US Lawmakers Support Crypto Regulation

Despite the fact that the White House is far from the regulation of the cryptocurrency, members of parliament are interested in implementing of legislation  
19 February 2018   579

A number of congressional lawmakers who, despite their differences on many legislative matters, support implementing new rules to regulated cryptocurrency usage.

Carolyn Maloney, a Democratic senior member of the House Financial Services Committee (HFSC) said that people don’t realize there’s nothing backing these virtual currencies.

Tom MacArthur, an HFSC Republican stated that it is necessary to look carefully at all of the cryptocurrencies and make sure individuals don’t get taken advantage of.

Members of the most libertarian and anti-regulatory group in Congress, the House Freedom Caucus said that they were open to making an exception to address the perceived threats of cryptocurrencies.

I‘m a total free-marketer, so I don’t want to regulate. But if it’s a currency that could destabilize the whole economy, you’re going to have that conversation.

Dave Brat

Member of the conservative House Freedom Caucus

These comments follow several high-profile congressional committee hearings in which the chairmen of the Securities Exchange Commission and Commodity Futures Trading Commission testified that they were “open” to new federal cryptocurrency regulations.

Last week, Rob Joyce, White House cybersecurity official stated that the government was still studying and understanding the matter and was unlikely to pursue a new regulatory framework within the near future.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   108

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.