Authorities in Beijing have been conducting checks on cryptocurrency mining datacenters to assess and understand its energy consumption and thus the impact on the electric infrastructure. Although it was reported as a rumor by international media outlets, Chinese state media confirmed it.

Authorities Sent an ‘Emergency Note’ to Three Biggest Telecom Operators

As first reported by Reuters, the Beijing Municipal Bureau of Economy and Information Technology was the entity that ordered the checks on the city’s data centers.

In the first instance, they wanted to verify if these companies are involved in bitcoin (BTC) and other cryptocurrency mining businesses by sending an “Emergency Notice Concerning the Data Center Involving Bitcoin and Other Cryptocurrency Mining Businesses in Our City’s Data Centers.”

According to an unnamed source cited by Reuters, the notice also targeted three of the biggest telecommunications operators in China.

The measure took place on Tuesday, and then state media Pengpai confirmed the news on Thursday. Furthermore, the bureau wants to get reports on the amount of power consumed and share by crypto asset mining.

Although the information specifies that the notice was issued in Beijing, there is no official confirmation on whether the checks are being conducted across the country or not.

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Was China’s Carbon Neutral Stance One of the Reasons Behind the Checks?

Also, there are not more details on the reasons that drove Beijing authorities to conduct such checks.

However, Reuters suggests the measure could come in the wake of the latest shut down of digital currency mining projects in the Chinese region of Inner Mongolia, as the country seeks to improve energy efficiency.

Moreover, as Bitcoin.com reported recently, China’s carbon-neutral stance adds weight to bitcoin miners’ backs. Following a recent hashrate drop in the province of Xinjiang, a regional report notes that people leveraging electricity in Sichuan may see an electrical cost increase.

In fact, a local financial columnist said that Sichuan electricity powered by carbon materials will increase by 150% this year adding to the demand for renewable hydro power.

What are your thoughts on the measure taken by the Beijing government? Let us know in the comments section below.

Source: Bitcoin.com
Original Post: Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

PRESS RELEASE. Peer-to-peer internet ThreeFold integrates with several popular blockchain ecosystems in an effort to increase adoption for the world’s largest such network

29th April 2021, Dubai, United Arab Emirates – ThreeFold plans to integrate its peer-to-peer internet platform with three of the leading blockchain ecosystems in the decentralized finance (DeFi) space; Binance Smart Chain (BSC), Ethereum, and Huobi’s ECO Chain.

ThreeFold is set to integrate BSC in the next couple of weeks, with Ethereum and Huobi’s ECO Chain following shortly later on in Q2. These integrations will provide the ThreeFold ecosystem access to a wide array of DeFi applications. In turn, this will allow ThreeFold to be more accessible to the DeFi world and provide ThreeFold Farmers and users with more platforms to exchange TFT.

ThreeFold’s bold move comes while the wider cryptocurrency market is booming. The total value of all cryptocurrency-related or blockchain-based projects has surpassed $2.1 trillion in recent weeks, as market leaders, such as Bitcoin and Ethereum, set new all-time highs. Accordingly, interest in blockchain technology is soaring as the number of active projects in the space nears 9,000.

Moreover, in an environment in which internet use for all aspects of life is soaring owing to COVID-19 restrictions, ThreeFold’s main value proposition – a truly peer-to-peer internet platform – is gaining traction. ThreeFold sees the sustainability of internet services in the long-run and its decentralization as inseparable.

Democratizing the Internet

But why is this needed? The internet today is hosted by a small group of well-resourced companies that are responsible for the maintenance of data centres which provide the server and storage space for the vast quantity of content on the internet. In addition, these same companies are finding a way to monopolize the network connections that allow data to flow around the globe.

As a result, decisions made by these companies have the power to entirely change the landscape of the internet unilaterally, without contest. Given the fact that the internet is now integral to much of the world’s industry, as well as many ways of life, the disproportionate power that these companies wield make them the de facto governors of the future of humanity’s development.

Just as Satoshi Nakamoto envisioned the democratization of the financial system through decentralization, ThreeFold is on a similar quest to democratize the internet with a unique combination of autonomous and blockchain technology. The benefits would be clear. More internet users would benefit from a neutral peer-to-peer platform on which to store their data and run their applications privately and securely.. Moreover, decentralization removes the internet’s singular potential points of failure which could seriously disrupt the global Internet and Cloud industry.

A Multichain Future

ThreeFold’s upcoming integration with BSC, Ethereum and Huobi’s ECO Chain is a critical part of continuing to grow and cultivate the world’s largest peer-to-peer internet platform. Ethereum is the number one platform for decentralized applications (dApps) in the cryptocurrency and blockchain space as of today.

Accordingly, ThreeFold’s platform will be put on the radar of the vast number of Ethereum users who could quite effortlessly become the much-needed nodes in its vision of a decentralized internet. Furthermore, there is a wealth of decentralized development expertise concentrated in the Ethereum-sphere, as well as in both Binance’s and Huobi’s blockchain ecosystems. In addition to improving compatibility with these platforms, ThreeFold will be able to tap into these development skills, inviting experienced dApp developers to build their applications on top of the ThreeFold Grid.

Comparatively, ThreeFold’s ambitious integration plans put it far ahead of similar projects in the decentralized internet space, who are traditionally Ethereum-based. However, with the increasing cost of Ethereum-based development and its slower than required scalability updates, ThreeFold’s peer-to-peer Internet will remain affordable, scaleable and simple for developers.

About ThreeFold

ThreeFold is developing a peer-to-peer internet platform that aims to liberalize what it labels as a centralized and unequally distributed internet. Its platform, called the ThreeFold Grid, comprises over +600 servers in 25+ different countries around the world, delivering approximately 80 PB in storage and over 16,000 CPU cores worldwide, making it the largest storage and compute peer-to-peer internet network in the world. See ThreeFold Grid’s statistics in more detail using their explorer here.

Each server runs ThreeFold’s stateless and lightweight open-source operating system, Zero-OS, and is set up and operated by independent individuals and organisations called Farmers. Farmers earn rewards in TFT – the platform’s native token – for their participation. TFT is the currency of the ThreeFold Grid, with each token representing a unit of storage and compute on the platform. Grid users can use these tokens to reserve the storage and compute they need to store, build and share on the platform’s internet network.

ThreeFold’s ultimate vision is to be part of the movement to fully democratize the internet worldwide.

To learn more about how ThreeFold plans to democratize the internet, visit their website here. For more information on TFT and how it fits into ThreeFold’s overall plans, see this page.

Follow ThreeFold on Twitter: https://twitter.com/threefold_io

Read ThreeFold’s documentation on Github: https://github.com/threefoldfoundation

Like ThreeFold’s page on Facebook: https://www.facebook.com/threefold.io

 

Media Contact Details

Contact Name: Amazix Press Team

Contact Email: press@amazix.com

 

THREEFOLD is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Source: Bitcoin.com
Original Post: Peer-to-Peer Internet ThreeFold Goes Multichain to Accelerate Token Accessibility

Federal Reserve Chair, Jerome Powell, discussed a number of topics this week such as inflation and central bank digital currencies (CBDCs) following the multi-day Federal Open Market Committee (FOMC) meetings. The central bank’s lead executive was asked about feverish stocks like Gamestop shares and the crypto asset dogecoin. Powell said that the Federal Reserve aims to provide financial stability but notes there are some things in capital markets that are a bit frothy.

Fed Chair on Inflation: The committee Seeks Inflation Moderately Above 2%

This week the FOMC meetings have shown that the U.S. central bank plans to continue its monetary easing policies until it is satisfied the economic effects of the pandemic are dealt with. The FOMC meetings were also followed by press conferences where the Fed Chair Jerome Powell answered questions from a number of different news agencies. Powell discussed the benchmark interest rate and inflation, while he was also asked about digital currencies and things like Gamestop shares and the recent dogecoin (DOGE) rally.

At first, Powell was inundated with questions about inflation and one reporter stressed that some people believe “the Fed might let things get out of hand with the new policy stance.” The reporter asked the Fed Chair if the central bank will be able to get ahead of inflation before it gets well ahead of the 2% target. Powell noted that since the Fed has been able to maintain an inflation rate below 2% for “some time,” he highlighted that “the committee seeks inflation moderately above 2% for some time.”

Powell further remarked:

[The Fed is] strongly committed to achieving our objectives of maximum employment and price stability.

Despite China’s Lead Creating a Central Bank Digital Currency, Powell Says ‘USD Is Still ‘the World’s Reserve Currency’

The Fed Chair was also asked about the U.S. falling behind countries like China in the race to create a central bank digital currency (CBDC). “We feel an obligation to understand the technology and all of the policy issues very, very well,” Powell said in response to the CBDC questions.

“Central bank digital currencies are now possible, and we’re going to see some of them around the world,” Powell added. “And we need to understand whether that’s something that would be a good thing for the people that we serve. How would it work in our system? And there are some very, very difficult questions to answer, and we are engaged in a serious program to understand both the technology and the policy issues.”

The Federal Reserve’s Chair explained that the dollar is still very powerful in his eyes, and he emphasized that the USD is “the world’s reserve currency.”

“That means that the dollar is used in transactions all around the world, far more than any other currency. And that’s because of our rule of law, our democratic institutions, which are the best in the world, our economy, our industrious people, all the things that make the United States the United States,” Powell said.

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Gamestop Shares and Dogecoin

One reporter noted the hype that has surrounded certain markets like dogecoin (DOGE) and Gamestop shares. The journalist said that people are searching for “yield in this market” and he wondered if the Fed felt responsible for the current financial stability in America. “Is there a financial stability concern from the Fed’s perspective at this time?” the reporter asked the Fed Chair. Powell responded and said that the financial stability the Fed provides is quite broad, and the central bank doesn’t jump on a certain issue and then move to the next.

“Financial stability for us is really, we have a broad framework. So we don’t just jump from one thing to another,” Powell replied. “I know many people just look at asset prices and they look at some of the things that are going on in the equity markets, which I think do reflect froth in the equity markets. But really, we try to stick to a framework for financial stability so we can talk about it the same way each time, and so we can be held accountable for it,” the Fed Chair added.

Just as Powell has protected the mega banks by alluding to the financial incumbents’ so-called “strength” in the past, he positioned the Wall Street banks once again as strong financiers this week.

“Leveraging the financial system is not an issue. We have very well capitalized, large banks,” Powell stressed at the press conference.

What do you think about Jerome Powell’s commentary about inflation, CBDCs, and capital markets being frothy? Let us know what you think about this subject in the comments section below.

Source: Bitcoin.com
Original Post: Fed Chair Jerome Powell Says Dogecoin and Gamestop Hype Highlights ‘Froth in Equity Markets’

Turkey has now jailed six suspects connected to the cryptocurrency exchange Thodex, which has been accused of an exit scam. Turkish authorities and Interpol have widened their search for the exchange’s CEO, who fled the country before shutting down his trading platform, preventing customers from withdrawing their funds.

Search Widens for CEO of Crypto Exchange Thodex

A Turkish court has jailed six suspects in connection with the cryptocurrency exchange Thodex which has been accused of an exit scam, Reuters reported Thursday.

The exchange abruptly halted trading last week after its CEO, Faruk Fatih Ozer, fled the country to Albania. Customers have filed complaints against the exchange as they cannot log in to their accounts and withdraw their funds.

The spokeswoman for Istanbul’s Anadolu prosecutor’s office said that the six jailed suspects include Ozer’s brother, sister, and senior company employees, noting that they are awaiting trial. At least 83 people were detained over the past week, but most have been released. Seven were let go on Thursday with judicial control measures.

Interpol has issued a red notice for the Thodex CEO at the request of Turkey. Noting that Turkey has sent units to four countries to search for Ozer, including Albania, Turkish Interior Minister Suleyman Soylu said this week in an interview with NTV:

When he is caught with the red notice, we have extradition agreements with a large part of these countries. God willing he will be caught and he will be returned.

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While users and media claimed that Ozer had run off with $2 billion of customers’ funds, Minister Soylu said the company’s portfolio shows $108 million.

Thodex is not the only crypto exchange being investigated by Turkish authorities. Verbitcoin also halted trading abruptly and is currently being investigated for fraud. This week, four people were jailed pending trial as part of an investigation into Vebitcoin.

The Turkish central bank recently banned the use of cryptocurrencies for payment but has indicated that it does not intend to ban cryptocurrencies. The government is now working on establishing a regulatory framework for cryptocurrencies.

Do you think Thodex pulled an exit scam? Let us know in the comments section below.

Source: Bitcoin.com
Original Post: Turkey Jails 6 People as Police Widen Search for Missing Cryptocurrency Exchange CEO Accused of Exit Scam