Hong Kong Company to Build Mining Farm on Russian Island

A Hong Kong-based cryptocurrency company plans to open cryptocurrency mining farm and AI lab on Russian island
24 November 2017   969

Genesis Engineering is planning to set up a cryptocurrency mining farm and an artificial intelligence laboratory on Russia’s Russky Island which is situated in the Sea of Japan.

Genesis Engineering is a joint project of Btc Inc and Genesis Mining, formed earlier this month. It focuses on development in regions around the world that have excess energy capacity, including the Americas and Eurasia.

The company is interested in the region’s free plots of land and energy facilities, as well as preferential tax and customs duties. It plans to set up around 300 thousand square meters of production facilities, following a pilot project.

 

The Ministry for Development of Russian Far East statement

The territory also provides the free trade zone, so the tax preferences and the possibility of applying for a free customs zone are available to investors.

Alexander Abramov, director of the Far Eastern Center for Economic Development, upholds the idea of building mining farms in his region. He said that this venture is a step forward to cooperation with big economies.

Among other projects, the company intends to build a cryptocurrency mining farm, a crypto museum, and to develop training programs for students on a Russian island.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   72

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.