Mining centers in the US face moratorium

Officials of Plattsburgh, New York have filled a moratorium against Bitcoin miners
09 March 2018   951

Mining centers in a small US town of Plattsburgh, NY have stumbled upon a moratorium filing. Local politicians expressed the concern over high consumption of electricity and environment. In general, the politicians want those centers to stop their activity and stay away from the town for good. The public hearing date is set on March 15 at the Common Council Chambers.

This local law shall impose a moratorium on applications or proceedings, or the issuance of approvals or permits for commercial cryptocurrency mining operations in the City of Plattsburgh. The moratorium imposed by this local law shall be in effect for a period of  eighteen  months from the effective date of this local law.

 

Colin Read

The Mayor of Plattsburgh

As the procedure goes, after the public hearing it will move forward. Now every mining centre will want to have an attorney as they have to defend themselves if the market is still important to them. It was reported by the mayor that approximately 10% of the town's power was consumed for notorious mining activities as of the end of February, 2018. On a personal note, Mr. Read confessed that it's much better to see such consumption from a hiring company than from all-automatic ones.

Any firm, person, corporation, or other entity that shall establish, place, construct, erect or in any way site or locate a Commercial Cryptocurrency Mining operation described in this local law in the City of Plattsburgh in violation of the provisions of this Local Law shall be subject to, in addition to any penalties prescribed by state or local law, a civil penalty of not more than $1,000.00 for each day or part thereof during which such violation continues.

 

Colin Read

The Mayor of Plattsburgh

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   405

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva