Russian court issues first ever fine for cryptocurrency advertising
Russian courts deemed the publication of Edinstvo Nizhnekamsk, which circulates in the Republic of Tatarstan, to be in breach of advertising regulations. The case came to court via the Federal Anti-Monopoly Service & a local branch of a subdivision of Russia’s Central Bank.
The state alleged that the advertisement in question, which simply carried the statement “Investments in cryptocurrency. Bitcoin, Ethereum, Zcash. Assembly and setup of mining farms” along with a contact telephone number, ran contrary to legal statutes. “From the sense of the content of the aforementioned advertisement, it follows that Richard Timurovich Blumchen is offering financial services, and not consulting ones,” the Anti-Monopoly Service complained, which resulted in the individual liable to pay a fine for the infringement. http://www.interfax.ru/russia/624465
Australia to see its first solar powered Bitcoin mining farm
An Australian data center operator and its cryptocurrency subsidiary are developing what they describe as the country’s first “behind-the-grid data center” powered by renewable energy. Situated in the coal-mining town of Collie, some 200km south of Perth, the new facility is being developed by data center operator DC Two and subsidiary D Coin and will be powered by a solar farm.
The company said “By providing customised low cost hosting options specifically engineered for cryptocurrency and Bitcoin mining at globally competitive rates, DC Two & D Coin have been able to attract the interest of both the local and international crypto mining community… In complete crypto mining configuration, using the initial 4MW power availability, the data center could mine about 650 bitcoins per annum worth around $6 million based on current mining and exchange rates.” It is scheduled to be launched Q1 2019.
GMO’s cryptocurrency business earned $2.3M profit in Q2
Japanese IT giant GMO reported making an operating profit of $2.3 million for its cryptocurrency business in the 2nd quarter of this year. The firm’s latest financial report revealed the company’s crypto segment made $23 million in net revenue. The amount generated in the crypto segment was almost equally split between the mining and exchange businesses.
Also, the firm appears to have increased its mining capacity in the 2nd quarter. The company mined 512 bitcoins in the first quarter of this year, which is less than the 528 bitcoins GMO mined in June 2018 alone.
Intuit wins patent for processing Bitcoin payments with text messages
California-based business & financial software company Intuit has been awarded a patent for processing Bitcoin payments via text message. The patent details how a system of virtual accounts could enable two users to transfer funds using mobile phones. The company first filed the patent in 2014, shortly after it launched its QuickBooks Bitcoin Payments service, a Bitcoin transaction processor which small businesses could use to accept Bitcoin in lieu of fiat currencies.
The validation of a payment text message could be done in a number of different ways, such as through “a password request associated with an account of the user” in order to process payment. Another uses voicemail as further validation. Intuit has long been looking into improving access to Bitcoin payment processors. While it launched QuickBooks in 2014, the company continued developing its payment platform, most recently partnering with payment provider Veem to enable international cryptocurrency payments.
Kraken Daily Market Report for 08.08.2018
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