In the United States, Texas has emerged as one of the most preferred locations by cryptocurrency miners. The state is known for its cheap electricity, favorable regulations, and energy generation from natural resources such as wind and sun.
On October 07, 2024, in the district court for Hood County, Texas 335th judicial district a group of Granbury community members, represented by Earthjustice, filed a lawsuit against the leading Bitcoin miner Marathon Digital Holdings, Inc.
In the lawsuit, the group alleges that the Bitcoin mining process is “causing extreme annoyance, personal discomfort, discontentment, and inconvenience, and are emotionally and physically harmed by the noise from Marathon’s so-called MARA.”
Earthjustice, the non-profit organization representing the lawsuit of the citizens, notes that roughly two dozen residents have mirrored severe health issues like permanent hearing loss, debilitating migraines, tinnitus & severe vertigo.
Further noting, some of the citizens stated their criticism against the surging electricity prices in the community, with others reporting an increase of $100 to $200 monthly in their electricity bills.
Other than these problems residents note that the property prices are constantly declining as the sound and vibration coming from crypto miners shake their sweet home into “prisons”.
The Earthjustice Gulf Regional Office, Associate Attorney, Rebecca Ramirez quoted, “The people of Granbury have been forced to endure constant and unrelenting noise from Marathon’s crypto mining operations. No corporation has the right to subject its neighbors to conditions that jeopardize their health and well-being. Marathon must reduce its noise pollution.”
Other Market News Updates
Nations are constantly working to structure the best and most favorable set of regulations for the crypto market; it is worth noting that Hong Kong has almost wrapped up the review process of the firms that registered for their approval.
The previous day, FTX, a bankrupt cryptocurrency exchange, secured approval from the court’s approval to pay its customers in cash, including interest.
After its collapse, FTX faced severe allegations including mismanagement of funds, lack of liquidity, and the large volume of withdrawals. The founder and former CEO, Sam Bankman Fried, and his associates including her girlfriend, Caroline Ellison have been identified as the main mastermind behind this event.
On October 07, 2024, it came into the spotlight that Dmitry Tokarev, CEO of Copper a cryptocurrency firm, expressed his plan to step down as the CEO of the firm, as per people familiar with the situation.
Crypto Market Price Updates
At the time of writing the cryptocurrency market capitalization was at $2.17 trillion registering a decline of 2.13%, and the fear and greed index was at 41 reflecting neutrality.
In the past 24 hours, Bitcoin prices tumbled between the range of $62k to $64k; until publishing it was trading at $62,339 losing 1.62% intraday.
The intraday losers list has been ruled by Popcat as it lost more than 15% of its trading price reaching $1.22 followed by FTT token the native of FTX fell 11.28% reaching $2.32.
However, in the weekly time frame, the FTT token remains the topper of the list; as it is claimed that the spike in prices was filled by the repayment plan announced by the FTX.
