India can ban cryptocurrency exchanges

Will India follow China and ban all cryptocurrency exchanges? Let's try to find out
03 November 2017   1824

One of the government committees of India recommended that lawmakers prohibit the work of "cryptocurrency dealers" in the country. Information about this appeared in the local edition of the Economic Times.

However, the source does not give more complete information about the reasons for this decision.

Instead of closing cryptocurrency dealers, the government should take steps to curb buying and selling of bitcoins or cryptocurrencies in cash. This move can reduce illegalities in the country.
If exchanges come under the definition of dealers, then in case of closure of domestic cryptocurrency exchanges, buyers will start buying them from foreign exchanges.
 

Hersam Rehman
CEO & Co-founder, Bitxoxo

Rehman said providing suitable guidelines to bitcoin exchanges could help exchanges and buyers of the currency. Exchanges had earlier requested the government to penalise individuals who are trading in it using cash.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   117

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.