CryptoSunday vol. 21

Marcin Iwański
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We are happy to see that most of the most famous cryptocurrencies are back to green on CoinMarketCap.

However, we do not have good news today. Flood in China has destroyed a mining facility. TechCrunch reports about over thousand dead crypto projects. The only good news is that Spanish officials expressed a desire to use blockchain tech in administration.

Spain

The Spanish ruling party – Partido Popular proposed to use blockchain in the public administration. 133 officials from Partido Popular, have issued and introduced a bill to change the way the public administration works in Spain, according to the CriptoNoticias, they want to implement blockchain technology in key administration systems. The bill was published on official website of the legislative branch, and introduced to the Spanish Congress on June 22. The proposal wasn’t received by other parties so far.

You can check the proposal here.

The flood

Recent floods have heavily damaged major cryptocurrency mining operation in China. According to the local China News Service, on June 27 and 28, provinces in China have experienced heavy rains.

“As of noon on Wednesday, storms had struck 48 cities and districts in Sichuan and Shandong, affecting 254,300 people, damaging 8,360 hectares of crops and 46 houses and causing estimated economic losses of 733 million yuan ($111 million).”

One of the affected businesses was a cryptocurrency mining facility which suffered a loss of “tens of thousands” units of mining hardware. The worst part is that the hardware is probably unrepairable.

For now, we do not know what cryptos have been mined in the damaged facility.

Dead Projects

According to the TechCrunch report, over thousand crypto projects are dead. The TechCrunch report is based on Coinopsy, which lists “scam, dead or abandoned coins.”

At the moment, their list consist of 253 dead cryptos. Another site on which they based report is DeadCoins; we recommend you to check how much projects have been scams.

“Scam and dead ICOs raised $1 billion in 2017 with 297 questionable startups in the mix.”

There is a lot of very successful scams listed over there, like BitConnect, which by now was the best cryptocurrency Ponzi-scheme. As the Coinopsy says:

“[We] feel Bit connect should be on this list due to how much money people lost on the scam side of this website. Even with the coin still trading at a very low amount and volume.”

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