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Cryptocurrency & Mining Posts - Page 1

110-year old historical US power plant saved from demolition by crypto

By: Jak Connor | Cryptocurrency & Mining | Posted: Oct 31, 2019 @ 1:08 CDT

An extremely old US power plant located in the heart of Montana will be converted into a mining farm and a recent approval.

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Old Rainbow, the 110-year old power plant is a historical landmark and since it was put out of commission the owners have been discussing what to do with it. Now, a grant has been approved by the Federal Energy Regulatory Commission (FERC) to convert the building into a cryptocurrency mining facility that will run 24 hours a day, 365 days a year.

It is unclear what the facility will be specifically mining, but all in all the residents in Montana are happy with the decision due to the building requiring very minimal changes, ultimately keeping its historical value. The proposal sent the FERC says "minimal impact and maintain the historic character of the building."

Bitcoin helps track down a massive pedophile ring

By: Shannon Robb | Cryptocurrency & Mining | Posted: Oct 16, 2019 @ 19:20 CDT

In a massive win for Bitcoin, authorities were able to use the bitcoin ledger to locate and apprehend an enormous child porn website operator and 337 pedophiles from several countries.

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To many who are not well versed in how cryptocurrency works, it has always had a veil of shrouded secrecy or nefarious undertones. In reality, transactions via bitcoin are far more traceable than cash transactions. I'm sure this will come to a surprise for many of you, but as the story progresses, I will do my best to explain how this all works in a basic form.

The dark web child pornography site labeled "welcome to video" was operated by a Korean citizen identified as Jong Woo Son. Washington D.C.investigators just uncovered this information as they were able to trace and deanonymize Bitcoin transactions to the dark web, based website.

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UNICEF now accepts Bitcoin and Ether cryptocurrencies as donations

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: Oct 9, 2019 @ 23:09 CDT

UNICEF now accepts donations made in both Bitcoin and Ether, with the United Nations charity now accepting both cryptocurrencies moving forward -- and is the first UN organization to accept crypto.

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There are no fees when donating cryptocurrency to UNICEF, which will be a plus for donors who would traditionally pay fees with other payment methods. UNICEF won't be cashing out its cryptocurrency holdings and making money at the top like traders and HODLers do, but will instead keep the Bitcoin or Ether, or send it as funds to a charity for them to use.

By using cryptocurrencies in Bitcoin and Ether it will see UNICEF being transparent with its transactions, and it will also see charities receiving more of the donations it receives without taking percentages away in normal transaction fees.

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You can earn $10,000 finding bugs in Facebook's cryptocurrency 'Libra'

By: Jak Connor | Cryptocurrency & Mining | Posted: Aug 28, 2019 @ 6:16 CDT

Facebook is still slowly developing their own crytocurrency and to ensure that its a stable and clean coin once it arrives in the public's hands, the company is offering anyone up to $10,000 to find bugs or errors within it.

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For those that don't know why bug testing is crucial before the coin arrives on the market, its extremely difficult to provide fixes once the coin has arrived on the blockchain. Since the company is aiming at squashing all the bugs before they launch the coin, they will be offering anyone up to $10,000 per bug depending on how severe the bug is.

Users that are interested in testing the infrastructure of Libra can do so by accessing it via its official hub page on HackerOne. Users will be required to make a HackerOne account and will be rewarded in either real-world currencies or digital currencies for their findings. Head on over to HackerOne to sign-up and find some of Facebook's flaws, here.

North Korea stole BILLIONS in crypto to fund weapon programs

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: Aug 6, 2019 @ 22:42 CDT

Here we go again: Reuters is now reporting that a report that was researched by "independent experts" was presented to the UN Security Council North Korea sanctions committee last week, which has sold bold claims.

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The report says that North Korea used "widespread and increasingly sophisticated" hacks to secure $2 billion, laundered over the internet. These funds, according to the UN report, are being used to fund its weapons of mass destruction. Scooping up the funds this way means it's much harder for other governments and their respective spy agencies to snoop.

The experts said they are looking into "at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges and mining activity designed to earn foreign currency" in around 17 nations around the world.

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Congressman calls Facebook Libra cryptocurrency a 'shitcoin'

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: Jul 17, 2019 @ 22:08 CDT

Facebook planned its new cryptocurrency 'Libra' for what I'm sure was a future of mass adoption, but the push from the social networking giant in the middle of its battle with users' privacy seems to have failed.

During a congressional hearing for the possible issues that Facebook could cause with its rollout of Libra, Congressman Warren Davidson from Ohio called Facebook Libra a "shitcoin". Davidson said: "A lot of people in this space will use a phrase that you may be familiar with: 'there's bitcoin, and then there's shitcoin.

Davidson questioned CoinShares' chief strategy officer Meltem Demirors, asking her if she knew what a shitcoin was, adding "Are you familiar with that phrase, and what people might mean by that?" to which Demirors replied "I am". So yes, the chief strategy officer of CoinShares obviously knows what a shitcoin is, and admitted it

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President Trump is not a fan of Bitcoin or other cryptos

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: Jul 11, 2019 @ 21:43 CDT

President Trump has come out and talked about Bitcoin and other cryptocurrencies, with POTUS saying that he is "not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air". His full tweet:

Interesting to see POTUS slamming Bitcoin yet the price of it didn't go down with many traders on Twitter thinking its bullish, and that directly after Trump's tweet the price of Bitcoin rallied and is still going higher -- at the time of writing. Right now, the price of one BTC is $11,400 or so, up from its lows of sub $4,000 just 6 months ago.

Trump talked about the price of Facebook's upcoming Libra virtual currency, with the President saying Libra "will have little standing or dependability" adding that Facebook should work with a banking charter and get regulated like traditional financial institutions. There are major concerns by House Democrats, and now President Trump, that officially asked Facebook to hold its Libra layout plans as it should be investigated for its possible risks to the entire global financial system.

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Iran power usage spikes 7% from Bitcoin mining farms

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: Jun 30, 2019 @ 23:06 CDT

Iran authories have clamped down on two gigantic cryptocurrency mining farms, with authorities seizing around 1000 Bitcoin mining systems from two "abandoned factories".

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These two cryptocurrency mining farms were destabilizing the Iranian power grid according to a spokesman for the Energy Ministry in Iran. The spokesman also said that the Iranian government will continue looking into mining operations after the two cryptocurrency mining farms saw Iranian power consumption increase 7% with the minister saying that for the power consumed to mine a single Bitcoin that it could power 24 residential units for an entire year.

The price of electricity in Iran is pretty low as it is heavily subsidized to the point where you can get power as low as $0.006 kWh, compared to Australia being the most expensive in the world (and my state in South Australia where Elon Musk built the largest solar farm in the world) with its crazy $0.45 kWh. Iranian power prices are a tasty offering for cryptocurrency mining farms, so the government is looking at stamping a special price for crypto miners, as the minister warned that some crypto farms are using schools and mosques for their operations since they're able to be hidden away from paying the already ridiculously low power prices.

Warren Buffett: Bitcoin is 'like a seashell or something'

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: May 7, 2019 @ 21:36 CDT

Warren Buffett is worth $90 billion and you don't get that way by jumping into every new fad, right? Well, during the annualk Berkshire Hathaway meeting in Omaha, he had some very wise words about Bitcoin.

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Buffett talked with reporters where he called Bitcoin "a gambling device" that "just sits there" and "hasn't produced anything". He added, weirdly, that Bitcoin is "like a seashell or something". But the weird didn't stop there for Buffett, who compared Bitcoin to the buttons on his jacket. Yes, I wish I was joking, Buffett compared the price of Bitcoin to the buttons on his jacket.

He said: "I'll tear off a button here. What I'll have here is a little token... I'll offer it to you for $1000, and I'll see if I can get the price up to $2000 by the end of the day... But the button has one use and it's a very limited use".

His hate for Bitcoin is strong but he knows that the blockchain is something where more effort is put (at least for Buffett) where he said that the blockchain technology that Bitcoin is built on is "very big".

Crypto exchange CEO dies with passwords to $190 million lost

By: Anthony Garreffa | Cryptocurrency & Mining | Posted: Feb 5, 2019 @ 4:20 CST

Gerald Cotten, the founder and CEO of cryptocurrency exchange QuadrigaCX died from complications with Crohn's disease on December 9, 2018 while travelling in India. In his passing, a huge $190 million in various cryptocurrencies is locked away as Cotten was the only one with the passwords.

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Cotten was the "sole officer and director" of QuadrigaCX, and has the $190 million stuck behind his encrypted laptop without anyone knowing the password. The news comes from a debt filing from QuadrigaCX to which his widow Jennifer Robertson said in an affidavit that "Gerry died due to complications with Crohn's disease on December 9, 2018 while travelling in India, where he was opening an orphanage to provide a home and safe refuge for children in need".

QuadrigaCX has since experienced major issues of pumping out customers' funds to their accounts, with the crypto exchange saying it is going through "significant financial issues". The company added that it has "very significant cryptocurrency reserves", but it couldn't locate or secure said servers. So effectively, QuadrigaCX's CEO died with the customers' money on his encrypted laptop. All of those cold wallet private keys are lost.

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