Canadian miners can now receive extra energy from national reserves!

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In a Canadian province called Quebec, local authorities have come up with new regulations regards cryptocurrency mining. Now all Quebec companies that mine cryptocurrencies will receive an additional 200MW from the national energy company Hydro-Quebec.

Mining Requirements

In order to receive this electricity, the miners will have to meet several requirements. These requirements include providing jobs for the people of Quebec and ensure the secondary use of heat, which comes from the cryptocurrency mining process. Additionally by doing so, Hydro-Quebec hopes to reduce total electricity consumption by 10% and keep low tariffs for consumers.

Moreover, in June 2018, Hydro-Quebec presented a plan to the local authorities of Quebec which allowed to call off the moratorium for licensing mining operations. It was introduced by the ‘unprecedented’ demand for electricity in the province to be abolished.

About Hydro-Quebec

Hydro-Quebec is a public utility that manages the generation, transmission, and distribution of electricity in Quebec. The Government of Quebec formed it in 1944 from the expropriation of private firms. This was followed by massive investment in hydro-electric projects like Churchill Falls and the James Bay Project. Today, with 63 hydroelectric power stations, the combined output capacity is 36,912 megawatts. Extra power is exported from the province and Hydro-Quebec supplies 10 percent of New England’s power requirements.

Source:

https://kripto.media/kanadas-maineri/
https://en.wikipedia.org/wiki/Hydro-Québec

Photo by O-seop Sim from Pexels

The city of Calgary starts accepting crypto! Future incoming!

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Last Friday, December 7, a city in Canada – Calgary officially unveiled The Calgary Digital Dollar. Presented by Joe Ceci, the Finance minister of Alberta, and now Calgary is the first city in Canada with their own cryptocurrency. 

Meant to help and promote local businesses

The Calgary Dollars are meant to be a part of a new effort to help, promote and build better relationships with small businesses and non-profit organizations in Calgary. Shops and restaurants can list themselves within a smartphone application. That way they are participating in the program. Companies can choose the amount of Calgary Dollars they are willing to receive for their services. It can vary from 10-100% of the cost, which is a very cool feature. Also, there are multiple benefits for small businesses that participate in the program. For example, business owners can pay half of their business license in Calgary with Calgary Digital Dollars. “Every dollar spent locally goes a lot farther in our community than spending it at businesses, sending it outside,” said Solita Work, the owner of Reworks, a shop which specializes in one-of-a-kind objects made from all kinds of stuff.

More educated users

One of the benefits of such a program is that people are educating themselves by using this app and currency. It powers the local business ecosystem, and people are learning how cryptocurrencies work at the same time. “Every dollar spent locally goes a lot farther in our community than spending it at businesses, sending it outside,” commented Solita.

Also, people can donate the Calgary Dollar to many non-profit groups such as the Calgary Housing Company, the Sharp Foundation, Norfolk Housing, Inn from the Cold, and CUPS. What is interesting – you can also buy Calgary transit tickets with the cryptocurrency.

The world is slowly conceding

Today it feels like every day comes with a new country law which allows people to operate even more with cryptocurrencies. This news is particularly useful, as people will start learning and most importantly – using the new phenomena of blockchain and cryptocurrencies. Could this be the future of crypto? Every city having their own domestic token or coin with which the residents can operate. Consequently, there should be a global currency as well.

Moreover, this is where Bitcoin comes in. Bitcoin and its off-chain solutions. A future where your money doesn’t lose value after a year or two. A future of transparent transactions and accounted cash flows. How cool would be that?

Source:

https://goo.gl/SrzUXy
https://goo.gl/34SFPj

Canadian crypto exchange ‘MapleChange’ hacked!

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Yesterday, October 28, a Canadian cryptocurrency exchange ”MapleChange” announced on Twitter that they have been hacked, and currently their website is down. 

“Due to a bug, some people have managed to withdraw all the funds from our exchange. We are in the process of a thorough investigation for this. We are extremely sorry that it has to come to end like this. Until the investigation is over, we cannot refund anything,” reads the original tweet.

Later, they opened a Discord server where users could post their losses. The total amount of assets hacked still remain unconfirmed.

Closing social media

Later, they came out with an another, rather suspicious announcement saying that they are closing all their social media platforms: “Because we have no more funds to pay anyone back, the exchange has to close down unfortunately. This includes all of our social media.” This has raised a lot of uncertainty within the followers of the exchange. They accuse the exchange of forming an “exit scam”, but later they came out with yet another tweet clarifying that “We have not disappeared guys. We simply turned off our accounts temporarily to think this solution through. We cannot refund everyone all their funds, but we will be opening wallets to whatever we have left so people can (hopefully) withdraw their funds.”

Refunds

The fact itself is that they have announced that they will not be able to refund any BTC or LTC funds, but they have been able to recover LMO (Lumeneo) and CCX (Conceal) token wallets which are being sent over to their coin developers. These two assets couldn’t be found on the CoinMarketCap website, but we were successful searching them on CoinGecko. Also, LMO and CCX were the top two assets with the most volume traded on the exchange, so those are good news.

The exchange itself had almost 2000 twitter followers and the day before the hack, it reported a $15k daily trading volume. Which is another factor which makes us lean towards the exit scam theory. The exchange saw a slight increase in volume during the day before the hack. It went from $5k to $17.5k in the matter of an hour, so it looks rather artificial because that was the highest traffic MapleChange had seen in the past 6 months.

The good the bad and the ugly.

The good news are that it looks like the main funds (LMO and CCX) with which the users of the exchange have been trading with, will be refunded and that the exchange’s communication with the customers appears to be back and running.

The bad news are that, yet again this is another low level exchange that just got hacked. Which comes as another reminder to us all not to trade within centralized low level exchanges, which offer assets that are not even available on CoinMarketCap. These kind of exchanges need to be avoided at any means, because the crash of such a service is inevitable.

But then again, these people who engage with such exchanges, are aware that they are depositing their funds to a insecure source, just to get the “promised” x10 on a trade.

We strongly advise you not to use low volume level centralized exchanges, since they can easily go out of business, lock you funds or disappear just by announcing that they have been hacked.

Source:

https://goo.gl/GZKsUw
https://goo.gl/jsL1b5
https://goo.gl/ivf1Yt
https://goo.gl/5rFVVL

Photo by Canva.com