Chinese Police to Seize $1.4M Worth BTC

Cryptocurrency was seized from illegal bookmaker offices, which are banned since the middle of 20th centuary
12 July 2018   278

Police in Guangdong Province arrested 540 suspects in the participation and organization of a network of online football sweepstakes, at which rates were accepted in bitcoins for a total of more than 10 billion yuan ($ 1.5 billion). This is reported by Xinhuanet.

Organizers of gambling sites were participants of 20 criminal groups. The police froze their assets by five million yuan and seized the crypto currency by 10 million yuan ($ 1.4 million).

Law enforcement agencies also closed about 70 mobile applications, websites, 250 groups in social networks and instant messengers through which suspects conducted their activities. For eight months, about 330,000 participants bets on these platforms.

Since the middle of the XX-th century activity of bookmaker offices is illegal in China. However, in Macau and Hong Kong, sports bets are not banned.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   118

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.