Digital Currency Group Invested in Silvergate Bank

Silvergate Bank offered bank accounts to cryptocurrency startups
27 February 2018   541

Specializing in venture capital investments in the cryptocurrency Digital Currency Group (DCG) has confirmed the financing of Silvergate Capital Corporation, the leading company of Bitcoin-friendly Silvergate Bank. This is reported by CoinDesk.

We are very pleased with the outcome of our private placement, which generated broad based support from both traditional bank investors and other strategic investors. Our greatly increased capital base will support our growth and enable us to continue making investments in technology and people that will improve efficiency and productivity, and expand the products and services offered to our business customers.

Alan Lane

CEO, Silvergate

 According to Silvergate, the company raised $ 114 million through the sale of 9.5 million shares through private placement. These funds will be used to further support the bank's initiatives in the field of fi ntekh.

Although Silvergate did not name the names of investors, DCG head Barry Silbert confirmed the firm's participation in the round of financing. The amount allocated by DCG is also not specified.

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.