News
Bitcoin Cash ABC (BCHA), the embattled cryptocurrency project that has forked away from both Bitcoin and Bitcoin Cash, has rebranded to eCash (XEC).
The projectâs re-launch will see it integrate proof-of-stake consensus layer âAvalanche,â introducing staking and greatly increasing the speed of transactions.
eCash will also reduce its decimal places down from eight to two, with lead developer, Amaury Sechet, stating:
âNo other money has eight decimal places. Why should crypto? Cryptocurrencies with a lower unit price also enjoy higher bull market appreciation. Because the eCash team is incentivized by both tech and price improvement, this improvement was a no-brainer.â
Reports of Mining Sector Cleanup Put Chinaâs Yunnan Province in the Spotlight
Authorities in Yunnan are launching an investigation to identify and shut down miners that are illegally using electrical power to mint bitcoin, Chinese media reports. Inspections will also focus on potential safety hazards and will be carried out by various government departments. The mining industry cleanup is expected to continue till the end of June.
Media: Yunnan Energy Bureau to Pull the Plug on Bitcoin Farms
The province of Yunnan is reportedly joining the crackdown on cryptocurrency mining that’s already underway in other Chinese regions. According to the South China Morning Post (SCMP), local authorities have ordered an investigation into the alleged illegal use of electrical power in bitcoin mining. On Sunday, the publication quoted a June 12 report by the China Securities Journal which is published by the Xinhua news agency.