GMO Postpones Shipments of 7nm Bitcoin Equipment

GMO Postpones Shipments of 7nm Bitcoin Equipment

Mining Japan’s GMO Internet has postponed the shipments of its two lines of 7nm bitcoin mining rigs. A representative of the company has clarified the situation to news.Bitcoin.com, noting that some refunds have already been issued. In addition, the company is planning to relocate its mining operations. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Shipments Postponed GMO Internet announced on Monday that it has postponed the shipments of its 7nm ASIC bitcoin mining equipment. The company has two lines of mining rigs: B2 and B3. The former was scheduled to start shipping at the end of October and the latter in November. A representative of GMO revealed to news.Bitcoin.com on Tuesday that the shipments of both lines have been postponed, elaborating: It is because the parts we need for our mining machines are actually very difficult to acquire right now … It is difficult to acquire some of the electronic components, such as resistors, due to the tight global supply-demand balance. He added that the company has not decided whether to ship any miners this year. GMO Internet launched the B2 line in June and the B3 line in July. In August, the company upgraded the B3 case shape design in order to improve its cooling performance and operational stability. Both B2 and B3 are priced at $1,999 and are sold out. The representative emphasized that refunds will be issued to any customers who ask for them, noting: We asked our customers whether they wish us to refund at the time of delay announcement. So far, we have already completed issuing refunds to customers who demanded them. Relocating Mining Operations Through its Swiss subsidiary, GMO engages in three mining business areas: in-house mining; developing, manufacturing and selling mining machines; and cloud mining. On Nov. 5, the company released the monthly report of its mining business which shows that 595 BTC and 875 BCH were mined in October. GMO’s total hashrate increased to 674 PH/s during the month from 479 PH/s in the previous month. In its quarterly earnings presentation, the company still says it aims “to become No. 1 in the field of cryptocurrency.” The internet giant further detailed that its mining business recorded a loss during the third quarter even though the expansion of mining…

GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

Mining Japan’s GMO Internet has postponed the shipments of its two lines of 7nm bitcoin mining rigs. A representative of the company has clarified the situation to news.Bitcoin.com, noting that some refunds have already been issued. In addition, the company is planning to relocate its mining operations. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Shipments Postponed GMO Internet announced on Monday that it has postponed the shipments of its 7nm ASIC bitcoin mining equipment. The company has two lines of mining rigs: B2 and B3. The former was scheduled to start shipping at the end of October and the latter in November. A representative of GMO revealed to news.Bitcoin.com on Tuesday that the shipments of both lines have been postponed, elaborating: It is because the parts we need for our mining machines are actually very difficult to acquire right now … It is difficult to acquire some of the electronic components, such as resistors, due to the tight global supply-demand balance. He added that the company has not decided whether to ship any miners this year. GMO Internet launched the B2 line in June and the B3 line in July. In August, the company upgraded the B3 case shape design in order to improve its cooling performance and operational stability. Both B2 and B3 are priced at $1,999 and are sold out. The representative emphasized that refunds will be issued to any customers who ask for them, noting: We asked our customers whether they wish us to refund at the time of delay announcement. So far, we have already completed issuing refunds to customers who demanded them. Relocating Mining Operations Through its Swiss subsidiary, GMO engages in three mining business areas: in-house mining; developing, manufacturing and selling mining machines; and cloud mining. On Nov. 5, the company released the monthly report of its mining business which shows that 595 BTC and 875 BCH were mined in October. GMO’s total hashrate increased to 674 PH/s during the month from 479 PH/s in the previous month. In its quarterly earnings presentation, the company still says it aims “to become No. 1 in the field of cryptocurrency.” The internet giant further detailed that its mining business recorded a loss during the third quarter even though the expansion of mining…

Bitcoin Group SE Buys Investment Bank Tremmel

Bitcoin Group SE Buys Investment Bank Tremmel

Finance Bitcoin Group SE has bought 100 percent shares of investment bank Tremmel for an undisclosed amount. This is the German digital currency exchange operator’s second acquisition in 2018. Bitcoin Group, which holds current assets of $40 million, said Tremmel allows it to issue its own cryptocurrency-related products, conduct proprietary trading and operate bitcoin ATMs. Also Read: Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa Acquisition to Expand Bitcoin Group Services Portfolio The Frankfurt Stock Exchange-listed company operates Bitcoin.de, Germany’s only regulated digital currency exchange, trading BTC, BCH and ETH. It hopes to use Tremmel’s banking license to expand the range of its service portfolio. For example, Bitcoin Group said it is now possible for the trading platform to maintain an order book and even quote prices, while simultaneously ensuring more liquid trading. “We are very pleased that in Tremmel Wertpapierhandelsbank Gmbh…we have been able to gain an excellently positioned partner with in-depth knowledge of the market,” Marco Bodewein, managing director of Bitcoin Group, said in an online statement on Nov. 12. “This will enable us to take the corporate development of Bitcoin Group SE to a new level,” he added. The deal is expected to be completed in the first half of 2019, subject to approval by relevant regulatory authorities. Bitcoin Group did not disclose the actual purchase price, but said “it is in the lower seven-digit euro range.” Rainer Bergmann, the previous sole shareholder and managing director of Tremmel, is to continue working at the investment bank in the same capacity. The bank, which trades shares, bonds and other stock exchange products on behalf of local and foreign banks, insurance companies and asset managers, will be expanded into a deposit-taking institution, Bitcoin Group said. Restructuring Digital currency exchanges are looking for growth in new areas or to consolidate existing positions to help boost revenue and minimize risk from an uncertain regulatory environment in their home economies. In January, Bitcoin Group, which has 753,000 investors actively using its exchange to buy and sell digital assets, bought a 50 percent stake in financial investment broker Sineus Financial Services Gmbh, to diversify risk. “In the future, this will enable the group to offer additional financial services in the cryptocurrency sector,” the company said at the time.…

Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

Regulation In recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes. We also look at the Michigan Secretary of State’s ban on crypto-based political donations, as well as the recent certification of X8’s stablecoin for Shariah compliance. In addition, we focus on the operator of a fraudulent cryptocurrency scheme who has been punished for misappropriating $601,000 in BTC and LTC from his employer. Also Read: President of Marshall Islands Challenged Over Cryptocurrency Plan Chinese Mining Farms Suspended According to a statement published by an unidentified cryptocurrency mining company, Chinese state agencies have ordered the suspension of its mining farms in southwestern Guizhou Province and the Xinjiang Uyghur Autonomous Region for tax inspections and to implement real-name registration processes. “According to the needs of the public security department’s network information security work, in the future, our company will implement higher standards for the company’s business real-name system according to the work needs of the public security department,” the anonymous company said. “For customers with the latest standard real-name systems, the data center will have to suspend reloading, restarting, moving in and out, etc.” Michigan Secretary of State Says ‘No’ to Crypto In a letter addressed to William Baker, a recent candidate for the Michigan state legislature, the office of the Michigan Secretary of State has formally barred cryptocurrency donations to political campaigns. Baker, who lost his bid in the state’s Nov. 6 election, had previously sought clarification on how the value of donations in the form of cryptocurrencies should be recorded. He also asked whether virtual currency exchanges would qualify as valid secondary depositories for the storage of crypto assets. Baker asserted that “it is self-evident that digital currency is a valid way to receive political contributions.” However, the state secretary’s office responded by stating that “the law does not authorize such a vehicle, and the department has never determined that digital currencies are a valid way to receive political contributions.” The letter also highlighted concerns pertaining to the price volatility of cryptocurrencies. “As with stocks and commodities, bitcoin’s worth fluctuates daily,” the office said. “There is no way to ascertain the precise monetary value of one bitcoin on any particular…

What to Expect During the Bitcoin Cash Hard Fork

What to Expect During the Bitcoin Cash Hard Fork

Questions & Answers When will Coinbase pause sends and receives of BCH?We will pause sends and receives and all trading on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro, Prime, and Custody beginning at 8:00AM PST on Thursday, November 15 (approximately 1 hour before the fork). Please be sure all BCH sends, receives, and trading are completed prior to that time. During the pause, your BCH will remain safely at Coinbase. As it may take several hours for a transaction to be processed, we recommend initiating any sends, receives or trading no later than 3:00 am PST. When will Coinbase take a snapshot of BCH balances?We will take a snapshot of existing BCH balances on the platform immediately after sends, receives, buys, sells, and trading of BCH are paused at 8:00am PST on Thursday, November 15. How long will trading be paused, and what happens when you turn it back on?We cannot predict the duration of this process. When the upgrade is complete, we will evaluate the security and viability of the network and take appropriate next steps, including re-enabling sends, receives, and trading. We will update our customers throughout the upgrade process and about the outcome of the fork once the network reaches consensus. The order book for BCH on Coinbase Pro and Coinbase Prime will be cleared after trading is paused so Coinbase Pro and Prime users will need to submit any new orders after trading is re-enabled. When will Coinbase re-enable sends and receives of BCH?We cannot predict the duration of this process. When the upgrade is complete, we will evaluate the security and viability of the network and take appropriate next steps, including re-enabling sends, receives, and trading. We will update our customers throughout the upgrade process and about the outcome of the fork once the network reaches consensus. Will there be more than one BCH chain?We cannot predict if there will be one or two viable chains after the fork. We will monitor the network closely, and will communicate with our customers. as to when we will re-enable sends, receives, and trading of BCH. What will happen if there are two viable chains?In the event that multiple viable chains persist after the fork, we…

Bank of America Patent Details How Enterprises Could Store Crypto

Bank of America Patent Details How Enterprises Could Store Crypto

A patent awarded to the Bank of America outlines how enterprise-level institutions may be able to store cryptocurrencies owned by their customers. The filing, awarded by the U.S. Patent and Trademark Office Tuesday, contends that large companies – specifically enterprise-level institutions – may want to store cryptocurrencies for customers should they see wider adoption. There is an increasing number of enterprises which may transact with cryptocurrencies or offer services related to them, including crypto exchanges and custodians, according to the patent – and some of these businesses may be required to convert a deposit of some currency into a cryptocurrency to then hold. In order to securely hold these funds, a business may therefore wish to use a single enterprise-level account capable of storing cryptocurrencies. The document suggests that a customer account may be credited with an equivalent value to their cryptocurrency deposits, though the funds themselves would be stored in an aggregated enterprise account. As the patent explains: “Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.” To that end, the bank’s system includes a processor and memory to store a private key associated with some cryptocurrency holdings. The patent goes on to describe how this system would be able to both store the holdings, as well as facilitate transactions when authorized. This sort of system brings a number of benefits in terms of using less bandwidth and memory, as well as requiring fewer computational and power resources, according to the document. To allow customers to conduct transactions with their funds, the system would grant the customer access to their specific account. They would then be able to execute a transaction with their cryptocurrency directly through the account. The patent award is the latest to emerge for Bank of America in recent days. In a patent award issued late last month, Bank of America hinted at a means for storing cryptographic keys – including those tied to crypto assets – on a hardware device. Image Credit: Roman Tiraspolsky / Shutterstock.com

Report: Google G Suite Twitter Account Compromised to Promote 10,000 Bitcoin Scam

Report: Google G Suite Twitter Account Compromised to Promote 10,000 Bitcoin Scam

The official Twitter account of Google’s G Suite was reportedly compromised to promote a Bitcoin (BTC) giveaway scam, technology and business news outlet the Next Web reported Nov. 13. The G Suite Twitter account was reportedly hacked to advertise a BTC giveaway scam to the page’s more than 800,000 followers. Scammers supposedly spread a message luring users to participate in a fraudulent 10,000 BTC giveaway, concurrently announcing that Google’s G Suite now accepts cryptocurrency as a means of payment. Screenshot of the scam message. Source: The Next Web According to the Hard Fork, the message disappeared barely more than 10 minutes after it had appeared. At press time, Google has not replied to Cointelegraph’s request for comment. The scam follows a recent pattern of fraudulent activity involving the Twitter accounts of high-profile companies and individuals. On Nov. 5, several verified Twitter accounts were hacked to impersonate Elon Musk, with one reportedly collecting almost $170,000. Scammers changed the profile name and picture in order to pose as the Tesla CEO, and subsequently posted in comment threads started by the real Elon Musk, so as to give the impression of legitimacy. As previously reported, Google introduced a ban on cryptocurrency advertisements on Jun. 1 to purportedly protect its customers from fraudulent offerings. The ban affected all Google products, meaning that companies would not be able to serve crypto-related ads on the search engine giant’s own sites, as well as third-party sites in its network. However, in September Google rolled back some of its restrictions, allowing some crypto businesses to advertise on its platform. Per the new policy, only registered cryptocurrency exchanges could advertise on the Google Adwords platform, targeting U.S. and Japanese audiences. In October, Google implemented new restrictions on Chrome Web Store extensions, which will  likely affect cryptojackers. Chrome extensions submitted to the Web Store would reportedly not be allowed if they contained “obfuscated” code. Google’s Oct. 1 post reads: “Today over 70% of malicious and policy violating extensions that we block from Chrome Web Store contain obfuscated code.”

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

Mining Japan’s GMO Internet has postponed the shipments of its two lines of 7nm bitcoin mining rigs. A representative of the company has clarified the situation to news.Bitcoin.com, noting that some refunds have already been issued. In addition, the company is planning to relocate its mining operations. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Shipments Postponed GMO Internet announced on Nov. 12 that it has postponed the shipments of its 7nm ASIC bitcoin mining equipment. The company has two lines of mining rigs: B2 and B3. The former was scheduled to start shipping at the end of October and the latter in November. A representative of GMO revealed to news.Bitcoin.com on Tuesday that the shipments of both lines have been postponed, elaborating: It is because the parts we need for our mining machines are actually very difficult to acquire right now … It is difficult to acquire some of the electronic components, such as resistors, due to the tight global supply-demand balance. He added that the company has not decided whether any miners will be shipped this year. GMO Internet launched the B2 line in June and the B3 line in July. In August, the company upgraded the B3 case shape design in order to improve its cooling performance and operational stability. Both B2 and B3 are priced at $1,999 and are sold out. The representative also emphasized that refunds will be issued to any customers who ask for them, noting: We asked our customers whether they wish us to refund at the time of delay announcement. So far, we have already completed issuing refunds to customers who demanded them. Relocating Mining Operations Through its Swiss subsidiary, GMO engages in three mining business areas: in-house mining; developing, manufacturing and selling mining machines; and cloud mining. On Nov. 5, the company released the monthly report of its mining business, showing 595 BTC and 875 BCH were mined in October. Its hashrate increased to 674 PH/s during the month from 479 PH/s in the previous month. In its quarterly earnings presentation, the company still says it aims “to become No. 1 in the field of cryptocurrency.” The internet giant further detailed that the mining business recorded a loss during the third quarter even though the expansion of…

Judge Rules in Favor of Canadian Bank in Dispute With Crypto Exchange

Judge Rules in Favor of Canadian Bank in Dispute With Crypto Exchange

A $19.6 million disputed sum between Canada’s largest crypto exchange QuadrigaCX and the Canadian Imperial Bank of Commerce (CIBC) has been handed into the custody of the Ontario Superior Court, per a court document filed Nov. 9. On Oct. 8, Canadian newspaper the Globe and Mail reported that Vancouver-based QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since January, when CIBC froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability to identify the funds’ owners. CIBC subsequently requested the court to withhold the disputed funds and decide whether they belong to QuadrigaCX, Costodian, or the 388 users who had deposited the funds. In response, QuadrigaCX told the court that the bank froze the funds mistakenly and claimed to be the undisputed owner of the greater part of the funds. In the recent court file, Judge Glenn Hainey of the Ontario Superior Court ruled in favor of the bank, agreeing that the owner of the funds is not clearly established. Per the ruling, CIBC now has to pass the funds over to the Accountant of the Superior Court, so the court can identify the owner of the money. Regarding the legitimacy of CIBC’s actions in freezing the accounts, Judge Hainey concluded that he is “not in a position on this record to make any determination as to CIBC’s possible liability for doing so,” adding: “Accordingly, it would be inappropriate for me to extinguish any liability that CIBC may have for freezing the accounts in the absence of an evidentiary record that establishes that CIBC has no liability.” Gerald Cotten, chief executive at QuadrigaCX, told the Globe and Mail that “more importantly, the court has made no ruling yet on whether CIBC acted appropriately in freezing the funds in the first place. Regarding this point, we are considering our next steps.” Today, Cointelegraph reported that lawyers representing payment startup Ripple in its ongoing securities lawsuit are trying to move the case to a U.S. federal court. Court records confirm the application to move the case from the state to federal level, which would allow Ripple to prove definitively that its XRP token is not a security under…

Germany: Bitcoin.de Crypto Exchange Operator to Acquire 100% of Investment Bank Tremmel

Germany: Bitcoin.de Crypto Exchange Operator to Acquire 100% of Investment Bank Tremmel

German holding company Bitcoin Group SE has acquired a 100 percent stake in investment bank Tremmel Wertpapierhandelsbank GmbH, Cointelegraph auf Deutsch reports today, Nov. 13. Bitcoin Group SE, based in Herford, Germany, operates what is reportedly the country’s only regulated crypto exchange, Bitcoin Deutschland AG, also referred to by its domain, Bitcoin.de. Upon acquisition of the banking institution, which according to its website focuses on securities trading, the crypto holding will in turn obtain the use of Tremmel’s banking license. As a press release from Bitcoin Group SE states, the banking license will allow the holding to “significantly expand” its crypto-related offerings and operate ATMs for cryptocurrencies in Germany, stating it would be able to: “[…]issue its own cryptocurrency products, carry out proprietary trading in cryptocurrencies, and operate cryptocurrency ATMs is now available under the securities service provider’s banking license.” Tremmel’s managing director, Rainer Bergmann, will continue to be responsible for the bank and expand it into a custodian bank together with Bitcoin Group SE, the release notes. According to the press release, the purchase price for Tremmel is “in the lower seven-digit euro range.” The release notes that the closing is set to be completed in the first half of 2019, pending relevant regulatory approval. At the end of October, Germany saw the establishment of its first Bitcoin ATM, set up in a Munich gambling hall. Today, Cointelegraph reported that publicly-traded Canadian holding firm GoverMedia Plus Canada is set to acquire U.K.-based crypto exchange EXMO, both parties having recently signed a Letter of Intent (LOI).