BRICS Nations Set for 4.4% Growth in 2024-2025, Outpacing G7 Economies

Russian Finance Minister Anton Siluanov has emphasized the rising influence of BRICS nations during a recent event, noting their projected economic growth of 4.4% in 2024-2025, compared to 1.7% for G7 countries. Siluanov highlighted BRICS’ growing share of global GDP, now at 36.7%, and the addition of new members like Saudi Arabia, Iran, and the … Read more

Russian Republic Dagestan Battles Underground Crypto Mining Amid Power Outages

Dagestan, a republic in Russia, is stepping up efforts to tackle illegal cryptocurrency mining due to its impact on the power grid and public safety. Underground mining operations have caused recent infrastructure damage, including a substation fire. Officials call for stricter measures to address these issues as miners bypass regulations. Dagestan Cracks Down on Illegal … Read more

Report: Paraguayan Bitcoin Mining Industry Provides Fewer Than 400 Jobs

A report presented to the Paraguayan Congress highlights the low level of employment associated with the country’s bitcoin mining activity. According to data from the Social Care Institute, the entire bitcoin mining industry is responsible for only 383 direct jobs, with over 40 companies not reporting any workers directly associated with their operations. Paraguayan Bitcoin … Read more

Bitfarms Takes Control of Its First US Mega-Site to Expand Bitcoin Mining Capacity

Bitfarms Ltd., a bitcoin mining company, announced on Tuesday that it has taken control of its new data center in Sharon, Pennsylvania. “This site represents Bitfarms’ first mega-site in the U.S. with access to up to 120 MW,” the company said. Located in the Pennsylvania-New Jersey-Maryland (PJM) grid, the site offers low-cost, flexible power ideal … Read more

Iran Escalates Crackdown on Illegal Crypto Mining Amid Severe Power Crisis

Iran is aggressively cracking down on illegal cryptocurrency mining as the nation faces a severe power crisis exacerbated by an intense heatwave. Iranian authorities claim that unauthorized crypto mining has significantly strained Iran’s power grid, leading to widespread industrial disruptions. A bounty program has been launched to encourage citizens to report illegal mining operations. Iran … Read more

Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 Years

Authorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says … Read more

The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy

Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers … Read more