Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range.

ETF Analyst: ‘China Doesn’t Reject Bitcoin, Bitcoin Rejects China’

On July 23, Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGlone’s written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as there’s been a slight trend reversal during the last 48 hours.

“Our crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,” Balchunas tweeted on Friday. “[McGlone] also says China’s rejection of open-source software crypto assets may mark [a] plateau in [the] country’s economic ascent,” Balchunas added. A few individuals responded to McGlone’s take and one person said:

That’s a hot take on China. Rejecting things like this typically shows a fear that something is better than your own currency. Every Country that rejects Bitcoin is SCREAMING the same thing.

Balchunas replied to the comment and said it reminded him of some old jokes. “Reminds me of the Chuck Norris jokes for some reason. China doesn’t reject bitcoin, bitcoin rejects China,” Balchunas said.

McGlone: ‘Bitcoin Market Akin to the 2018-2019 Consolidation Period’

As far as McGlone’s bitcoin (BTC) price forecast is concerned, the ETF analyst’s screenshot of McGlone’s outlook said:

Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000. The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate.

Besides China, regulators have been cracking down on cryptocurrency operations worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers.”

In addition to the regulatory climate, global markets, in general, are a touch shaken by the narrative surrounding the Covid Delta variant. While lots of people responding to Balchunas’ Twitter thread agreed with McGlone, one individual said he only agreed with one specific part of the statement where he said bitcoin is more likely to hit $60K than $20K.

This isn’t the first time McGlone has made such predictions concerning bitcoin‘s future price. Last month, the senior commodity strategist said “$40,000 appears more likely than $20,000” and the latest $60K call is a lot more optimistic.

What do you think about Mike McGlone’s bitcoin price outlook? Let us know what you think about this subject in the comments section below.

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Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface.

Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions

On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens.

The restriction of access to these specific tokens stems from app.uniswap.org but users can still bypass the problem and trade using the token contract. The token removal announcement from Uniswap Labs doesn’t really explain why the tokens were removed but the firm’s blog post did say:

These tokens have always represented a very small portion of overall volume on the Uniswap Protocol.

Some of these tokens derived from protocols such as Synthetix, Tether, Opyn, UMA, and more. A Twitter user named “Banteg” discussed the issue at hand and said: “Seems like all UMA, Synthetix, Mirror, Opyn tokens are affected. Even if you add them manually, you cannot trade them on the main [Uniswap] UI.” However, within Banteg’s Twitter thread the crypto community shared a myriad of ways to bypass Uniswap’s main user interface.

Defi Proponent: ‘This Is a Wake-up Call — Bookmark Decentralized Interfaces’

A number of crypto supporters criticized the move made by Uniswap and they believe other decentralized finance (defi) platforms could do the same. Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur tweeted that he loves Uniswap “but this sets [a] really bad precedent IMO.” Krug also added that this “won’t be the 1st case of defi censorship.” Defi supporter Nick Chong said that people should start bookmarking decentralized interfaces and mirror applications. Chong added:

The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user defi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call. Bookmark the decentralized interfaces. Make them lindy.

The creator of the popular defi project Yearn Finance, Andre Cronje also offered his opinion of the Uniswap situation. “My unsolicited opinion; Uniswap, a company registered in the U.S. Uniswap.org, a website owned by the U.S. entity. Uniswap smart contracts, decentralized code. The company should act in its best interest, including censoring the website where it is in their interest,” Cronje said.

What do you think about Uniswap removing 129 tokens from the main user interface? Let us know what you think about this decision in the comments section below.

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Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law.

Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ and Like ‘Playing the Lottery’

One might think from some of the fluffy reports stemming from a number of cryptocurrency magazines that all is swell in El Salvador in regard to the new bitcoin law. However, during the first week of July, a survey conducted by Disruptiva polled 1,233 people residing in El Salvador and a majority of Salvadorans said they were skeptical of bitcoin as a currency. Following the implementation of the new bitcoin tender law, leaked reports claimed Nayib Bukele’s government cohorts were planning to launch a stablecoin.

Now a regional report from the news outlet El Mundo shows a number of Salvadorans have taken to the streets to protest the bitcoin law. Marchers gathered together to speak out against Bukele’s tender law and said the crypto asset was “too volatile.”

There’s also a resistance group called the “Popular Resistance and Rebellion Block” group, which has written a letter to Bukele’s regime saying the law is unconstitutional. The group says bureaucrats under the control of Bukele did not consult the citizenry first and they stressed the president’s move was akin to playing “the lottery.”

Nayib Bukele Is Considered a ‘Dictator’

Nayib Bukele is considered an authoritarian leader and recently mandated that citizens must take Covid-19 vaccines, despite the pushback against the experimental drugs. A number of mainstream American news publications have called El Salvador’s president a “dictator.” Last May, Bukele’s New Ideas Party fired several Supreme Court members and the attorney general.

Despite leaning toward bitcoin, El Salvador’s president has been called a “dictator.” In recent times he’s been criticized for mandating Covid-19 vaccines on the populace without full consent. Twenty government institutions linked to the Bukele administration were under investigation for manipulation and corruption. He then fired all those who were involved in the investigation. The news publication El Faro has also accused Bukele of secretly negotiating a deal with Mara Salvatrucha, the most powerful gang in El Salvador.

Bukele even tweeted about the removal and exclaimed the representatives had been “dismissed.” People believe the members were fired because the Supreme Court ruled a few times that Bukele made unconstitutional mistakes. The Salvadoran attorney general was investigating several of the Bukele regime’s ministers.

On May 4, U.S. vice president Kamala Harris spoke about the Salvadoran nation in a speech. “Just this weekend, we learned that the Salvadoran parliament moved to undermine its nation’s highest court. An independent judiciary is critical to a healthy democracy and a strong economy. On this front — on every front — we must respond.”

Resistance Group Says ‘Bitcoin Serves the Elite and Ill-Gotten Money’

Protestors who dislike the new bitcoin law also believe Bukele’s New Ideas Party is in the wrong. The Popular Resistance and Rebellion Block group stressed:

Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money.

While the supermajority in the Salvadoran congress passed the law, bitcoin (BTC) won’t officially be recognized until September 7, 2021. Protestors hope that in the interim, Salvadoran lawmakers will stop Bukele’s New Ideas Party from successfully implementing the legislation. Meanwhile, a few Salvadorans disliked the group’s protest and said: “How can they be called resistance and rebellion? Hahaha… Bitcoin is true financial freedom.”

“Sad to see people who seek to go backward and limit the growth of the country,” another individual added.

What do you think about the protestors who dislike the new Salvadoran bitcoin tender law? Let us know what you think about this subject in the comments section below.

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Bitmain to Host Miners in 180-Megawatt Data Center in Kazakhstan

Bitmain to Host Miners in 180-Megawatt Data Center in Kazakhstan

Crypto mining hardware manufacturer Bitmain has partnered with Enegix to host Antminer S19 Pro devices in one of the world’s largest data centers. The facility located in Kazakhstan is designed to accommodate more than 50,000 mining rigs.

Bitmain to Work With Mining Facility Operator Enegix

Leading mining equipment producer Bitmain has announced a partnership with Enegix. As part of the agreement, the ASIC giant will host Antminer S19 Pro miners in a 180MW facility operated by Enegix in Kazakhstan, which is one of the largest in the world.

Enegix focuses its business efforts on designing, building, and operating data centers since 2017, a press release published by Bitmain details. The one in question was commissioned in late 2020 and is the company’s third such facility. Its total capacity exceeds 50,000 current-generation mining rigs.

Commenting on the new project, Bitmain Mining Division Vice President Du Shisheng noted that his company is pleased to have a solid strategic partner in the region and stated:

Enegix is a clear leader in design and operation of large-scale mining facilities. Their success over the years has put them on the map for all major bitcoin miners.

“Enegix is pleased to be able to offer Bitmain the remaining capacity of its 180MW facility. This step from the leading manufacturer of ASIC miners is very important for our company, as it shows trust in our operation,” Enegix CEO Yerbolsyn Sarsenov added. He expressed hopes that the cooperation will be beneficial for both companies and continue into the future.

Enegix to Build More Mining Centers in Kazakhstan

Enegix plans to further expand its activities in Kazakhstan in response to surging demand from cryptocurrency miners. The company wants to develop additional mining infrastructure and is working on design projects for new mining facilities in the Central Asian republic. Enegix is also negotiating agreements for the purchase of electricity to power the crypto farms.

Bitmain to Host Miners in 180MW Data Center in Kazakhstan

Amid an ongoing crackdown, Chinese companies involved in cryptocurrency mining have been migrating to friendlier jurisdictions in the region, most notably Kazakhstan. In May, Shenzhen-based Bit Mining announced it’s planning to build a 100 MW mining data center there, in partnership with two local companies.

According to a study by the University of Cambridge, the country has seen a six-fold increase in its share in global bitcoin extraction in less than two years. It now ranks third in the world by crypto mining volume. However, the government in Nur-Sultan decided to introduce a surcharge for electricity used by mining entities. The local crypto industry expressed concerns the move could turn away potential investors.

Do you think Kazakhstan will remain an attractive destination for cryptocurrency miners? Share your thoughts in the comments section below.

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Circle K Deploys Bitcoin ATMs in Stores Across US and Canada — Over 700 Machines Already Installed

Circle K Deploys Bitcoin ATMs in Stores Across US and Canada — Over 700 Machines Already Installed

A leading convenience and fuel retailer, Circle K, is deploying bitcoin ATMs in its stores across the U.S. and Canada. More than 700 machines operated by Bitcoin Depot have already been installed. “As one of the world’s leading convenience and fuel retailers, Circle K is the first major retail chain to deploy bitcoin ATMs within its stores.”

Circle K Stores Install Bitcoin ATMs

The world’s largest bitcoin ATM operator, Bitcoin Depot, announced Thursday “an exclusive international partnership with Circle K that spans across both the U.S. and Canada with over 700 bitcoin ATMs in 30 states already installed.” The company wrote:

As one of the world’s leading convenience and fuel retailers, Circle K is the first major retail chain to deploy bitcoin ATMs within its stores.

Circle K is a global brand of Alimentation Couche-Tard, a leader in convenience and fuel retail, with more than 14,200 stores operating in 26 countries and territories. According to the company, it is the largest independent convenience store operator in terms of the number of company-operated stores in the U.S. and a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, and Ireland. The company also has a presence in Poland and Hong Kong.

The Atlanta-based Bitcoin Depot currently has 3,793 cryptocurrency ATMs, making it the largest crypto ATM operator ahead of Coin Cloud with 2,628 machines and Coinflip with 2,499 machines, according to the crypto ATM tracking website Coinatmradar. Bitcoin Depot’s crypto ATMs enable users to buy bitcoin and over 30 other cryptocurrencies.

Bitcoin Depot CEO Brandon Mintz opined: “Circle K understands that cryptocurrency will be a growing part of the future economy and payments landscape. By adding bitcoin ATMs to the company’s stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set themselves apart from other retailers with this new technology.”

Denny Tewell, Senior Vice President of Global Merchandise and Procurement at Circle K, commented:

Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy bitcoin.

What do you think about Circle K installing bitcoin ATMs in its stores in the U.S. and Canada? Let us know in the comments section below.

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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.

IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions

IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions

The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions.

New Crypto Question on Tax Form 1040

The IRS published a draft Form 1040 for the tax year 2021 Thursday. Form 1040 is the main tax form used for filing individual income tax returns in the U.S. The draft form shows that the tax agency has modified the crypto question slightly.

The crypto question now reads: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”

Previously, the question read: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Draft IRS Form 1040 for the year 2021.

For the year 2021, the IRS has removed the word “send” and replaced “acquire” with “disposed of.”

IRS Form 1040 for the year 2020.

Shehan Chandrasekera, Head of Tax Strategy at tax software company Cointracker, explained that “The revised question only inquires about your taxable transactions compared to the much broader scope of the 2020 version.”

He opined, “Although these changes have no big impact on your taxes, it hints at what the IRS has learned from the 2020 version and the direction it’s heading,” elaborating:

Under the revised question, you don’t have to check ‘Yes’ if you send cryptocurrency in between wallets/exchanges or acquire them, which are both non-taxable transactions.

What do you think about the new crypto question on the tax form? Let us know in the comments section below.

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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.

Amazon’s Payment Team Hiring Digital Currency Expert to Develop Cryptocurrency Strategy and Products

Amazon’s Payment Team Hiring Digital Currency Expert to Develop Cryptocurrency Strategy and Products

Amazon’s Payments Acceptance & Experience team is hiring a digital currency and blockchain expert to develop the company’s digital currency and blockchain strategy and product roadmap, including a launch strategy. “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” the company’s spokesperson said.

Amazon Developing Crypto Strategy

Amazon has posted a job opening for a “Digital Currency and Blockchain Product Lead.” The job posting explains that “The Amazon Payment Acceptance & Experience Team is responsible for how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe,” elaborating:

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s digital currency and blockchain strategy and product roadmap.

The company further described: “You will leverage your domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities.”

Among the basic qualifications required for the role is a “Deep understanding of the digital / cryptocurrency ecosystem and related technologies.”

The posting adds: “You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.”

Confirming the job posting to CNBC, an Amazon spokesperson said in a statement:

We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.

“We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible,” the spokesperson noted.

Amazon Web Services currently offers a service called managed blockchain but Amazon does not currently accept bitcoin or other cryptocurrencies as payment for its products.

Do you think Amazon will soon accept crypto payments? Let us know in the comments section below.

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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.

After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance

After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance

A major high street bank in the U.K., Natwest, has blocked payments to crypto exchange Binance. Natwest’s decision came after two other major British banks — Barclays and Santander — made a similar move to block fund transfers to Binance. The banks acted in response to a warning on the cryptocurrency exchange by the U.K.’s Financial Conduct Authority (FCA).

Natwest Blocking Fund Transfers to Binance

British bank Natwest (NWG.L) has reportedly become the latest financial institution in the U.K. to block payments to cryptocurrency exchange Binance. According to its 2020 annual report, Natwest Group is the largest business and commercial bank in the U.K., with 19 million customers across the U.K. and Ireland.

A Natwest spokesperson explained that the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media websites.

“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers,” the spokesperson said, adding:

Our customers will still be able to accept cryptocurrencies as forms of payment.

The U.K.’s Financial Conduct Authority (FCA) issued a warning about Binance on June 26 stating that the crypto exchange was not permitted to engage in regulated activities.

Following the FCA’s warning, Barclays stopped clients from sending funds to Binance. Santander Bank followed suit and blocked payments to the crypto exchange.

Binance has suspended GBP withdrawals and EUR deposits via SEPA bank transfers and service providers Faster Payments and Clear Junction have stopped processing payments for the crypto exchange. Meanwhile, Visa and Mastercard said they are monitoring Binance’s regulatory compliance and have not cut ties with the company.

Besides the FCA, a growing list of regulators have issued warnings against Binance, including regulators in Hong Kong, Lithuania, Italy, Thailand, Cayman Islands, and Japan.

What do you think about banks blocking payments to Binance? Let us know in the comments section below.

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New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

A St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations.

Officials From Town of Massena Don’t Like the Look of Bitcoin Miners Operating Alongside Route 42

The town of Massena, with a population of around 13K, has attracted bitcoin miners according to a report from Reuters. The New York town’s officials have taken issue with bitcoin miners and the authorities plan to impose a 90-day moratorium on any new bitcoin miners looking to tap into the town’s energy sources.

According to Massena Town Supervisor Steve O’Shaughnessy, the town doesn’t want Massena’s roadsides to be filled with shipping containers that house mining rigs.

“We don’t want it littered with these trailers that are pumping out bitcoin,” O’Shaughnessy told WWNY-TV. “We just want to make sure if they’re going to come here, that it’s a nice presentable building,” he added.

New York Town Bemoans Roadsides ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium
Photograph of the alleged mining operations via the regional news station WWNY-TV.

The report notes that there’s been a surge of cryptocurrency miners setting up shop in Massena. The electrical company Massena Electric is currently in the midst of negotiations with three prospective operations.

“The key components for the developers is low-cost electricity and reliability, which are two things we’ve always had,” Andrew McMahon, Massena Electric’s superintendent said. Reports say Route 42 in Massena near Fort Covington has numerous mobile bitcoin mining units that are housed in shipping containers.

Massena Electric told WWNY-TV that the deals with bitcoin miners always come second to current customers but “customers could even benefit from the increased sales.”

New York Continues to Have Tussles With the Bitcoin Mining Industry, Route 42 Mining Facility Advertised for Sale

The crypto mining operation Petawatt Group is located in Massena, as the firm was able to purchase 140 acres of land two years ago. Petawatt Group and its co-founder Jason Rappaport say bitcoin mining operations can potentially bring jobs to Massena locals.

“We’re not like some new operation that decamped from somewhere else and coming in and trying to find power, you know, relatively inexpensively, and not being part of the community,” Rappaport stressed to the local news station.

New York Town Bemoans Roadsides ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium
Interestingly, around the same time the Massena town officials started to complain, an advertisement for a cryptocurrency mining facility located on Route 42 was listed for sale. The property offers “power and location” for $299,000 and claims the owner can get energy at rates as low as $0.03 per kWh. “The facility has approved 2 MW power available underneath three-phase power lines owned by Massena Electric Department,” the ad details. “The electrical service can potentially be upgraded to 10MW and even above.”

New York and bitcoin miners have seemed to go hand-in-hand because of the state’s abundant access to cheap hydropower. However, residents and officials from a few New York communities have taken issue with bitcoin miners in a similar fashion.

For instance, residents who live alongside Seneca Lake blamed bitcoin mining for heating up the water. The lake was “so warm you feel like you’re in a hot tub,” a report by NBC News noted at the time.

Democrat senator Kevin Parker also introduced a bill that seeks to establish a three-year moratorium on any bitcoin mining operations in the state. The Committee on Environmental Conservation reviewed the bill on May 3.

The bill declared that cryptocurrency miners should be responsible for the environmental impacts the industry might cause the state. Senator Parker insists cryptocurrency mining has a negative environmental impact and mining businesses would have to pass state greenhouse gas emission targets in order to continue.

What do you think about the issues bitcoin miners are having in Massena, New York? Let us know what you think about this subject in the comments section below.

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Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners

Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners

The government of Abkhazia is negotiating with Russia to solve a problem that led to a ban on cryptocurrency mining. The partially recognized republic in the South Caucasus is now planning to legalize the industry and source sufficient power supplies from its energy-rich northern neighbor.

Abkhazia Wants to Create Conditions for Cryptocurrency Mining

The autonomous Republic of Abkhazia in northwestern Georgia is holding talks with the Russian Federation on the supply of electricity to satisfy its needs. Those of the energy-hungry crypto mining sector are also covered by the negotiations, Forklog reported.

Despite a temporary mining ban introduced in 2018, the activity allegedly took the country to the brink of an energy crisis last year, forcing regulators to extend the restrictions to March 2022. Fines and criminal liability were introduced for illegal use of electrical power to mint digital currencies and a number of mining operations were shut down.

Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners

Officials in Sokhumi are now trying to create conditions for cryptocurrency miners to operate legally, Abkhazia’s Minister of Economy and Deputy Prime Minister Christina Ozgan revealed at a press conference this week. Quoted by Apsnypress, she said that authorities plan to organize the supply of electricity from Russia and set up facilities where miners can install their equipment.

Russian representatives have already visited the republic to clarify the technical side of the deal and the Abkhaz government has received a draft agreement, Ozgan told reporters. She emphasized that electricity shortages were the main reason for the crypto mining crackdown.

According to estimates by the local power distribution company, Chernomorenergo, the total capacity of the mining equipment operating in the republic was at least 40 to 45 megawatts in 2020. When fully loaded, the hardware can burn around 400 million kilowatt hours of electricity annually, which forms a large portion of the country’s deficit.

Christina Ozgan also announced that more than 66,000 mining devices had been delivered to Abkhazia before the imports of mining equipment were halted. She added that authorities are now going to approve a new electricity tariff for cryptocurrency miners and encourage them to pay their bills.

Abkhazia wants crypto mining farms to be legally connected to the electrical grid. The government also intends to regulate the interaction between mining entities and the state-run power utility.

Do you think Abkhazia can turn into a friendly destination for cryptocurrency miners? Tell us in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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.