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Police In Miri Literally Steamrolls Over 1000 Crypto Mining Rigs

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An informative post on Penang Malaysia.

We’ve seen many reports of other countries cracking down on cryptocurrency. But this weekend, we see one case within our own soil, though to be specific, it is only tangentially related to crypto. A report states that police in Miri, Sarawak flattened over 1000 crypto mining rigs worth about RM5.3 million seized between February and April.

According to Bernama, eight individuals were also arrested for being involved in mining activities using stolen electricity. This would power stolen from Sarawak Energy Berhad, the state’s equivalent of Peninsular’s Tenaga Nasional Berhad. Of the eight, six have been charged and have been fined up to RM8000 and jailed for up to eight months. So to be clear, the crime here is not crypto mining, but the theft of electricity.

The Bernama report states that the seized crypto mining rigs were disposed of at the Miri district headquarters. But Sarawak news portal DayakDaily has got footage of the disposal, which is by steamrolling the seized crypto mining rigs.

It does seem quite wasteful, getting the crypto mining rigs destroyed like that. After all, we’re talking about RM5.3 million’s worth of hardware. Rather than getting literally steamrolled, they could have been put to better use elsewhere, or even auctioned off. Though on the flip side, one can argue that the latter option will lead to more electricity theft.

(Source: Bernama, DayakDaily)

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World’s Biggest Crypto Exchange Binance Banned By UK Financial Regulator

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A great post about Malaysia.

The UK’s Financial Conduct Authority (FCA) has banned the world’s largest cryptocurrency exchange, Binance, from conducting any “regulated activity” in the country. This is the latest blow against cryptocurrency, which is under increasing pressure from governments across the world.

According to the BBC, the FCA declared that Binance Markets Limited (BML), which is owned by the larger Binance Group, isn’t allowed to engage in regulated activities in the country without written permission from the authority.

The emphasis on “regulated activities” is important as well as potentially confusing because the FCA doesn’t regulate cryptocurrencies like bitcoin or ether – so people can still use the Binance website to buy and sell those.

However, the FCA does regulate some cryptoasset derivatives (like futures contracts) as well as cryptoassets it considers “securities”. In those cases, the ban is in effect. The authority also issued an advisory against online ads “promising high returns on investments in cryptoasset or cryptoasset-related products.”

Binance reportedly told the BBC that the FCA’s announcement has no “direct impact” on the services it offers through its website. “BML is a separate legal entity and does not offer any products or services via the Binance.com website,” said a company spokesperson.

Notwithstanding the details, the development does reflect increasing institutional hostility towards cryptocurrency across the globe. China, for example, has recently cracked down on both crypto trading and mining.

(Source: BBC, FCA. Image: Binance / Facebook.)

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NVIDIA GeForce RTX 3060 Cards Reportedly Already Being Sold On Second Hand Market

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An interesting post on Penang.

The NVIDIA GeForce RTX 3060 is still days away from its official launch, yet by the power of capitalism, the card has already begun appearing on an online retail store that caters to a second hand market. The good news, depending on your view, is that the cards only being in Belarusian site called Onliner.

One particular seller is offering up three Gigabyte RTX 3060 Eagle OC cards for 2800 Belarusian Rubles, which comes up to approximately RM4370 per card. Yes, you read that right; that is the price the seller is charging for one card, and not all three of them.

In addition to the price, the seller says that one of the cards in the list had already been opened up for the purpose of “verification”. By that statement alone, it is highly likely that the seller wanted to test the card out for mining purposes and see how much NVIDIA had limited its prowess as a cryptominer.

CMP

To quickly recap: last week, NVIDIA announced that it would be launching cryptomining specific GPUs, known officially as CMP, to address the ongoing and sordid GPU mining issue. At the same time, the GPU maker also announced that it will limit the RTX 3060‘s hashrate as a mining GPU, in an effort to deter miners and scalpers from scooping up what little stock of the card there is, or will be at launch.

We’ve mentioned before that buying a graphics card that was previously used for mining is usually a bad idea. Not all miners reveal the current state of the card at sale; they can tell you that it was used for mining, but what they would be reluctant to disclose to you is just how long the card was used for that purpose.

GIGABYTE

That leads us nicely into another piece of good news. Whether the seller did it on purpose or is unaware of their action, one of the pictures clearly shows the serial number of all three cards. This alone would make it easier for Gigabyte to find out where the card is sold, and to whom it was sold.

(Source: Onliner via Videocardz)

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Cheong Fatt Tze Mansion

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Cheong Fatt Tze Mansion

Cheong Fatt Tze

This turn of the century Mansion was built in 1890 by the most influential foreign merchant of his time who came from from Nanying, China. Moving to Penang he went on to develop his empire of shipping, opium and mining in South East Asia.

This truly amazing house is a fusion of east-west architecture with distinct European styling and stained glass windows with a real feel from its Chinese roots. The house could be said to epitomize the cultural blend of Penang. Today the house is open as a museum for visitors to get a glimpse of a bygone era and learn more about Cheong’s history through its antiques and paraphernalia on display.