Major Flooding Disrupts Chinese Hydro Power, Bitcoin Mining

Waves of heavy rainfall in China’s Sichuan province have caused major flooding, significantly affecting bitcoin mining operations that leverage hydroelectric power in the area. The Chinese government acknowledged the rampant flooding in the areas surrounding Sichuan’s various rivers, which has caused several deaths and injuries. State-run media outlet China Daily reported that the infrastructure damage…

Unlicensed Exchange Conviction Leads to Seizure of 54 BTC

Kunal Kalra, a resident of Los Angeles, California, has pleaded guilty to running an unlicensed cryptocurrency exchange operation which catered to drug traffickers. An announcement published by the U.S. Department of Justice indicated that Kalra, who went by the pseudonyms “Kumar” and “Coinman,” has plead guilty to four charges, including operating an unlicensed money transmitting…