US Government Not Passing Bitcoin Regulations

According to White House official, there's a long way to go before the U.S. government starts regulating bitcoin
16 February 2018   681

During an interview, Rob Joyce, special assistant to the president and White House cybersecurity coordinator told that the government is concerned about cryptocurrencies but it is still a long way from developing an official regulatory framework.

I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are,” he said of cryptocurrency regulation. “So, I don’t think it’s close.

Rob Joyce

Special President's assistant and White House cybersecurity coordinator

According to him, the White House is concerned about the ability of criminals to use cryptocurrency to violate anti-money laundering policies at traditional financial institutions. Bitcoin is a decentralized and digital, unlike fiat currencies such as the dollar it’s not backed by a central authority.

Due to the fact that transactions are anonymous, the coin has been accused of making it easier for those engaged in illicit activities to hide their money. Joyce also stated that the government hasn’t figured out instantiation of bitcoin and other cryptocurrencies yet.

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.