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Bitcoin Mining Giant Marathon Faces Another SEC Subpoena For … – Benzinga

Bitcoin mining company Marathon Digital MARA received a second subpoena from the U.S. Securities and Exchange Commission (SEC) concerning its 100-megawatt data center located in Hardin, Montana.

Marathon disclosed in a quarterly report on May 10 that the subpoena, issued on April 10, was connected to "transactions with related parties" that took place during the facility's construction in Montana.

"We understand that the SEC may be investigating whether there may have been any violations of the federal securities law," the company stated. "We are cooperating with the SEC."

Also Read:IRS Targets Bankrupt FTX Crypto Exchange With $44B Blow Will They Withstand Financial Assault?

The first subpoena regarding the Montana facility was received by Marathon in 2021, requesting the production of several related documents and communications.

On May 9, Marathon announced a partnership with digital assets infrastructure firm Zero Two to establish a large-scale immersion Bitcoin mining facility in Abu Dhabi.

The facility will comprise two mining mines with a total capacity of 250 megawatts. Marathon explained that although mining in Abu Dhabi would typically be unviable, its "custom-built immersion solution" would effectively keep mining rigs cool.

This development follows the Biden administration's proposal two months ago to introduce a new tax for cryptocurrency miners operating in the US, requiring them to pay a tax equivalent to 30% of the electricity costs incurred during crypto mining.

Read Next: UK Government Plans Crypto Seizures On Tax Evaders Are Your Coins Safe?

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Bitcoin Mining Giant Marathon Faces Another SEC Subpoena For ... - Benzinga

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Appian – where AI meets RPA and Process Mining – Diginomica

(Image sourced via Appian )

Last week, Appianheld its annual user conference in San Diego. The event reflected the growing size of Appian and a number of changes (notably AI) impacting buyers AND sellers of software.

Attendance was pegged at over 1500 people on-site and many more virtually. The company, by the way, is approximately twice as big as it was in 2019. The last Appian World I attended in person was in May 2013 and was a fraction of the size (and number of sessions) as this event. See this event writeup of that show for contrast and technology themes.

The name badges this year were interesting to read. I saw lots of developers and partners. But there were also people with Knowledge Management, Process Improvement and other job titles that are often scarce at ERP shows. I also met with a number of partner firm personnel. Appian, by dint of its large customers and their complex processes, is apparently a vendor that large integrators, consultants, process improvement specialists, etc. find attractive.

Complexity is something Appian customers possess. There were numerous demonstrations and breakout sessions whose speakers came from federal government agencies, insurance firms, life sciences and other entities with long, complex processes. These Appian customers and prospects are not satisfied with inordinately slow, potentially error-prone and partially manual processes. These businesses want better processes to improve the customer (or user) experience, reduce costs, increase productivity, and/or gain competitive advantage.

This was also a show where Appian developers and super-users at customers are highly revered. There was a $10,000 prize to the super-developer who won Appians version of a hackathon (i.e., the Live Build Challenge). Even the PR team felt I needed to meet with the lead cheerleader of the developer nation at Appian (It was a pleasure to do so, by the way).

Appian is now branding itself as the End to End Process Platform. This branding reflects their use of new AI/ML/Large Language Model technologies with RPA (robotic process automation) and process mining to solve complex business process challenges quicker than ever. Watching demonstrations of these combo capabilities make me think that Appians toolset is really a Business Productivity Generator. Im not trying to start a branding war with that remark but I think its important for prospective Appian customers to see the company as more than a tools provisioner and more of a firm that helps move organizations to a new level of performance. In my experience, people buy outcomes not tools.

AI as my co-pilot came up in numerous executive one-on-ones, keynotes, etc. Appian executives wanted all of their developer community to realize that newer AI, low code, process mapping, etc. tools will not lead to mass layoffs of programmers/developers. We saw several demonstrations where:

I believe that humans will want to and need to work with these tools. Im good with that concept. What I wonder though is what next years Appian World event is going to look like. I suspect in the next 12 months Appian and its customers will create a form factor larger number of process insights, automations, etc. and there wont be near enough time at the show to highlight even a small percentage of what will likely be some outstanding new creations.

The Data Fabric is what Appian calls its ability to not just stitch together disparate data but to also see how this information is (or could be) used in a process. Process performance and usage statistics are identified via process mining technology. Data is analyzed to see what information is being used in different processes and process steps. The Data Fabric helps companies:

Process HQ is Appians long-range vision of process mining. The technology provides a nice graphical view of a process, statistics from process mining technology, workflow logic, process mining insights, etc. The software then shows where new effort/programming is needed to improve the business rules and outcomes.

One of the more interesting aspects of this capability is that users can see before and after process results/performance statistics to see if bottlenecks, throughput, etc. actually improved and are now at acceptable levels.

Earlier in my career, the process documentation tools I used (not the advanced process automation tools of today) were so limited as to what they could do. In fact, most of these were static documentation tools. Process HQs power comes from harnessing the data within and generated by several Appian technologies to rapidly focus process experts on potential improvements and complete these improvements in short order.

Process Automation/Robotic Process Automation generally includes a number of tools to identify process workflows, exception logic/rules, approvals, etc. An RPA outcome can be a highly automated process where a number of routing, processing, decisions and other actions are occurring automatically. Done well, these tools can dramatically reduce human effort and errors.

There were a number of breakouts where customers, partner firms and/or Appian team members stepped attendees through the effort required to light up their government procurement, insurance underwriting or other complex process. But complexity was only one factor common to many of these presentations. Some processes also have a significant amount of regulation, lots of changes over time, rapidly evolving products, etc.

Where one customer might put dealing with frequently changing regulations as the key driver for using these tools, another customer might list improving customer experience as the top goal. The variability in the kinds of processes being automated was quite noticeable but you could see how each was a critical issue for the company to improve.

In the end though, I did observe that Appian has obviously had a lot of success within the government sector just because of the sessions offered and executive comments. This makes sense as US federal agencies are large, highly regulated entities that would benefit from these tools. Insurance is also another sector with similar challenges. These market & process realities shape Appians go-to-market efforts and reflect the kinds of organizations they target for new deals.

Private AI is not a military person but was a term that was used frequently by Appian executives. Appian has delineated all of the new AI/ML/LLM capabilities into two camps (i.e., public and private) based on where the training data and processing logic for these tools lives. For example, if you want to translate all of your English-language support documentation to Castilian Spanish via a large language model, you might use one of the externally available AI tools to do so. Doing so would mean using a public AI tool and exposing your data to the third-partys tool. That third-party tool will get smarter because of its intake of your firms proprietary data.

If the proprietary data is something of a competitive advantage for your firm, is something that should be held to a high degree of confidentiality, etc., a firm would be better off using its own Private AI tool. There may be other reasons to use a Private AI solution. For example, a planning tool might better understand some financial results if it only uses your own firms sales data. Your firms sales may be countercyclical to those of some of your competitors. Since these tools look for patterns within the chosen datasets, getting great data will help ensure better results. Alternatively, poor, confusing data will simply generate low-value results (i.e., garbage in, garbage out).

Appian executives stated their intent to back Private AI solutions for the foreseeable future. That response, while conservative, will help protect their customers data, confidences, etc. While some public AI use cases were mentioned, it was always with the caveat that this would have to be something where data security could be ensured, the risks to people/companies was minimal, and, Appian had time to thoroughly vet the solution.

New AI Use Cases were popping up throughout the show. Heres a taste of what was being discussed:

Integrator/Partner interest was keen at this show. Most major global service firms had some presence. Accenture was noted for their buildout of innovation factories using Appian technology. RSM was acknowledged for doubling their Appian staff complement over the last year. Many customer presenters were either introduced by or shared speaking duties with their implement/development partner.

Unique Solutions are the stars of this show.

Shows like this, especially when tech is undergoing a shockwave of introspection and change, are fascinating to attend. All kinds of new ideas and concepts are flying about with varying degrees of stickiness. Some attendees will be real short-term thinkers and regardless of the new AI buzz are simply looking for an incremental tool to take home with them. Others are looking for the long-range structural changes on the horizon and how these will affect their industry (and not just their firm or a single process). Both kinds of users/buyers were in attendance.

This show also highlighted for me how far both Appian and the process technology spaces have changed in the last few years. A few years ago, the focus was largely around workflow technology and low code solutions. This show was about process mining, generative AI and more. Evolution is an interesting animal to study.

Finally, the mood at the show was notable. Energy/enthusiasm within the customers, Appian team members, partners, etc. was high. Itll be interesting to see if Appian can maintain this at next years event in Washington D.C.

See also: Appian Platform for Process Automation -Low-Code - Process Mining from May 2021

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Appian - where AI meets RPA and Process Mining - Diginomica

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Hut 8 Reports Operating and Financial Results for Q1 2023 USA … – PR Newswire

Quarterly revenue of $19.0 million including $4.5 million from the high performance computing business

9,133 self-mined Bitcoin held in custody on March 31

TORONTO, May 11, 2023 /PRNewswire/ -- Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or the "Company"), one of North America's largest, innovation-focused digital asset mining pioneers,and high performance computing infrastructure provider, is pleased to announce its financial results for the quarter ended March 31, 2023 ("Q1 2023"). All dollar figures are in Canadian Dollars ("CAD"), unless otherwise stated.

"In early 2023, we experienced a confluence of events: electrical issues at our Drumheller site caused equipment failures, while fluctuating energy prices and increased network difficulty affected our mining operations," said Jaime Leverton, CEO of Hut 8. "We also reached an all-time operational high of 1.72 EH/s at our Medicine Hat facility and announced a merger of equals with USBTC, and since then have made progress on key regulatory files required to complete the transaction."

"We continued to strategically manage our finances in Q1 while addressing challenges at the Drumheller site," said Shenif Visram, CFO. "Although we continue to see good client demand in our high performance computing business, the issues on the mining side of the business reflect a decrease in revenue and Bitcoin mined, which the entire leadership and operations team is proactively working to resolve."

"Leading up to the halving, we will continue to focus on strategically increasing our stack of Bitcoin and growing our HPC business including exploring opportunities in the growing Artificial Intelligence market," said Jaime. "We expect that our proposed business combination with USBTC will increase our installed self-mining hashrate to 7.02 EH/s, enhance our geographic reach into new energy markets, and further diversify our lines of business with capex-light, scalable, fiat-based revenue streams, positively distinguishing us from pureplay digital asset miners, who post-halving, are likely to have more exposure to diminishing returns driven by an increasing global hashrate and additional competition from sovereign nations and well-funded new entrants."

Q1 2023 HIGHLIGHTS

BITCOIN INVENTORY AND VALUE

As at March 31, 2023, the Company had a total self-mined, unencumbered, and custodied Bitcoin balance of 9,133 with a market value of $352.0 million. During the first quarter of 2023, 475 Bitcoin were mined and 428 Bitcoin were sold, for which the Company received proceeds of $14.5 million.

OPERATING AND FINANCIAL OVERVIEW

For the three months ended March 31

Three Months Ended

(CAD thousands, except per share amounts)

2023

2022

Operating results

Digital assets mined

475

942

Financial results

Total revenue

$ 19,021

$ 53,333

Net income

108,503

55,708

Mining Profit (i)

2,590

32,906

Adjusted EBITDA (i)

(3,697)

27,109

Per share

Net income - basic

$ 0.49

$ 0.33

Net income - diluted

$ 0.47

$ 0.31

(i) Non-IFRS measure - see "Non-IFRS Measures" section below. Certain comparative figures have been restated where necessary to conform with current period presentation.

As at

(CAD thousands)

March 31,2023

December 31,2022

Financial position

Cash

$ 15,904

$ 30,515

Total digital assets

352,436

203,627

Total assets

541,453

412,937

Total liabilities

70,811

61,547

Total shareholders' equity

470,642

351,390

Working Capital (ii)

339,855

215,490

(ii) Calculated as current assets less current liabilities.

For more information, please refer to the Company's management's discussion & analysis (the "MD&A") and the Company's unaudited condensed consolidated interim financial statements for the three months ended March 31, 2023 and 2022. These documents are available on the Company's website at hut8.io, under the Company's SEDAR profile at http://www.sedar.com, and under the Company's EDGAR profile at http://www.sec.gov.

______________________________

(i)Non-IFRS measure - see "Non-IFRS Measures" section below. Certain comparative figures have been restated where necessary to conform with current period presentation.

NON-IFRS MEASURES

This press release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore not necessarily comparable to similar measures presented by other companies. The Company uses non-IFRS measures including "Mining Profit" and "Adjusted EBITDA" as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from Management's perspective and should not be viewed as alternatives to, or replacements of, measures of operating results and liquidity presented in accordance with IFRS.

The following tables and definitions reconcile non-IFRS measures used by the Company to analyze the operational performance of Hut 8 to their nearest IFRS measure and should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three months ended March 31, 2023 and 2022.

Mining Profit

"Mining Profit"represents gross profit (revenue less cost of revenue), excluding depreciation and revenue and site operating costs directly attributable to hosting services and high performance computing operations. Mining Profit shows profitability of the Company's core digital asset mining operation, without the impact of non-cash depreciation expense. Mining Profit measure provides investors the ability to assess the profitability of the mining operations exclusive of general and administrative expenses.

The following table reconciles gross (loss) profit to our non-IFRS measure, Mining Profit:

For the three months ended March 31

2023

2022

Gross (loss) profit

$ (6,207)

$ 16,455

Add (deduct):

Revenue from hosting

(751)

Revenue from high performance computing

(4,495)

(3,290)

Site operating costs attributable to hosting and high performance computing

2,433

2,127

Depreciation

10,859

18,365

Mining Profit

$ 2,590

$ 32,906

Adjusted EBITDA

"Adjusted EBITDA"represents EBITDA (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) adjusted to exclude non-cash share-based compensation, fair value gain or loss on revaluation of digital assets and warrants, non-recurring impairment charges or reversals of impairment, and costs associated with one-time or non-recurring transactions. Adjusted EBITDA is used to assess profitability without the impact of non-cash accounting policies, capital structure, taxation, and one-time or non-recurring transactions. This performance measure provides a consistent comparable metric for profitability of the Company across time periods.

The following table reconciles net income to our non-IFRS measure, Adjusted EBITDA:

For the three months ended March 31

2023

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Binance pulls out of Canada amid new crypto regulations – Reuters

May 12 (Reuters) - Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.

Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission.

"Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time," crypto exchange Binance said in a tweet.

Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country.

"We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets," said the crypto exchange, founded by Canadian national Changpeng Zhao.

The digital assets industry has been in the crosshairs of regulators around the world, especially since the collapse of Binance-rival FTX in November, which triggered a market rout in the prices of the biggest digital coins.

Following the onset of the crypto winter of 2022, which wiped out more than a trillion dollars from the industry's market value, lawmakers and securities regulators demanded tighter guidelines for disclosures on how the crypto companies operate and hold customer funds.

In March, Binance and its CEO Zhao were sued by the U.S. Commodity Futures Trading Commission for operating what the regulator alleged was an "illegal" exchange and a "sham" compliance program.

Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

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Binance pulls out of Canada amid new crypto regulations - Reuters

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IRS Trains Ukraine Law Enforcement to Track and Trace Russia’s Cryptocurrency Moves – Decrypt

Amid the ongoing Russian invasion of Ukraine, the U.S. and its private sector partners want to lend a hand to Ukrainian authorities looking to hinder Russian actors using cryptocurrencies to skirt sanctionssomething European authorities have already tried to address.

Today the Internal Revenue Services Criminal Investigations (IRS-CI) unit and blockchain analytics firm Chainalysis kicked off an advanced, in-person blockchain analysis training in Frankfurt, Germany for Ukrainian law enforcement agencies.

IRS-CI Chief Jim Lee told Decrypt and other media outlets on a call Thursday morning that he wants to highlight the importance of partnerships (whether private-public or public-public) and how they are critical to doing business, adding that they are key to unraveling complex financial transactions.

Twenty Ukranian investigators from three different law enforcement agenciesthe National Police, Economic Security Bureau, and the Department of Cyber and Information Security of the Security Serviceare participating in the training to learn how to analyze blockchain data, trace cryptocurrency transactions, and develop operational leads.

This is a step forward in building trust among different agencies and private sector companies. The more successful everyone will be if the public sector allocates the necessary resources said Michael Gronager, co-founder and CEO of blockchain analytics company Chainalysis, the lead private sector partner.

The IRS-CI donated 15 Chainalysis Reactor licenses to Ukrainian authorities for the training.

It is important for us to identify all Russian assets on the territory of Ukraine. We resist the aggressor state not only on the battlefield, but also on the economic front, said Eduard Fedorov, acting director of the Economic Security Bureau of Ukraine in a press release.

According to governmental and private entities, cryptocurrencies are playing both good and bad roles in the conflict.

On one hand, pro-Russian groups are soliciting donations in crypto, with over 100 different groups receiving $5 million over the past year, although this number has been dropping in recent months.

Meanwhile, crypto assets have also been used for good, whether that is direct aid in the war effort or for humanitarian needs. Organizations and individuals in Ukraine have received more than $50 million dollars worth.

Authorities noted on the call that the majority of the transactionsboth good and badare mostly done in Bitcoin and stablecoins, with the latter seeing a significant uptick over the recent months.

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IRS Trains Ukraine Law Enforcement to Track and Trace Russia's Cryptocurrency Moves - Decrypt

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CoinsDo Launches Trusted Shards Computation (TSC) Feature to Enhance Cryptocurrency Wallet Security – Yahoo Finance

SINGAPORE CITY, SINGAORE / ACCESSWIRE / May 12, 2023 / Blockchain technology company CoinsDo showcased its new Trusted Shards Computation (TSC) feature at the Hong Kong Web3 Festival Demo Day on April 15, 2023, making a strong impression. CoinsDo's representative demonstrated to attendees how to create a 3-person private key shard wallet (TSC) within one minute and complete the transaction approval process within another minute. CoinsDo also announced that TSC will be promoted to its wallet users and can be used for free in CoinWallet.

CoinsDo PTE LTD, Friday, May 12, 2023, Press release picture

CoinsDo PTE LTD, Friday, May 12, 2023, Press release picture

Trusted Shards Computation (TSC) offers a new approach to enhancing the security of private key management in cryptocurrency wallets. Utilizing Trusted Execution Environments (TEE), TSC divides the private key into multiple key shards and stores them on different devices. This ensures the security of the private key, as attackers cannot obtain complete private key information even if one device is compromised. Additionally, CoinsDo's TSC solution allows users to set up their own TEE environment on AWS and provides security certification to further enhance security.

TSC is suitable for various applications, such as serving as a vault to help custody enterprises or centralized wallet companies shard private keys and jointly hold partial private keys with customers to better manage customer assets. It can also meet the needs of exchanges, digital finance, digital payments, family offices, and other enterprises for multi-person asset management and multi-signature authorization. Similar to Multi-Party Computation (MPC), TSC has various advantages in the cryptocurrency field, enabling quick setup, no maintenance, and support for more main chains: including BTC, ETH, TRX, BNB, XRP, OKT, DOT, LTC, SOL, MATIC, and 28 others, as well as unlimited tokens such as USDT, USDC, PAX, etc.

CoinsDo's representative said at the event, "We are delighted to receive such positive feedback from the Hong Kong Web3 Festival community. We believe TSC will play a vital role in protecting digital assets and simplifying business operations, and we are excited to offer this solution for free to everyone. We look forward to the upcoming Tokyo Web3 Week and hope to meet you all on May 17-18, bringing an even more powerful TSC feature. CoinsDo will continue to innovate and contribute to the development of the blockchain industry."

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CoinsDo is a Singapore-based blockchain technology company, offering products such as CoinGet, CoinSend, CoinSign, CoinWallet, and CoinFace. They provide reliable asset security technology solutions for enterprises. For more information, visit CoinsDo's official website: https://www.coinsdo.com/

Media Contacts:

Company Name: CoinsDo PTE LTDName: Mia SmithAddress: 10 anson road 05-01, Singapore 079903Website:https://www.coinsdo.comEmail: cs@coinsdo.com

SOURCE: CoinsDo PTE LTD

View source version on accesswire.com: https://www.accesswire.com/754549/CoinsDo-Launches-Trusted-Shards-Computation-TSC-Feature-to-Enhance-Cryptocurrency-Wallet-Security

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CoinsDo Launches Trusted Shards Computation (TSC) Feature to Enhance Cryptocurrency Wallet Security - Yahoo Finance

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Allied Energy Corp Provides Update on the Thiel Well Bitcoin Mining Project with Enerhash – Yahoo Finance

Carrollton, Texas, --News Direct-- Allied Energy Corporation

Allied Energy Corp (OTC: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon area in the United States, is pleased to provide a shareholder update regarding the Company's activities partnering with Enerhash USA at the Thiel Well site in an effort to begin flare gas bitcoin mining.

On April 26th, CEO George Monteith of Allied Energy received a revised field build out report distributed by Enerhash's personal.

Due to circumstances beyond the Company's control, initial target dates for the Thiel site had to be adjusted. At this time the Company is confident that all challenges have been overcome regarding the initial delays. The Company is pleased with the revised timeline and is thankful to report that thus far everything is proceeding according to plan. To date the following work has been completed:

Operating permits - completed

Site survey - completed

Site planning - completed

Elevation study - completed

Contractor proposal for site buildout - completed

Allied will update their shareholders as further developments occur with press releases and media updates on Twitter.

The initial Thiel project, if all goes as planned, is expected to take 8-10 weeks to complete. The generators and data centers will be located 150 feet south of the wellhead. A meter run will be installed just north of the generator pad. The existing water tank will be reused for discharge from the separator. The elevated pad will be constructed of compacted engineered fill to support generator weights up to 60,000 lbs. per generator and 20,000 lbs. per data center. A reinforced concrete pad will be constructed on top of the compacted engineered fill to support the generator / generators. The contractor will provide two 3-inch electrical conduits with sweeping connections from the generators to each data center pad.

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Allied CEO George Monteith commented: "The Thiel is the first location where Allied will establish a bitcoin mining footprint in partnership with Enerhash. At this time, we believe that the Thiel site will be a 3-megawatt center and power three containers of bitcoin mining equipment. As per our last release investors / current shareholders can see that we are laying a broader foundation of gas well resources through our new partnership with Sloan Petroleum. Ultimately, we are focused on completing the initial 20-megawatt project with Enerhash to then set our sights toward completion of the 100-megawatt project. I am appreciative of all the hard work my team has given, we have a detailed plan and the resources to make it happen, now it is time to make the push toward mining digital currency."

About Enerhash:

Enerhash is an energy technology and digital infrastructure development company founded by European energy experts in 2019. Enerhash has developed projects on three continents providing renewable energy optimization and grid balancing services including New Zealand, Sweden, Hungary and now they are entering into the USA.

Enerhash USA will align with energy producers as a solution to help alleviate harmful methane emissions caused by production. These solutions will monetize wasted natural gas resources to reduce emissions by eliminating routine flaring to reach ESG goals and unlock the value from stranded resources. To discover more about Enerhash USA, visit their corporate website at http://www.enerhashusa.com.

About AGYP:

Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'existing' oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing ("fracking"), drilling of lateral ("horizontal") legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and, as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America ("IPAA") - "With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America's true strategic petroleum reserve."

Safe Harbor Statement:

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release, including such forward-looking statements.

Contact:

Allied Energy Corporation

Phone: 972-632-2393

Email: info@alliedengycorp.com

Twitter: https://twitter.com/AlliedEnergyCo1

Enerhash USA LLC

Website: http://www.enerhashusa.com

Email: info@enerhash.com

Twitter: https://twitter.com/Enerhash1

Linkedin: https://www.linkedin.com/company/enerhash/

Allied Energy Corporation

+1 972-632-2393

info@alliedengycorp.com

View source version on newsdirect.com: https://newsdirect.com/news/allied-energy-corp-provides-update-on-the-thiel-well-bitcoin-mining-project-with-enerhash-118586261

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Allied Energy Corp Provides Update on the Thiel Well Bitcoin Mining Project with Enerhash - Yahoo Finance

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Hong Kong Court Confirms Cryptocurrency is Property in … – Akin Gump Strauss Hauer & Feld LLP

The Hong Kong High Court (Court) has, for the first time, confirmed that cryptocurrencies constitute property under Hong Kong law and are capable of being held on trust. The landmark ruling of Re Gatecoin Limited (In Liquidation)i aligns Hong Kong with the position of various other common law jurisdictions, providing legal certainty over the enforceability of transfers or loans of cryptocurrencies, and parties legal rights in the event of fraud, theft or breach of trust involving such assets. The decision is certainly a welcome development for businesses operating in this rapidly developing space.

Gatecoin Limited, a Hong Kong company which had operated a cryptocurrency exchange platform, was wound up by the Court. Its liquidators sought the Courts directions on, among other things, (i) the characterisation of cryptocurrencies and fiat currencies held by Gatecoin (Currencies) and (ii) the allocation of the Currencies to Gatecoins customers. In particular, the Court was asked to determine whether the Currencies should be regarded as being held on trust for any of Gatecoins customers.

The liquidators had identified three different sets of terms and conditions (T&Cs) which were in force at different periods of time: (i) the 2016 T&C, which was signed by Group A customers; (ii) the Trust T&C, which was signed by Group B customers; and (iii) the 2018 T&C, which was signed by Group C customers. The liquidators position was that the Currencies belonging to Group A and Group B customers were held on trust by Gatecoin, whereas Group C customers only had contractual claims against Gatecoin.

In order to establish the existence of a trust, the Court had to first consider whether cryptocurrency constitutes property capable of forming the subject matter of a trust. In its analysis, the Court considered extensively the recent authorities of various common law jurisdictions, including the UK, Singapore, the United States, Canada, the British Virgin Islands, Australia and New Zealand. Noting that the preponderance of jurisprudence recognises the proprietary nature of cryptocurrencies, the Court found it particularly appropriate to apply and follow the reasoning in the Legal Statement on Cryptoassets and Smart Contracts published by the UK Jurisdiction Taskforce in 2019 (2019 Legal Statement)ii and the 2020 New Zealand case of Ruscoe v Cryptopiaiii, which confirm that cryptocurrencies are capable of satisfying the four criteria for property as laid down in the English case of National Provincial Bank v Ainsworthiv:

Under Hong Kong law, property is currently defined under section 3 of the Interpretation and General Clauses Ordinance (Cap. 1) as (a) money, goods, choses in action and land; and (b) obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to property as defined in paragraph (a) of this definition. The Court noted that whilst this definition is different from those adopted in other common law jurisdictions, it is an inclusive one and intended to have a wide meaning so as to encompass crypto-assets.

Whilst the Court determined that cryptocurrencies are property and can be held on trust, in the circumstances of the present case, it found that a trust had not been established for the majority of Gatecoins customers. In reaching this conclusion, the Court considered the three certainties test for establishing a trustv:

Notwithstanding the fact that the Currencies were placed into a common pool, the Court found there to be sufficient certainty of subject matter. This is because the customers amounts of Currencies were clearly recorded in the private exchange ledger maintained by Gatecoin (Exchange Ledger), which means claims could be made to a proportionate share of all cryptocurrencies by reference to the Exchange Ledger, despite the lack of segregation.

There is certainty of object as the beneficiaries of the trust and the extent of their claim can be readily ascertained from the Exchange Ledger.

Upon reviewing each set of the T&Cs, the Court concluded that the earlier versions of the T&Cs (i.e. 2016 T&C and Trust T&C) were superseded by the 2018 T&C, on the ground that all of Gatecoins customers were required to acknowledge and accept the 2018 T&C when it came into force in order to continue accessing and using Gatecoins website. Therefore, the question of whether Gatecoin intended to hold the Currencies on trust for its customers should be determined by construing the terms of the 2018 T&C.

The Court found that, insofar as the 2018 T&C is concerned, there was clearly no intention to create any trust for customers. In fact, the 2018 T&C contained express disclaimers of any fiduciary obligations on the part of Gatecoin. Further, all cryptocurrencies were pooled together with other currencies, and Gatecoin was able to use them in any way it saw fit, including for the purpose of carrying on trades in its own right. Gatecoins financial statements also treated the cryptocurrencies as the companys own assets, whilst customer deposits were labelled as liabilities.

However, the Court noted that there may be pre-existing customers who never accessed the platform after the 2018 T&C came into effect (and as such did not consent to its terms). Insofar as such class of customers exists, the Court found that Gatecoin held the Currencies on trust for them, as the Trust T&C (which superseded the 2016 T&C) contained express trust language.

Whilst Hong Kong Courts had previously granted interlocutory proprietary injunctions over digital assets, this is the first time that it expressly confirmed the proprietary nature of cryptocurrency, bringing Hong Kong in line with other key common law jurisdictions whose courts have already ruled on the issue.

As noted in the judgment, recent decisions of courts from various jurisdictions have pointed to a wider common law trend of treating cryptocurrency as a new form of intangible property. For example, in the UK, following the publication of the 2019 Legal Statement, the view that crypto-assets constitute property has been backed by English courts in a series of cases: AA v Persons Unknownvi; Ion Science Limited and Duncan Johns v Persons Unknown, Binance Holdings Limited and Payment Ventures Inc.vii; Zi Wang v Graham Darbyviii. The UK government has also recently announced its plans to regulate cryptocurrencies under its existing financial services regime (see our recent client alert here for more information), which further solidifies the consensus that existing laws and regulations need to be adapted to ensure the recognition and protection of digital assets.

In light of the recent high-profile collapses of some major cryptocurrency exchanges, this decision provides helpful clarity on the legal treatment of cryptocurrencies in Hong Kong, particularly in a winding-up scenario. It also demonstrates Hong Kong Courts willingness to apply existing legal principles with flexibility to novel issues in a time of technological growth and innovation. As Hong Kong pushes to position itself as a global virtual asset hub, disputes surrounding crypto-assets and associated technologies will only become increasingly common. We expect it is only a matter of time before another unprecedented legal issue in this area makes its way to the Hong Kong courts, and we look forward to tracking these exciting developments.

i Re Gatecoin Limited (In Liquidation) [2023] HKCFI 914. The judgment is available at: https://legalref.judiciary.hk/lrs/common/search/search_result_detail_frame.jsp?DIS=151622&QS=%2B%7C%28HCCW%2C18%2F2019%29&TP=JU.

iiSee our previous client alert on the 2019 Legal Statement at: https://www.akingump.com/en/insights/alerts/landmark-legal-statement-on-cryptoassets-and-smart-contracts.

iiiRuscoe v Cryptopia [2020] NZHC 728.

iv National Provincial Bank v Ainsworth [1965] AC 1175.

v Knight v Knight (1840) 49 ER 58.

vi AA v Persons Unknown [2019] EWHC 3556 (Comm).

vii Ion Science Limited and Duncan Johns v Persons Unknown, Binance Holdings Limited and Payment Ventures Inc. (unreported, 21 December 2020). See pages 30 to 33 of our previous client alert for a summary of the decision at: https://www.akingump.com/a/web/nL41KJryDTWGz5UDHMPKxx/3BPtUX/2021-year-in-review-civil-fraud-4875-4720-5645-1.pdf.

viii Zi Wang v Graham Darby [2021] EWHC 3054 (Comm). See pages 30 to 33 of our previous client alert for a summary of the decision at: https://www.akingump.com/a/web/nL41KJryDTWGz5UDHMPKxx/3BPtUX/2021-year-in-review-civil-fraud-4875-4720-5645-1.pdf.

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Binance, the worlds biggest cryptocurrency exchange, is leaving Canada – Global News

Binance, the largest cryptocurrency exchange in the world, says it is pulling out of the Canadian market.

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The exchange announced the move on Twitter Friday afternoon.

Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace, the tweet read.

Binance pointed to new guidance related to stablecoins and investor limits provided to crypto exchanges as making the market untenable.

Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to thewebsiteof the Ontario Securities Commission.

Binance was already restricted in Ontario as of 2022.

The crypto exchange said it put off the decision to leave the market for as long as it could to protect its Canadian users but found no path forward.

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The exchange said Canadian customers will receive an email with information on how their accounts will be affected.

Binance suggested that it would one day return to the Canadian market when users have the freedom to access a broader suite of digital assets.

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While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework, the tweet read.

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Binance founder and CEO Changpeng Zhao, who more commonly goes by CZ, is Canadian.

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with files from Reuters

© 2023 Global News, a division of Corus Entertainment Inc.

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Mastering the Art of Understanding Cryptocurrency Whitepapers: A Comprehensive Guide – Qrius

Whether youre an investor, businessperson, or developer with an interest in the blockchain space, white papers are a crucial aspect that cannot be ignored. With new blockchain or cryptocurrency white papers surfacing every week, each boasting innovative technologies that promise to revolutionize the industry, its no surprise that white papers have become a staple component in the creation of new blockchain projects or cryptocurrencies. In essence, white papers have become an indispensable tool for individuals seeking to stay abreast of the latest developments in the blockchain space. If you are into Cryptocurrency, you may also consider knowing about the bit index ai.

What is Whitepaper?

A whitepaper serves as the primary portal for delving into the intricacies of a cryptocurrency project. This formal document, authored by the projects creators, delineates the underlying value proposition, elucidates the problem at hand, and details the methodology for tackling it. A meticulously crafted whitepaper elucidates these concepts, while also providing technical specifications, comprehensive market research, and in-depth risk analysis to ensure that stakeholders are well-informed. White Papers generally adhere to a standard set of elements, and acquiring the skill to scrutinize them is essential for your security. The cryptocurrency sphere is rife with fraudulent ventures preying on gullible investors, so it is crucial to exercise caution. By examining a whitepaper, you can ascertain whether a project is legitimate and has the potential to be a worthwhile investment.

Enhancing Your Ability to Analyze Whitepapers: Key Considerations to Keep in Mind

What Issues Does it Seek to Address?

To expand on this point, the cryptocurrency project must provide a lucid rationale for its inception. Exactly what exactly is the issue it seeks to solve? It is crucial to ascertain whether the problem is genuine or artificially constructed. It may seem implausible, but several ventures are established purely for the sake of innovation, addressing issues that either do not exist or are so specific that they only impact a handful of individuals. Subsequently, it is crucial to identify the reason behind the problems present-day significance. Determine the wider scenario or worldwide pattern that has created the pressing need to seek a resolution at this juncture. Thoroughly consider the arguments to reach an extensive comprehension of the real extent of the issue. To attain a clear understanding, carry out detailed research and, in case needed, make use of extra resources.

Roadmap

Concisely, a roadmap provides a concise overview of the cryptocurrency projects progress. It outlines both short and long-term objectives and indicates when they are anticipated to be accomplished. This feature plays a pivotal role in tracking the evolution of the project and assists in setting practical expectations. Consequently, it is a valuable tool for investors seeking to evaluate the feasibility and potential of the project.

Purpose of the Project

What is the true essence of the project? Does it revolve around building a developer platform or facilitating compensation for artists and authors? A transparent whitepaper should and will address these fundamental questions. Whitepapers serve as the projects public face, and reputable teams strive to produce concise and comprehensible documents. However, if the explanations are ambiguous or cloaked in excessively technical jargon, it should be viewed as a warning sign that the project lacks a clear and defined purpose, possibly indicating a lack of real value or direction.

The Team

The ultimate and pivotal aspect to evaluate is the individuals responsible for steering the project. Who are the founders, personnel, and advisors? What proficiencies and knowledge do they possess, and are they pertinent to the project they are spearheading? Additionally, it is imperative to investigate their overall reputation in the industry, and their previous successes, and failures. These factors provide valuable insight into their ability to execute and deliver on the projects objectives.

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