Tether continually printing USDT with no proven US dollar backing
Concerns about Tether and its day-to-day activities continue on with suspicions growing that the company does not actually hold dollar reserves equal to the amount of Tethers (USDT) currently in circulation. These suspicions are fueled by the fact that Tether has substantially increased the amount of USDT in circulation in recent months, all without publishing the findings of their most recent audit.
According to @TetherPrinter, a Twitter account that dedicates itself to tracking the amount of tether grants issued on the Omni blockchain, $400 million USD worth of new Tethers have been issued in just the last 4 days.
Despite announcing in December that they were in the process of performing an audit of their balance sheet, the company has still not published any information about their finances and how it compares to the USDT token balance.
Canada’s largest utility Hydro Quebec struggling to meet demand from cryptocurrency miners
Canada’s largest utility, Hydro Quebec, is reviewing its commercial energy strategy after being inundated with demand from global digital currency miners rushing to the province to benefit from political stability and low energy prices.
Hydro Quebec will not have the long-term capacity to meet all the anticipated demand, a company spokesman said, after the utility’s potential mining projects more than doubled in a week to 70.
Expectations of a crackdown in China, one of the world’s biggest sources of cryptocurrency mining, on the sector has made energy-rich Quebec an attractive site for companies, and its chief executive is now receiving queries on his Linkedin profile.
“We are receiving dozens of demands each day. This context is prompting us to clearly define our strategy,” said Hydro Quebec spokesman Marc-Antoine Pouliot by phone.
Blockchain News 20 January 2018
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