China prohibits the electricity supply to mining pools

Power stations under the control of the Sichuan Electric Grid Company will have to stop supplying electricity to Bitcoin miners
14 November 2017   1535

The Tencent Finance received a circular from the Sichuan Electric Grid Company, sent to the mining companies in the region.

The document says that the mining of bitcoins is illegal activity, and therefore the hydroelectric power stations under the control of the SEC will have to stop supplying electricity to such enterprises.

Related document
Related document

Chinese miners explained to Tencent Finance that they are talking about hydroelectric power stations under the management of the Sichuan Electric Grid Company, and the regulation does not apply to small hydro power stations that are rife with the region.

But the miners are afraid that the SEC will continue to buy up small HPPs and they may find themselves without electricity for mining.

The Chinese province of Sichuan is a region rich in water resources. The hydropower stations in the province have excess capacity, which makes the cost of electricity very low. Most of the mining enterprises in China are located in Sichuan, as well as similar in characteristics of Inner Mongolia.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   134

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.