UK launches an inquiry into cryptocurrencies

The inquiry by UK Treasury Select Committee will examine the risks and possible benefits of crypto for investors
22 February 2018   512

European governments are quite cautious about cryptocurrencies and investments into them. And the regulatory base is as of now a lot more sparse, than one in America and Asia. But UK has announced that the Treasury Select Committee is launching an inquiry into cryptocurrencies and the distributed ledger technology that is the base of all crypto networks.

The inquiry will study the risks and opportunities presented by digital currencies for businesses and individual investors. Also, the government wants to see the possible benefits for itself from integrating cryptocurrencies and blockchain into daily operations.

Nicky Morgan, the Chair of the Treasury Select Committee, told the press that public interest in cryptocurrencies is rising, but the investments are unregulated and unprotected by the laws. High risks involved in this market are worrying. She added, that finding the right balance between regulating digital currencies for protection of individual investors and allowing the freedom of innovation is necessary in this case, so the Committee's goal isn't stomping down on overall usage of digital currencies.

This notion is just a next step in widespread action taken by EU governments to regulate cryptocurrencies. Lawmakers all around the Europe are discussing the possible governmental stance on crypto. For example, France and Germany have announced the joint effort which will present a set of regulation in the field during the next G20 summit.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   98

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.