Chinese School Principals to Mine ETH At Work

School from Hunan Province suffered losses in the amount of $ 2,163
09 November 2018   533

The director and the head teacher of the Chinese school from Hunan Province - Lei Hua and Won Tsipen - installed nine mining devices for Ethereum worth $ 7,000 right in the building of the educational institution. Because of this, for several months the school suffered losses in the amount of $ 2,163, reports CoinDesk.

Initially, Lei Hua installed the devices at home, but due to high electricity costs, he decided to move the mining farm to a school, where he carried out the theft of electricity.

Because of the secret mining from July to November, electricity consumption at school has almost doubled, and the speed of the IT network has also decreased. The school’s leadership initially suggested that this was due to the excessive use of air conditioners, but an investigation revealed that the cause was illegal mining.

The director, convicted of stealing electricity, was dismissed from his post and removed from his post in the Communist Party, while his assistant was reprimanded.

Bitmain to Close Another Office

Bitmain is building "long-term, sustainable and scalable business" is their own way
14 January 2019   100

The Chinese mining company Bitmain has announced that it will close another of its overseas divisions - this time in Amsterdam.

A spokesman for the company in a conversation with CoinDesk confirmed that the office is still working, but the decision on its future fate has already been made.

According to LinkedIn, at least nine people are employees of Bitmain in the capital of the Netherlands and are working on its flagship mining pool, while the company did not outline the scope of the process.

As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices. We are really focusing on things that are core to our mission and not things that are auxiliary. We will continue to hire the best talent from a diverse range of backgrounds. 

Bitmain Team

It became known in December about the closure of the Israeli unit of Bitmain, with more than 20 employees, . As a reason for this decision, the company cited a decline in the cryptocurrency market in 2018.

Another fact is that it was planned to invest $500M and hire 400 employees for US office.