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2022-05-21 17:11:02 The government of Norway has approved bitcoin mining

Until May 10, the future of Bitcoin in Norway remained uncertain. This swarm, the local Red Party advocated a complete ban on Bitcoin mining in March. Other left-wing parties, including the Socialist Left Party and the Green Party, supported it.

Fortunately for Bitcoin, this plan was utterly rejected, allowing miners to continue their engagement with the network. In this example, Parliament has taken a free-market stance, allowing economic currencies to decide their own fate.Jaran Mellerud, an analyst at Arcane Research, observes that, while the ruling is beneficial for the cryptocurrency sector, Bitcoin opponents in Norway will not lay down their arms. In his own words.He goes on to say that left-wing parties had taken similar actions in the past. However, they all ended in failure.

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2022-05-20 15:13:02 NY Bitcoin Miners Start to Give Up on State Amid Regulatory Uncertainty

New York's bitcoin mining companies are increasingly considering abandoning their aspirations in what was once a promised land as the state's legislature considers a bill to ban new mining projects that use carbon-based energy sources pending a review of the industry's environmental impact.

“All cryptocurrency companies have a permanent hold on starting businesses in New York due to the political and regulatory ambiguity. If the bill were to pass, New York would become a permanent afterthought for the industry,” said Kyle Schneps, director of public policy at Foundry, one of the largest miners in the U.S., which is based in Rochester, N.Y. Foundry is owned by CoinDesk’s parent company, Digital Currency Group.

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2022-05-19 14:58:02 Cryptocurrency mining is still on the rise despite huge price drops

Miners of currencies such as bitcoin and Ethereum are rewarded with cryptocurrency which fluctuates in value compared with traditional currencies, so although mining costs may be predictable, income varies. On 8 November last year.

Despite these falls, miners seem resilient. They obtain cryptocurrency by performing intensive computing operations. The total hashrate of the bitcoin network, which is a metric tracking the amount of computer power devoted to mining, continues to hit all-time highs. The latest data from the Cambridge Centre for Alternative Finance (CCAF) shows that it reached 248 exahashes per second in February, while more recent data indicates that it has continued rising in the intervening months. Ethereum miners have also proven resilient to the drop in prices.

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2022-05-19 14:29:46 Mark Zuckerberg’s Meta Files 5 Trademark Applications For Possible Crypto Exchange – Meta Pay - Read Full News

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2022-05-18 11:12:02 China returns as 2nd top Bitcoin mining hub despite the crypto ban

China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year.The Chinese government has not managed to take down cryptocurrency operations as part of its crypto ban last year as China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs, according to a new report.

China became the second-largest Bitcoin hash rate provider as of January 2022, months after the local government banned all crypto operations in the country, according to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shared with Cointelegraph on Tuesday.Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, following only the United States, which produced 37.8% of the total hash rate as of January, according to the data.

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2022-05-17 15:35:05 Bitcoin miner Bitfarms scales back growth plans for 2022 after drop in revenue, net profit

Canada-based bitcoin miner Bitfarms reported a net income of $5 million in the first quarter of 2022, down by about 50% from the previous quarter.The firm also said during its earnings call on Monday that it would scale back expansion plans for the rest of the year due to logistics and supply chain issues related to the increase in natural gas prices.

President and COO Jeff Murphy spined the current challenges the market is facing as an opportunity for the company to "increase relative market share gains," as the capital supply chain and other constraints potentially slow the growth of the network.Bitfarms presented a 33.3% decrease in total revenue compared to last quarter, totaling $40 million. Gross mining margins dropped to 76%, compared to 84% in Q4 2021.Murphy said that Bitfarms continued to present profitable results "despite the price erosion in Bitcoin."

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2022-05-16 15:52:02 Authorities Seize Over 1,500 Crypto Mining Rigs in Dagestan Crackdown

Law enforcement and other authorities in Dagestan have closed down two illegal crypto farms, confiscating more than 1,500 mining machines. Government agencies in the republic, considered one of Russia’s capitals of underground coin minting, carry out regular raids against such facilities.

Officers from the Ministry of Internal Affairs of Dagestan and the Federal Security Service have uncovered a large crypto mining farm in the Russian republic’s capital city, Makhachkala, Tass news agency reported, quoting the ministry. The law enforcement agents have seized 1,476 devices producing digital currencies, a press release detailed.Experts are now working to establish the market value of the confiscated mining equipment as well as the amount of consumed electricity.

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2022-05-15 13:46:02 Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament

A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners.

The parliament of Norway has considered and voted against a draft law banning the minting of digital currencies based on the proof-of-work concept. The legislation, which was proposed by the communist Red Party in March, was supported only by two other leftist parties, SV (the Socialist Left Party) and MdG (the Green Party).“We are obviously disappointed with the majority here,” Red lawmaker Sofie Marhaug told the E24 news portal.

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2022-05-14 13:31:02 Bitcoin mining in Norway gets the green light as the proposed ban rejected

The proposal to ban Bitcoin mining in Norway was rejected in a vote by the Norwegian Parliament on Tuesday.There’s Nor-way they can ban Bitcoin (BTC) mining in Norway now. That’s according to a majority vote passed by the Norwegian parliament on Tuesday.

The proposal to ban Bitcoin mining in Norway was first suggested in March this year by the Red Party (Norway’s communist party). In this week's vote, the proposal was overturned as only Norway’s left-leaning parties, including the Socialist Left Party, the Red Party and the Green Party would support a ban on cryptocurrency mining.Jaran Mellerud, an analyst at Arcane Research and a Cointelegraph confidant, shed light on the developments: “The vote these parties lost was against banning large-scale Bitcoin mining overall.”

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2022-05-13 17:42:02 Russian Crypto Mining Giant Bitriver Considers Challenging US Sanctions

Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions.

Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine.

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