crypto

Government employee accused of mining crypto at public’s expense

An information technology operations supervisor at the Suffolk County clerk’s office in New York, Christopher Naples allegedly harnessed his position to place crypto mining equipment in various spots at the Riverhead Center in the New York county in which he worked. 

Naples allegedly set up 46 devices for crypto mining, “in locations like an unused electrical wall panel or underneath floorboards,” according to a statement posted on AP News on Wednesday.

Crypto mining can be an expensive endeavor, sometimes requiring specific equipment for the task as well as hiking up electrical costs wherever the mining apparatuses are set up. Mining equipment can also give off notable amounts of heat, adding to the equation.

According to a quote in the statement from Timothy Sini, a district attorney in Suffolk County: “Mining cryptocurrency requires an enormous amount of resources, and miners have to navigate how to cover all of those electricity

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Lawmakers should treat crypto like gold or real estate: Indian tech magnate

Indian technology mogul, Nandan Nilekani, has urged local lawmakers to allow citizens to speculate on crypto assets.

The co-founder and chair of Infosys, an Indian multinational information technology firm, has urged regulators to embrace digital assets and get a handle on accommodating the technology.

Speaking to the Financial Times, Nilekani warned that prohibitive regulations could result in significant missed opportunites for India, asserting that a more permissive approach would let the country to tap into the $1.7 trillion digital asset market and allow “crypto guys to put their wealth into India’s economy.

However, Nilekani is not bullish on an unfettered crypto market for India, asserting cryptocurrencies are too volatile and energy-intensive to use as a means of payment. Instead, he believes the Reserve Bank of India’s Unified Payments Interface infrastructure offers superior infrastructure for real-time payments.

Instead, the tech mogul advised allowing Indian’s to access crypto assets for speculation

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