A Bitcoin Miner Is Buying Power Plants To Mine Crypto Now

You’ve likely heard of the immense amount of energy that cryptocurrency mining consumes and the negative effects it has on the environment .

It should therefore be alarming to learn that Bitcoin miners have been buying whole power plants in an attempt to make a lot of the speculative asset.

Stronghold Digital Mining, a Pennsylvania-based holding company, is currently operating a Bitcoin mining operation. It uses the Scribgrass power plant, which it bought in Venango County in Pennsylvania this summer.

Stronghold will invest $105 million in a power plant to support its Bitcoin mining ventures. The power plant currently uses coal waste to generate enough energy to power 1 800 mining computers.

Stronghold Digital Mining claims that the company currently uses 600,000 tonnes of coal waste at Scrubgrass each year to power its Bitcoin mining operations. Stronghold Digital Mining has filed this information with the SEC. The company intends to make it public.

It gets worse. Stronghold plans to expand its coal-burning power station operations.

The company opened a second power station in Pennsylvania, known as the Panther Creek power facility, in August. It plans to add a third power plant.

Bitcoin mining requires powerful computer processors to solve complex mathematical equations. This is how the blockchain, or cryptocurrency’s digital ledger, is maintained. Bitcoin miners are rewarded with the cryptocurrency when these math problems have been solved.

The more computational power an individual has, the more equations can be solved and more Bitcoin they can earn. Because of the intense nature of the process, individuals can’t earn Bitcoin just by using the computing power they have. To mine Bitcoin, miners spend thousands to thousands of dollars on equipment. But only multi-million-dollar operations can mine enough Bitcoin to make it profitable.

According to The University of Cambridge’s electricity consumption index , Bitcoin miners will consume around 130 Terawatt-hours of power (TWh). TechCrunch has shown that Bitcoin’s carbon dioxide emissions is roughly equal to that of a country such as Jordan with 10 million inhabitants.

The cherry on top is that Stronghold Digital Mining’s Bitcoin power plants profits are funded by taxpayers.

Bloomberg states that Pennsylvania offers tax credits to burn coal waste. Stronghold estimates that each Bitcoin it mines costs the company less than $3,000.

Bitcoin traded at over $42,000 at the time of this article – a good profit for a taxpayer-subsidized cryptocurrency mine operation that is destroying the environment.

Hungary Debuts Statue In Honor Of Bitcoin Creator Satoshi Nakamoto

A statue of Satoshi Nakamoto , the creator of Bitcoin, was unveiled today in Budapest, Hungary, in front of a passionate crowd. stated that the statue was created to honor Satoshi Nagamoto’s work.

Gergely Reka, Tamas Gilly sculpted the bronze statue in Graphisoft park. The statue was sculpted by Gergely Reka and Tamas Gilly. They wanted to reflect the mantra “we are all Satoshi”, making Satoshi’s expression reflective. When you look at it, you will see that you have just as important a role in Bitcoin as Satoshi. It is difficult to create a description of Satoshi Nakamoto’s face because his gender, height, weight and age are not known.

This faceless statue is a great example of Elizabeth Warren’s comment this July calling Bitcoiners an “shadowy faceless group super coders”. It doesn’t matter who Satoshi was in his individuality. It doesn’t matter who Satoshi was as an individual.

Satoshi invented a protocol that lets anyone transfer value in real-time without any permission. The world was changed by this “faceless supercoder” who gave people financial opportunity and hope where none existed. Warren is still learning that just because someone has their identity protected online, it does not necessarily mean they have bad intentions.

Satoshi is shown in a hoodie and a Bitcoin logo. This statue was not created by Satoshi when he first started. It’s important to remember that there isn’t an official logo for Bitcoin. However, the most popular is what is being used by Bitcoiners all over the globe.

In June this year, a draft was made and released to the public. The statue was finally built and unveiled a few months later.

The IRS Goes Undercover As A Bitcoin Trader In $180,000 Sting

The Internal Revenue Service (IRS), on the hunt for tax fraudsters and money launderers, has sent an undercover agent into a market to trade bitcoin, ether, and other cryptocurrency.

Forbes reviewed a search warrant and found that the undercover IRS agent used the name “Mr. Coins on LocalCryptos.com. This is a site that allows you to exchange cryptocurrency for dollars or other fiat currencies. Mr. Coins’ profile was still online at the time it was published. He had received 100% positive feedback after transferring up to $200,000 digital money.

His greatest success was likely to get rid of an alleged dark-web drug dealer. He tricked him into sending $180,000 to the IRS to buy cryptocurrencies.

Mr. Coins posted an advertisement in June offering bitcoin cash by mail at market prices. Sellers simply needed to contact them via encrypted messaging apps Wickr and WhatsApp.

A person referred to as Lucifallen21 contacted the IRS shortly afterward to inquire about the advertisement, according to the search warrant. Without revealing how, the IRS determined that Lucifallen21 was in fact Chase Hite, a resident of Evansville, Indiana. He had already agreed to purchase from Mr. He wrapped up $15,040 of cash in clothes and sent it to Mr. Coins in exchange for 1.59 bitcoin.

In August, nearly $20,000 was received in exchange for 1.34 bitcoin and 4.5.2 monero. This cryptocurrency promises better privacy protections that its competitors, according to the government. Nearly $65,000 was also sent to the agent in the months that followed.

Investigators began to focus on the conclusion of the sting operation in March. According to the IRS, Hite’s $28,000 cash package was intercepted by the Postal Service and marked as lost. The IRS monitored telephone calls to the Postal Service to wait for Hite to complain. Investigators found that the call was linked to a Hite-paid phone number.

Wickr received further messages indicating Hite was involved with dark web drug sales. Hite claimed to be selling ‘pills & opioids’ along with cocaine and marijuana. The search warrant stated that the undercover officer offered Hite a loan. Hite would receive $79,000 in cryptocurrency and $54,000 in cash. Hite was also linked to Hite by forensics when the last package arrived.

Hite was taken into custody in July. He has not yet submitted a plea. The Eastern District of New York filed the charges. His lawyer declined comment. LocalCryptos has not responded to any requests for comment. The IRS refused to give more information than was provided in court.

The tax collection agency has a history of working undercover to catch cryptocurrency-using criminals. The agency was accused of organizing a payment to Bitcoin Fog, a company that offered to launder money. According to a criminal complaint first reported by, the agents claimed they wanted to launder cryptocurrency that they had earned selling Ecstasy. And in March, the IRS pretended to be a seller of counterfeit Gucci products sourced from China, asking the defendant in that case to convert bitcoin that they claimed to have acquired in selling the merchandise.

This latest sting is rare in that the IRS created a profile on cryptocurrency trading platforms and created what amounts a watering hole for agents, just waiting for criminals.

Killings Now Being Rewarded With Bitcoins: S Jaishankar On ISIS At UN

External Affairs Minister S Jaishankar said Thursday that ISIS’ financial resources have become more robust. He added that funds continue to flow for terror group, and that rewards for killings now are being paid in Bitcoins.

S Jaishankar addressed a UN Security Council briefing about threats to international security and peace caused by terrorist acts. He said that the Secretary-General’s latest report has served as a stark reminder of ISIS’s continued threat to international security and peace.

The ‘ISIL (Daesh), which is still active in Syria, Iraq, and other countries, and its affiliates, are growing in strength in Africa. ISIL (Daesh’s) financial mobilization has been more successful. The money flows have continued, and the rewards for killings can now be paid in Bitcoins. He said.

S Jaishankar stated that the radicalization of young people by online propaganda campaigns is a grave concern.

He stated that the ISIS’s modus operandi had changed. The core is now focusing on regaining ground and establishing stability in Syria and Iraq. Affiliates are also functioning independently.

S Jaishankar stated that “this evolving phenomenon is extremely hazardous and poses new challenges to our collective efforts against ISIL and terrorists.”

He cautioned, “Let’s always remember that what is true about Covid is even greater true for terrorism: none are safe until all are safe,”

S Jaishankar presented an eight-point plan to eliminate the terror scourge. It includes mobilizing the political will and refusing to glorify terrorism.

‘No double standards. He said that terrorists are terrorists and that distinctions can only be made at our peril.

He stated, “Don’t place block and hold on listing requests without any reason. Discourage exclusivist thinking. Be on guard against false terminologies.

He also stressed the importance of ‘enlisting and delisting objectively, not based on religious or political considerations.

Recognize the connection to organised crime. He added that he would support and strengthen FATF and increase funding for UN Office of Counter Terrorism.

S Jaishankar urged the UN Security Council collectively to build on these principles.

He stated that it was also crucial to end the impasse that prevented the adoption of the Comprehensive Convention on International Terrorism. India has been a champion for this cause for so many years.

The External Affairs Minister stated that India is at the forefront in global counter-terrorism efforts. India has participated in all major global initiatives to combat international terrorism, and has signed all United Nations sectoral conventions related to terrorism.

“We were happy to play our part in strengthening the Global Counter-Terrorism Strategy, which was adopted last month. He reiterated his full support for counterterrorism cooperation under the auspices UN.

Salem Township concerns over a new Bitcoin mining facility to be built near power plant

Salem township is planning to build a zero-carbon Bitcoin mining plant. However, township supervisors are more interested in dollars.

This industry is unique in that it comes to a town with a majority of its jobs done electronically.

The public meeting in the administration building on Tuesday got heated. Supervisors considered the potential benefits.

Talen energy, the company that owns Susquehanna’s nuclear power plant in Salem township, announced last week plans to build a campus for digital infrastructure next to the plant.

Phase 1 will include a Bitcoin mining facility of 180 megawatts and data centers that are powered directly by the two nuclear reactors at Susquehanna.

“Amazon, Google and all the cloud computing applications..these are the potential customers, clients that we will have at the data center buildings. The coin mining side will have computers located again in these buildings, and those computers will run computations to trigger and generate coins’, explained Dustin Wertheimer (VP and Division CFO Talen Cumulus) and Susquehanna Date Center.

Bitcoin uses encryption techniques for monetary unit creation and funds transfer verification. This process is known as Bitcoin mining. It’s performed on extremely sophisticated computers.

According to a release by Talen Energy, their joint venture with Terawulf, a Bitcoin mining company, is expected to invest approximately 400 million in phase 1.

“Data center operators want power that is low-cost, reliable, and carbon-free. Wertheimer stated that connecting to our nuclear power station gives them all three.

What will Salem Township get from it? Some people say it is not enough.

Talen is currently in negotiations with the township about the host agreement. Supervisors discussed an offer to the township of 25 thousand dollars per year at Tuesday’s public meeting. Supervisors considered making a counter-offer, asking for 250 000 instead.

This is a cost-effective way to host it. This is absurd and they slapping your face with those 25 thousand? You’re not being unreasonable! At the township meeting, a member of public said: “Come on!

They realized that they needed more information, especially about projected profits which are likely to be much higher than they had thought.

“We discussed a billion-dollar project. They need to be able to provide services for the community, Malcolm Plevyak, Vice Chairman of Salem Township Board of Supervisors.

“All this new information now comes to light. Frede Fransen of Salem Township, a supervisor, said that it makes it possible to make a difference in some things.

It is expected that the facility will be operational by mid-2022. The township has not yet granted permission to begin construction.

The township is currently reviewing the project and will approve it. A conditional use hearing is scheduled for August 31st.

What the SEC chair’s comments on crypto mean for a possible bitcoin ETF

According to the head of SEC, crypto assets require more regulation before they can be moved forward.

Gary Gensler, SEC Chair, stated that fraud, scams and abuses in certain applications are all part of this asset class. He spoke at the Aspen Security Forum.

Gensler stated that he needed additional Congressional authority to ensure transactions, products and platforms do not fall between regulatory cracks.

Gensler covered many aspects of crypto business in his speech.

Digital tokensGensler stated that many digital tokens are considered investment contracts and are sold and offered as securities. They should be regulated accordingly. Gensler stated that there is a crypto market where tokens could be unregistered securities without market oversight or disclosure.

“This makes prices vulnerable to manipulation. Investors are vulnerable. According to him, he has asked staff to “continue to protect investors when unregistered securities sales are made.”

Platforms for crypto tradingGensler noted that the average trading platform contains more than 50 tokens. He said these platforms have’significant gaps’ in investor protection. It is unclear if any of these tokens could be considered securities and fall under the SEC’s purview. Gensler stated that ‘To the extent there are securities on these platforms, they must register with the Commission under our laws unless they meet an exception.

StablecoinsGensler pointed out that crypto-to-crypto trading was often done with stablecoins. These are crypto tokens linked or pegged to the value fiat currencies. Gensler fears that these stablecoins could be used to bypass anti-money laundering laws and tax compliance laws. This could also impact national security. Gensler stated that these stablecoins could also be securities or investment companies, and should therefore be subject to the SEC’s scrutiny.

Bitcoin ETFs. Many companies applied to the SEC for approval of a bitcoin ETF. None have been granted. Gensler pointed out that there are many vehicles that have invested in bitcoin. These include the closed-end Grayscale Bitcoin Trust and mutual funds that invests in bitcoin futures. Gensler stated that these investments are covered by the 1940 Investment Company Act. This Act provides significant investor protections.

“Given these important protections I look forward to reviewing such filings by the staff, especially if they are restricted to these CME-traded Bitcoin futures.

ProShares launched a mutual fund that tracks bitcoin futures last week, the Bitcoin Strategy ProFund.

Gensler didn’t comment on the raft bitcoin ETF applications, which do not own futures but seek to own bitcoin direct.

Gensler might be trying to differentiate between bitcoin ownership in the futures market which is highly regulated and bitcoin ETF, which would involve the fund purchasing bitcoins through unregulated entities.

Crypto assets under custodyGensler stated that the SEC wanted to comment on custody arrangements for crypto by broker-dealers, and related to investment advisors. He stated that custody protections are crucial to prevent the theft of investor assets and that regulators will look to increase regulatory protections in this area.Gensler: Innovation will require regulation.

Gensler is regarded as a champion of financial innovation. Gensler stated that crypto “has been and could still be a catalyst of change in the areas of finance and money.”

He has however made it clear that crypto is in urgent need of additional regulation to make it possible to move forward. ‘For those who wish to encourage innovation in crypto, I’d note that financial innovations throughout the history haven’t long thrived outside of our public policies frameworks… If this field is to continue or reach any potential for being a catalyst of change, we should bring it into our public policy frames.

Tesla Considers Accepting Bitcoin Payments Once Again

Bitcoin was the first cryptocurrency in the world and still holds the largest market capital of all competitors. Bitcoin’s rise in prominence has been fraught. Critics have lashed the technology for its enormous energy consumption and related environmental issues. For this very reason, Tesla stopped accepting Bitcoin payments earlier this year. According to Reuters, Tesla CEO Elon Musk said that the automaker would’most probably’ accept cryptocurrency payments again.

Musk stated that the company would like to examine the use of renewable energy in Bitcoin before accepting the currency again. Musk stated that he wanted to do more research on the topic and confirm that renewable energy usage is at or above 50%. He also noted that there was a trend towards increasing this number. Musk added that it is likely that Tesla will resume accepting Bitcoin.

As the negative effects of Bitcoin mining were in direct contrast to the company’s reputation for being a positive force for change in this sector, the company was under fire. Bitcoin mining rigs consume a lot of electricity. Most of this electricity comes from highly polluting sources like coal and natural gas power stations. However, there is nothing to say that cryptocurrency cannot be mined using renewable electricity. Many miners have tried to switch to this source to reduce their energy costs and increase their profits. Fundamentally, however, many miners simply choose to use the cheapest electricity, regardless of its environmental impact.

Musk has been accused of manipulating cryptocurrency markets. His tweets regularly coincide with market shifts, and his Saturday Night Live appearance does the same. Musk stated that he might pump, but he doesn’t dump. He also said that he “[does]n’t believe in getting the market price high and selling.” It’s hard to see the point in purchasing a commodity to keep forever. However, there is no value in Bitcoin if it is never sold.

Tesla’s announcement about not accepting Bitcoin caused a rapid drop in its value. It dropped from $57,939 to $49,150 on May 12. The price dropped to $30,161 a week later and has remained steady in the thirties ever after.

Musk’s opinions will differ on whether he is a cryptocurrency investor or simply a fan of the burgeoning technology. It remains to be seen if cryptominers will use renewable energy in masse. This is a question that will remain elusive. Tesla could be accepting Bitcoin payments again if Musk keeps his word and miners make the switch.

Twitter CEO announces new Bitcoin based business named TBD for Square

Twitter CEO Jack Dorsey announced the creation of a new business that will focus on creating an open platform for developers for Bitcoin in Square, his financial payments company.

The new business is called ‘TBD’ and joins existing payment services like Seller, Cash App, Tidal. It was created ‘with only the goal of making it simple to create non-custodial permission-less and decentralised financial service, Dorsey stated in a tweet.

He said that # Bitcoin is our primary focus. Its title is TBD.

Doresy stated that the company will do this in open, just like the Bitcoinhardware vault.

Open roadmap, open development, open source. @brockm is the leader and builder of this team. We have some ideas about the initial platform primitives that we want to create,’ he stated.

Square announced last month that it will invest $5 million in a solar-powered, open-source Bitcoin mining facility. It is partnering with Blockstream Mining to provide blockchain technology.

This facility will serve as a proof of concept for a 100% renewable energy Bitcoin mine at large scale. The public can also see the economics of its build-out, including the ROI and operational costs.

Dorsey already indicated that it will be looking into making a hardware Bitcoin wallet for customers of Square, its digital payments company.

He stated in a tweet that the hardware wallet would be built entirely in the open software and hardware design process, in collaboration with the community.

“Bitcoin is open source for all.” He stated that it was important for us to create an inclusive product that offers a non-custodial solution on the global market.