Mining company suing Bitmain, Kraken, Roger Ver for the Bitcoin hash wars sees case dismissed

2020-2-6 06:30

After a year of appeals, a U.S. Court has dismissed a lawsuit against several Bitcoin Cash proponents, including Bitmain, Kraken, Bitcoin.com, and their respective owners and founders. The lawsuit, filed by Florida-based mining company UnitedCorp, alleged that the defendants colluded during the Bitcoin hash wars, which crashed BCH prices and decimated the company’s mining rewards.

U.S. Court says there’s no case against Bitmain, Kraken, Bitcoin.com, and Roger Ver

Florida courts seem to be a hotspot for crypto-related lawsuits, as the Southern District Court of Florida resolved yet another case vital for the crypto industry. Court documents have shown U.S. Magistrate Judge Chris McAliley dismissed the lawsuit filed by crypto mining company UnitedCorp for lack of jurisdiction and a failure to state a claim.

According to an update shared by law firm O’Melveny, which represented Roger Ver and other individuals named in the lawsuit, the dismissal came after nearly four hours of oral arguments the week before.

The lawsuit marks an important milestone for the crypto industry, as it is the first antitrust case filed in the U.S. that involves cryptocurrency companies. O’Melveny called the trial “the first-of-its-kind.”

No evidence of collusion, but it’s not over yet

UnitedCorp accused nine defendants, including mining hardware manufacturer Bitmain, cryptocurrency exchange Kraken, Bitcoin.com, and their respective founders, of collusion during the Bitcoin hash wars. The lawsuit claims that they had broken several antitrust laws, including the Sherman Act and the Clayton Act, as well as exhibited negligence, negligent misrepresentation, unjust enrichment, and conversion.

The actions of the nine defendants have allegedly hurt both the investments and daily operations of the Florida-based company. According to official court documents, the collusion happened towards the end of the Bitcoin hash wars, where two Bitcoin offshoots, Bitcoin Cash and Bitcoin SV, competed to produce a longer chain.

The competition, which lasted over 11 days, ended when Kraken awarded the BCH ticker to the Bitcoin ABC chain. As Bitmain, Kraken, and Bitcoin.com have all actively supported Bitcoin ABC, the price estimation that followed the fork wiped out 50 percent of BCH’s price.

UnitedCorp claims this had caused “irreparable damage” to the company and its stakeholders. And while this marks the end of a year-long appeal process, the trial is not officially over yet. The company has until the end of February to submit an amended complaint.

The post Mining company suing Bitmain, Kraken, Roger Ver for the Bitcoin hash wars sees case dismissed appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 63283.12 (+0.43%)
Объем 24H $24.837b
Изменеия 24h: 3.65 %, 7d: 6.75 %
Cегодня L: $62516.25 - H: $63283.12
Капитализация $1246.448b Rank 1
Цена в час новости $ 9586.23 (560.15%)

bitcoin mining company hash wars lawsuit dismissed

Источник: cryptoslate.com

bitcoin mining → Результатов: 126


Is Bitcoin Mining ‘Dangerously Centralised’? What New Research Shows

Recent findings from BitMEX Research have reignited concerns about the centralization of Bitcoin mining. Their study, which cites insights from Bitcoin analyst Alex Bergeron, points out that a single entity now controls the Coinbase outputs for approximately 47% of the network hashrate—a significant concentration that suggests a shift toward oligopolistic tendencies within the Bitcoin mining […]

2024-4-30 12:00


Фото:

The future of Bitcoin mining post-halving, according to GoMining

The phenomenon of the Bitcoin halving is a cornerstone event in the crypto world, fundamentally altering the economic landscape for miners and investors alike. Occurring approximately every four years, this event reduces the reward for mining new Bitcoin blocks by half, a mechanism designed to control the supply of Bitcoin and mimic the scarcity-driven value […] The post The future of Bitcoin mining post-halving, according to GoMining appeared first on CryptoSlate.

2024-3-26 17:30


From Missouri to Texas: Southern US Becomes Bitcoin Mining Hotspot

Missouri is gunning to become a hub for Bitcoin mining, thanks to a new bill by State Rep. Phil Christofanelli. This legislation, aiming to integrate cryptocurrency miners into the energy economy, joins CleanSpark's expansion in Mississippi and Riot's massive investment in Texas, signaling a significant shift in the Southern US towards embracing digital asset ventures.

2024-2-9 14:00


Bitcoin Community Accuses BBC Of Sensationalism In Controversial Mining Article

A recent article published by the BBC has sparked a heated debate among cryptocurrency enthusiasts and critics regarding the environmental impact of Bitcoin (BTC) mining.   The piece, titled “Every Bitcoin payment ‘uses a swimming pool of water,’” raised concerns about the water consumption associated with the mining process.

2023-12-2 03:00


Bitcoin Mining Potential Highlighted In Top Science Journal

A new peer-reviewed research paper has emerged, shedding light on the potential symbiosis between Bitcoin mining and renewable energy initiatives. Dennis Porter, CEO and co-founder of Satoshi Act Fund, a non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits, and president of Satoshi Educate, shared his insights via X, underscoring the […]

2023-11-9 22:00


Bitcoin Mining Hashrate Sets New All-Time High, Difficulty Up 5.5% In Response

Data shows the Bitcoin mining hashrate has set a new all-time high recently, forcing the network to up its difficulty by about 5.5%. Bitcoin Mining Hashrate Has Observed A Strong Surge Recently The “mining hashrate” refers to the total amount of computing power that the Bitcoin miners have connected to the network. This value can […]

2023-9-20 20:00


While Canada fights Bitcoin mining, Play-to-Earn cryptos like Metacade gain popularity

Canada has become the latest country to fight Bitcoin mining with the news that the city of Quebec wants to end selling cheap power to crypto miners in response to rising global energy prices. Government-owned Hydro-Quebec recently asked the provincial regulator to reallocate the 270 megawatts of energy previously set aside for mining Bitcoin.

2023-2-13 15:44


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

BitMEX may be about to add KYC, and that’s bearish for Bitcoin: traders explain why

BitMEX, the leading Bitcoin and crypto-asset derivatives exchange, has long played a central role in these nascent markets. The firm’s Bitcoin (XBT) perpetual swap — the infamous vehicle that allows traders to 100x leverage their capital in exchange for mind-blowing profits or a brutal margin call — just months ago passed $2 trillion in contracts […] The post BitMEX may be about to add KYC, and that’s bearish for Bitcoin: traders explain why appeared first on CryptoSlate.

TF Blockchain announces all day live-stream interviews with top crypto speakers

TF Blockchain, one of the leading blockchain and fintech conferences in the Pacific Northwest, recently announced that it postponed its conference due to the coronavirus outbreak. In a press release shared with CryptoSlate, the organizers said that instead, they will be live streaming interviews with some top names in crypto.