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500 illegal crypto mining farms intercepted in Kyrgyzstan

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  • The Kyrgyzstan SCNS has intercepted about 500 illegal crypto mining farms.
  • The farms were tapping energy from power grids, which resulted in a shortage of electricity supply.

Kyrgyzstan authorities have busted 500 crypto mining farms that were illegally operating in the country, a local news agency 24.kg reported on Saturday. The law enforcement agencies in Kyrgyzstan have been actively policing digital currency mining activities, given it draws an excessive amount of energy from the power grids that often results in a shortage of power supply. 

Kyrgyzstan busts 500 illegal crypto mining farms

The State Committee for National Security of Kyrgyzstan (SCNS) said it discovered and suppressed 500 illegal crypto mining farms being run by a citizen whose name wasn’t mentioned. The farms were illegally connected to the distribution company’s electrical networks, which drew the attention of the authorities, as crypto mining farms consume a significant amount of energy.

“It should be noted that the mining farms subsequently lead to a shortage of generated electricity since one set of equipment consumes about 1,500-3,000 kilowatt per hour,” the SCNS said. 

The Kyrgyzstan authorities are open to regulating cryptocurrency. However, they have always shunned illegal crypto mining farms because it’s inappropriate and places a heavy load on the power grid. In May, the State Committee for National Security confiscated about 2,000 cryptocurrency mining units that were powered using stolen electricity.

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Crypto regulation in Kyrgyzstan

Following the rising interest in crypto amongst the citizens, the central bank of Kyrgyzstan began working on a draft bill for cryptocurrency regulation in the country in late November 2020. The draft legislation was proposed in January 2021, defining the government’s stance on digital currencies and how they may be used within the country.

The bill was designed in accordance with the Financial Action Task Force (FATF) guidelines and would help the Kyrgyzstan authorities to check against money laundering and terrorism financing risks in cryptocurrencies.

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BixBcoin Launches Investment Incentive Program on Hotbit Exchange

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Apart from staking program, BixBcoin has already announced the launch of several products within its ecosystem.

BixBcoin, a peer-to-peer cryptocurrency, has revealed the launch of an investment program in collaboration with the crypto exchange Hotbit. The program is expected to foster the adoption of the BIXB tokens and encourage long-term holding.

According to the report released on Hotbit, BixBcoin holders on the exchange are eligible to take part in the program. The investment program requires participants to stake lock their digital assets in a staking pool for a minimum of 90-days to receive rewards.

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BixBcoin has allocated a subscription limit of 120,000 BIXB and participants are required to stake a minimum of BIXB to take part in the program. Furthermore, individual Hotbit accounts are limited to 1300 BIXB and cannot stake more than amount.

BixBcoin has allocated an interest payment of 60.5% APY for all participants and the interests will be deposited to their Hotbit wallets after the expiry period.  The blockchain protocol also stated that the incentive program was a way to encourage long-term holders of BIXB tokens.

BixBcoin Incentive Program Follows Recent Product Launches

Apart from staking program, BixBcoin has already announced the launch of several products within its ecosystem. Earlier in 2021, the blockchain protocol released BIXBPay a payment API for individuals and businesses to receive payments in cryptocurrencies.

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This followed the earlier launches of a decentralized lending protocol “Loanypto” and non-custodial wallet services ‘’BIXB wallet’’. At the time, BixBcoin noted that the payment gateway was part of its plans to expand its crypto services to mainstream users.

The blockchain protocol focuses on creating an ecosystem for quick and low-cost transactions using blockchain technology. It is powered by its native token BIXB that enables holders to make transactions on its blockchain and access its products.

BIXB also serves as the governance and holders can vote on proposals and changes to its ecosystem. Currently, BIXB is valued at $22.17 and has a market cap of $66 million according to data from CoinMarketCap. The token is also accepted by a few gaming projects including Victory Games and Toto.

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The incentive program instituted by BixBcoin appears to be the norm in the crypto industry and it remains to be seen whether it would lead to increased adoption of its token.

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Vladimir Putin says cryptocurrencies ‘bear high risks’

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On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism at the “Russian Calling” investment forum in Moscow. According to local news outlet lenta.ru, the president made the following remarks, as translated by Cointelegraph:

“It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks.”

Putin called for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. Currently, cryptocurrency regulation is still in its infancy in Russia. Although the government is considering the launch of a central bank digital currency, at least eight federal laws and five legislative codes must be changed for the digital ruble to take effect.

Furthermore, no regulation exists in the country regarding cryptocurrency mining. This has led some to claim that $2 billion in crypto mining revenue is generated annually in Russia, but on that, no taxes are paid. Due to the lack of a regulatory framework, cryptocurrency use has soared among ordinary Russians, with transactions surpassing $5 billion each year.

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In other parts of the former Soviet Union, cryptocurrencies are also rapidly gaining in traction. Kazakhstan has become the world’s largest Bitcoin (BTC) miner by hash rate, and its president is seeking to collect more taxes from such activities to fund the country’s expenses. In Ukraine, the government is actively encouraging legal crypto operations. Last year, the Polish city of Olsztyn began adopting the Ethereum (ETH) blockchain for emergency services.

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Jack Dorsey resigns as Twitter CEO, but his crypto influence will remain

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  • Jack has been at the forefront in pushing for Bitcoin as the currency of the Internet and has even introduced it as a tipping method on Twitter.
  • He will still be CEO of Square, yet another company in which his pro-BTC influence has been felt, including through offering cryptocurrencies on Cash App.

One of the most renowned personalities in Silicon Valley is stepping down as the CEO of the company he founded and has nurtured to global popularity. Jack Dorsey has abruptly announced that he’s stepping down from the helm of Twitter. Over the past few years, he has been one of the biggest advocates for Bitcoin as the currency of the Internet, and even as he steps down, his influence will be felt long after he’s gone.

Jack founded the microblogging platform-cum-social media giant alongside three others in 2006, but two years later in 2008, he was forced out. He would later come back to the company in 2015 and lead it to global growth.

As CEO of Twitter and Square (the mobile payments company he founded after being fired from Twitter in 2008), Jack has been one of the most vocal Bitcoin supporters. And while many corporate leaders (with the exception of a few like Michael Saylor) have supported cryptocurrencies in general, Jack has been specifically supporting Bitcoin and not any other cryptocurrency.

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In a letter announcing his resignation, Jack stated:

I’ve worked hard to ensure this company can break away from its founding and founders. I believe it’s critical a company can stand on its own, free of its founder’s influence or direction. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego.

Is Jack leaving Twitter for Bitcoin?

In the past few years, Jack’s efforts to promote the adoption of Bitcoin have become increasingly significant. As Twitter CEO, he spearheaded the addition of Bitcoin as a tipping method for content creators on the social media platform.

He has always insisted that Bitcoin will be a big part of Twitter’s future. And even though he will no longer be at the helm, Twitter will most likely continue down this path. For one, Dorsey is being replaced by Parag Agrawal, the former Twitter CTO.

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According to a report by The Verge, Agrawal is an even bigger Bitcoin fan than Jack. People inside Twitter revealed that it was he who convinced Jack to lead the company towards exploring decentralized technologies and Bitcoin. Being an experienced engineer himself, it’s likely that he will be actively involved in the development of Bitcoin-related features himself.

Jack will continue in his role as the CEO of Square, his other company, which is now three times larger than Twitter. Square is even more aggressive than Twitter when it comes to pushing for Bitcoin adoption.

Many speculate that Jack is leaving Twitter for Bitcoin. After all, he has stated in the past that he would be willing to make the switch “if Bitcoin ever needed him.”

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If he decides to make the switch, the cryptocurrency world will welcome him with open hands, and some like Binance CEO Changpeng Zhao are already extending the invitation.

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