Vietnam to Ban Cryptocurrency Miners Import

Vietnamese companies and citizens stopped importing mining equipment in early July in accordance with the order of the customs service of Ho Chi Minh City
13 August 2018   594

After several months of thinking, the Vietnamese authorities approved a ban on import of crypto-currency mining equipment, CCN reports.

Vietnamese companies and citizens stopped importing mining equipment in early July in accordance with the order of the customs service of Ho Chi Minh City. Representatives of the ministry said on Monday that in the first half of 2018, 3 664 devices for mining were imported to the country. 3 000 of wentfell on four enterprises, while the remaining devices were imported by individuals and companies that did not provide their tax code. Most of the devices turned are Antminer miners.

The Ministry of Finance of Vietnam for the first time proposed to ban the import of equipment for mining in June, after the authorities decided to tighten control over the cryptocurrency sector against the backdrop of the spread of fraudulent schemes. 

The Ministry of Finance demanded that state structures strengthen control over the import and use of equipment for the mining of cryptocurrencies. In July, the central bank of Vietnam agreed to support the proposal of the Ministry of Finance.

The Ho Chi Minh City Customs Authority reports that in 2017 9,300 ASIC devices were imported into the country. Cryptocurrency is not allowed for use in Vietnam. The central bank of the country refused to include it in the list of non-monetary payment means, which include checks, payment orders and bank cards. Violators of the law, including among ordinary users, face a fine of up to $ 9,000.

Zcoin to Implement Hard Fork to Fight ASIC Mining

After update, which implement new  Merkle Tree Proof algorithm, the cost of mining on ASIC devices will be significantly increased
10 December 2018   103

On Monday, December 10, a planned hardfork will be held in the Zcoin cryptocurrency network (XZC), the purpose of which is to oppose mining on ASIC devices. As expected, the upgrade will take place at 12:00 GMT.

As a result, the upgrade will activate a new algorithm called Merkle Tree Proof (MTP), the development of which has been carried out over the past few years.

It is noted that the MTP algorithm provides for increased use of RAM, which significantly increases the cost of mining on ASIC devices and thereby eliminates their advantages.

The FAQ section says that before hardfork users and operators of the nodes need to upgrade to the latest version of the Zcoin software ( Earlier versions will continue to work, but the new release not only contains important fixes for various bugs, but also significantly improves network performance and throughput.

In addition, the developers warn that if after the hard forks the user still has an earlier version of the software, this can lead to incorrect display of balances in the Zcoin wallet.

Znode operators, in turn, will be excluded from the queue and will not be able to receive the award until they update the software to the latest version.

Zcoin Price
Zcoin Price

These news don't have any big effect on Zcoin's rate.