Cryptocurrency Mining Turns Green with Ormeus Coin

Upstate New York becomes Bitcoin mining hub with cheap hydro energy fuelling 21st Century Gold-Rush

Ormeus has joined forces with local authorities and the Moses-Saunders Power Dam – a colossal hydro project that stretches over the St. Lawrence River Valley for more than 30 miles.

The dam has 32 turbine-generators divided equally by the international border with 1,045 megawatts operated on the Canadian side and 912 megawatts being run from Massena, upstate New York.

The extensive USD$250 Million Ormeus Coin mining farms in the Midwest and New York take advantage of a variety of technologies, including artificial intelligence and custom-built algorithms which help the data centers run at maximum efficiency – thereby increasing profits to almost USD$7 Million per month.

However, it is cheap energy from the hydro dam that gives Ormeus the ultimate mining edge with some of the lowest electricity rates in North America and extremely low or free energy distribution costs.

“The dam offers low-cost power under a statutorily authorized program called Preservation Power, which protects and promotes jobs in the upstate New York area of Massena,” a spokesperson for Ormeus Coin said.

“The legislation allows proceeds from sales of certain hydropower blocks to be used for economic development in the St. Lawrence County area.

“Ormeus Coin is currently adding jobs to the area as promised with one of our new mining facilities close by,” said Ormeus Coin’s spokesperson.

Cryptocurrency miners are following the Ormeus Coin lead and moving their facilities to the St. Lawrence County area of upstate New York, which is now being described as the ‘Silicon Valley of Crypto Mining.’

Ormeus executed a lease for a 15,000 square-foot mining center in the northern New York area last August and the operation is already making gains as Bitcoin stabilizes around the USD$10,000 mark.

Ormeus Coin is expected to release its new cryptocurrency wallet shortly, and further announcements regarding the coin being added to large crypto exchanges are imminent.

For more information on Ormeus Coin, the public can visit www.ormeuscoin.com.

Contacts

Ormeus Coin
Journalists Contact:
Tim Forde, 00-44-7881292043
www.ormeuscoin.com


Ormeus Coin $250 Million Crypto Mining Empire Expands to Upstate New York

Virtual currency Ormeus Coin has opened a new state-of-the-art industrial crypto mining facility in St. Lawrence County, upstate New York.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180302005595/en/

The purpose-built North Country operation is part of a wider USD$250 Million cryptocurrency mining business which secures new digital money system Ormeus Coin, (Orme).

A recent independent legal and financial audit published by a leading attorney at law revealed Ormeus Coin is currently making $5.4 million per month from mining, which will increase to $6.7 million in the next two months.

Once renewable hydro energy is increased for the New York plant, Ormeus expects that over 40 people will be employed at the local mining unit.

The company executed a lease for the 15,000 square-foot mining center last August and the operation is already making gains as Bitcoin, Litecoin, Dash and other currencies increase in value.

Speaking to a CBS News Television affiliate at a local press launch for the new mining facility, a spokesperson for Ormeus Coin said that the Massena area of St. Lawrence County can become the Silicon Valley of industrial crypto mining.

“Right now, Massena has the capacity to be the Silicon Valley for cryptocurrency mining,” the spokesperson said.

She added that this is just the start for Ormeus Coin in the area: “At this facility, we are seeking the local authority to further upgrade the megawatts so we can hire and train 40+ employees, in preparation for our next site, which we are in the process of securing, also in the Massena district”.

Ormeus Coin is also leading the way in the use of new technologies utilizing a custom-built Artificial Intelligence (AI) engine to optimize mining activity. The AI engine works by selecting the most valuable cryptocurrencies to mine thereby removing any human bias.

The other Ormeus Coin industrial cryptocurrency mining farms are located in the Mid-West of the United States.

Revenue from the mining farms is currently being linked to the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant).

It has been confirmed that Ormeus Coin and has already commenced its cryptocurrency mining operation through private investment and is not seeking public money through an Initial Coin Offering.

For more information on Ormeus Coin, the public can visit www.ormeuscoin.com

The New York mining facility featured on US television news here:

http://www.wwnytv.com/story/37616314/a-look-inside-a-cryptocurrency-mine

View source version on businesswire.com: http://www.businesswire.com/news/home/20180302005595/en/

MULTIMEDIA AVAILABLE:http://www.businesswire.com/news/home/20180302005595/en/


$250 Million Cryptocurrency Mining Farm Revealed in Legal Audit by Ormeus Coin

A newly published legal and financial audit of virtual currency Ormeus Coin has revealed one of the largest industrial crypto mining operations in the world.

Ormeus Coin (asset symbol ORME) is a ground-breaking digital money system secured and cryptographically linked to a publicly identifiable currency vault funded by a $250 Million industrial-scale mining business in North America.

The audit conducted by a leading law firm reveals purchase receipts and revenue streams from the mining operation which is already making USD$6.7 Million per month.

The independently commissioned white paper on the new virtual currency entitled, ‘Ormeus Coin: The Tokenization of Industrial Cryptocurrency Mining’ is published today, (February 9th).

The paper, available at ormeuscoin.com, describes how the new currency is tied to the mining farm and the Ormeus Reserve Vault (ORV) through proof of asset technology and self-executing Ethereum Blockchain smart contracts, (ERC20 compliant).

Ormeus Coin has commenced its cryptocurrency mining operation through private investment and is not seeking public money through an Initial Coin Offering, while the reserve vault is currently being enhanced to act as a DAO – Decentralized Autonomous Organization.

By using a proprietary Artificial Intelligence engine, the Ormeus Coin mining hardware can be allocated instantly to mine a variety of mainstream crypto coins such as Bitcoin, Litecoin and Dash.

Cryptocurrency Mining is the process of confirming transactions on a Blockchain for the likes of Bitcoin and generating new units of digital currency in return for a financial reward.

Bitcoin miners alone are making around USD$600 Million per month in mining, plus additional transaction fees which can total USD$22 Millionper day, (i.e., December 22nd 2017).

Due to considerable renewable energy capacity and a cost-efficient rate for mining and data center operations, Ormeus Coin will be propelled into the top ten crypto mining operations in the world.

View original content with multimedia:http://www.prnewswire.com/news-releases/250-million-cryptocurrency-mining-farm-revealed-in-legal-audit-by-ormeus-coin-300596424.html


A Look Inside A Cryptocurrency Mine

Hundreds of computers run night and day. Each one is basically a little supercomputer. They work on solving the complex equations that cough up cryptocurrencies like Bitcoin.

It’s happening right now in a warehouse in the Massena Industrial Park.

“Right now, Massena has the capacity to be the Silicon Valley for cryptocurrency,” said Tina Barksdale, Skynet Digital spokesperson.

More than a dozen people work at Skynet Digital. Basically it’s all about monitoring the stacks of computers. Any problem occurs, it has to be fixed. Cooling is also a huge job. The cold climate helps. The mining is being done for Ormeus Coin.

“I think what most people in the local community should understand is that this is the way the future of money going,” said Tina Barksdale.

Skynet Digital is not the only cryptocurrency miner in Massena. Coinmint has leased the former Alcoa East smelter. Blockchain Industries wants to buy town land to build on. Local officials are cautious.

“It’s a learning curve and we are learning, but we are finding out about it. And we want to make sure it’s here to stay. And we certainly hope it will,” said Steven O’Shaughnessy, Massena town supervisor.

The profitability of cryptocurrency miners depends on the cost of electricity. Some have asked the New York Power Authority for discounts.

“It’s basically a gold rush. The gold that is here is the hydro-dam. It’s the power and the cheap electricity that’s here,” said Tina Barksdale.

Skynet Digital is small but wants to grow bigger. Elijah Barksdale is managing it. He, six brothers, and his sister are all working for the company. They were raised in Richville.

“We’re from upstate New York and we understand the job disparities of this area and we wanted to be able to bring something back to the community,” said Tina Barksdale.

Skynet Digital is training a people for that something bigger. It mines cryptocurrencies for Ormeus Coin, which is making a play to become one of the world’s top 10 cryptocurrency miners.


Ormeus Coin Mining Profits Reach USD$5.4 Million per Month

Digital currency Ormeus Coin (Orme) is using a custom-built Artificial Intelligence engine to optimise mining activity at its $250 Million cryptocurrency operations in North America.

Combined profits at the Ormeus mining farms have now hit USD$5.406 Million per month due to aggressive expansion and state-of-the-art technology.

The mining operations feature an Artificial Intelligence engine designed to select the most profitable coins to mine at any given moment.

According to a newly published whitepaper and legal audit on Ormeus Coin, the AI system has much in common with the quantitative analysis deployed in high-frequency trading.

“A custom built Artificial Intelligence (AI) engine optimises mining activity for Ormeus by maximising yield related to quantity and value of the currency mined,” the legal audit states.

“Every few milliseconds, the engine demands a lookup request and finds the most profitable coin to dedicate processing power to,” the independently commissioned paper adds.

The Ormeus algorithm aims to remove human bias from the mining equation and even searches for negative mainstream news and high-profile comments affecting certain coins.

Audited financial statements from the Ormeus Coin mining facilities report that the company is currently making USD$5.4 Million per month from mining, a figure which will increase to USD$6.7Million with the next hardware order.

Ormeus guarantees that 40% of the profits from mining operations will be deposited on a daily basis and retained in a designated multi-signature digital wallet.

This secure digital wallet will be used to store the digital currencies being mined, (Ormeus Reserve Vault), and will be visible to the public via smart contract programming from the mining rigs to the currency reserve.

The company will liquidate a further 40% from mining operations to re-invest into acquiring additional mining machines and energy.

Home and retail miners reached a profitability limit in 2017; now scalable professional-grade infrastructure is essential to support Blockchain ecosystems.

Industrial digital rigs verify transactions and harvest new crypto coins like Bitcoin, Litecoin or Dash by being the first to solve a complex mathematical puzzle called ‘hashing’. This steady addition of new coins is analogous to gold miners expending resources to add gold to circulation.

For more information on Ormeus Coin, its new mining operations and audited whitepaper, visit https://www.ormeuscoin.com

SOURCE Ormeus Coin

Copyright (C) 2018 PR Newswire. All rights reserved


Russian Central Bank Cracks Down on Cryptocurrency

The Russian government is currently keeping all cryptocurrency owners in the country on their toes as it decided to crackdown on cryptocurrency websites.

The Russian government is currently keeping all cryptocurrency owners in the country on their toes as it decided to crackdown on cryptocurrency websites.

Taas.com reports Russia’s Central Bank’s First Deputy Chairman Sergey Shvetsov, as saying that the bank welcomes imposing any restrictions on operations of external websites. Though the government has said that its decision to ban external websites dealing on cryptocurrencies is premised on the fact that cryptocoins pose a risk to its citizens and businesses, this reason is highly doubtful.

In the past months, the government and its financial regulatory agencies have been considering descending the sledge hammer on the heads of cryptocurrency traders and exchanges. The reasons advanced for their actions, though may hold some water, may not really be why such harsh actions are being taken.

Cryptocurrencies, especially bitcoin have been seen as serious threats to fiat currencies and the gains derived from printing them. Since blockchain was brought into the financial market scene, it has been considered a serious technology capable of upsetting the ways things are done in the system.
Bitcoin, for instance, has been widely accepted as the digital currency of choice for financial transactions online and for payment for goods and services. And since it is decentralized, Bitcoin, Ethereum and some other carefully selected cryptocoins have made things relatively easier, reducing the confirmation time for financial transactions, and putting you fully in charge of your own portfolio with no external interference from banks and other financial regulatory agencies. This indeed has become a source of worries for several governments across the globe.

First Deputy Chairman Sergey Shvetsov has openly declared that the Bank saw “all cryptocurrency derivatives to be a negative development on the Russian market and do not consider it possible to support it.”

The ban on external websites comes on the heels of the recent complaints by the Russian President Vladimir Putin, who had earlier demanded for the banning of cryptocurrencies, bitcoin in particular, asserting that they could be used for money laundering, evading taxes, and terrorism financing. The president went on to say that bitcoin itself is a pyramid scheme.

Sputnik reported last month that the head of the Central Bank of Russia, Elvira Nabiullina, has said “we are categorically opposed to introducing cryptocurrencies in regulation as a monetary asset.”

While addressing reporters, the Deputy Finance Minister has stated vehemently that the country would not make Bitcoin payments legal.


Central Australian Bank Might Soon Launch Cryptocurrency

FinTech companies in Australia have been demanding that the central Australian bank issue the Digital Australian Dollar.

Several Australia-based FinTech startups have submitted proposals to the Australian central bank and Federal Treasury to create a state-sponsored Australian cryptocurrency, the Digital Australian Dollar.

According to the Australian Financial Review, three prominent FinTech startups, including FlashFX, AgriDigital, and Othera, have approached the bank via the industry advocacy group FinTech Australia, as well as the governmental FinTech Advisory Group. These startups have urged the bank to give due consideration to creating the Digital Australian Dollar (DAD). According to reports, the DAD will be linked to the current fiat Australian currency, and reportedly is set to confirm the country’s growing blockchain enthusiasm, according to FinTech Australia chief executive, Danielle Szetho.

According to Szetho, key stakeholders such as the RBA will ensure a relationship based on trust when Australian users are introduced to cryptocurrencies. While, being linked to fiat currency, the DAD will not be able to undermine the current stability of the current Australian currency.
So far Szetho proved a critical advocate for the cryptocurrency, while also being critical of the Australian government’s delay in delivering on their promise to end double taxation in the case of cryptocurrency transactions. The double taxation was finally ended this year.
FlashF, based in Sydney, was one of the pioneering startups which provided financial services to facilitate blockchain related activities. While all three startups have their own tokens, they argued that the DAD would be more powerful than any other digitized version of the Australian dollar, as well as create trust amongst Australian citizens.

According to FlashFX chief enabling officers, Nicolas Steiger, a DAD endorsed by the government would encourage increased trust and certainty amongst users. In addition, implementing the DAD would lead to immense growth in the marketplace. Lastly, it would discourage unofficial parties to release unendorsed digital Australian dollars.

Another advocate for state-backed cryptocurrency is the blockchain startup, AgriDigital, who facilitates transactions between farmers and buyers.
While AgriDigital uses blockchain to record, store, and facilitate transactions, payments are still in the fiat currency. This is mainly due to the volatility of cryptocurrency.

According to AgriDigital co-founder, Emma Weston, a state-sponsored DAD would make payments easier and more convenient.
The last startup, Othera, manages digital loan contracts that are based on blockchain technology. According to Othera’s chief executive, the company is currently pressed to work with existing legacy payment systems in the financial industry in order to process payments from loan borrowers before they can forward payments to the token holders of the contract.

John Pellew, CEO of Othera stated that the current system is a slow and painful process which does not sufficiently utilize the full scope of what blockchain technology has to offer. A DAD would enable all companies to unlock a significantly quicker and more convenient payment technology.
According to reports, the Australian central bank is currently engaged in reviewing the proposals and launching an investigation before they will reveal their decision.


Estonia Becomes Cryptocurrency Leader in the Baltic Region

With its cryptocurrency-friendly attitude and innovative tech industry, Estonia has established itself as the Bitcoin leader in the Baltic area.

The Baltic region has always been a promising area wherein which cryptocurrency can flourish. The Baltic, which consists of Lithuania, Latvia, and Estonia, is significantly poorer than its Western European counterparts. However, the Baltic has experienced an economic boom in the last decade, partly thanks to Bitcoin and other cryptocurrencies.

This is especially true in Estonia. Estonia, the birthplace of Skype, has always shown innovation in the IT industries. The tech-friendly attitude as well as the economic situation, has made Estonia the prime location to become a prominent Bitcoin exchange market.

Other considerations also factor into Estonia’s cryptocurrency success. Firstly, it is extremely easy to open up a business in the country. In addition, gaining access to the government is equally easy. Expenses for opening an LLC equates to less than $10 000. Due to the convenience of the process, several firms carry the OÜ extension, which is the Estonian equivalent for LTD. The convenient Estonian registration process might also become more widely used in blockchain projects, such as the .io domains are already employing.

Many experts believe that Estonia and their Baltic neighbours could soon become leaders in the cryptocurrency industry. Currently, Russian authorities are employing a largely draconian regime when it comes to cryptocurrency regulation. Considering Estonia’s, proximity to the Russia, businesses, and traders will soon look towards the Estonian market to replace the gap left by the Russian market.
To make its position stronger, the Baltic area has a high concentration of Bitcoin full nodes. The nodes are a confirmation of the region cryptocurrency knowledge.

Currently, Lithuania boasts with the most nodes at 66 nodes. This number competes with several other crypto-friendly countries such as the Ukraine, which has 80 nodes, Poland with 66 nodes, and the Czech Republic which has 65 nodes.
While these statistics can not yet compare with cryptocurrency leaders such as Japan, or the US, the numbers are indicative of the countries’ strong position in cryptocurrency. While Latvia only has 16 nodes, and Estonia 10, these countries have confirmed their cryptocurrency leadership in other ways.

In addition to Bitcoin nodes, Lithuania also holds Monero nodes and three Litecoin nodes. While Estonia and Latvia both hold four Litecoin nodes respectively. This puts the area ahead of other tech-innovative countries such as Switzerland.

While comparing nodes alone cannot give us a comprehensive look at a country’s Bitcoin future, it is a good indicator of possible success and dominance.

The area has also been experimenting with issuing their own cryptocurrency coins. Earlier this year, Estonia announced the creation of estcoin, a token based on an Ethereum principle. However, this coin received a lot of criticism, including that of Mario Draghi, the president of the European Central Bank, who was quick to remind Estonia that the official currency will remain the Euro.

Despite the criticism, Estonia continued to operate the e-residence program. Several experts believe that blockchain tokens can co-exist with fiat currency in the future if the currencies do not merge or cross into each other’s territory.

Given the openness of Estonia’s e-residency as well as the convenience of starting a business, Estonia has become the most sought-after options for start-ups. Currently, Estonia has less than 2 million residents, which means that they might choose to extend their e-residency to build a worldwide population of over 10 million people.

The e-residency could place Estonia as one of the main blockchain capitals of the world.
Estonia and the other Baltic states have managed to turn their biggest disadvantage into an attractive option for investors. The underdeveloped investment and finance sector, which previously was a burden, has now become a promising option for the cryptocurrency start-up option.


Putin Reopens the Case for Cryptocurrency in Russia

The Russian president, Vladimir Putin, recently addressed financial leaders in the country to reassess the value of cryptocurrency.

Last week, President of the Russian Federation, Vladimir Putin, led a discussion surrounding Russia’s policy on cryptocurrency activity. The discussion, which included the countries leaders in the finance industry, notably went against current Russian thought as to cryptocurrency’s place in the country.

Last week, President of the Russian Federation, Vladimir Putin, led a discussion surrounding Russia’s policy on cryptocurrency activity. The discussion, which included the countries leaders in the finance industry, notably went against current Russian thought as to cryptocurrency’s place in the country.

Up until recently, most Russian finance leaders were strongly against employing or supporting cryptocurrency. Last week, Sergei Shvetsov, the Deputy Governor of the Russian Central Bank, denounced cryptocurrencies as dubious and officially stated his efforts to restrict access to external websites which allow users to trade in cryptocurrencies.

After Shvetsov’s statement, it seemed clear that Russia would follow China’s example and completely block all blockchain technologies and activities within their borders.

However, during the discussion led by the President, Putin stated his support for cryptocurrencies and the possibilities it offers. The meeting was attended by several prominent finance leaders including the Presidential Aide, Andrei Belousov, Finance Minister Anton Siluanov, Governor of the Central Bank Elvira Nabiullina, Deputy Governor of the Central Bank Olga Skorobogatova, as well as QIWI CEO Sergei Solonin.
During the discussion, Putin stated that blockchain technologies offer various opportunities for both organizations and citizens within the finance and banking sphere. Putin expressed his belief that cryptocurrency can make all financial activity convenient.

Cryptocurrency markets around the world have recently endured a tumultuous time. Two major cryptocurrency markets, China and South Korea, have placed bans on domestic cryptocurrency activity while Japan and countries in the Middle East have moved towards more definitive regulation. Despite the volatility, however, experts are still convinced that cryptocurrencies, especially Bitcoin, will continue to enjoy an increased market value.
In the talk, Putin acknowledged the possible dangerous nature of unrestricted cryptocurrencies, especially in regards to it possibly enabling malicious activities. Putin stated that the first concerns are the possibility of money laundering, tax evasion, and terrorist financing. In addition, Putin also mentioned proliferation scams.

However, in addressing these concerns, Putin emphasized that the way forward is regulation, rather than outright banning the otherwise innovative industry. Putin suggested creating a comprehensive regulatory environment which would codify relations within the industry, while simultaneously protecting the interest of both Russian citizens, businesses and providing these with legal guarantees when conducting business within the industry.
Despite Putin’s positive attitude towards cryptocurrency, the industry’s future still remains murky both in Russia and the rest of the world. Several governments and financial authorities across the world have only recently acknowledged the growing need for regulatory systems. Something which is made more difficult by cryptocurrencies’ inherent decentralized nature. While some, like Putin, has called for regulation, others, like the Bank of Finland, do not believe that cryptocurrency can be sufficiently regulated.


Bitcoin Gold Releases Statement to Address Criticism

As the upcoming Bitcoin fork edges closer, the Bitcoin Gold project has received a lot of criticism from the crypto community.

The cryptocurrency community has been ardently discussing the upcoming fork, and Bitcoin Gold (BTG) in particular as the fork deadline is scheduled for 25 October. Several users and developers have conducted comprehensive investigations as to Bitcoin Gold’s code and found it lacking in more ways than one.

The flaws pointed out by the community as well as the lack of available information on BTG has led to a fair share of skepticism surrounding the fork. Several users on BTG’s Slack channel have also voiced concern over BTG both in the form of asking the developing team questions, to denouncing BTG as “shady.” Many users have also expressed their astonishment at the severe lack of infrastructure and exchange listing with the fork deadline looming.

One particular user used a reverse Whois background search on the BTG website to found the domain owner. The user’s research revealed that the BTG website owner also owns several other cryptocurrency domains. The same user also discovered that BTG’s algorithm is unfinished and has no added replay attack protection. As for the code itself, it did not show any concrete signs of developing, despite the fork deadline being just one week away. In addition, the code displayed an implemented pre-mine which means that the developers will have a lot of BTG if the project does end up successfully forking.

However, two weeks ago, the developing team responded to accusations and criticisms via an official statement.
According to the BTG accusers and critics simply did not understand the decentralized nature of the bitcoin network, and went on to address several other concerns.

In regard to the lack of replay protection, the BTG team stated that the replay protection code is relatively simple compared to the PoW change. However, the team did not confirm that replay protection will be added before the launch. They also cited the problem of lack of volunteers. So far, the BTG has only had one developer volunteer for the project.

The BTG team addressed the unfinished Equihash implementation by stating the true consensus change is still incomplete. They also noted the change in difficulty which led to the adjustment algorithm to not yet be merged with the code. As to the pre-mine, the team stated that the code came from a fundraising idea earlier this year.

While the BTG team stated that the idea did not fully reflect the vision and spirit of the entire team, they also did not rule out the idea of removing the code either. The team stated that they might keep the code as means of basic funding for the project which is made up of volunteers. However, the team stated that they will make a detailed financial plan available to the public for the sake of transparency.

In addition to the criticism, BTG has also experienced other issue in the form of illegitimate websites claiming to provide users early access to buy BTG. The website “claimBTCGPU” claims that users are able to enter their BTC into the system to pre-claim their BTG, but that users will not be able to spend the BTG yet.

The website also gives detailed instructions, including pictures which illustrate the process. The website claims to be a BTG wallet which gives BTG transactions a priority.

Several members of the crypto community have already denounced this website to be a scam via several social media channels.