The plaintiffs of the lawsuit number 300 people, although every day their number reaches a new peak. The firm filing the complaint is also suing on behalf of the Investors Association.

The first macro complaint (an accusation that faces its introduction right before a competent judge or court) presented in the National Court of Spain appeared in public by different media in Spain. The accusation goes against the citizen Javier Biosca Rodríguez due to the commission of an alleged scam for EUR 250 million in cryptocurrency investments.

According to the Spanish newspaper Cinco Días, the lawsuit took place on March 17, but it was not until April 9 that it went to public knowledge. This situation occurs because it was waiting for the deadline to deliver contracts and other documents for the accusation’s admission in the Central Court of Instruction No. 1.

The plaintiffs in the complaint sum at least 300 people with positions as domestic workers, retirees, the unemployed, notaries, a judge, lawyers, tax inspectors, and owners of small businesses.}

The Law Firm of Emilia Zaballos is in Charge of all the Positions

These positions are receiving a representation of the law firm of Emilia Zaballos, who is also president of the AICC (Association of Investors Affected by Investments by Cryptocurrencies).

The lawyer signed such a complaint as part of private accusations of 300 affected on behalf of AICC. He adds that, although “for now there are 300, the number of applicants is growing day by day.”

According to the lawyer, the alleged scam of EUR 250 million “could exceed 3,000 million euros, taking into account the prices that these digital currencies can reach.”

Biosca and Its 19 Investors Reached 3,000

Javier Biosca Rodríguez’s business began in 2019 with the purchase and sale in real-time of cryptocurrencies such as bitcoin and litecoin. At that time, the defendant offered 19 people, including his neighbors, a weekly interest of 20 to 25% in profits.

Investors for a long time received such interests. Business’s exciting position and the granted benefits through word of mouth made Biosca gain between 300 and 500 investors even after having lowered the interest to between 10 and 8% weekly.

At that time, the accused also said he was a broker. However, his alleged firm Algorithms Group was never registered with the CNMV (National Securities Market Commission), as confirmed by the Commission on April 8.

Biosca kept along with his business. That same year (2020), according to the Confilegal newspaper, he moved with his family to a mansion in Marbella, where in August, he held the “bitcoin party” to keep catching more clients.

Together with his wife, Paloma Gallardo Leal, and his son, Sergio Biosca Gallardo, they got to manage more than 3,000 investors. These people also worked a significant amount in euros through the business. All of these operations happened manually; they only used one computer.

By: Jenson Nuñez

The equipment arrived in Puerto Ordaz, the National Guard reported. The case received an order of prosecution and the cryptocurrency superintendency.

The Bolivarian National Guard of Venezuela (GNB) retained at least 76 pieces of equipment for Bitcoin mining after detecting the miners’ documents’ inconsistencies. The procedure took place in Bolívar state at a control point on the Angostura Bridge.

The miners arrived at Puerto Ordaz in a Ford-type 350 truck, Triton model, A50B1N plates, and white. Military officials then stopped the car to carry out routine inspections and routine checks and verify the corresponding documents.

Once the inspection got its completion, the personnel assigned to Detachment No. 621 concluded that there is a suspicion of forging permits. The documents presented inconsistencies for the circulation, possession, and operation of the Bitcoin miners, according to a press release published by Zone Command No. 62.

The transport unit was at Wilson Eduardo Olivares Ravelo’s hands, who appears to have been detained by the authorities and placed under the Public Ministry’s order. The military command also alerted The National Superintendency of Crypto Assets and Related Activities (Sunacrip) about the retention.

Details about the retained equipment, models, processing capacity, and what would now be its destination are still unclear.

Each compartment would have at least six pieces of equipment for mining Bitcoin and cryptocurrencies, so the number of miners would be higher than what official statements counted. The authorities suspect that those retained tools are part of a larger farm.

How Bitcoin mining is Happening  in Venezuela

Bitcoin mining in Venezuela is a legal activity, but it needs corresponding permits to work correctly. Sunacrip is the entity in charge of supervising all activities related to mining in the country. It does so through the Intendancy for Digital Mining.

Sunacrip manages the Comprehensive Registry of Miners (RIM), in which up to seven types of licenses are in establishments to supervise the activity. The procedures cover all mining areas and include a set of permits for importing equipment, permissions for use, hosting, marketing, manufacturing, authorization for internet service, and even technical service.

In the past, Venezuelan security agencies have seized hundreds of equipment alleging lack of official permits. CriptoNoticias reported in July 2020 that more than 300 Antminer S9 model miners faced detainment for this exact reason in Bolívar state.

Those who carry out activities related to digital mining, without the necessary permits, could face up to $ 18,000 in fines, payable in Petros, according to what establishes in the Constituent Decree on the Comprehensive Cryptoassets System.

Cryptocurrencies as an Alternative to Evade the Blockade

Nicolás Maduro has raised the “Anti-Blockade Law,” a legal body where, among other relevant aspects, the use of cryptocurrencies seems to serve as alternatives to evade the sanctions imposed against him and obtain financing from international allies. The mechanisms through which cryptocurrencies work to achieve these objectives are still a subject of discussion in the crypto world.

By: Jenson Nuñez

The damage that Bitcoin mining causes to the environment remains one of the biggest concerns for the crypto community today. Despite criticisms, the crypto community still considers that Bitcoin mining is a sustainable process, which encourages adopting non-polluting energies.

The price of Bitcoin has grown along with the claims for the environmental damage that the maintenance of the network has caused. The crypto community has argued that the mining of Bitcoin can be a threat to the environment. The high energy consumption of this activity exceeds that of several countries.

In 2017, during Bitcoin’s first big bullish rally, the media noted the immense energy expenditure that maintaining the cryptocurrency’s blockchain required. At the time, the Bitcoin network was consuming 30 terawatts per hour (TW/h), which was higher than in entire Ireland.

Although the figure seemed to be high, it does not compare to the current electricity consumption of Bitcoin. It has climbed to 95.45 TW/h, that is, the cryptocurrency’s blockchain alone emits about 45.34 metric tons of CO2 each year. This compares to the total gas emissions in the city of Hong Kong, one of the most populated urban centers in the world.

The aforementioned does not take into account the electronic waste that Bitcoin mining equipment generates. The replacement of the devices due to the increasing power demand also makes this waste a threat to the environment. This process leads to designing and producing increasingly advanced equipment, thus leaving old mining machines obsolete.

Bitcoin Is a Sustainable Process, Which Encourages Using Green Energy

Although Bitcoin mining has received many criticisms, the crypto community has defended it. They argue that, contrary to the above data, Bitcoin mining is a sustainable process, which promotes the use of renewable energy. According to a study by CoinShares, at least 74.1% of all the mining power of Bitcoin uses renewable energy. In other words, this activity seems to be stimulating the adoption of non-polluting energies, contributing to the good of the environment.

In addition to this, large mining farms claim that they try to resell the mining equipment that is no longer profitable to reduce their environmental footprint. Countries with lower electricity costs, where these devices are still cost-effective, buy them in parts or completely. PwC Blockchain analyst Alex de Vries says that not everyone accepts those explanations as mining is still a threat to the environment.

“Unlike the energy demand of Bitcoin mining machines, which is constant throughout the year, hydropower production depends on the seasons. Consequently, the seasonal variability of hydropower is already over 30 % and may rise further due to climate change,” the expert explained.

The efforts of the crypto community to make Bitcoin mining less harmful to the environment do not seem to be enough. The maintenance of the Bitcoin Blockchain has an impact on the world’s current climate crisis, which will continue in the medium term. For that reason, the search for alternatives to reduce this situation has become one of the main tasks of cryptocurrency miners.

By Alexander Salazar

Rosenbluth said that Bitcoin ETFs will take time to reach the United States but Yusko believes that their approval will soon occur. Even though some financial institutions consider that Bitcoin is not money, corporate entities are increasingly investing in it.

Mark Yusko, CEO and CIO of Morgan Creek Capital Management, believes that the US SEC will soon approve their Bitcoin ETF.

The main cryptocurrency in the market has become an increasingly appealing investment instrument. For that reason, there has been new hope of the offer of new investment vehicles for Bitcoin, including a Bitcoin ETF.

Given the increased demand, Canada has recently approved a wide variety of Bitcoin ETFs. However, the American regulatory agency has been quite reluctant to approve a crypto ETF.

Todd Rosenbluth, Head of ETF and Mutual Fund Research at CFRA Research, talked about this subject. He stated that the main cryptocurrency’s ETFs will still take a year or two to reach the United States.

As for Yusko, he stressed that their position on the approval of an ETF is that it will soon occur. In addition to that, he said that they have invested in “one of the asset management groups that have a registered app.”

There is concern that the United States is still behind in terms of crafting an appropriate regulatory framework for the crypto market.

According to the European Central Bank, Bitcoin Is Not Money

German political magazine Der Spiegel interviewed Isabel Schnabel, a member of the Executive Board of the ECB. She stated that it is wrong to call Bitcoin a currency or money.

She explained that “to describe Bitcoin as a currency, [it should] comply with the basic properties of money.” She argued that the pioneering cryptocurrency is a “speculative asset” that does not have any recognizable fundamental value.

David Trainer Argues that Coinbase’s Valuation Is Ridiculous

cryptocurrency exchange Coinbase is about to launch its public listing and experts have said that its valuation is exaggerated.

David Trainer, CEO of financial technology firm New Constructs, recently wrote a report on the aforementioned situation. He argued that the expected valuation of the crypto exchange remains “ridiculous” despite the financial results of the first quarter of 2021.

HSBC Blacklists MicroStrategy for Its Investment in Cryptocurrencies

According to reports, HSBC customers will no longer be able to buy MicroStrategy shares through their trading platform.

It is possible to read an alleged message from the bank to its customers in an image that a Twitter user recently posted. The financial institution told the users who already own MicroStrategy shares not to buy additional ones.

The message states that the institution “will not participate in the purchase  or exchange of products related to virtual currencies.” They will not even accept “related products or those referring to their performance.”

This leads to thinking that HSBC would be considering MicroStrategy’s shares as a product associated with crypto assets. Therefore, the blacklisting of MicroStrategy seems to be part of the bank’s modified user policy that prohibits users from interacting with cryptocurrencies.

By Alexander Salazar

The price of Bitcoin could continue to climb above USD 350,000, according to trader Michaël van de Poppe. The purchase of large amounts of Bitcoin by large corporate entities proves their confidence in the pioneering cryptocurrency.

In recent days, Hong Kong tech company Meitu revealed that it had added USD 10 million worth of Bitcoin to its holdings. They said that they had bought that amount at around USD 57,000 per unit. Their total cryptocurrency portfolio consists of USD 49.5 million worth of Bitcoin and USD 50.5 million worth of Ether. This proves the confidence of institutional investors that the price of Bitcoin could reach even higher levels.

The data also shows that the number of retail investors trading cryptocurrencies has increased. Trading app Robinhood recently indicated that the trading of cryptocurrencies increased in Q1 2021, six times over that in Q4 2020.

Even though the adoption of crypto assets is on the rise, some legacy financial firms are still taking an anti-crypto position. Investment bank HSBC has reportedly blacklisted MicroStrategy shares and will not allow the users of its platform to buy them.

Bitcoin Could Reach USD 350,000, According to Michaël van de Poppe

Well-known trader Michaël van de Poppe recently forecast the highest prices for Bitcoin, Ethereum and Cardano, among other crypto assets. He suggested that the price of Bitcoin could reach even higher levels, towards USD 350,000 to be exact, before this bull market expires.

On his Twitter account, van de Poppe said that Bitcoin will close the bullish market with a price between USD 350,000 and USD 450,000. Considering that the current value of the cryptocurrency is around USD 58,427 that prediction represents a potential upside of over 670%.

HSBC Allegedly Blacklisted MicroStrategy Shares to Invest in BTC

Business intelligence and software company MicroStrategy has pioneered the adoption of Bitcoin among publicly traded companies in the United States.

According to reports, the customers of investment bank HSBC can no longer buy MicroStrategy shares on its online trading platform. According to a message from the institution, they have told the users who already own MicroStrategy shares not to buy additional ones.

The blacklisting of MicroStrategy seems to be part of the bank’s modified user policy that prohibits users from interacting with cryptocurrencies.

Meitu Has USD 100 Million Worth of Bitcoin and Ether After Its Latest Bitcoin Purchase

Hong Kong tech company Meitu recently acquired 175.67 BTC for a combined price of USD 10 million. This purchase suggests a price of around USD 57,000 per unit. They reportedly bought that amount using existing cash reserves, based on spot prices on the open market.

In March, Meitu accumulated USD 90 million in cryptocurrency purchases split between Bitcoin and Ether. Following the latest acquisition, the company has bought USD 49.5 million worth of Bitcoin and USD 50.5 million worth of Ether.

Before that, the firm had stated that it made the purchases through cryptocurrency exchange Coinbase. The latter has been responsible for managing the investments of other corporate entities, such as MicroStrategy.

By Alexander Salazar

Riot Blockchain acquired Whinstone for a total of $ 651 million. By 2022, Riot Blockchain expects to have a mining capacity of 7.7 EH / s.

Nasdaq-listed mining company Riot Blockchain announced the purchase of North America’s most significant Bitcoin mining hosting company, Whinstone US, Inc. The acquisition of Riot Blockchain includes all assets and Whinstone operations, including 300 megawatts of mining capacity.

According to the press release, Riot Blockchain purchased Whinstone for $80 million in cash and 11.8 million common shares of the mining company. According to the latest price, they worth is USD 48.37. The final cost of Whinstone would be around USD 651 million.

Among the assets and operations that Riot Blockchain leads are the Whinstone facilities in Rockdale, Texas. The facilities cover a vast area and three buildings where the company operates. The buildings have 190,000 square feet, and there is currently a fourth building under construction that will be 60,000 square feet.

The Rockdale, Texas site counts on 300 megawatts in developed mining capacity, but Riot believes it can scale it up to 450 megawatts for a total of 750 megawatts in bitcoin mining capacity.

The purchase transaction would get consolidated in the second quarter of 2021, all of this in the extension of customary closing conditions, including receipt of required regulatory clearances.

Riot Blockchain Expects to Reach a Good Hash Rate Next Year

In another statement, Riot Blockchain announced 42,000 S19J Antminers miners from Bitmain for $ 138.5 million. Purchases like these would make the company gain a mining capacity of 7.7 EH / s by the end of 2022.

The purchase of the miners by Riot Blockchain is due to the company’s strategic initiative to increase its hash rate. In this way, from a previous order where 26,100 S19 Pro and S19j Antminers were ordered, in October 2021, the company’s hash rate came to 4 EH / s.

Later in October, after the successful installation of the current order, a total 7.7 EH / S rate would find a new peak, which would be 4.8% of the full mining capacity of Bitcoin.

Indeed, Riot Blockchain has the capacity of surpassing significant players in this industry, such as, for example, Marathon, which reports a hash rate of 0.71 EH / s.

According to the CBIE (Cambridge Bitcoin Electricity Consumption Index), the United States owns 7.24% of the current bitcoin hash rate, while China exceeds 65.08%.

Currently, Riot Blockchain is acquiring miners from a previous order, and the current order would arrive in November 2021, with monthly installments of 3,500 S19J Antminer, until October 2022. By then, the company will have 81,150 miner Antminers of the 95% that will be from the latest generation S19 series.

The company will also consume approximately 257.6 megawatts of energy with an overall hash rate efficiency of 33 joules per terahash (J / TH) with the whole fleet deployed.

By: Jenson Nuñez