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Power providers in Siberia, Russia, have accused cryptocurrency miners of causing "mass" electricity outages during recent cold snaps. Rosseti Siberia, the local branch of the state-run power provider Rosseti, claimed an increase in illegal mining activity at the end of 2023 in various Siberian regions. This surge was linked to over $675,000 worth of damage and an increase in network failures during recent mass outages. Rosseti Siberia also reported the closure of 17 illegal crypto mining farms in the territory over the past 12 months. The energy provider expressed concern about the strain on their networks caused by crypto mining. While mining has no legal status in Russia, the industry has been pushing for regulation. The accusation of crypto miners causing electricity outages in Siberia highlights the ongoing challenges associated with the environmental and infrastructure impact of cryptocurrency mining. As cryptocurrency mining activities continue to expand globally, concerns...

Microsoft has become the second company ever to achieve a valuation of over $3 trillion, following Apple's milestone in June 2023. The surge in Microsoft's valuation is attributed to its strategic emphasis on artificial intelligence (AI), prompting an investor rally. The company's shares experienced significant growth, coinciding with a record high for the S&P 500 index. Microsoft's commitment to AI is exemplified by its substantial investment in OpenAI, with a $1 billion investment in 2019 and a subsequent multi-billion-dollar investment in January 2023. This collaboration aims to accelerate AI advancements and transform Azure into a global AI supercomputer. However, Microsoft faces an ongoing Federal Trade Commission (FTC) probe into AI investments by major tech players, examining potential monopolistic practices in the generative AI market. Microsoft's achievement underscores the growing significance of AI in driving market valuation for tech giants. The company's strategic focus...

The International Energy Agency (IEA) has issued a warning stating that the combined electricity consumption of cryptocurrencies and artificial intelligence (AI) accounts for nearly 2% of the world's total electricity usage. The IEA's comprehensive report predicts that this consumption could double by 2026, reaching between 620 and 1050 TWh. The expansion of the crypto industry has led to the proliferation of data centers, contributing to the surge in energy consumption. The potential increase is equivalent to adding "at least one Sweden or most of Germany." The IEA estimates that data centers, cryptocurrencies, and AI consumed about 460 TWh of electricity worldwide in 2022, representing almost 2% of the total global electricity demand. The IEA's warning emphasizes the need for sustainable practices in the cryptocurrency and AI sectors to address environmental concerns. As these industries continue to grow, there is an urgent need for innovation and adoption of energy-efficient...

A Canadian federal court has ruled that Prime Minister Justin Trudeau violated the nation's Charter of Rights and Freedoms by using the Emergencies Act in 2022 to address truck drivers' protests against COVID-19 mandates and their Bitcoin crowdfunding efforts. The court's decision follows challenges from the Canadian Civil Liberties Association and the Canadian Constitution Foundation. The controversy arose in February 2022 when truck drivers, protesting mandatory Covid-19 vaccination for crossing the Canada-U.S. border, caused significant disruptions. Trudeau's activation of the Emergencies Act imposed bans on gatherings and disrupted crowdfunding initiatives. The court concluded that Trudeau's actions were unjustified. The legal and political ramifications of this ruling could have significant implications in the upcoming elections, with Trudeau's political adversaries seizing the opportunity to highlight it as a misstep. The court's ruling represents a significant development in...

Switzerland's financial markets regulator, FINMA, has approved Taurus, a digital asset infrastructure provider, to open its financial services and TDX marketplace to retail users. This approval enables Taurus' retail clients to create accounts and trade digital assets and tokenized securities securely and in compliance with regulations. Taurus will also admit new tokenized assets from Swiss companies, including Investis, la Mobilière, Qoqa, SCCF Structured Commodity & Corporate Finance, Swissroc, and Teylor. The move aims to meet the growing demand for real-world asset (RWA) tokenization and provide retail users with easy access to digital securities. FINMA's approval for Taurus to offer digital asset trading to retail users signifies a positive step toward broader adoption and accessibility in the digital asset space. The inclusion of new tokenized assets from Swiss companies further diversifies the offerings on Taurus' platform. This regulatory green light demonstrates...

SEC Commissioner Hester Peirce, known as "Crypto Mom," hints at a potential shift in the regulatory stance on Ethereum ETFs, suggesting a broader, more inclusive attitude towards cryptocurrency ETFs. Despite recent delays in Ethereum ETF applications, Peirce emphasizes that the SEC's approach is not solely dependent on whether the underlying asset is a security but aims for a consistent framework. This signals a departure from Bitcoin-centric policies and could pave the way for Ethereum ETF approval. Glassnode's report notes increased derivatives market activity for Ethereum, reflecting growing interest in a potential ETF. The crypto community anticipates the SEC's decision as the May deadline for Ethereum ETFs approaches. Hester Peirce's comments signify a positive development for the cryptocurrency industry, suggesting a more nuanced and inclusive approach to ETFs beyond Bitcoin. An Ethereum ETF approval could open doors for mainstream adoption and investment, enhancing Ethereum's...

Billionaire Joe Lewis, connected to FTX founder Sam Bankman-Fried, pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud in Manhattan federal court. The charges involve Lewis abusing inside information gained through corporate boardroom access to tip off friends, employees, and romantic interests. The net worth of the principal investor of Tavistock Group is estimated at $6.2 billion. Lewis faces a $5 million fine and a potential 45 years in prison, marking the largest financial penalty for insider trading in a decade. Parallels between Lewis and Bankman-Fried's cases include their connections and extravagant lifestyles, with both facing sentencing on March 28th. The guilty plea by billionaire Joe Lewis sheds light on the potential legal ramifications of insider trading, reinforcing the importance of accountability in financial markets. The case further highlights the scrutiny faced by high-profile individuals in the crypto space and...

Cryptocurrency exchanges in Thailand are informing customers about the tax implications arising from their cryptocurrency trading activities in the country. The move comes in response to recent tax policies introduced by the Thai government to generate revenue from the crypto space. Exchanges, such as Bitkub, have updated their websites to provide information about the changes. According to the updated FAQ section, crypto taxpayers include individuals who have sold, paid, transferred, or exchanged a cryptocurrency/digital token on a registered exchange in Thailand, as well as crypto miners and those earning in cryptocurrencies. The FAQ page outlines details about taxes on digital assets held by users. Notably, exchanges clarify that they do not disclose customer information to tax authorities unless requested by the customer. By notifying customers about tax obligations, exchanges are aligning with regulatory requirements and promoting compliance within the industry. (Source:...

The Internal Revenue Service (IRS) in the United States has modified and expanded the digital asset question on income tax forms for the 2023 tax year. The question, present on Form 1040 for reporting U.S. Individual Income Tax Return, has been revised to include the phrasing: "At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?" Additionally, the digital asset question has been added to four more tax forms: 1041 (U.S. Income Tax Return for Estates and Trusts), 1065 (U.S. Return of Partnership Income), 1120 (U.S. Corporation Income Tax Return), and 1120-S (U.S. Income Tax Return for an S Corporation). The IRS emphasizes that all taxpayers must answer the digital asset question, regardless of whether they engaged in a transaction involving digital assets during the tax year. The expanded inclusion of the question on additional...

Russia's largest crypto mining industry association, the Industrial Mining Association (APM), has expressed strong opposition to the Russian Ministry of Energy's plans to increase electricity tariffs for miners. The ministry proposes a two to fivefold increase in tariffs, aiming to discourage miners from setting up operations in remote regions. The APM argues that legalizing the sector and allowing power companies to charge higher, unsubsidized rates would be a more effective solution. The association warns that the proposed tariff hike would force miners into a "gray zone" of semi-illegality, potentially undermining Russia's position as a global leader in crypto mining. APM Director Sergei Bezdelov contends that the proposal violates anti-monopoly legislation and could make industrial mining unprofitable, leading to an increase in illegal mining activities. The conflict over electricity tariffs for crypto miners in Russia underscores the challenges of regulating the rapidly growing...

Singapore's AXS, supported by DBS Bank and Tower Capital Asia, has joined forces with cryptocurrency firm Triple-A to introduce cryptocurrency payments for various services. Users in Singapore can now pay bills using Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC) through AXS' mobile app, AXS m-station, covering 550 out of 600 available services. Triple-A will facilitate the payments by instantly converting the chosen cryptocurrency into Singapore dollars and crediting the amount to AXS' bank account. The partnership aims to extend cryptocurrency payment options to AXS Stations and the AXS e-Station website in the second quarter of 2024, providing greater convenience to AXS's user base of 650,000 monthly active users. As AXS expands the cryptocurrency payment option to more platforms, it contributes to the ongoing narrative of digital assets becoming a mainstream part of financial ecosystems. (Source: Bitcoinist)

The U.S. National Science Foundation (NSF) has unveiled the National Artificial Intelligence Research Resource (NAIRR), a collaborative initiative involving 25 private, nonprofit, and charitable organizations, along with 10 federal agencies. The program aims to establish a shared research infrastructure to enhance access to essential resources for responsible AI innovation. Tech giants such as Microsoft, Google, IBM, and others are participating in the NAIRR pilot, fostering collaboration between the public and private sectors. This initiative aligns with the U.S.'s strategic goal of maintaining global leadership in AI research and development, emphasizing the need for opportunities across the country to ensure continued advancement and competitiveness. United States, through initiatives like NAIRR, seeks to position itself at the forefront of AI innovation, promoting research opportunities and global competitiveness. (Source: Coingape)