Chinese language Mining Rig Producer Microbt Broadcasts Offshore ASIC Manufacturing unit

Chinese language Mining Rig Producer Microbt Broadcasts Offshore ASIC Manufacturing unit

On Friday, China-based bitcoin mining rig producer Microbt introduced plans to create an offshore facility that produces the corporate’s Whatsminer gadgets and components for North America. The agency revealed the growth information when it introduced a latest partnership with the New York-based Foundry Digital LLC.

Microbt’s Whatsminer mining rigs have change into well-liked throughout the previous few years and the corporate has been capable of get hold of a big portion of mining gadget gross sales. On September 25, the China-based agency introduced a partnership with Foundry and detailed it contracted a Southeast Asian agency to create Whatsminer tools for U.S. clients.

Information.Bitcoin.com reported on Foundry’s introduction on the finish of August as the corporate is Digital Forex Group’s pledge to the bitcoin mining ecosystem.

In a press launch despatched to information.Bitcoin.com, Microbt stated the partnership with Foundry and the creation of the offshore manufacturing operation will “strengthen the foothold in North America.” Furthermore, the Southeast Asian producer will permit for American purchases with out the taxes invoked by the chilly struggle between China and the U.S.

When U.S.-based people and corporations buy miners from China, they should pay a 25% tariff.

“As part of the brand new partnership, Foundry could be the primary to obtain the brand new batches of the M30S that Microbt plans to provide in Southeast Asia,” the announcement notes.

“We are going to proceed working carefully with Foundry to offer the best high quality of machines and after-sale providers to our clients in North America,” Jiangbing Chen, COO of Microbt stated through the announcement. “This could not solely additional decentralize Bitcoin’s hashrate but in addition safe the worldwide community,” the Microbt govt added.

The information follows Bitmain’s latest partnership with Foundry introduced on September 10. Bitmain can be eying North American consumers as properly, with a store arrange in Malaysia and the latest partnership with Core Scientific revealed on September 17. The 2 corporations plan to create a cooperative mining rig restore heart in North America with a purpose to “considerably scale back machine downtime.”

Mining, in accordance with the third “International Cryptocurrency Benchmarking Examine” printed by the College of Cambridge, is steadily reaching an “industrial scale.” Foundry’s collaboration with Microbt and the offshore store hopes to gasoline North American mining capabilities.

Throughout the previous few months, U.S. and Canadian mining operations have bought giant quantities of mining rigs from Chinese language producers. Companies like Marathon, Hut8, and Riot Blockchain have all introduced buying next-generation miners from each Bitmain and Microbt.

“With our collaboration and Microbt’s upgraded manufacturing capabilities we sit up for persevering with to facilitate the well timed procurement and supply of the most recent technology bitcoin mining {hardware} for our purchasers, who’re institutional (cryptocurrency) miners in North America,” stated Mike Colyer, CEO of Foundry.

What do you concentrate on Microbt revealing offshore operations and a partnership with Foundry? Tell us within the feedback part under.

ASIC, Bitcoin, Bitcoin mining, Bitmain, BTC, Canadian, China-based agency, Foundry, Hut8, Jiangbing Chen, Marathon, Microbt, Mike Colyer, Mining Operations, North America, offshore, Riot Blockchain, Southeast Asia, U.S., Whatsminer

Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any harm or loss precipitated or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

Source: bitcoinflashnews.com

Author: By admin


Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory | Mining Bitcoin News

Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory | Mining Bitcoin News

Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory

On Friday, China-based bitcoin mining rig manufacturer Microbt announced plans to create an offshore facility that produces the company’s Whatsminer devices and parts for North America. The firm revealed the expansion news when it announced a recent partnership with the New York-based Foundry Digital LLC.

Microbt’s Whatsminer mining rigs have become popular during the last few years and the company has been able to obtain a large portion of mining device sales. On September 25, the China-based firm announced a partnership with Foundry and detailed it contracted a Southeast Asian firm to create Whatsminer equipment for U.S. customers.

News.Bitcoin.com reported on Foundry’s introduction at the end of August as the company is Digital Currency Group’s pledge to the bitcoin mining ecosystem.

In a press release sent to news.Bitcoin.com, Microbt said the partnership with Foundry and the creation of the offshore manufacturing operation will “strengthen the foothold in North America.” Moreover, the Southeast Asian manufacturer will allow for American purchases without the taxes invoked by the cold war between China and the U.S.

When U.S.-based individuals and companies purchase miners from China, they have to pay a 25% tariff.

“As a part of the new partnership, Foundry would be the first to receive the new batches of the M30S that Microbt plans to produce in Southeast Asia,” the announcement notes.

“We will continue working closely with Foundry to provide the highest quality of machines and after-sale services to our customers in North America,” Jiangbing Chen, COO of Microbt said during the announcement. “This would not only further decentralize Bitcoin’s hashrate but also secure the global network,” the Microbt executive added.

The news follows Bitmain’s recent partnership with Foundry announced on September 10. Bitmain is also eying North American buyers as well, with a shop set up in Malaysia and the recent partnership with Core Scientific revealed on September 17. The two firms plan to create a cooperative mining rig repair center in North America in order to “significantly reduce machine downtime.”

Mining, according to the third “Global Cryptocurrency Benchmarking Study” published by the University of Cambridge, is steadily reaching an “industrial scale.” Foundry’s collaboration with Microbt and the offshore shop hopes to fuel North American mining capabilities.

During the last few months, U.S. and Canadian mining operations have purchased large amounts of mining rigs from Chinese manufacturers. Firms like Marathon, Hut8, and Riot Blockchain have all announced purchasing next-generation miners from both Bitmain and Microbt.

“With our collaboration and Microbt’s upgraded production capabilities we look forward to continuing to facilitate the timely procurement and delivery of the latest generation bitcoin mining hardware for our clients, who are institutional (cryptocurrency) miners in North America,” said Mike Colyer, CEO of Foundry.

What do you think about Microbt revealing offshore operations and a partnership with Foundry? Let us know in the comments section below.

Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool

Iran Grants Bitcoin Miners Exclusive Access To Electricity at Three Power Plants

ASIC, Bitcoin, Bitcoin mining, Bitmain, BTC, Canadian, China-based firm, Foundry, Hut8, Jiangbing Chen, Marathon, Microbt, Mike Colyer, Mining Operations, North America, offshore, Riot Blockchain, Southeast Asia, U.S., Whatsminer

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Mining by Jamie Redman


Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin's Main Sidechain

Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain

Years ago when the Bitcoin network started suffering from higher fees and congestion, a number of bitcoiners advocated the use of sidechains in order to relieve the main chain’s duties. However, they didn’t realize that the Ethereum network would solidify its role as Bitcoin’s main sidechain during the last year.

Five years ago, bitcoiners relentlessly argued over scaling the Bitcoin (BTC) blockchain and a number of proponents said that sidechains and offchain solutions would help. Moreover, a number of solutions like Blockstream’s Liquid and the RSK network launched. Many supporters assumed those two sidechains combined with the Lightning Network would help alleviate the issues.

However, none of these bitcoin enthusiasts expected to see the Ethereum network take over as BTC’s main sidechain. The situation was discussed this week when the investment partner at Paradigm, Arjun Balaji, tweeted about Ethereum’s massive growth in this area.

“Over the last year, Ethereum has emerged as the first working Bitcoin sidechain, growing from ~0 to 91.8K BTC ($1B notional, 0.5% of circulating supply),” Balaji wrote on Twitter. “Users have choice across the trust spectrum, from centrally issued (WBTC), trust-minimized (tBTC) to purely synthetic (sBTC).”

Financial commentator and cryptocurrency lead at Cinnober, Eric Wall, responded to Balaji’s tweet and said it was more like 20 months, as opposed to a year. Wall also shared a tweet he sent back when the Wrapped Bitcoin (WBTC) project officially launched in January 2019. The cryptocurrency lead at Cinnober said: “Big day in crypto. Ethereum is now officially a Bitcoin sidechain.”

When Wall tweeted this statement in 2019, a number of people didn’t agree with his assessment, so Wall further described his perspective of the sidechain definition.

“A sidechain is a different chain that uses the same native asset as another chain, where that asset can be locked/unlocked on the respective chains via a 2-way peg,” Wall tweeted last year. “[RSK], [Paul Sztorc’s] Drivechain [and] Blockstream’s Liquid are examples of these. Now Ethereum is another example.”

What future awaits cryptocurrencies?
GOODBAD

Ethereum proponent, Anthony Sassano, at first did not agree with Wall’s definition and said: “Ethereum doesn’t rely on the security of the Bitcoin blockchain so it’s not a ‘sidechain to Bitcoin’. WBTC is simply a tokenized representation of BTC.”

Wall responded to Sassano by stating:

The Liquid sidechain doesn’t rely on the security of Bitcoin mainnet either, it just makes the assumption that the bitcoins that get locked on the mainchain (and gets converted to LBTC on Liquid) can be unlocked again when the Liquid functionaries redeems them.

When Wall tweeted those statements, WBTC had initially announced locking 65 BTC into the protocol, as the Wrapped Bitcoin team considered the first lock-in in to be a milestone. At the time of writing, there is approximately 107,101 tokenized BTC or $1.1 billion using today’s exchange rates circulating on the ETH chain.

WBTC’s meager 65 BTC start is nothing compared to the growth the project has seen to-date, as the Wrapped Bitcoin project is the largest issuer of tokenized bitcoins today. Wrapped Bitcoin captures over 72% of the tokenized bitcoin in existence with 77,161 WBTC to-date according to Dune Analytics data.

WBTC is followed by renBTC (20,525), hBTC (4,810), sBTC (3,528), imBTC (1,390), and pBTC (136). Additionally, crypto proponents are gearing up to witness the first trustless BTC-ETH bridge, as the tBTC project re-launched on Tuesday.

“Launched with unprecedented security measures in place and ready to be used at tbtc.network, tBTC is fully audited and open-source,” the project’s blog announcement reads.

The current number of BTC held on Ethereum, out of the 21 million that will be ever issued, is currently 0.510% of the capped supply.

Tokenized bitcoins are also traded on various decentralized exchanges (dex) like Curve.fi and Uniswap and centralized exchanges (cex) as well. With the re-introduction of the tbtc.network, the sum of bitcoins held on Ethereum will likely continue to grow.

The token tBTC will have a graduated supply cap and start at 100 BTC in the first week. “Each week, the contracts will loosen the deposit restriction based on a pre-committed schedule,” the project creators detail.

The other contenders who started developing sidechain solutions years before the massive tokenized BTC migration to Ethereum; RSK and Blockstream have a long way to go to catch up to the network effect the ETH chain currently holds.

The RSK sidechain has a circulating supply of 270 rBTC ($2.8M), while the Liquid Network has 2,594 BTC ($27M) in circulation. The supply of tokenized BTC on Ethereum, RSK, and Liquid combined is close to 110,000 BTC in total. Tokenized bitcoins on the Ethereum network eclipses these projects by 97.4% of all the tokens combined.

What do you think about Ethereum becoming Bitcoin’s main sidechain in 2020? Let us know what you think about this subject in the comments below.

Kucoin Hacker Leverages Uniswap to Dump Vast Number of ERC20 Tokens

Crypto-Fueled Market Openbazaar to Close Shop Unless OB1 Raises Community Funding

/r/btc, Anthony Sassano, Arjun Balaji, Bitcoin, BTC, Drivechain, eric wall, ETH, Ethereum, HBTC, imbtc, LBTC, Liquid, main sidechain, pBTC, Renbtc, RSK, SBTC, sidechain, Sidechain Solutions, WBTC

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: News by Jamie Redman


The CFTC Files Complaint Against Crypto Trading Company | Regulation Bitcoin News

The CFTC Files Complaint Against Crypto Trading Company | Regulation Bitcoin News

The CFTC Files Complaint Against Crypto Trading Company

The United States Commodity Futures Trading Commission (CFTC) on Thursday, September 24, filed a complaint against crypto dealing Paxforex for allegedly soliciting or accepting business from US customers without relevant registration.

According to a report, the CFTC wants a U.S. court to stop Paxforex from continuing with the “unlawful acts and practices,” as well as to compel the company to comply with the relevant laws. Furthermore, the commodity regulator wants the court to stop the defendant “from engaging in any commodity-related activity.”

In a complaint submitted to the Texas Southern District Court, the CFTC argues that from March 2018 to present, Paxforex violated the law by:

“Soliciting or accepting orders from non-eligible contract participants (“non-ECPs”), not conducted on or subject to the rules of any Commission-regulated exchange, for the purchase or sale of gold, silver, ethereum (ETH), litecoin (LTC), and bitcoin (BTC) on a leveraged, margined or financed basis that does not result in the actual delivery of the commodities to the customer.”

Furthermore, the CFTC states that by not registering as a futures commission merchant (FCM) with the Commission, the trading company, which “accepts money, securities, or property (or extends credit in lieu thereof) in the form of bitcoin, is in violation of Section 4d(a)(1) of the Act, 7 U.S.C. § 6d(a)(1) (2018).”

On its website, Paxforex claims owners of the company have extensive experience in forex, stocks, options, and CFDs markets as traders and dealers. This experience was gained when the founders worked in managerial positions with the largest brokers, who are now our major competitors.”

In the meantime, the CFTC is asking the court to impose civil monetary penalties and remedial ancillary relief, including trading and registration bans, restitution, rescission, pre-judgment, and post-judgment interest.

What do you think of the charges against Paxforex? Tell what you think in the comments section below.

Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings

Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law

Bitcoin, CFTC, ether, futures commission merchant, litecoin, non-eligible contract participants, PaxForex, registration, Texas Southern District Court, trading platform, U.S. Commodity Futures Trading Commission (CFTC)

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Regulation by Terence Zimwara


Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings | Regulation Bitcoin News

Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings | Regulation Bitcoin News

Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings

Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines.

The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering, the publication conveyed, claiming to be familiar with the bill.

The main changes from the previous bill concern the obligation of citizens to declare their cryptocurrency operations as well as the content of their cryptocurrency wallets. The ministry proposes requiring exchanges and users to inform the tax authority about cryptocurrency transactions.

Noting that the market views the previous draft law as posing significant restriction to the circulation of cryptocurrency in Russia, Kommersant reported that the new draft law is even more strict. “In particular, any person (natural or legal) who has received digital currency or digital rights of more than 100,000 rubles [$1,280] in a calendar year is obliged to inform the tax authority and submit an annual report on transactions with such assets and the balances of these assets.”

Bryan Cave Leighton Paisner (Russia) LLP’s senior tax lawyer Dmitry Kirillov explained that if the amendments are adopted, the first report will have to be submitted by April 30, 2021, for the 2020 tax filing year. He added:

For failure to report to the tax authority, you can get a fine of 30% of crypto assets, but not less than 50,000 rubles.

Roman Yankovsky, a member of the commission on legal support of the digital economy of the Moscow branch of the Russian Lawyers’ Association, noted that foreign cryptocurrency businesses, including crypto exchanges and depositories, must send the tax authority quarterly information about their Russian cryptocurrency operations. While believing that “hardly anyone will take this rule seriously,” he elaborated:

The liability is not limited to fines. Non-declaration of a crypto wallet if more than 1 million rubles [$12,796] have passed through it per year becomes a criminal offense of up to three years in prison. Also, forced labor can be used as a punishment.

Experts criticize the amendments are too harsh. Malta-based broker Exante co-founder Anatoly Knyazev, for example, believes that the penalties are disproportionate to the violations.

The Ministry of Finance also emphasized that recommendations by the Financial Action Task Force (FATF) are being considered, but noted that no final decision has been made on the regulation of cryptocurrencies in Russia.

The Ministry of Justice has confirmed that the proposed bill is under consideration for adoption in connection with the law on digital financial assets and digital currencies which will enter into force on Jan. 1, 2021.

What do you think about Russia’s crypto proposal? Let us know in the comments section below.

The CFTC Files Complaint Against Crypto Trading Company

Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Regulation by Kevin Helms


Bullish? On-Exchange Bitcoin Declines While Whales Accumulate (Report)

Bullish? On-Exchange Bitcoin Declines While Whales Accumulate (Report)

A recent report suggests that the amount of Bitcoin stored on exchanges is declining while BTC whales increase their holdings and that’s bullish for Bitcoin’s price.

The paper also highlighted that investors have a much larger time horizon for their holdings now compared to previous years.

In its latest report shared with CryptoPotato on Bitcoin investors’ behavior, the popular research company Digital Delphi explored the number of bitcoins stored on cryptocurrency exchanges. The document indicated that if the BTC stock on platforms increases, it could put sell pressure.

However, this isn’t necessarily the case during bull runs, as retail investors often “leave BTC on exchanges and traders use BTC as margin collateral.” Alternatively, in case the asset price rises while the stock on exchange decreases, this typically implies an accumulation trend.

The report indicated that Bitcoin stored on exchanges marked an all-time high of 2.96 million in mid-February. Since then, the trend has reversed, and the number has dropped to below 2.6 million.

Digital Delphi argued that the reason behind this decrease of BTC on exchanges is because investors are most likely preparing for a longer-term holding period. More importantly, though, the paper highlighted a substantial decline in speculative trading interest in Bitcoin, while the HODLing mentality has increased.

“Unlike the 2019 price uptrend, which coincided with BTC stock increasing, this current trend has seen a divergence between BTC stock and price. This suggests a more sustainable move upwards for BTC, in comparison to that of 2019, as data indicates a holder base with longer time horizons.”

Digital Delphi’s data reaffirmed previous reports that Bitcoin whales, meaning addresses containing between 1,000 and 10,000 BTC, continue to accumulate large portions. The company outlined that whales have been on a shopping spree since the start of 2020, as their holdings have increased by 9% YTD.

Moreover, the US Federal Reserve’s actions to print extensive amounts of dollars since the start of the COVID-19 pandemic have accelerated whales’ accumulations.

“Since the USD M2 supply expansion in March, there has been a 7% increase in whale holdings.”

According to the document, this only emphasizes the narrative that Bitcoin serves as a hedge against dollar inflation, and “the smart money is clearly betting on this.” It’s worth noting that prominent US investor Paul Tudor Jones III purchased BTC earlier this year to protect himself against precisely the rising inflation.

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Source: cryptopotato.com


Chinese language Mining Rig Producer Microbt Broadcasts Offshore ASIC Manufacturing unit


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