https://www.youtube.com/watch?v=OeuCHhm1rVgThe local NBC-affiliate, 41 Action News, in Kansas City, Missouri, where the Butterfly Labs headquarters is located aired a story tonight about the embattled Bitcoin mining company.
Last week, the business was shut down by the US Federal Trade Commission (FTC), which accused the company of fraud and public misrepresentation in a complaint filed in United States District Court.
On September 18th, the agency was granted permission by the US District Court for the Western District of Missouri to freeze Butterfly Labs’ assets and shutter the company pending trial, according to documents released by the FTC.
Yesterday, Butterfly Labs issued a response to the allegations promising not to go down without a fight.
"Butterfly Labs intends to defend our business and our nascent and promising industry. The government wants to shut Butterfly Labs down, and we are not going away without a fight to vindicate bitcoin, our company, and our employees."
Mining is an essential part of Bitcoin. It rewards miners who use their computers to maintain the network. Since Bitcoin has no central authority, it relies on the community to process and record transactions which are recorded in a public ledger.
Currently, about 13.30 million bitcoins have been mined; the system is designed to cap production at 21 million coins.
Full Story: http://altcoinpress.com/2014/09/butterfly-labs-story-airs-on-local-nbc-affiliate/