Electricity Costs For Miners Increase in Washington By Up to 400%
Up to now, the state of Washington had some of the lowest electricity rates for companies. This has attracted a lot of miners from other parts of the country. However, this has changed when the Grant County Public Utility District (PUD) created the new class of ‘evolving industries’ for electricity consumption. Several mining companies have already tried to avert this new classification legally. However, a federal judge in Washington State has already ruled that the classification is legally correct as it is not discriminatory or arbitrary. This will lead to a spike to electricity costs for miners in the state by up to 400%. A death sentence to the industry.
PayPal Invests In Blockchain Identity Registry
Paypal, one of the biggest innovators in the payment sector, has invested in blockchain for the first time.
The company partook in a Series A funding round of Cambridge Blockchain. The startup will offer users to handle their identity verification online without the necessity for intermediaries like Facebook. This way users will be able to verify their identification without sharing personal information.
RIF Labs Expands to Asia
RIF Labs, a company that is situated in Gibraltar, has announced its expansion to Asia with two new offices in Singapore and Shanghai. The company specializes in building blockchain infrastructure for businesses. RIF Labs move into Asia is a strategic step onto the key market that is Asia. The public is much more positive about cryptocurrencies and companies see the adoption as a chance to innovate themselves. Accordingly, the market is much bigger in Asia and RIF Labs probably aims to hire talents from the region.