The surged regulatory crackdowns have forced crypto-related companies to relocate their workplaces to nations with favorable rules. A significant surge in actions against digital asset miners has grown significantly in the past few years.
According to available information in routine checks and raids, the tax agency of Argentina has discovered cryptocurrency mining equipment worth $20 million on a livestock farm.
AFIP ( Administración Federal de Ingresos Públicos) Argentina conducted a raid on the Facility based in Reconquista city in the north province of Santa Fe. However, the facility claimed itself to be involved in livestock and cereal farming.
The official press release by the concerned regulatory commission notes that it found 35 mining rigs, including high-processing video cards and motherboards. Adding that the discovered equipment was not connected to the internet indicates no mining activities had occurred.
As per experts, the action by the tax agency followed the surge in energy consumption for crypto mining without being registered and constantly bypassing the regulations in the region.
In the previous month, AFIP found significant mining rigs during the inception of shipping containers. The available information states that the agency has seized 340 crypto mining equipment during this operation.
Recent Market News
Today, Cyvers, a known blockchain analysis firm, identified that Bankroll Status, a DeFi based on the Binance chain, has been wiped out for $230k in losses. The firm further notes that its systems have identified that dualpools hackers conduct the heist.
Earlier on September 21, 2024, Todayq reported that the President of El Salvador, Nayib Bukele met the founder of Tesla, Elon Musk, at the gigafactory. The meeting gathered a huge spotlight as Musk and Nayib are both considered crypto moguls in the vast market.
Further information notes that the meeting was focused on the discussion over AI & crypto and how they can be useful for humankind. Under the leadership of Nayib, the nation has its first Bitcoin office, which has included the legalization of cryptocurrencies.
In May 2024, he also met Cathie Wood, the termed most successful female in the cryptocurrency market. Earlier this week, the deputy finance minister of Russia noted in a media appearance that the nation is set to charge taxes on the energy consumed by crypto miners. It is crucial to note that mining digital assets require huge energy as the process is carried out by using high processors, motherboards, and rigs.
Crypto Market Price Update
When writing, the fear and greed index powered by CoinMarketCap was at 51, reflecting neutrality; simultaneously, the cryptocurrency market cap was $2.23 trillion with an intraday surge of 1.43%.
Bitcoin price grew over 8% in the past seven days, reaching above the mark of $60k; until publishing, it was trading at $63,513 with an intraday surge of 1.01%. The intraday gainer’s list is led by Bittensor (TAO), as it grew 19.11%, reaching $556.14, followed by Immutable (IMX) trading at $1.79 with a surge of 11.44%.
Bitcoin, BlackCardCoin, and Wrapped Dog remain the most visited cryptocurrency on the market. The intraday trading volume of the vast market surged by over 66%, reaching $67.72 billion.
