Crazy bitcoin mining rigs

A few of such were placed in a garage inside of a garage complex but seems like the load was to high for the wiring so all this got into flames and caused the garage to completely burn down their garage and nearby garages together with the cars in them. 3000 dollars which adds up to causing losses to neighbors by burning down their cars. China has these by the thousands, crazy bitcoin mining rigs is so crazy. What will it end up doing to us?

Already each day its up thousands the next day its down by thousands. Kodak announced yesterday that it’s going to launch its own cryptocurrency but that’s not where its digital currency ambitions end. The company has also teamed up with Spotlite to offer a bitcoin mining rig. There is one major caveat for customers who purchase this machine. They will have to part with half of their profits.

Kodak has actually licensed its brand to Spotlite, a company that develops and sells bitcoin mining rigs. The companies have come up with a new line of bitcoin mining rigs that they will essentially be renting to customers. 3,400 upfront to rent the machine. That’s what supports the bitcoin network and mines new coins.

The agreement mandates that customers will have to part with half of all the proceeds that the machines generate by mining bitcoin. People were quick to point out a major flaw in this arrangement on social media after images of the promotional material were circulated. Kodak is yet to comment about this arrangement. News has emerged of yet another cryptocurrency-related ban — this time in Vietnam. However, this stipulation hasn’t stopped the occurrence of fraudulent activities in the country. 658 million ICO scam that defrauded more than 30,000 people. According to the ministry, mining rigs imported into the country are and were used to create new cryptocurrencies and unregulated payment systems.

It is the belief that many of these mining activities are set up to defraud unsuspecting investors. Thus, the ministry is calling for a ban on all mining rig imports to combat the activities of fraudsters. This proposed ban follows Prime Minister Nguyen Xuan Phuc’s directive for stricter regulation of the market. Based on the directive, credit institutions in the country may not facilitate cryptocurrency transactions. Financial regulators and the Justice Ministry are also responsible for ensuring virtual currency stakeholders abide by the country’s anti-money laundering regulations.

Vietnam’s need for a robust cryptocurrency regulatory framework came to the fore in September 2017. Cryptocurrency Mining in Vietnam Even though cryptocurrencies are illegal in the country, Vietnam imports thousands of mining rigs annually. According to the General Department of Vietnam Customs, more than 6,300 mining rigs were imported into the country between January and April 2018. Last year, Vietnam imported almost 10,000 mining rigs.

Saigon, Hanoi, and Da Nang are the principal cryptocurrency mining areas in the country. Will the ban on cryptocurrency mining rigs help the government prevent cryptocurrency-related fraud? Let us know your thoughts on the matter in the comment section below. The post Vietnam Finance Minister Wants to Ban Bitcoin Mining Rigs appeared first on Bitcoinist. 7 news feed covering everything cryptocurrency-related. An awesome collections of stories about Bitcoin, Ethereum and other altcoins.