Free electricity is usually seen as an opportunity to mine cryptos. However, luck ran out on the Principal of a school in China who was discovered to be using the school’s electricity for mining. The principal, Lei Hua has been fired for using the electricity of the school to mine Ethereum. Lei Hua who was the principal of Puman Middle School, Chenzhou had set up an Ethereum mining operation with 8 mining rigs, which had been running for an undisclosed period of time.
South China Morning reports that the principal started the mining operations from home last year in June. However, his mining machine which is worth 10,000 yuan, consumed more than 21 kilowatt-hours power per day. The principal had to switch to another source of power in order not to pay the rising bill. His solution was to relocate the machine to the school.
For 12 months, the principal managed to deceive everyone and even when the electricity bill became high, he blamed the power consumption on the school’s air conditioners (ACs) and heaters. The principal was not the only one involved as the deputy headmaster of the school was also mining Ethereum using the same power supply of the school. However, the mining activity kept interfering with the school’s computer network making it difficult to teach normally.
Things came to a halt when the operation was eventually uncovered by staff members who were curious about the whirring noise that was heard continuously all day and night in the school. In October, principal Lei was fired from his post, while the deputy headmaster was given a warning. The money realized from the illicit mining has been seized by the local authority. Although Officials did not specify how much money was recovered.
China has placed strict restrictions on over the counter (OTC) and pair to pair (P2P) trading. However, despite the government’s strictness on bitcoin mining, the mining of cryptocurrencies is still ongoing in China.
What do you think about stealing power to mine cryptocurrencies? Share your opinion with us in the comment section below.
Image credit: Pixabay
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Trump Expresses his opinion on Crypto, Libra; Binance to burn $2.4 billion worth of BNB
Trump via a tweet has posted hours ago expressed his opinion on cryptocurrency clearly defferentiating Bitcoin and other Cryptocurrency as well as on Libra the Facebook Global Cryptocurrency which it unveiled in June 2019 and to commence operations in January 2020.
According to Trump, he is not a Fan of Bitcoin and other cryptocurrencies which he describe as not money and highly volatile and basede on thin air. He went further to say unregulated Crypto Assets can facilitate unlawful behavior, including, drug trade and other illegal activities.
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
On Libra, the 45th President of the free world openly said Libra will have little standing and Facebook and other firms want to be come a bank they should and must seek a banking charter and be subject to all banking regulations both nationally and internationally.
As a true President and the first man in the country, he declared the US Dollars as the only currency in the USA and that it is stronger than ever, dependable and by far the most dominant currency worldwide.
As usual, the crypto enthusiast on Twitter had their own opinion to comment on the post by POTUS.
Bitcoin is a threat to Trump and his massively failing enterprises. How would he be able to launder money as he's done to keep his flailing businesses afloat ? His golf clubs are in need of immediate cash etc. This man was the only person to bankrupt a casino
— failingtrump (@failingtrump1) July 12, 2019
In another news, top exchange Binance has announced after burning their quarterly alloted BNB tokens that they will burn their Team allocated Binance Coin BNB which is a total of 80BNB currently worth $2.4 billion.
During one of the first IEOs on the Exchange, investors were unable to participate thus a public outcry with Binance coming to the rescue by instituting a Lottery system which saw users holding a certain number of BNB before being able to participate in IEOs on the exchange. This cause a rise in the value of the BNB.
This move by Binance amongst others will see Binance Coin hitting astronomical height in the next few months to years. We can’t wait to see what the chats will say in few five years time.
Facebook’s Libra Project White Paper Is Officially Out: Pushes for the Internet of Money
After months of speculation and a nonofficial statement from the Facebook team after the news break by Bloomberg reports on the rumoured cryptocurrency project secretly being worked, Facebook’s Libra Project White Paper is officially out.
Facebook clearly outlines its mission and vision for the Switzerland registered project.
It’s mission according to the whitepaper reads
“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”
Facebook is clearly ready for another phase of its reign as a social media giant housing more than a quarter of the world’s population. It is home to more than 2 billion users with its aggregated user base for WhatsApp, Instagram, Facebook and Messenger.
With the Libra’s project cryptocurrency dubbed the Globalcoin, Facebook is going to have an impact in the cryptosphere coupled with the influence of the founding members such as Coinbase, Visa, Spotify, Mastercard, Uber, Paypal, and others who have invested about $10million each into the project.
Facebook wants to make Libra the evolution of Paypal with the wish that it will be simpler to establish, easier to use as a payment means with fewer transaction fees, more accessible to the unbanked, more flexible and durable through decentralisation.
In its Libra document, Facebook writes:
“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee.”
Alongside Libra network, Facebook is also launching Calibra, a subsidiary company that will handle the transactions and protect users privacy. The goal of Calibra is “to provide financial services that will let people access and participate in the Libra network,” and it will be readily available in Messenger and WhatsApp and also as a standalone app.
The control of the Libra network will not be solely Facebook’s duty since it is decentralized to include all the 28 founding members. It is the association’s duty commonly referred to as “Libra Association” to promote the open-sourced Libra blockchain and also sign up businesses to accept Libra for payment. It rests upon them to recruit more founding members as Facebook says it wants to reach 100 members before the official launch of Libra.
The unit of the Libra cryptocurrency is Libra just like the unit of a dollar is cent. Libra is represented by a three wavy horizontal line Unicode character ≋ like the dollar is represented by $ or the naira by #. The value of a Libra is meant to stay largely stable since it is a stable coin. Its stability will make it be a good medium of exchange, as merchants can be confident as they will be assured they won’t be paid a Libra today that will be lesser than the amount tomorrow.
Bitcoin Price Rally, a Healthy Price Correction Looming
Bitcoin price has experienced a massive rally in 2019 as price keeps breaking out all major and minor resistance with the adoption of the blockchain technology by mainstream technology companies and interest by Wall Street firms. Will this rally continue or a healthy correction is due?
Let’s have a look at the $BTCUSDT chart
We can see price is forming a basic 5 wave pattern since December 2018.
We currently have a very nice set up at the top, an ending diagonal to complete the wave 3 around the $9400/9800 zone before breaking out for an healthy correction to wave 4 around $5800/600 zone.
Price is currently forming a Rising Wedge with a Bearish Divergence on the MACD. However, I’m still expecting a push up to $9400/9600 zone where volume becomes even more weaker before the sellers rally.
Bitcoin Donations Pouring In for Russia’s Main Opposition Alexei Navalny
Russia’s main opposition Alexei Navalny is once again on the spotlight having received up to 591 bitcoins valued at about $3 million at current market prices through his official donation address for his organization.
Alexei Navalny who faces so many backlashes from the Putin government in Russia and also political victimization and arrests even up to being banned from participating as a candidate in the last presidential elections in Russia against Vladimir Putin was recently reported by a pro-Putin television network to have most corruption investigative activities tied to huge donations pouring in alleging it to be involved in paid political hits.
Navalny runs an investigative center, the Anti-Corruption Foundation (FBK), a whistleblower organization that regularly publishes alleged corrupt activities of government officials, not sparing high ranking officials such as the prime minister Dimitri Medvedev and even the attorney general, Yuri Chaika
An anonymous Telegram channel on Monday known as “FBK Staffer’s Confession,” alleged the correlation between several huge donations to the Navalny organization’s wallet a few days before FBK published one of such investigation, alleging FBK is involved in paid political hits. This accusation was aired in major mainstream Russian media most of which are pro-Putin.
FBK through its chief of staff vehemently denied this allegation when contacted by Znak, a Russian news publication agency. Leonid Volkov FBK’s chief of staff denied any connection between the transactions and its investigations, in his rebuttal he said the anonymous blogger “dragged the non-existent facts together in by the head and shoulders.”
“You can say that each time Encke’s Comet approaches the Earth it coincides with a big war: 1914 (First World War), 1941 (World War II) and 2014 (War on Eastern Ukraine). But its rotation period is three years, and it approached the Earth many times when there were no big wars.”
Navalny’s bitcoin wallet address conspicuously appearing on its official website have seen as much as 2000 transactions including donations and withdrawals since 2016 after receiving its very first donation. This is noticed as every transaction on the bitcoin address is open and transparent for everyone to see due to its decentralized ledger technology.
Navalny is not only the dissenting voice or movement in the Russian political space that has been involved in bitcoin donations, there are many others including Zona.Media and The Insider, as well as internet freedom movement Roskomsvoboda accept donations in bitcoin or ether but FBK appears to be the most prominent.
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