US bitcoin miner BTCS raises $1 mln in new funding as Chinese miners close down

US bitcoin miner BTCS raises $1 mln in new funding as Chinese miners close down

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BTCS, a US publicly traded bitcoin mining company got funding of $1 million from a sale of equity on May 25, shows a filing with the US Commodity Futures Trading Commission (CFTC).

According to the site CoinDesk, the company, founded in 2013 as Bitcoin Shop, has said in March it expects to report $361,000 in revenue for the year ending 31st December 2016. In essence, this is a loss from operations and BTCS said it expects it to increase.

Currently one share trades for $0.08 and the company has a market cap of $1.3 million.

Meanwhile, the English-language version of the Chinese People’s Daily Online reports that Chinese bitcoin miners are closing or relocating for no reason at all. The companies are reluctant to discuss the reasons, but said they are not forced to relocate from the Sichuan province, which produces abundant cheap electricity from hydroelectric power plants.

One miner who already shut down is the Bajiaoxi Mining Factory located in Bajiaoxi Hydropower Station. The closure has brought $147 000 less in electricity charges to the power station.

A local official told the People’s Daily that the closure of the Bajiaoxi Mining Company aims at cracking down on illegal cash operations and on controlling systemic risks. But documents show that the mining company is not involved in any illegal activities.

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