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The deadly cause of China’s crackdown on crypto mining

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China’s crackdown on crypto mining was triggered by deadly coal accidents.

There’s been a surge in illicit coal extraction… endangering lives and undermining Xi Jinping’s environmental goals.

New information from Bloomberg reveals “authorities decided to act on the spike in electricity consumption” from server farms underpinning Bitcoin.

This is a key factor to rising demand for coal in certain parts of China.

Rising coal demand prompted some producers to restart idled mines without official approval, leading to higher safety risks and a jump in deadly accidents this year

About 65 per cent of the world’s Bitcoin mining took place in China as of April last year.

Crypto

North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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