U.S. regulators ordered the closure of a mining farm that was funded for alleged donations to support covid-19. Mining manufacturer Canaan creative lost $ 148 million in 2019.
U.S. regulators order the closure of a fraudulent mining farm
The regulators of the states of Texas and Maryland in EE. Order the US to close a fraudulent mining operation. As reported by several news media, the mining company Ultra mining funded donations to support the Covid-19 corona virus as part of its sales talks.
According to the Texas State Securities Board Ultra mining It raised $ 18 million under promise of big profits for naive investors. The mountain farm had given potential investors the opportunity to double their money by buying mining capacity. One of the US regulator’s injunctions is:
They tell potential investors that investing $ 10,000 in computing capacity will bring a return of nearly $ 10,500 a year. An investment of $ 50,000 brings almost $ 52,000 a year.
In addition, according to the authorities, the company uses the alleged donations to cure the coronavirus as an argument. Ultra mining He claims to have donated $ 100,000 to UNICEF to buy medical equipment in the pandemic. However, no information has been provided to verify this information, as the regulator says.
Twins will list Chain link, orchid and Dai
Cryptocurrency exchange Twins announced this Thursday that three new digital assets will be listed on its platform: Chain link (LINK), Dai (DAI) and orchid (OXT).
Twins already offers commercial and custody support for Bitcoin, Ether and Bitcoin Cash, Litecoin and Zcash. With this initiative, the exchange will add its first Stablecoin to this list (DAI). In the press release, the team from Twins announced that the three currencies could be deposited on Friday and that trading would open “soon after”. It adds:
“”These resources offer our customers a new way to interact with the crypto ecosystem“”
The news comes just a few days later Twins announce the integration of Basic attention token (BAT) on his list of cryptocurrencies.
It is worth noting that, according to the news, the price of Chain link today, as reported, it has increased by more than 15% Crypto markets from DiarioBitcoin.
Canaan creative lost $ 148 million in 2019
The Chinese manufacturer of mining machinery, Canaan creative, recently announced that the company had losses of $ 148 million in 2019. According to a report by CoindeskLosses of $ 204 million were generated, reflecting the decline in profitability in recent years.
In a result report Canaan said he sold 10.5 processing power exhashes per second (EH / s), which accounted for approximately 20% of the growth in network computing power Bitcoin last year.
However, 2019 does not seem to have been a good year for the mining manufacturer. Not until the fourth quarter of last year Canaan lost USD 114.7 million. After CoindeskThe company’s share price has followed a downward trend since the $ 90 million stock market listing. Currently, each share is around $ 3.5, 61% below its offer price.
For this reason, the company is making lower earnings estimates for 2020, as highlighted in the report.
As a result of the effects of the COVID 19 outbreak, a widespread health crisis that negatively impacted general business[…] We reduced our business expectations in 2020[…] For the first quarter of 2020, the company expects total sales of at least $ 8.5 million..
DeFi projects based on Ethereum grew by 778%
The DeFi (decentralized finance) ecosystem is growing rapidly, especially within the Blockchain from Ethereum. This was the result of a recently published report by DappReview This compares the DApps market to its growth since 2019.
One of the key dates the report revealed was that “DeFi projects based on Ethereum are the main driver of volume growth. 778% increase over the first quarter of 2019“” One of the highlights is that the Total USD transaction volume $ 7.9 billion (based) with 13 blockchains) increased by 82.2% compared to the first quarter of 2019.
In addition, the three main protocols of the ecosystem Ethereum, TRON y EOSwhich accounted for more than 99.1% of the total volume. Among them Ethereum It was the most important and reflected growth over the previous year. In the meantime, TRON and EOS suffered a decline in users and transaction volume.
The main growth was driven by DeFi projects, which have become the core of Ethereum growth with the highest transaction volume since 2019. It is worth noting that most of the DeFi project volume is in ERC-20 tokens (such as WETH, DAI, USDC, etc.) and not in the native ether token.
Sources: TheBlock, Bitcoinist, Twins statement, Coindesk,
Annotation by Hannah Estefanía Pérez / DailyBitcoin
picture of Pixabay