A new lawsuit is in the latest cryptocurrency news, this time focused around the mining giant Bitmain and its apparent malicious practices in which the mining chip giant has apparently been taking advantage of its customers over the past couple of years.
What’s interesting is that the lawsuit sees Bitmain as a chipmaker that has been “mining crypto for itself, using the customer’s resources during the initialization process.”
According to one Bitmain customer and a Bitcoin miner who filed the lawsuit, the damages are in excess of $5 million on behalf of miners everywhere. Gor Gevorkyan is the name of the miner who lives in Los Angeles and has alleged that the initialization process for Bitmain can last up to several hours.
An outfit that purchased, for example, 500 or more units, could therefore contribute significant hash power to Bitmain at no actual cost to the company. In fact, the company already profited (according to his allegations) prior to receiving the hash power.
As the filing notes, there is no way to know how many people are actually represented in the class action lawsuit since they could feasibly number in the “hundreds of thousands.” Further, the lawsuit notes that Bitmain did not always operate this way – previously, miners could be set to consume less power.
Govorkyan’s suit is currently being litigated by Robert Starr and Frontier Law Center, both of whom have successfully prosecuted several class-action suits in the past. The full filing can be seen on this link.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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