Bitcoin mining is what secures the Bitcoin network and pay the miners to keep mining. Switzerland and other cold countries with cheap electricity are the main targets for such miners, and now Mongolia is attracting Japanese miners for Bitcoin mining.
Tokyo-based e-wallet company Ginco has now set up shops in Mongolia’s capital Ulaanbaatar. Ginco has set up two mining firms to be specific. Ginco set up the company back in October when the mining hash rate fell and so did the price of Bitcoin when other competitors were considering closing up shop due to the fact that mining was not profitable.
The two mining farms that Ginco has consisted of 600 mining rigs and they have plans to increase the number to 1,000 by the end of Q1 of 2019.
Yuma Furubayashi, CEO of Ginco, said:
“The business environment is increasingly harsh, but we can still produce a profit.”
Bitcoin had a good start in 2019 but it fumbled on January 10, 2019, as the price of Bitcoin collapsed by more than $250 in a single hour. This collapse was followed by every other cryptocurrency and the market underwent a massive fall.
Apart from Ginco, iTools also began mining its operations in Mongolia recently and CEO Tamir Bayarsaikhan said that he has plans to increase the business capacity i.e, increase its mining equipment.
Both the above-mentioned companies said that mining in Mongolia was profitable and that Mongolia has become a crypto-friendly town with its recently passed legislation.
Moreover, Mongolia’s largest telecom network – Mobicom, has decided to create its own cryptocurrency known as “candy”, the value for which is pegged with its currency.
Furthermore, Mongolia partnered with Terra, a blockchain-based payment company that is supported by Huobi and Binance. Terra is a company that is focussed on building instant money transfer and lending services.
In addition, Terra’s payment solution will first launch in Ulaanbaatar City’s Nalaikh District through a pilot programme, with plans to expand citywide.
“@ENERGY Should deploy the free energy secrets on the #Bitcoin network!”
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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.
Yang said on Twitter,
“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”
On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.
The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.
Fang, a Twitter user, said,
“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”
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