Binance explained the root cause was a technical issue during the recent upgrade process leading the system to re-send old transactions. The exchange requested the users receiving old transactions to return the money and said they knew that some people could not access their wallets.
Changpeng Zhao and Elon Musk recently raised issues concerning the withdrawals of Dogecoin from Binance on Twitter. After tagging Binance CEO, Musk asked him what was going on with his DOGE customers as it sounded shady.
It took the official Twitter account of Binance about 30 minutes to answer that question. They argued that there was nothing shady about the problem and cited a new Twitter update on the issue. The exchange explained that the root cause was a technical issue during the upgrade process. They said that this caused the system to re-send old transactions to 1,674 users.
Consequently, some users received old transactions, while others could not withdraw their Dogecoin holdings. Binance noted that they requested the former to return the money and said they knew people were having problems accessing their wallets.
In the last weeks, there has been a tug war between Binance and the Dogecoin cryptomeme. For example, the cryptocurrency exchange stopped withdrawals from the DOGE network on November 11th. They stated that they did it due to problems after a new version upgrade, about which they have provided further details.
Indian Government Introduces a Bill to Ban Cryptocurrencies
India is attempting to prohibit most cryptocurrencies under a long-awaited bill they will put forward at the Winter Session of Parliament this year.
The Bill on Cryptocurrencies and Regulation on the Official Digital Currency, 2021, appears on the official website of the Indian Parliament. It aims to create a framework that will allow the creation of a central bank digital currency (CBDC).
The bill also seeks to ban private cryptocurrencies but allows some exceptions to promote the underlying technology and its uses.
Energy Demand for Bitcoin Mining in Texas Could Grow 5 Times
Texas is currently facing a rapid influx of Bitcoin mining operations, so its electrical infrastructure must support 5,000 megawatts (MW) by 2023.
The Bitcoin mining sector demands the consumption of between 500 and 1,000 MW of energy in Texas. The Electric Reliability Council of Texas (ERCOT) forecasts that it could increase five times by 2023. Some reports indicate that it has even anticipated an additional 3,000 to 5,000 MW.
That expansion occurs when Texas plans to become the headquarters for 20% of the Bitcoin mining operations worldwide. The Lone Star State has become the destination for many Bitcoin miners after the Chinese government officially banned Bitcoin mining.
El Salvador Continues Adopting Bitcoin with Eyes closed
The President of El Salvador recently announced that he would finance Bitcoin City by issuing USD 1 billion worth of Bitcoin-backed sovereign bonds.
Nayib Bukele explained that the city would be in the eastern part of the country, near the Conchagua volcano. He said that they would use it as a source of geothermal energy to boost Bitcoin mining, seeking to become carbon neutral.
The head of state previously mentioned that the city would only collect the value-added tax (VAT). He explained that half of the VAT they collect would serve to finance the bonds issued. He added that the other half would help pay for services such as garbage collection. The president of El Salvador also estimated that the public infrastructure would cost around 300,000 BTC.
By Alexander Salazar
