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Chinese Miners Forced to Shut Down Their Businesses, As Cryptocurrency Prices Plummet

Cryptocurrency mining is no longer profitable for operators of small mining farms in China. Local residents reveal they were forced to shut down their mining operations due to the extended crypto bear market.

 

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US Marshals to Auction $4.3 Million in Bitcoin Next Month

The U.S. Marshals have announced a plan to auction off nearly $4.3 million worth of bitcoin next month. The government agency said in an announcement on Wednesday that the sealed bid auction is for about 660 bitcoin that were forfeited in federal criminal, civil and administrative cases. Scheduled to start on Nov. 5, the auction requires would-be bidders to deposit $200,000 after registering their identification with the agency no later than Oct .31.

 

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MasterCard Ban Starts Monday, VISA in December

As expected, card payments are becoming more and more difficult for some brokers. Those who are operating from unregulated or loosely regulated environments will need to find alternatives.

 

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Chinese Yuan Weakens to Yearly Low Point, Will it Strengthen Bitcoin?

The national currency of China weakened beyond a critical level as political tensions with the US worsened. The yuan dropped below 6.93 per dollar this week, within a striking range of its January 2017 low, owing to a series of negative factors from weaker equities to a vaguer monetary stance by the People Bank of China. Despite the central bank’s efforts to preserve the yuan value by relaxing reserve ratios for banks, the market’s largest stocks fell by over 5 percent.

 

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