I am building a Bitcoin mining data center in Venezuela, a country with very cheap electricity. I am planning on offering full hosting at first for the equivalent of 0.20 USD per KW/h to cover initial costs, then reducing the fee to 0.15 USD per KW/h, or even lower, including space, Internet, electricity, and cooling. No setup costs. You send the equipment, and we plug it in and set it hashing. I would like to gauge interest in such an arrangement.

Naturally there are some risks. As many of you already know, Venezuela is a country with a hybrid regime, terrible property rights, violent crime, civil unrest, very high inflation, censorship, and electricity brown-outs that are a bit more frequent than they should (1-2 times per month for a couple of hours).

Nonetheless, cheap electricity is what a miner needs, not necessarily a very stable supply. If electricity falters too often, I will install power generators since petrol is extremely cheap in Venezuela as well.

Would you put your miners in Venezuela if I were to offer such a service?

Ulster Bank ROI sent me a letter stating that I have sixty days to find myself another bank. They have closed my account, as well as my wife’s. I’m not going to open a new Irish bank account. I’m going to attempt to live with Bitcoin and cash exchanges only from now on.

The bank didn’t state a reason for my account being closed. I suspect it is because my only source of income seems to be monthly transfers from certain Slovenian company called Bitstamp.

Testnet3 faucet available at: http://faucet.xeno-genesis.com/.

Old address testnet.mojocoin.com is no longer available.

Sorry for the inconvenience.

A few days ago I completed a transaction over LocalBitcoins.com to a buyer called bitspeeds (currently blocked). The buyer sent me the funds through a SEPA transfer, and I released the bitcoins to him once the money was visible in my account.

My bank called me yesterday to inform that the sender of the funds wanted to have them returned. I refused. When I was back at my computer I communicated with LocalBitcoins.com to let them know that the buyer was a scammer. I also changed the review that I originally posted, giving him a bad reputation and accusing him to be a scammer.

This morning my bank account was frozen, and LocalBitcoins.com had responded with an email stating that the person was connecting from Russia, and probably used a stolen back account to pay me, and that I'd probably get my account frozen, which was the case.

I went to my bank and told everything to the agent. I got my account unfrozen, but the funds are now marked as being in dispute. I'm going to fight this one. I did not get my computer hacked or my bank account hijacked, and I definitely do not want to be the one that loses in this occasion.

Bank transfers aren't hard enough to deal with bitcoins. Only cash and metal should be used. Scammers are using hijacked bank accounts to buy bitcoins, then the funds are being forcefully returned to sender once the bank realizes the transfer came from a phishing victim. Since practically everyone can be a phishing victim, transfers should not be trusted.

Recent difficulty increases in Testnet3 make it hard to replenish the Faucet that I'm hosting through CPU mining. Please contribute some testcoins if you have any to spare.

http://testnet.mojocoin.com/