• Plattsburgh, N.Y.
    Bitcoin,  Cryptocurrencies,  Innovators,  United States

    City becomes first in U.S. to ban new crypto mining

    But local miners aren’t packing up just yet

    As state regulators grapple with crypto mining’s energy drain, one upstate New York city is taking matters into its own hands by making it illegal for new miners to come to town.   Plattsburgh’s city council unanimously voted late Thursday night for an 18-month moratorium on new cryptocurrency mining operations in the city. This makes them the first city in the U.S. to pass such an ordinance. Miners were first attracted to the small city near the Canadian border on the western bank of Lake Champlain for its relatively cheap electricity. But locals weren’t happy when their home electric bills shot up this winter. The ban only halts on new…

  • Criminal
    Bitcoin

    Two Russians arrested in Iceland’s big bitcoin heist

    Could two shipping containers lead to the $2 million in stolen bitcoin mining servers?

    Police in Iceland have arrested two Russian nationals after finding two suspicious shipping containers with two huge electrical cables leading to the Westman Islands off the coast of the mainland. Police also have two more Icelandic men in custody on the mainland. The small island nation has been on high alert since a string of break-ins caused $2 million in bitcoin mining computers to go missing. A source at ON Power, Iceland’s largest energy producer, tells us these cables are powerful enough to run the stolen mining rig made up of 600 servers. Previously, 11 people including one security guard—all Icelanders—were arrested in connection with the case.  Cryptocurrency networks depend on…

  • Pirate
    Bitcoin

    Pirates, witches, lava, and bitcoin: Ocean’s 11 meets Iceland 11

    What makes a $2 million bitcoin mining heist uniquely Icelandic.

    It’s a crime so perfect, one can imagine a blockbuster movie about it.  The camera pans to an otherwise unsexy server farm on the frozen tundra of Iceland’s southwest Reykjanes peninsula, home to about 22,000 people. The area is ridiculously quiet in December—literally not even a mouse would be out of hibernation. Cut to the nearby Blue Lagoon—empty of all tourists after closing. Security cameras are triggered only by the occasional mink, fox, or reindeer crunching around the sparse vegetation. That is until December when 11 people, including one security guard, were arrested in a complex bitcoin-mining rig heist. Police still have not recovered the $2 million in gear including…

  • Typical screen shot of Salon.
    Alt coins,  Media

    Salon CEO talks to Modern Consensus about turning readers into crypto miners

    Does this latest effort by the progressive site reveal a tough media market or is it a gimmick?

    As reported Tuesday, Salon is now mining cryptocurrencies in browsers of visitors as an alternative to seeing ads. Does this latest effort by the 23-year-old progressive site reveal the tough market media companies find themselves or is it a gimmick by a small-cap company looking to lure investors with cryptocurrency cred? Modern Consensus spoke with Salon CEO Jordan Hoffner. He doesn’t have the easiest job in media. The company Hoffner has been running for the past couple of years is overshadowed by its own past as it struggles to shine. When it went public in June 1999, Salon raised $25 million and was valued at $107 million. That IPO shook up…