Chain News by Thebittimes.Com

The government of Moldova has decided to suspend crypto mining activities in the country as it’s facing a major energy crisis. The move is part of emergency measures to reduce power consumption with energy supplies dwindling due to the escalating conflict in neighboring Ukraine. Authorities in Moldova Prohibit Bitcoin Minting and Mining Hardware Imports to Save Power Cryptocurrency mining in Moldova has been targeted amid a deepening energy crisis as the winter approaches. The country’s government took steps this week to limit electricity consumption, including imposing a complete ban on the extraction of digital coins. The prohibition comes after Moldovan President Maia Sandu urged ministers to introduce restrictions to save power during a meeting of the Eastern European nation’s Security Council. Crypto miners are among the first victims of the cuts, despite their industry not being a significant consumer. Deputy Prime Minister Andrei Spînu took to Telegram earlier to warn...

Cryptocurrency miners in Kazakhstan are to be required to convert up to three quarters of their income on locally registered exchanges, according to a new bill that’s advancing in the nation’s legislature. Lawmakers also want to make sure crypto companies pay their taxes and fees. Parliament of Kazakhstan Votes on Bill Regulating Activities of Crypto Miners and Exchanges A draft law designed to create a regulatory framework for both the production and circulation of digital assets in Kazakhstan has been approved on first reading in the Mazhilis. The bill and other supporting documents were prepared and submitted recently to the lower house of parliament on request of the country’s president, Kassym-Jomart Tokayev. One of the main purposes of the legislation is to establish rules for the operation of a new type of financial institution for Kazakhstan — licensed cryptocurrency exchanges. In order to support these trading platforms, the government plans to oblige crypto miners to excha...

Source: Adobe/Photocreo Bednarek The Ethereum Merge blockchain upgrade, which transformed the blockchain into a Proof-of-Stake consensus system, has triggered a steep, nearly 60% drop in the prices of graphics processing units (GPUs), with Chinese sellers reporting the gear’s prices have reached their “lowest level ever”. Local sellers of GPUs which were once highly sought after by crypto miners , such as those using Nvidia’s GeForce RTX 3080, RTX 3080 Ti, and RTX 3090, previously demanded as much as triple their recommended retail prices, The South China Morning Post reported .   Those willing to buy an RTX 3080 in mainland China should be prepared to spend about RMB 5,000 ($700). Three months ago, the same gear would set them back around RMB 8,000 ($1,100), according to a local electronics merchant. At the same time, the prices of consumer GPUs produced by major manufacturers such as Nvidia and AMD were also decreasing in the aftermath...