Authorities within the Russian area of Irkutsk have thus far filed 1,000 lawsuits towards what they name “grey” miners, or individuals minting cash of their houses. In over half of those circumstances, courts have ordered the defendants to compensate the operators of the distribution networks.
Energy distributors within the Siberian Irkutsk Oblast have filed lawsuit no 1,000 towards customers illegally mining cryptocurrency in residential areas. In 600 of those, judges have determined that the so-called “grey” miners ought to pay a complete of greater than 260 million rubles ($3.5 million) in compensation for losses and damages.
The commonest motive for going to courtroom is an unusually excessive utilization of electrical energy, the regional information portal Irk.ru reported. Such is the latest case with the proprietor of a home within the village of Novaya Razvodnaya, whose common month-to-month energy consumption over the course of 1 12 months reached virtually 80,000 kWh, exceeding the full burned by the opposite 15 houses on the identical road.
The person denied any misconduct, claiming he didn’t mine cryptocurrencies however used warmth weapons to dry his basement. The Irkutsk Regional Court docket didn’t settle for his rationalization and in consequence he should pay the native energy utility, Irkutskenergosbyt, greater than 2 million rubles (approx. $27,000).
The quantity ought to cowl the distinction between the sponsored electrical energy charges for home functions, which may be as little as $0.01 per kWh in rural districts, and the a lot increased tariffs that companies are required to pay.
Prior to now couple of years, authorities have been attempting to clamp down on house crypto mining within the area, which has turn into a preferred supply of extra revenue for a rising variety of individuals. Officers consider that the regulation of mining in Russia and the introduction of differentiated charges, relying on consumption, will assist remedy the problem.
Quoting Deputy Ministry of Vitality Pavel Snikkars, the Russian press reported in December that electrical energy distribution firms have began to establish improvised mining farms in residential buildings by the elevated masses on the grid at substations and are actually prosecuting the unlawful miners.
Whereas crypto mining is but to be regulated in Russia, with a devoted invoice below evaluate within the parliament, such actions will not be explicitly prohibited for the time being. Nonetheless, utilities can nonetheless show in courts that these customers will not be utilizing the electrical energy for home wants and request to cost them at business charges.
Do you suppose Russian authorities will proceed to crack down on novice crypto miners? Share your ideas on the topic within the feedback part beneath.
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As President-elect Donald Trump begins a second term on Monday, he plans to issue an executive order making cryptocurrency a national priority, Bloomberg reports.
The order is meant to guide government agencies to work with the industry and possibly pause crypto-related litigation, according to Bloomberg, which cited unnamed people familiar with the matter. Trump also plans to create a crypto advisory council to advocate for the industry’s policies, per Bloomberg, and has suggested creating a national bitcoin stockpile.
This would mark a new era for crypto, an industry that collapsed two years ago after prices crashed. The period was marked by the fall of FTX, a leading exchange that went bankrupt that year. Its founder, Sam Bankman-Fried, was convicted of defrauding customers and sentenced to 25 years in prison.
The industry resurged in 2024, boosted by Trump, a former skeptic who pledged to turn the U.S. into the crypto capital of the world. Eager for a clear governing framework and a friendlier watchdog, donors poured tens of millions of dollars into pro-crypto candidates’ campaigns.
Dogecoin, a cryptocurrency with a dog mascot and billionaire Elon Musk as a fan, surged in value after Trump won and announced a non-governmental cost-cutting group nicknamed DOGE.
Trump then nominated crypto ally Paul Atkins to lead the Securities and Exchange Commission, the federal agency that led a crackdown under the Biden administration. Bitcoin surged to $100,000 for the first time following the announcement. “CONGRATULATIONS BITCOINERS!!! $100,000!!!” Trump wrote on Truth Social. “YOU’RE WELCOME!!!”
Crypto companies and investing platforms like Coinbase, Robinhood, Kraken and Ondo Finance Inc. have made $1 million donations to his inauguration. Ripple plans to donate $5 million in the form of its own digital token, and the industry is holding an “Inaugural Crypto Ball” to support Trump, Bloomberg reports.
Trump’s business interests include World Liberty Financial, a crypto platform he and his sons launched last year with Steve Witkoff, a friend and inaugural committee co-chair who has been named special Middle East envoy. The Trumps are not employees of the business but promote it, and an entity affiliated with Trump, DT Marks DEFI LLC, is entitled to receive 75% of the revenues.
In mid-November, the Financial Times reported that Trump Media — the parent company of Trump’s social media platform, Truth Social — was in talks to buy Bakkt, a crypto trading firm previously led by Kelly Loeffler, another co-chair of his inaugural committee.
Trump’s 2024 financial disclosures show he owned as much as $5 million worth of the crypto token ethereum, a crypto token that has surged in value since the election, according to The New York Times.
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Donald Trump, who is going to take office as the 47th US President on January 20, is planning to issue an executive order that will elevate cryptocurrency to a national priority in the United States, reported Bloomberg.
The move is expected to signal a policy shift and provide the crypto industry with a more prominent role in shaping government decisions.
According to sources mentioned in the report, the order will designate cryptocurrency as a national imperative, encouraging government agencies to collaborate with the industry. Additionally, it is likely to establish a cryptocurrency advisory council to advocate for the sector’s policy needs.
Bitcoin was trading at $101,021.39, with a market cap of $2 trillion at the time the article was being written.
Donald Trump has received considerable support from the cryptocurrency industry, including donations from prominent companies such as Coinbase and Ripple to his inaugural committee. On Friday, just days before the beginning of his second term at the White House, the industry is set to host an “Inaugural Crypto Ball” in Washington, celebrating its ties with the incoming administration.
This initiative would represent a huge shift for the crypto sector, which has faced numerous regulatory challenges under President Joe Biden’s administration. Federal agencies, including the Securities and Exchange Commission (SEC), have launched more than 100 enforcement actions against crypto companies in recent years.
The proposed executive order may include a directive requiring all government agencies to review their policies on digital assets. There is also discussion about pausing ongoing litigation involving cryptocurrency firms, sources told Bloomberg. This could potentially halt legal actions against major players such as Binance Holdings Ltd. and Ripple Labs Inc., a move seen as a top priority by the industry.
Another key aspect under consideration is the creation of a national Bitcoin stockpile, the report mentioned.
The US government currently holds nearly $20 billion worth of Bitcoin, confiscated during various investigations, according to analytics firm Arkham. Bitcoin’s price has surged by nearly 50% since the November election, reaching over $100,000, partly due to speculation about the potential stockpile.
The proposed stockpile would formalise the government’s holdings of Bitcoin and reflect a strategic shift in how the US approaches cryptocurrency. Bitcoin has seen remarkable growth in 2024, with its value more than doubling over the year.
Kara Calvert, Vice President for US Policy at Coinbase Global Inc., commented on the importance of Trump’s potential move.
“What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signaling to other countries is be careful, or you won’t keep up,” she told Bloomberg.
Trump has also made bold promises during his campaign, vowing to transform the US into the global capital of cryptocurrency. His administration is expected to issue several executive orders covering various industries within his first few days in office.
Despite facing regulatory hurdles during the Biden administration, the cryptocurrency industry in the US has continued to grow. Prominent financial firms, including BlackRock Inc., have launched spot Bitcoin and Ether exchange-traded funds (ETFs).
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Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.
With cryptocurrencies jumping ahead of Trump’s inauguration, an inflation report for Bitcoin bringing encouragement, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Cryptocurrencies surged on Thursday as investors shifted their focus to smaller, higher-risk coins ahead of President-elect Donald Trump’s inauguration.
XRP and litecoin were among the top performers, rising 13% and 22%, respectively, according to Coin Metrics. The CoinDesk 20 index, a broad crypto market indicator, gained nearly 5%. Meanwhile, bitcoin increased by less than 1%, hovering near $100,000 after a two-day rally of around 7% earlier this week. Ether dropped nearly 3% on Thursday.
Bitcoin continued its rebound on Wednesday, hovering around $100,000 after another positive inflation report boosted investor risk appetite. The price of the leading cryptocurrency was up more than 3%, reaching $99,493.26, marking a 7% gain over the past two days, according to Coin Metrics. It peaked at $100,715.13 during late afternoon trading.
The CoinDesk 20 index, which tracks the broader cryptocurrency market, rose by 7%.Shares of Coinbase climbed 7%, while Bitcoin-related stocks MicroStrategy and Mara Holdings saw gains of 5% and 4%, respectively.
With U.S. President-elect Donald Trump’s inauguration a few days away and new leadership set to take over at the Securities and Exchange Commission (SEC), other cryptocurrencies beyond bitcoin (BTC) and ether (ETH) may soon be approved for their own spot exchange-traded funds (ETFs).
Litecoin (LTC) is expected to be the first to receive approval, according to Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence. “Canary Funds just filed an amended S-1 for their litecoin ETF application. While there are no guarantees, this could signal SEC engagement on the filing,” Seyffart shared on X.
The crypto market often follows a cyclical pattern, with past price movements helping analysts predict future trends. Analyst Martinez applied this strategy in his commentary on Thursday, suggesting that Dogecoin could see another significant rise starting next week.
Martinez pointed out that Dogecoin experienced a major uptrend in the week of January 25, 2021, following a 56% drop from its December high. To provide context, the meme token fell from $0.0143 in December 2021 to a low of $0.0067, before rebounding sharply and closing January with a 700% increase.
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