mining is crucial for
— Daniel Speiss (@DanielSpeiss) August 15, 2023
The association’s membership and its lobbying efforts will be solely focused on the U.S. for now, he added.
Asia Express: China’s risky Bitcoin court decision, is Huobi in trouble or not?
Negotiations over the new debt deal squashed the Biden Administration’s plan to phase in a 30% tax on the electricity used in Bitcoin (BTC) and crypto mining. Congressman Warren Davidson (R-Ohio), a vocal supporter of digital assets, says on Twitter that “one of the victories” of the negotiating process was blocking proposed taxes, including the […]
The post Plans for 30% Tax on Bitcoin Mining Shut Down in New Debt Deal: Senator Warren Davidson appeared first on The Daily Hodl.
Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of […]
A project to build two large-scale facilities for cryptocurrency mining is underway in the United Arab Emirates (UAE). The high-tech data centers will rely on a full immersion solution to cool the power-hungry miners as the desert climate renders air-cooled mining infeasible, participants said. Advanced Crypto Mining Facilities in Abu Dhabi to Defy Cooling Challenges […]
Authorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says […]
Increasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim. Russia May Attract Half […]
The government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden. Miners Face Higher Expenses, More Challenges Under New Legislation Kazakhstan’s coffers have […]