India to Represent Crypto Bill in December

Finally, Indian authorities to clarify its position on cryptocurrencies

20 November 2018 862

Next month, the Indian authorities intend to submit a draft of the regulatory framework for regulating the cryptocurrency industry, where they will indicate their attitude to the use and exchange of digital assets in the country, reports Quartz.

It is expected that in December, a commission formed by the Ministry of Finance a year ago will present a draft law on virtual currencies and the use of distributed registry technology in the financial system, as well as a “legal basis for digital currencies in India”. Information about this appeared during the trial of representatives of the cryptocurrency industry, who consider restrictions on their activities illegal, with local authorities.

…currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.

Indian Government

There's no information on mining regulation in the upcoming bill.

Earlier this year, the Reserve Bank of India banned regulated financial institutions from servicing companies operating in the cryptocurrency sector, which led to significant changes in the local industry.

Mining Bitmain Bitcoin Blockchain

Bitmain to Reduce BTC Mining Hashrate by 88%

Total hashrate of Bitmain equipment used for mining on the SHA-256 is 237.29 PH\s; month ago it was 2072 PH/s

08 May 2019 239

The leading manufacturer of mining equipment Bitmain in the past 30 days has reduced the hashrate of bitcoin mining by 88%. This is evidenced by data reporting, which the company publishes monthly.

As of May 7, the total hashrate of the equipment used by Bitmain for mining cryptocurrencies on the SHA-256 algorithm (Bitcoin and Bitcoin Cash) is 237.29 PH/s.

Bitmain's Hashrate on Different Algorithms

At the same time, just a month ago, the volume of the respective capacities was 2072 PH/s.

Based in Beijing, Bitmain not only manufactures equipment that is popular among miners, but also mines cryptocurrency using its own resources. The company began to publish reports on the available mining facilities in July last year. At that time, the hashrate of SHA-256 equipment was 1692 PH/s.

By October 2018, the hashrate had risen to 2339 PH/s, but by March it had already dropped to 1700 PH/s. Against this background, the share of Bitmain's computational power in the total bitcoin hashrate decreased from 4% to 0.4%.

After the April BTC price recovery, the amount of computing power of Bitmain began to grow again. At the same time, the total hashrate of the first cryptocurrency network, which has updated the six-month maximum by the beginning of May, began to recover with confidence.