Chinese Censorship, Falling Prices, Illegal Mining & More: Bad Crypto News of the Week

The Bitcoin Clock ticks on—less than 52 days now before the next halving—and let’s hope that Bitcoin still has value when that happens. Trader Peter Brandt isn’t optimistic. He sees Bitcoin in a race with gold to hit $1,000. Then again, in January, he thought BTC wouldn’t reach $6,000. And there has been something of a rebound.

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Armenian IT Company Accused of Illegal Electricity Use to Mine Crypto

An IT company in Armenia has been accused of illegally accessing electricity and using it to mine cryptocurrencies.

$150,000 in power

On Sept. 21, in an announcement from the Armenian National Security Service, the organization accused an IT company of illegally mining cryptocurrencies from inside a hydropower plant.

The state agency reported that the IT company had installed cryptocurrency mining equipment inside one of the hydropower plants operating in Armenia and as a result illegally consumed 1.5 kilowatt-hours of electricity — worth more than $150,000,

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Chinese Central Bank Governor Defines STOs as ‘Illegal Financial Activity in China’

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, English-language local news outlet South China Morning Post (SCMP) reports Dec. 9.

A deputy governor of China’s central bank, Pan Gongsheng, reportedly told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs [Initial Coin Offerings]  were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.”

Gongsheng also said that if the government had not stepped in,

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Chinese Region to Shut Down 'Illegal' Bitcoin Miners By September

China’s Xinjiang Uyghur autonomous region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk.

Rumors first emerged online over the weekend after the leak of a government notice issued by Xinjiang’s Economic and Information Commission (EIC) indicating the authority was demanding that local utility companies report and shut down illegal bitcoin mining operations.

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