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   2953

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.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   184

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.