Austria Plans to Regulate Crypto Like Gold

Austria’s finance ministry intends to regulate cryptocurrencies similarly to how it currently governs gold and derivatives trading  
23 February 2018   630

Crypto regulators all over the world are worried about the decentralized nature of blockchain transactions. According to them, it makes them ideal tools for money laundering. In fact, most of the illegal transactions are still denominated in US dollars.

Hartwig Loeger, Austria’s finance minister stated that rules currently governing precious metals and derivatives trading will enable the government to prevent cryptocurrencies from being used to launder illegal funds.

Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing. That’s an important aspect for the changes we support. We need more trust and more security.

Hartwig Loeger

Austria’s finance minister

In his opinion, ICOs should be essentially treated as securities and seek regulatory approval before they begin accepting contributions. He also stated that it was vital for the European Union to pursue an international regulatory framework on cryptocurrency.

On Friday, Loeger planned to discuss the issue with Portugal’s finance minister.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   108

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.