Bitcoin Mining Company Layer1 Facing a Massive Lawsuit

[BrolySSJ 7899]

Bitcoin mining organizations have become increasingly more famous nowadays as the idea of digital currency is being acknowledged and is being coordinated into the budgetary economy of numerous nations on the planet. In any case, there is likewise a ton of governmental issues that is going on behind these mining rigs, as there is always politics behind every curtain in a company. One of the bitcoin mining organizations that is known as Layer1 is presently fighting a legal claim. 

 

One of the originators of the organization, a prime supporter, guarantees that he put million into the organization and was then constrained out of his own personal organization. This has lead to the claim being recorded in his name against the organization. 

 

This fellow benefactor is said to have built up such a cooling framework for the mining rig so as to expand its productivity and cause less expensive energy and electricity costs for the mining rig. However the company claims that he dishonestly guaranteed various interests into the organization and getting a great deal of cash, anyway none of these guarantees appear to have emerged. 

 

I surmise the truth will surface eventually where this claim goes and what is the fate of this mining rig.

 

This is the article link:

https://www.coindesk.com/us-bitcoin-mining-firm-layer1-in-legal-tussle-over-power-plant-ownership

Edited November 4, 2020 by BrolySSJ
Added in article link for members to read up more on this topic.

[Froshk 1828]

Many of these fiat currency investors envy the rate at which cryptocurrencies are being accepted and used and would most likely try to do anything within their reach to challenge it growth, mining is generally not illegal!! 

[Syedbesharat 5423]

The mining farms have many difficulties but they have to clean about their investment because if they have the funds of any illegal business and converting them into crypto then they have to face the law. Their for cloud mining future is no more and mining farms have many cases for payments. Their owners must have clean chit from government. 

[Maaz sultan 265]

On 11/5/2020 at 4:23 PM, Froshk said:

Many of these fiat currency investors envy the rate at which cryptocurrencies are being accepted and used and would most likely try to do anything within their reach to challenge it growth, mining is generally not illegal!! 

Mining is not dangerous if placed on an wide area where the population is not lives i suggest we need to mine crypto currencies on industrial area where no any human will disturbs .

[Flying11Horse 45]

17 hours ago, Maaz sultan said:

Mining is not dangerous if placed on an wide area where the population is not lives i suggest we need to mine crypto currencies on industrial area where no any human will disturbs .

I think that it will be very profitable not only for the people working there and also for the country @Maaz sultan.Cryptocurrency has the power to lift the economy of the country from the ground to sky high and many countries are well aware of it and have already started doing mining on a medium scale.

[Dark Shadow 295]

10 minutes ago, Flying11Horse said:

Cryptocurrency has the power to lift the economy of the country from the ground to sky high and many countries are well aware of it and have already started doing mining on a medium scale.

@Flying11Horse I agree with you that crypto has the power to boost the economy of a country but it also threatens the Fiat of that country. Also crypto makes it harder to track online transactions and due to these reasons many countries fear it.

[Flying11Horse 45]

12 minutes ago, Dark Shadow said:

@Flying11Horse I agree with you that crypto has the power to boost the economy of a country but it also threatens the Fiat of that country. Also crypto makes it harder to track online transactions and due to these reasons many countries fear it.

That is the main reason that governments are not accepting these cryptocurrencies.But I think that there is a possibility to minimize the affect of crypto on local currencies.If the governments consult with the financial experts regarding this topic they they can come up with a plan to protect their local currencies.They are fully aware that cryptocurrencies can lift up the economy of the country .

[Flying11Horse 45]

24 minutes ago, norganblack said:

@Flying11Horse It is correct, we need it to be a political symbiotic unification that does not affect the currency of the nation and to be able to work with digital currency, so that it is more profitable and is a comfortable and reliable ecosystem.

To do this @norganblackthe minds of the new generations ,i mean the students should be made aware of this cryptocurrencies. Crypto should be include in their subjects so that they may learn about it's positive impacts and when they grow up they can take necessary steps to make cryptocurrencies accepted by their governments.

[Flying11Horse 45]

Just now, norganblack said:

@Flying11Horse It is already being done naturally in my country, young people from 13 to 17 years old, you trade to buy their games with crypto currencies and apart they do it naturally, in my opinion the next decade the crypto will be very routine.

Well it's good for your country ,but in my country more than half the population do not know even what is cryptocurrencies.Only few people have satisfactory knowledge about it.But you are right it will take a decade or so for the people to become completely familiarize with this currency.

[JesusFries 1958]

On 11/4/2020 at 2:51 PM, BrolySSJ said:

Bitcoin mining organizations have become increasingly more famous nowadays as the idea of digital currency is being acknowledged and is being coordinated into the budgetary economy of numerous nations on the planet. In any case, there is likewise a ton of governmental issues that is going on behind these mining rigs, as there is always politics behind every curtain in a company. One of the bitcoin mining organizations that is known as Layer1 is presently fighting a legal claim. 

 

One of the originators of the organization, a prime supporter, guarantees that he put million into the organization and was then constrained out of his own personal organization. This has lead to the claim being recorded in his name against the organization. 

 

This fellow benefactor is said to have built up such a cooling framework for the mining rig so as to expand its productivity and cause less expensive energy and electricity costs for the mining rig. However the company claims that he dishonestly guaranteed various interests into the organization and getting a great deal of cash, anyway none of these guarantees appear to have emerged. 

 

I surmise the truth will surface eventually where this claim goes and what is the fate of this mining rig.

 

This is the article link:

https://www.coindesk.com/us-bitcoin-mining-firm-layer1-in-legal-tussle-over-power-plant-ownership

I never read about this article in CoinDesk though. This is a big issue since the main subject in here were the ownership and the funds/investment that hasn't arrived as what the benefactor has mentioned. This will greatly affect the publicity and reputation of the said mining firm. 

[JesusFries 1958]

12 minutes ago, sarahyes said:

@JesusFriesSometimes big problems occur in the judiciary from several companies ... and this is because the necessary legal procedures were not taken ... so it is advisable to ask about the company before dealing with it ... otherwise the result will be disastrous

Definitely! As what we have here, the company/firm has let the public know about the current issue though. Leniency is very important when it comes to this. Researching and reading a lot will surely help. Everything may happen in a certain company where the members were dishonest and has different motive. 

[Raqeebzy 6456]

This is clearly an internal issue. And since it is already before the law, there is no need taking sides ans faulting any sidea; the investigation is left for the court to carry out.

One thing that should be made sure of it that operation should not be allowed to be seized in the mining farm as it might negatively affect Bitcoin except the courts says otherwise.

[Cryptomint 433]

There are many websites which are facing these kind of problems and many are there which have solved this issue and people are working on it.

[Shaza Ahmad 1682]

Many international companies have now entered the field of cryptocurrency mining in general and Bitcoin in particular, especially after its price rose to more than 35 thousand, at the time the profits of the miners are great, and everyone wishes to have a mining device.

[percare 3192]

First of all most of us haven't ever heard of this layer1 mining company. Even so this is a matter of one person that claims he did some job for them and had some financial disagreements. Is this something that we really need to know and how it can affect the market? Can we learn something here that I don't see?

[cryptovlek 2597]

Not so important news as it seemed by the title. I thought it was the government suing this mining company but it was another person. This is internal and it doesn't mean the company was a scam or a ponzi as it was my first impression it could be something like that. Whatever happens to this lawsuit will not concern Bitcoin in the least.