ViaBTC Closes Crypto Mining Contract Market

ViaBTC is going to close mining contract market in order to control speculation and protect the interests of investors
09 January 2018   1628

ViaBTC, Chinese bitcoin mining pool, has announced on Monday that it will close its marketplace for mining contracts this week, asking all users to finish cloud mining contract trading ASAP.

According to the ViaBTC statement, it would shut down the market — through which users can purchase contracts entitling them to a certain amount of hashing power at UTC time 12:00 January 10th in order to control speculation and protect the interests of investors.

ViaBTC has closed exchange service in September 30th, 2017 in response to a crackdown by Chinese authorities on the country's exchange ecosystem, a process that began just after the beginning of 2016. Officials also moved to prohibit the use of ICOs in September.

The news comes as China announced on January 3 its plans to limit the supply of electricity to the cryptocurrency miners due to abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

Chinese School Principals to Mine ETH At Work

School from Hunan Province suffered losses in the amount of $ 2,163
09 November 2018   122

The director and the head teacher of the Chinese school from Hunan Province - Lei Hua and Won Tsipen - installed nine mining devices for Ethereum worth $ 7,000 right in the building of the educational institution. Because of this, for several months the school suffered losses in the amount of $ 2,163, reports CoinDesk.

Initially, Lei Hua installed the devices at home, but due to high electricity costs, he decided to move the mining farm to a school, where he carried out the theft of electricity.

Because of the secret mining from July to November, electricity consumption at school has almost doubled, and the speed of the IT network has also decreased. The school’s leadership initially suggested that this was due to the excessive use of air conditioners, but an investigation revealed that the cause was illegal mining.

The director, convicted of stealing electricity, was dismissed from his post and removed from his post in the Communist Party, while his assistant was reprimanded.