NEWS UPDATE

Church Mining Cryptocurrency to Pay Higher Electricity Rates

A protestant church in Irkutsk Oblast, an area in the Siberian Federal District, has been accused of mining cryptocurrency and asked to pay its electricity bills at higher rates, those applicable to corporate entities and industrial companies, because of what has been deemed as too much power consumption.

Home crypto mining, is still well-known in parts of Eastern Europe where private consumers and some organizations enjoy special, subsidized electricity rates, may take a hit following a court ruling in Russia, a country with vast energy resources which often remain unutilized.

The outcome of a court case in Russia may affect the popular practice of cryptocurrency mining in basements and garages. According to a current ruling, a church in Irkutsk must pay higher electricity rates for installing and running mining hardware on its premises. ‘Grace’, the religious organization of the local evangelical community, has been taking advantage of lower prices given to private consumers to mint digital coins. More so, the region’s utility company says it should pay more because of the excessive energy consumption.

The ‘Grace’ evangelical community claims it was not using the servers found on its buildings for crypto mining. The religious organization has already paid the higher bills for the period between May and August 2017 but has since turned to court to request a refund for the surcharge of 1.1 million rubles ($16,600). The Irkutsk Regional Arbitration Court has currently turned down its claim against the local utility company, Irkutskenergo, and ruled that ‘Grace’ owed the money after all.

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NEWS UPDATE

Cryptocurrency Job Market Continues to Grow

Glassdoor, a California-based firm that runs a recruiting and employer-review website, has written a report by its economic research department that shows growing demand for talent in the cryptocurrency industry, with U.S. job openings increased by 300 percent year on year.

The report, based on a big sample of online job postings, identified 1,775 openings in the U.S. that included the terms “Bitcoin,” “cryptocurrency” and “blockchain” as of August 2018, up from just 446 such ads a year earlier. “Continued growth in job openings advice that blockchain employers remain certain in the market opportunity and continue to make long-term investments in their teams,” the researchers said.

New York City and San Francisco lead as the best areas in which to find a job in the U.S. cryptocurrency company, accounting for 24 percent and 21 percent of all job openings, respectively.

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NEWS FLASH

Blockchain Launches Hardware Wallet

The well known cryptocurrency software provider Blockchain has made known the launch of a custom hardware wallet that is exclusively tethered to the company’s flagship wallet. According to the development team behind the new hardware wallet called Lockbox, the company collaborated with the wallet manufacturer Ledger in order to create the design.

Launched in August 2011, the firm has provided a variety of data services and a non-custodial wallet product that’s seen 29.5 million wallets created over the years. With the Lockbox hardware wallet, the device is fully compatible with the company’s wallet software and users are able to gain from both services. Lockbox is not compatible with other Ledger platforms like the Ledger Live application.

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NEWS UPDATE

French Business School Accepts Fees in Bitcoin for Blockchain Technology Courses

France’s Financia Business School, which gives post-graduate courses in financial and blockchain technology, now allows students to pay their fees in cryptocurrency. Since the institution introduced the measure, about half a dozen students have paid in Bitcoin for the 2018 academic year.

A quarter of the Financia Business School’s enrollment is foreign, with many students having to shoulder vast and punitive money transfer costs. The acceptance of cryptocurrency for fees makes it simple for foreign students to cut these costs and transact with ease, said the Paris-based college.

Financia Business School said it was committed to embracing emerging technologies within the financial sector, hence its early development of a blockchain curriculum. It is set to complement the cryptocurrency fee facility with a raft of blockchain-inspired administrative innovations.

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NEWS FLASH

Lawyer Invests $300 Million to Build Crypto City in the Nevada Desert

Consumer protection lawyer Jeffrey Berns is the owner and CEO of Blockchains LLC, a firm that bought more than 67,000 acres of land in northern Nevada for $170 million earlier this year. On Thursday, he disclose plans to build a crypto city in the desert, claiming to have invested $300 million to make it a reality.

Berns, who paid attention primarily on class action suits against big financial services firms during his law career, reportedly made a fortune by investing in Ethereum in 2015. Now he wants to give back to the crypto community and leave his mark on the world by establishing Sandbox City.

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