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Crypto News Blocks
Chinese Law Enforcement Discover Secret Bitcoin Mining Operation In Underground Burial Sites
- An oil firm in the northern Chinese city of Daqing informed law enforcement about unexplainable power losses, prompting Chinese police to investigate the area.
- The officers discovered an underground entrance, and after some digging, came to the conclusion that Bitcoin mining hardware was operating on stolen electricity.
- The Bitcoin mining operation was specifically located in two burial mounds.
- Earlier in the week, law enforcement found 54 Bitcoin mining rigs under a dog kennel in the same county in the Heilongjiang province.
- While interest in cryptocurrency has surged in recent weeks, the government of the Chinese province of Sichuan recently announced that local firms must cease their cryptocurrency mining operations.
- This is notable as the province produces nearly 10% of the global Bitcoin hashrate.
- Read the full story here.
Posted: June 3, 2020
Longtime Proponent Believes Bitcoin Will Surge Over 3,000% In Next 5 Years
- Though Bitcoin remains below crucial resistance zones of $10,500 and $14,000, one longtime proponent believes the leading cryptocurrency could soar to $300,000 within the next five years.
- Blockstream CEO Adam Back explained his reasoning, citing the excessive printing of money and the plethora of investors that could play into Bitcoin’s favor.
- PlanB, a pseudonymous quantitative analyst, agreed with Back’s assessment, pointing out Bitcoin’s level of scarcity as a key factor for a potential surge.
- PlanB determined that by abstracting time from the Stock to Flow Model, he can fit a regression that has an R squared value of over 99% — translating to $288,000 within the next five years.
- Other macro analysts are under the impression Bitcoin will easily surpass $300,000 over that same span.
- Raoul Pal, the former head of Goldman Sachs’ hedge funds sales division believes that due to the ongoing recession, Bitcoin has the potential to erupt in the coming years.
- Pal also believes Bitcoin can rival gold’s market capitalization of $10 trillion in the future. That equates to one Bitcoin being worth well over $500,000.
- Read the full story here.
Posted: June 3, 2020
