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Bitcoin Miner Bitzero to Build $500 Million Headquarters in North Dakota

Bitzero Plans to Build Headquarters for North Dakota Bitcoin Mining Operations Valued at $500 Million

Bitcoin miner Bitzero is building its headquarters in North Dakota.

The data center will cost the company between $400 million and $500 million and will use heat, a byproduct of its operations, to help the region produce food year-round.

The company has already raised $100 million and is planning an IPO in Canada within the next 60 days.

Bitzero Blockchain Inc., a 100% renewable bitcoin mining company, is making North Dakota the headquarters for its North American operations.

The miner distilled the plans Thursday in a joint press release with the North Dakota governor’s office and notable investors like Kevin O’Leary.

Company officials declared plans to invest $400-$500 million in the next data center and also announced plans to partner with the MHA Nation greenhouse project that will allow heat from Bitzero’s operations to be used for food production. throughout the year.

“Help Main Street, help all citizens, take our state out of reliance on being, as we have been for over 100 years, reliant on state-level revenue,” said North Dakota Governor Doug Burgum.

While the location of Bitzero’s headquarters has yet to be announced, the CEO said it will likely be located in Bismarck or Fargo and employ 15-20 people for operations. The bitcoin miner has plans to generate 200 megawatts (MW) of power in data centers over the next two years.

In addition to the data centers, the company also plans to develop an assembly and distribution center for graphene battery technology that is expected to represent an investment of $200 million to $500 million over the next two to three years.

Bitzero has currently raised $100 million through investment capital with plans to launch a Canadian initial public offering (IPO) within the next 60 days.

“Consolidating a North American headquarters prior to the IPO was a crucial strategic piece for Bitzero, and we plan to begin consolidating operations in North Dakota as we grow,” said O’Leary. “This announcement comes before the announcement of a Montana project scheduled for tomorrow.”

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India consults World Bank and IMF to comply with global cryptocurrency regulations

The Indian government is working on a consultation document on how to regulate cryptocurrencies. The World Bank, the IMF, stakeholders and other interested parties took part in the consultation.

The Indian government’s line on cryptocurrencies has been anything but clear so far. However, its own central bank, the Reserve Bank of India, has made it very clear that it believes cryptocurrencies are a threat to macroeconomic stability and appears to be interested in an outright ban.

As reported by the Times of India, Economic Affairs Secretary Ajay Seth expressed a desire to work globally to properly regulate cryptocurrencies. He said:

“We consulted not only national institutional actors, but also institutions such as the World Bank and the IMF. Therefore, we hope that we will soon be in a position to finalize our consultation document.”

He added that his country has started working on global regulations and stated that countries would not be able to succeed in their cryptocurrency regulation unless there was broad consensus across economies.

The fact that global financial institutions like the IMF are involved with Indian thinking on how to regulate cryptocurrencies may be a cause for concern in cryptocurrency circles.

The IMF has been highly critical of the cryptocurrency sector so far, warning El Salvador, for example, about the repercussions of adopting bitcoin as a legal tender in the country alongside the dollar.

The world’s elite banking and financial institutions have a lot to lose if Bitcoin becomes even more entrenched as a place for investors to gather, as the dollar and other fiat currencies around the world continue to devalue.

It remains to be seen to what extent any extremely negative regulation of the cryptocurrency sector will be respected as the world’s citizens try to cope with declining purchasing power on the one hand and runaway inflation on the other.

There is a lot of talk about how investors are being tricked by some of the Ponzi crypto schemes, but little is mentioned about why investors are there in the first place. Virtually zero returns and an outdated banking system that is not fit for purpose could be just some of the reasons.

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Camp BX Crypto Exchange Sued for Allegedly Stealing Customers’ BTC

Camp BX was a cryptocurrency exchange in Atlanta, Georgia that is becoming well known not because of its cryptocurrency exchange protocols, but because it is one of the first to be sought after by most of its customers.

Camp BX is getting “federal” attention

Camp BX doesn’t have a long or stellar history. The company only existed for a while, but the company, when it went bankrupt, decided to keep all of its customers’ money and not return anything. This raised serious red flags among everyone doing business with the company, and it wasn’t long before class action was launched.

All this happened about four years ago. Many customers have so far failed to recover their bitcoin units, although it now appears that the court has finally ruled in their favor. A federal jury in Atlanta has ruled that all customers who have been cheated of their earnings by Camp BX must have their funds returned immediately.

For several years, approximately 70 customers have exchanged bitcoins and other cryptographic units through Camp BX. The company’s physical address was a PO box at a UPS store in Roswell, although the company is believed to have conducted most of its business remotely or online. Attorney John Richard explained in an interview:

In this case, the exchange worked well for several years.

However, that finally changed in 2017 when several of the customers in question lost access to their bitcoin accounts. This is often known as a tug of the rug in the crypto space. A company or project gets money through investors or clients from all corners of the world. Just when it looks like the money is going to be put to good use, executives close up, so to speak, and walk away with all the funds. It’s a classic case of fraud, and it happens a lot in the field of digital currencies.

A year after this all began, the Georgia Department of Banking and Finance sent a cease and desist letter to Camp BX for allegedly carrying out unlicensed financial transactions. Several customers were also chatting on online forums talking about how they couldn’t access their money. One man, Jay Daniel, had around $250K worth of BTC that he couldn’t access. He says:

I went to the site, couldn't make any transactions and was like, 'Oh shit'. They held our property completely, they didn't answer reasonable questions, and we literally had to open the first bitcoin case in federal court to get our money back.
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Team Terra officially activates the Terra 2.0 Pheonix-1 mainnet

The official Terra 2.0 launch announcement is finally here, as the team activates the Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network. The official announcement from Earth says:

Block 1 of the new Terra blockchain (with chain_id of "Phoenix-1") was officially produced at 06:00 UTC on May 28, 2022! Kudos to the #LUNAtic community for this quick collaboration.

The announcement adds that LUNA token qualifiers can check their wallet balances by selecting the new Phoenix 1 network via the Terra Station browser extension. Terra founder Do Kwon wrote:

To see your $LUNA (or $LUNA2 as some exchanges call them) token balances, you just need to login to the station and refresh the page For new users coming from IBC and others, create a station wallet with the same book and station guide you through the remaining steps

With their new liquid LUNA tokens, users can do a number of things, such as staking on Terra Station to earn rewards. Users can use them in dApps after launch, trade them, and even participate in governance decisions.

Terra 2.0 is a completely new blockchain and not a fork. As a result, dApps running on Terra Classic must be restarted on the new chain. Some of the dApps have already migrated to the new chain, including RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and others.

How to verify LUNA bet?

Terra explains that for the portion of the LUNA airdrop that is already staked and purchased, users need to follow a simple three-step process.

Open the Terra Station desktop app

Select Phoenix-1 network

Click on the "bet:" tab to see the coins wagered and the validator being wagered for.

Users are free to choose the validator of their choice and start earning staking rewards. Users can do this by redelegating or delegating and then delegating the share again.

Users will continue to receive staking rewards even when their LUNA is staking and in the process of being acquired.

“Today marks the beginning of the next chapter for the Terra community; one where our potential is limitless and our collective creativity can flourish,” says Terra.

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Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.