Australia’s financial regulator raised concerns about FTX Australia not long after it began operations last March, according to documents.
ASIC News
An application-specific integrated circuit (ASIC) is a chip that has been developed to be a part of a setup known as an ASIC cryptocurrency mining rig. An ASIC miner combines computer hardware and software to mine digital currencies. ASIC miners specialize in one hashing algorithm that determines which cryptocurrencies are mined. Bitcoin is mined using the SHA-256 algorithm, while Ethereum is mined using ETHASH. ASIC miners typically come in the form of a dedicated piece of hardware that needs to be connected to a computer. The hardware does all of the mining work, while the computer is mostly used to provide power and an internet connection.
ASIC miners are ideal for large-scale mining operations since they are more efficient than general-purpose computers or homemade GPU-powered rigs when it comes to mining. ASIC miners can also be used to mine multiple cryptocurrencies, which can further increase their efficiency. Their performance is measured in a hash rate, the number of hashes per second that they can perform, and power consumption. The higher the hash rate of an ASIC miner, the more times it can try to crack the hash in a given period of time. The efficiency of ASIC chips used for mining has increased with every new model that comes out and is measured in terahashes (TH). A more common term to evaluate the performance is terahashes per second (TH/s), which measures the number of cryptographic hashes that can be performed in a second.
The disadvantages of ASIC miners are that they use a lot of electricity and produce heat. They work best in specific conditions, such as within a warehouse with industrial cooling, and may not be suitable for home miners in large quantities. However, most miners power their ASICs through renewable energy, alleviating environmental concerns around mining. Furthermore, miners can quickly switch off their equipment to minimize strain on the local power grid.
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Bitcoin’s prolonged breakout above $22,000 is easing pressure on razor thin profit margins for BTC miners.
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ASIC claims a crypto yield-bearing product from Finder’s registered exchange was unlicensed; the firm disagrees but has declined to say if it will fight the suit.
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ASIC’s Joseph Longo pointed the finger at a loophole that allowed FTX to acquire an Australian Financial Services License under its watch.
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Miners in Russia have likely been increasingly buying crypto ASICs due to reduced prices of mining devices as well as low-cost energy.
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Block Earner CEO Charlie Karaboga said it was a “disappointing outcome” given it had spent “considerable resources” to adhere to existing guidelines.
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The chair of Australia’s market regulator has warned that “action will be taken” on financial product issuers who promote risky products to a wide consumer base.
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Australian and U.S. digital asset lawyers told Cointelegraph that, by and large, the words on their own are “pretty useless.”
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The Australian securities regulator is pursuing BPS Financial Pty Ltd for allegedly making false and misleading representations and engaging in unlicensed conduct.
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Building a crypto mining rig involves a lot of different parts — here’s how to get started.
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Three funds tracking Bitcoin, Ether and FileCoin have been issued interim stop orders by Australia’s market regulator due to “non-compliant” target market determinations.
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A fraternity-based approach to mine crypto, mining pools let miners combine their computational resources for a better chance to win rewards.
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This bear market is proving to be especially tough for Bitcoin miners, but Canaan senior vice president Edward Lu says the industry is “evolving toward a positive long term.”
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Australia’s financial services regulator sees the rise in crypto investment during the COVID-19 pandemic as a cause for concern, especially among young and new investors.
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