Iceland, a major destination for cryptocurrency miners, have reported a major theft of nearly 600 powerful computers, while the regional leader of another favorite for cryptomining, Quebec is not interested in bitcoin mining without any added value to the region.
Here is a wrap up of the main news from the crypto world over the weekend.
Iceland Reports Massive Theft of 600 Bitcoin Mining Computers
In a major theft, around 600 powerful computers used to mine bitcoin and cryptocurrencies were stolen in Iceland. The police reportedly said that the around $2 million worth computers, which were taken from datacenters, are yet to be traced. The police have arrested around 11 people including a security guard, while two were ordered by a court to remain in custody. Reports said the computers were stolen in four burglaries, of which three were in December and one in January. The police are said to be tracking unusual electric consumption across the country to trace whether these computers are used for crypto currency mining.
Quebec Not Interested In Bitcoin Mining Without Added Value To Region
Quebec, a favorite place for cryptocurrency miners for its cheap power, is not interested in bitcoin mining without any added value to the region, Bloomberg reported, citing the Canadian region’s Premier Philippe Couillard. Cryptocurrency mining procedure consumes enormous power and Quebec is said to have the lowest power costs in North America due to its nearness to dams. Hydro-Quebec, the largest utility in the region, produces excess power than needed. Couillard said the bitcoin miners planning to move to the region will not get cheap electricity through state utility Hydro-Quebec, as the state may not have enough power to meet the demand.
PayPal Seeks Patent For Faster Cryptocurrency Payment Technology
PayPal, a global online and mobile payment processing company, is exploring how to make cryptocurrency payments faster. The company has sought a patent for a new method that largely relies on transferring private keys, which are codes made with numbers and letters that are used for cryptocurrency transactions, from a buyer to a seller, an application with the US Patent and Trademark Office showed. The patent application titled “Expedited Virtual Currency Transaction System” dated March 1 was first spotted by the blockchain news website Coindesk.
Blockchain Startups Receive More Funding from ICOs Than VCs Thus Far In 2018
Blockchain startups and related businesses have received more funding from initial coin offerings, or ICOs, than from traditional venture capital rounds, in the first two months of 2018, technology news website TechCrunch reported, citing data from its sister, Crunchbase, an industry data website. Based on data from 527 venture capital rounds and ICOs in 2017-2018 year-to-date for companies in bitcoin, ethereium, blockchain, cryptocurrency and virtual currency categories, Crunchbase said ICOs were only 32 percent of the total deals, but they raised 78 percent of the dollar volume.
Bittrex Blocks US-sanctioned Countries From Trading Services
US-based cryptocurrency exchange, Bittrex has blocked residents of certain countries under US sanctions from accessing its trading services. North Korea, Iran, the Crimean region, Syria, and Cuba are included in Bittrex blacklist. The ban is mentioned in section 2.2: of its new terms of service, which deals with “Restricted Locations”. It prohibits “citizen(s) or resident(s) of any state, country, territory or other jurisdiction that is embargoed by the United States” from accessing Bittrex’s trading services. The new Terms of Service will come into effect on March 9.
As of 6.45 am ET on Monday, Bitcoin was up 3 percent at $11,484.07 and Ethereum was higher by 2.09 percent at $865.24 on Coinbase.