Coinbase has to provide user’s ID information to IRS

A California federal court has ordered Coinbase to provide identifying records for users who have any operations with more than $20,000 through their accounts
30 November 2017   948

Nearly one year ago, the IRS initiated proceedings to obtain copies of essentially all Coinbase U.S. customers’ records for the three-year period 2013–2015.

On Wednesday, a federal judge in San Francisco ordered that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015.

Coinbase is ordered to produce the following documents for accounts with at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013 to 2015 period:

  • the taxpayer ID number
  • name
  • birth date
  • address
  • records of account activity including transaction logs or other records identifying the date, amount, and type of transaction (purchase/sale/exchange), the post transaction balance, and the names of counterparties to the transaction
  • all periodic statements of account or invoices (or the equivalent)

However, Coinbase assumes that it won a partial victory in court. Company believes that it reached 2 important victories.

First, the government initially sought private financial records of approximately 500,000 account holders, but in response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers. Second, the quantity of customers data has been significantly reduced as the Court acknowledged the privacy rights at stake in this matter.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   70

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.