US Bitcoin Mining Firm Layer1 in Legal Tussle Over Power Plant Ownership
Layer1 Technologies is facing a lawsuit from a co-founder who claims he invested millions of dollars and was then forced out of the firm.
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He claims to have spent millions of his own money, only to be tossed out of the company he co-founded. Jakov Dolic, co-founder of the U.S.-based Bitcoin (BTC) mining company Layer1, has filed a lawsuit against his former business partner, Alexander Liegl.According to court documents filed on October 30, Dolic claimed that Liegl had ultimately failed to raise funds for the company. As a result, Dolic said that he had to pay $16.24 million out of pocket to purchase a power plant for the mining firm. He also claimed to have spent an additional $3.5 million expanding the plant.Dolic felt short....
Ukraine’s government-owned nuclear power plant picked a firm to build a massive data center in Rivne for cryptocurrency mining operations. After a bidding process, Energoatom chose Kyiv Energy Construction Company to handle the nuclear plant crypto mining project. Nuclear Power Plant Operator Expects to Launch the Data Center in 2022 According to official documents, the data center will be based in the Rivne nuclear power plant, after the construction firm got 8.92 million Hryvnia ($317,620) in funding. The only competitor in the bidding was Ukrenergobudproek. However, they allegedly....
On Monday, the New York-based company Greenidge Generation Holdings revealed the business aims to be the first publicly-listed mining operation with a wholly-owned power plant. Greenidge expects to be publicly listed on Nasdaq via a merger with the firm Support.com. Greenidge Bitcoin Mining Operation and Gas Power Plant Plans to be Listed on Nasdaq Last year in March, Bitcoin.com reported on the company Greenidge Generation Holdings joining the bitcoin mining ecosystem, as it launched a fleet of mining rigs at the 65,000 square-foot natural gas utility plant in Dresden New York. Because....
Another day, another hydroelectric plant saved by Bitcoin mining. For the untrained eye, the narrative that says that Bitcoin incentivizes green energy might seem convenient. However, each day more concrete examples come to light. Like the Navajo Nation case. Or this hydroelectric plant in Costa Rica. In contrast, China banned Bitcoin mining and some hydroelectric plants immediately closed and went up for sale. Anyway, today we’re talking about the Mechanicville Hydroelectric Plant in New York. Located near de Hudson River’s shore, in the Town of Halfmoon, Saratoga County. The place is....
Armenia is going to invite cryptocurrency miners to install their coin minting hardware in an old thermal power plant. The TPP will be decommissioned and the government intends to rent it out to industrial companies including mining enterprises. Miners Welcome to Set Up Data Centers at Old TPP in Armenia The equipment at the Hrazdan TPP has been deemed obsolete and inefficient, producing expensive electricity, and authorities in Armenia have decided to shut down the old power plant in the near future. Its premises and infrastructure, including power lines, water and gas pipelines, will be....