Two lead attorneys for the U.S. Securities and Exchange Commission (SEC) in the case against crypto firm Debt Box have reportedly resigned. This followed a federal judge sanctioning the SEC for its “gross abuse of power” after the agency made “materially false and misleading representations” in its lawsuit against the cryptocurrency firm. Lead Attorneys in […]
Bitcoin News
Latam Insights: Bitcoin Hurts El Salvador Credit Opportunities, Paraguay Supports Selling Power to Crypto Miners
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Bitcoin hinders El Salvador’s credit talks with the IMF, the Paraguayan Senate issues a statement supporting bitcoin miners, and Venezuela unveils a crypto-linked corruption scheme. Bitcoin Reportedly Hurts El Salvador Credit Opportunities With […]
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Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With Brazil
The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]
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Lumerin and Quai Announce Strategic Collaboration to Enable On-Chain Compute Power Trading
PRESS RELEASE. Chicago, IL — April 4, 2024 — Lumerin, a pioneer in the decentralized Bitcoin mining marketplace, and Quai, a groundbreaking Layer-1 crypto network for the global and compute economies, proudly announce a strategic alliance aimed at expanding access to Bitcoin mining. This collaboration seeks to combine Lumerin’s expertise in decentralized data stream routing […]
Bitcoin News
Greenpeace’s Anti-Bitcoin “Mining for Power” Report Receives Fierce Backlash on X
“Mining for Power,” an anti-Bitcoin report by Greenpeace USA that explains the links between the bitcoin mining industry and fossil fuel companies, has faced a backlash in social media due to its inaccurate portraits of the mining activity. Using community notes, social network users detailed the report contained “many factual errors,” including outdated information. Greenpeace […]
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Montana Blasts SEC ‘Regulatory Power Grab’ in Kraken’s Case: ‘Crypto Assets Are Not Automatically Securities’
Montana introduced an amicus curiae in the case of the SEC vs. Kraken, a US-based crypto exchange, criticizing the “regulatory power grab” of the institution. Montana, supported by seven other states, affirms that crypto assets are not automatically securities and that the SEC’s expansive concept of “investment contract” might preempt state legislation. Montana and Seven […]
Bitcoin News
$1 Million per BTC by 2033: Predicting Bitcoin’s Price Trajectory Using the Power Law Model
In an era where bitcoin’s value fluctuates wildly, a price model has emerged, offering a mathematical glimpse into its future price. The “Bitcoin Power Law,” suggests an interesting path for bitcoin’s price, rooted in the principles of algebra and natural laws. The model, representing a blend of science and finance, forecasts bitcoin’s journey to unprecedented […]
Bitcoin News
EIA Launches ‘Emergency Survey’ on Crypto Mining’s Power Use Amid Concerns of Alleged ‘Public Harm’
The U.S. Energy Information Administration (EIA) has gained clearance from the Office of Management and Budget (OMB) to conduct an urgent survey regarding electricity usage by cryptocurrency mining firms across the U.S. The EIA submitted this request on the grounds that “public harm is reasonably likely” should standard operations persist.
Biden’s OMB Approves EIA’s Emergency Survey on Crypto Mining Energy Impact
The Biden administration’s Office of Management and Budget (OMB) has greenlit the Energy Information Administration (EIA) of the U.S. government to initiate a survey among mining enterprises. Starting next week, the EIA aims to gather information from specified commercial crypto mining companies, mandating their cooperation in disclosing energy consumption details. The authorization for this emergency data collection request was granted by the OMB on Jan. 26, 2024. Additionally, the EIA plans to invite public feedback regarding the data gathering on the energy usage of cryptocurrency miners.
“We intend to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States,” Joe DeCarolis, the EIA administrator said. “We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.”
Biden has declared a Federal “emergency” because #bitcoin is winning pic.twitter.com/NwxLxHynQ9
— Pierre Rochard (@BitcoinPierre) January 31, 2024
The justification for the approval presents a compelling case, with the EIA highlighting that “public harm is reasonably likely” should the current course remain unaltered.
Currently diving into this edict from the EIA against bitcoin mining operations in the US. It is extremely Orwellian.
It seems like they are trying to create a hyper-detailed registry of miners in the US down to particular ASICs. pic.twitter.com/tfZRhjugHe
— Marty Bent (@MartyBent) February 1, 2024
“As evidence, the price of bitcoin has increased roughly 50% in the last three months, and higher prices incentivize more crypto mining activity, which in turn increases electricity consumption,” the reasoning behind the emergency request notes. “At the time of this writing, much of the central United States is in the grip of a major cold snap that has resulted in high electricity demand.”
Furthermore, the request elaborates:
The combined effects of increased crypto mining and stressed electricity systems create heightened uncertainty in electric power markets, which could result in demand peaks that affect system operations and consumer prices, as happened in Plattsburgh, New York in 2018.
Glenn McGrath, an EIA spokesperson conveyed to Reuters that the request is warranted. “We do think it is a significant source of demand which is worthy of our efforts to quantify it,” McGrath said. “However, until we are able to substantiate the activity with better data, we, too, have more questions than answers.”
What do you think about the EIA’s emergency mandate? Share your thoughts and opinions about this subject in the comments section below.
US Ambassador to Argentina Hails Bitcoin Miner’s ‘Genius’ Flared Gas Power Generation Plans
The U.S. Ambassador to Argentina, Marc R. Stanley, has lauded Unblock Computing’s bitcoin mining initiative for its innovative use of flared gas in generating electricity. Ambassador Stanley commended the plan for its dual benefits: aiding Argentina in achieving its climate objectives and promoting energy conservation.
Argentina’s Climate Goals
The United States Ambassador to Argentina, Embajador Marc R. Stanley, has praised bitcoin miner Unblock Computing’s plan to generate electricity using flared gas. According to Stanley, Unblock Computing and its partner Crusoe Energy Systems’ ingenious plan not only helps the South American country attain its climate goals but also saves energy.
The remarks by Stanley, which he shared via X (formerly Twitter), followed reports that the Argentine Bitcoin miner had secured a million investment to power its operations at Vaca Muerta. Located in the Neuquén Basin in northern Patagonia, Vaca Muerta is said to hold one of the world’s largest shale gas reserves.
Expressing his delight at the two companies’ unique way of generating electricity, the U.S. Ambassador said:
Love seeing U.S. [and] Argentine companies work together to solve problems and help the environment. The geniuses at Crusoe [and] Unblock Global figured out a way to combust methane and generate electricity. This not only helps Argentina meet its climate goals, but also saves energy and makes money. Brilliant.
Ya somos el 2do minero con gas de flare del mundo! @UnblockComputos
Con una inversión de más de M en Argentina, junto a @CrusoeEnergy @PampaEnergia y @Petrocuyo hacemos que 0M de petróleo de Vaca Muerta se produzcan con menos emisiones @PluspetrolARG @Tecpetrol pic.twitter.com/zHS5dqm9YG
— Tomas Ocampo (@tomasoc) December 13, 2023
Meanwhile, in a Dec. 13 post on X, Tomas Ocampo, the founder of Unblock Computing, said the million investment is set to help Crusoe Energy Systems and its partners produce 0 million worth of oil with fewer emissions.
What are your thoughts on this story? Let us know what you think in the comments section below.
Minnesota Power Co-op Accuses Couple of Major Electricity Theft for Bitcoin Farm Operation
In a case that intertwines crypto mining and utility theft, a Minnesota power company, North Star Electric Cooperative, has accused a former couple, Ryan Jaenicke and Tina Fehlhaber, of stealing vast amounts of electricity. The alleged scheme, detailed in a 19-page civil suit filed in Roseau County Court, was purportedly to power a bitcoin farm in Roosevelt. This revelation follows North Star’s discovery last year of a significant loss of power in its distribution network.
Alleged Utility Theft for Bitcoin Mining Leads to Lawsuit Against Minnesota Couple
According to a report, North Star, a not-for-profit, member-owned power distribution cooperative, first noticed a substantial loss of electric power in June 2022, sparking an investigation. During a routine inspection in May 2023, employees uncovered non-North Star equipment connected to their lines in Roosevelt, leading to a property owned by Fehlhaber. Inside, they found two unauthorized 50 kilovolt-ampere transformers and over two dozen cryptocurrency mining units.
Jaenicke, known for his Youtube channel “Degenerate Passive Income,” is accused of being the mastermind behind this operation. In his videos, he often discussed cryptocurrency as a lucrative passive income source, even showing off his mining farms. However, it’s alleged that the Roosevelt farm operated on stolen electricity from North Star, resulting in losses potentially amounting to hundreds of thousands of dollars.
The lawsuit uploaded by theminermag.com and brought forth by North Star details the extensive nature of the alleged theft. It’s unclear if others were involved in what appears to be a well-orchestrated scheme. Additionally, attempts by Jaenicke to allegedly bribe a North Star employee for more power access were rejected. While the Roseau County Attorney’s Office initially declined to prosecute due to insufficient evidence, this decision could change if new evidence emerges.
North Star’s lawyer, Joel Fremstad, emphasized the severity of the theft, comparing the electricity consumption to that of a school or a commercial building. The cooperative has disconnected the unauthorized equipment and reported the case to law enforcement. They are seeking at least ,000 in damage compensation and the disgorgement of all profits obtained through the alleged electricity theft.
“At the heart of it we see theft and greed,” the lawyer for North Star told the news publication inforum.com.
Jaenicke, owner of Northland Tire in Roseau, and Fehlhaber, have not been reachable for comments. Local reports note that the couple, who recently separated, could face significant financial repercussions if found liable. Under Minnesota law, they could be forced to pay double the amount of electricity stolen plus any profits from the crypto mining.
What do you think about the couple accused of stealing electricity to mine bitcoin? Share your thoughts and opinions about this subject in the comments section below.