Mississippi Power Company Suing GAW Miners for $350,000


         Mississippi Power Company Suing GAW Miners for $350,000

According to a court document from the Southern District of Mississippi Court System, Mississippi Power Company (MPC) is suing GAW Miners for upwards of $350,000 for failure to make payment for services provided.

On September 29, 2014, the two parties reached an agreement where MPC would provide power to GAW in a unique way that required MPC to “invest in the purchase of certain transformers and incur the cost of installing such transformers.” The court document goes on to explain that this cost was $49,335.20 to install, not including the equipment costs.

The document goes on to explain that electric service started on October 15, 2014 and GAW has only made one payment to MPC despite receiving monthly payments from the power company. Because of missed payments, MPC cut power to GAW’s facility on January 27, 2015.

MPC wants the court to award it the cost of the remaining eight months on the contract plus the cost of installing the unique transformers, which is $73,493.48. On top of that, MPC also wants GAW to pay the $223,818.61 that was owed to the power company at the time power was cut off to the facility. Due to this, MPC argues it has incurred damages equal to $346,647.29, not including interest, costs, and any attorney’s fees.

Their argument is that because MPC provided a service that GAW never paid for, MPC has suffered certain damages that they believe should be recoverable.

Rough Times for GAW Miners

According to research conducted by CoinFire, the Securities and Exchange Commission have opened an investigation into GAW Miners and its owner, Josh Garza. While the SEC has not yet drafted any enforcement action, there are over 1,000 pages of investigation. With this lawsuit, it appears that GAW and Garza have a long uphill legal battle ahead of them with the government and the utilities all looking for a piece.

Image by Fayerollinson / CC BY-SA 3.0


Op Ed: With Bitcoin, Anarchy Is the Point, Not the Problem

In a SXSW panel discussion, IBM’s Christopher Ferris asked bitcoiner Jimmy Song if he was arguing for anarchy over a regulated financial system . In this op ed, Kyle Torpey posits, "Yes! That’s the whole point!"

Kyle Torpey

Op Ed: Hanging Money Launderers Out to Dry: The Role of KYC/AML in Blockchain

In this op ed, CoolBitX CEO Michael Ou argues that "anonymity contributes to cryptocurrency’s notorious volatility and makes it that much less likely that digital currencies will become stable stores of value."

Michael Ou

Bitcoin Price Analysis: Slow Grind Could Lead to Short Squeeze

Last Friday, we discussed a macro resistance level bitcoin would likely test. The level was tested three times prior and immediately rejected. Now, for the fourth time, we find ourselves situated above the level as we wait to see if our support holds.

Bitcoin Schmitcoin

Bitcoin Price Analysis: Could Three Times Be the Charm for This Resistance Level?

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row.

Bitcoin Schmitcoin