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Chinese Firm Bitcoin Mining Invests $9M to Build 100 Megawatt Bitcoin Farm in Kazakhstan

  Shenzhen-based Bitcoin Mining is planning to construct and operate a 100 MW crypto-mining data center in Kazakhstan. The project will be implemented in partnership with two local companies that will also provide the enterprise with an array of services. The total amount of the investment will exceed $9 million. Kazakhstan to Host New 100 MW Crypto Mining Facility Bit Mining announced this week it has entered into a binding investment term sheet with a Kazakhstani entity. The two companies will cooperate on the construction of a new crypto mining facility in the Central Asian republic. The Chinese firm will have an 80% equity interest in the new Kazakhstan Mining Data Center, with the remaining 20% held by its local partner. Chinese Company Bit Mining to Build $9 Million Bitcoin Farm in Kazakhstan The bitcoin farm will launch with a power capacity of 20 MW and when fully operational it’s expected to reach a total capacity of 100 MW. Bit Mining said it’s going to invest 60 million Chin
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Chinese Traders Still a Major Influence the Crypto Market, According to Experts Bitcoin

  Chinese bitcoin traders still exert a major influence in the cryptocurrency market, even with all the distinct issues they must now face to operate. This is the opinion of several experts in the field that have weighed in on how the recent prohibitions and ban proposals from China are really affecting how Chinese bagholders that conduct their business in Asian and worldwide exchanges. Chinese Traders Still Big in the Market Chinese traders still have a big influence on how crypto markets move even with all of the difficulties they have to operate, according to different experts with knowledge about how Asian markets work. Even sidestepping all of the government regulations, these traders are still managing to do business, taking advantage of gray markets and other services that let them exchange the local currency for crypto. News of China invoking strict warnings toward cryptocurrency trading and initial coin offerings (ICOs) are not new: China has warned against these activities si
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UK Bans 'Time to Buy' Bitcoin Ads on Buses and Underground for Being Misleading

 The British Advertising Standards Authority (ASA) has banned a bitcoin ad campaign put up across the London Underground network and on London buses by cryptocurrency exchange Luno. The UK advertising regulator says the ads are misleading and irresponsible. ‘Time to Buy Bitcoin’ Ads Banned in the UK A bitcoin advertising campaign put up across London Underground and on buses has been banned by the U.K. Advertising Standards Authority (ASA). The ads contained an image of a bitcoin with the words “If you’re seeing bitcoin on a bus, it’s time to buy” or “If you’re seeing bitcoin on the Underground, it’s time to buy.” They were put up in February. The ASA said it received four complaints. Three complainants “believed the ad failed to illustrate the risk of the investment” and “challenged whether it was misleading.” One complainant “challenged whether the ad took advantage of consumers’ inexperience or credulity,” the regulator detailed. “We considered that consumers would interpret the sta
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Even Finance Professors Lean Left

You may have thought of finance professors at business schools as likely to be a fairly conservative lot, or at least to include a good number of them. You might think finance would be an exception to the growing political monoculture in US academia. You would be mostly wrong.   Emre Kuvvet tracked down the party affiliation of finance professors in the top 20 US departments, and wrote up the results in " Even Finance Professors Lean Left .  Berkeley has more Republicans than Chicago? I think numbers are low because so many faculty are not US citizens. It's initially striking  how many finance faculty are not even registered to vote, but I suspect that this reflects the large number of non-US citizens in finance departments.  Here come the millennials... Or, maybe Churchill was right about hearts and brains.  Journal editors:  Not even the JFE can manifest many Republicans!  Of course this is a striking amount of political diversity by the standards of the rest of most univers
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Nvidia Makes $155 Million From Crypto Mining Chips in Fiscal Bitcoin Q1

  Graphics cards Bitcoin manufacturer Nvidia has earned $155 million bitcoin  in revenue from chips designed for cryptocurrency mining during the first fiscal quarter. The company admitted that crypto miners have also pushed sales up in the gaming products segment which remains its main market. Leading GPU Maker Reports Record High Video Card Sales Supported by Crypto Miners Announcing its first quarterly results for the fiscal year 2022, Nvidia revealed its total revenue rose 84% in Q1 that ended on May 2. The record high $5.66 billion figure, which exceeded preliminary expectations, comes from the company’s gaming, data center and professional visualization platforms. Surging demand for graphics processing units (GPUs) during the pandemic, along with the growth of AI applications have played a major role, but so have booming crypto markets. While $155 million of the total have been attributed to crypto-specific chips, Nvidia also admitted that cryptocurrency miners have boosted sales
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Bitcoin Mining Banned in Iran as Blackouts and Power Shortages Intensify

  Iranian President Hassan Rouhani has announced that cryptocurrency mining is banned in Iran, effective immediately. The ban, which will last until Sept. 22, is imposed as many cities in the country are facing major power blackouts. Iran has banned bitcoin mining effective immediately, President Hassan Rouhani said on Wednesday in a televised speech at a cabinet meeting. He was quoted by the media as saying: The ban on the mining of cryptocurrencies is effective immediately until September 22. Many cities in Iran are facing major power blackouts and the government has blamed power cuts on cryptocurrency mining, drought, and rising demand for electricity in summer. Bitcoin News recently reported that Iran will shut down licensed crypto miners in peak hours of power consumption. Blockchain analytics firm Elliptic estimates that around 4.5% of all bitcoin mining takes place in Iran. The firm said income from mining has allowed “the country to circumvent trade embargoes and earn hundreds
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Garicano's conversations with economists

Luis Garicano has just posted a very interesting free e-book, " Capitalism after covid: Conversations with 21 economists. " I was honored to be one of his interviewees, video here . Luis has a VoxEU column summarizing conversations, and twitter thread if you like reading such things. Luis is a great interviewer.  This is not an endorsement of all the ideas! Luis found a wide spectrum of ideas, and I think that is the strong thing about the project. You can see how really smart people, on top of the latest academic research, come to still widely different conclusions about the current state of affairs and directions we should go. Though Luis is a pretty free-market Chicago guy, he did not impose that view which I find admirable.  In particular, referring to the VoxEU column, I would take issue with  The bulk of the shock was absorbed by the public sector budget.  That the world could produce such a massive, coherent, and rapid economic response to the pandemic had a lot to d
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