Category Archives: crypto mining

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Canada Legalizes Cannabis to Create a $23 Billion Industry, DLT at the Forefront

As Canada becomes the second nation after Uruguay to legalize cannabis, one company is already underway with a blockchain-based solution for supply chain management.

Despite the announcement yesterday, inviting Newfoundlanders to be the first in the country to be able to make an officially sanctioned purchase, the legislation is hardly a free for all. Users will need to be 18 or 19 to purchase, and anyone caught selling to minors will incur a strong penalty with a possible jail sentence.

Plants grown at home will be limited and only 30 grams will be allowed for personal possession in public. Also, strict driving legislation will allow police to track and penalize drug-impaired drivers through roadside saliva testing for over the limit THC content.

Supply chain management is sure to become a major factor under Canada’s new legislation. DMG Blockchain Solutions is currently negotiating with cannabis licensed producers, quality assurance labs, retail distributors, and government regulators, to develop a cannabis supply chain solution. DMG describes itself as a diversified blockchain and cryptocurrency company that works on end-to-end solutions to monetize blockchain’s ecosystem.

The company currently has new 85-megawatt capacity transfer and electrical substation under construction, making their crypto mining installation one of the largest in North America. The company’s CEO Dan Reitzik talking about DMG’s latest venture, sees blockchain and the cannabis supply chain as a perfect match in providing a backdrop for safe usage of the legal drug, suggesting:

“Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of the product, enhancing product safety, as well as facilitating and automating legal and tax compliance.”

Cannabis’s impact on the Canadian economy stands at potentially $23 billion, including an estimated $6 billion in revenue from 13 million recreational users. Ensuring the safety of the product with such widespread usage is vital. Systems such as DMG’s will at least be able to ensure that advertised products originate from listed official producers, although there are sure to be other problems associated with illegal circulation of the drug. The company’s official announcement listed some of the features of the proposed solution, such as:

“Supply chain automation on blockchain, applying artificial intelligence, IoT, machine learning and tight integration across the entire supply chain and the development of interfaces between the blockchain platform and legacy systems.”

Other aspects of the new technology as it applies to the project also includes the “Integration of existing ERP systems with the blockchain platform, licensed producers, licensed distributors, retailers, shippers, as well as a reporting and auditing system.”

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Siberian Church Turns to the Power of Crypto In Mining Gaff

A church in Irkutsk, Siberia’s largest state, has been taken to court for draining too much power from the local grid through crypto mining.

Crypto mining in itself is not illegal and Russian law permits reduced power rates for non-government organizations. But, it seems that the church decided to go beyond covering essential heating and lighting and raised extra funds in their own way through crypto mining.

Most churches fundraise for essential repairs, but it seems as though someone in this parish had their own particular use for the extra generation of cash raised by their mining activities. It is not clear if members of the clergy or someone in the parish had locked into the church’s power supply, but the court found for the power company that no case of power theft was suggested, which does indicate that the irregular use of power may have been authorised by the church.

The result means that the church has a tab of $16,000 to pick up and faces their tariffs being raised by the electricity company. More importantly, the case may set a precedent in the courts for future such incidents when excess power is drawn without consultation with local electricity providers. Although not currently legislated for, extreme overuse of power through crypto mining may invite closer government scrutiny if it became a common occurrence.

The cold climate, particularly in locations such as Siberia with its sub-zero temperatures, has made the likes of Russia and Iceland the go-to destinations for industrial level crypto mining. The Russian Association of Crypto Industry and Blockchain (RACIB) claims that there are now over 400,000 people employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs, with an increase in one-man operators working from their homes.

Because much of Russia’s mining proceeds go towards foreign investment, locally run mining pools are becoming popular as a way of cutting back on the amount of Russian money going towards overseas enterprises through crypto mining.

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Heat Your House Whilst Earning Using French Crypto-Heater

A French-based startup has come up with a unique idea which enables users to heat their homes whilst using the same energy to mine cryptocurrency.

Startup Qarnot has manufactured the QC 1 crypto-heater, one of two products using both heating and computer energy, which uses the heat generated by home computers to heat the surrounding area via a system of graphic plates.

The crypto-heater is advertised as the only one in the market to be perfectly noiseless with no embedded mobile parts (no fans, no hard drives) and IP-protected. Taking only 10 mins to set up, the heat of the QC-1 is generated by 2 graphics cards embedded in the device enabling the mining of cryptocurrencies or blockchain transactions, while it heats.

At 2,900 euros plus shipping, this heater doesn’t come cheap though. The unit is advertised as configured to mine Ethereum and has extra controls which allow the user to follow the crypto market, either through an LED readout on the heater or via a downloadable app. Heater owners are able to mine other cryptocurrencies through a GitHub link which will give them the necessary codes.

As for dual-usage household products, this time not designed on a commercial level, but more as a bi-product, Alabama IT worker Lee, gave up his graphics card that he was using for Bitcoin mining for his bathtub. This turned out to be a much better tool for the job. By using ambient air pulled into a system to cool his ASICs and heated air pushed through a water-to-air intercooler pumped through from his bathtub, he generated enough computer heated water to keep his mining habits up to par.

The only problem was, he generated bathwater of 122F/50C, so fearing for the life of his pets he decided to halt his bathtub mining activities.

“Imagine a crypto heated swimming pool or anything else you could heat with the output from a small, medium, or large-scale mining operation,” gta3uzi wrote on Reddit.

Some suggestions arising from his post included using the hot water to create a sauna, heating his home, drying one’s hair, and even cooking a steak sous vide.

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