Cryptocurrency & Mining News - Page 1
The world is going through some major changes right now because of COVID-19, but PayPal allowing cryptocurrencies across their merchants in 2021 is some major news.
Reuters reports that PayPal Holdings Inc will allow its customers to use cryptocurrencies in order to buy, sell, and hold bitcoin and other cryptocurrencies using your PayPal wallet. PayPal President and Chief Executive Dan Schulman said in an interview: "We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role".
Schulman said that PayPal hopes to see its new cryptocurrency service to kick start the use of cryptocurrencies around the world, and prepare its network for new digital currencies that may be developed by central banks and corporations.
How much power does the global bitcoin mining systems of the world consume? A freaking lot. According to new studies, bitcoin-related power consumption has hit new highs in 2020.
Bitcoin-related power consumption chews over 7 gigawatts of power, with a new study from the Cambridge Center for Alternative Finance saying that the global bitcoin mining industry uses 7.64 GW of power -- equivalent to around 63.32 terawatt-hours of energy consumption.
With power costs of around $0.03 to $0.05 per kWh in 2020, March estimations had around $4000 in profits with the March 2020 price of bitcoin at around $7500. That's not bad, but you need the super-low power prices and enough ASICs to do it.
A new cryptocurrency mining facility is about to have the lights turned on, and crypto mining insanity begin -- with mining facility operator Enegix teasing its huge new 180-megawatt (MW) data center for mining pools opening in September 2020.
The new mining facility has been built in Ekibastuz, Kazakhstan -- close to the Russian border. Enegix sales director Dmitriy Ivanov said that the facility can host up to 50,000 mining rigs -- where if packed at full capacity with Bitmain AntMiner S19 series or MicroBT WhatsMiner M30 -- it would have around 4% of Bitcoin's current hashrate at a huge 5-6 EH/s.
Enegix's new facility will hire over 160 people, ranging between engineers, electricians, and security. It's not the first in Enegix's history, as it has 2 mining facilities already, but the new one in Ekibastuz is its largest so far.
Can you believe that it has been 3 years since John McAfee famously said he'd eat his own dick on national television if the price of Bitcoin wasn't $1 million. Well, those 3 years have flown past -- and we're finally here, but no dick-eating on national TV is happening just yet.
McAfee first said he predicted Bitcoin to be priced at $500,000 by the end of 2020, but that predicted was from a model that predicted $5000 by the end of 2017. BTC had accelerated "much faster" than his "model assumptions" so he changed his prediction to Bitcoin hitting $1 million by the end of 2020 and that he would "still eat my own dick if wrong".
McAffee tweeted the news 3 years ago, with some repliying to make sure he meant that he thought 1 BTC would be worth $500,000 in 3 years. His reply: "if not, I will eat my dick on national television"... and now, the internet is trolling him.
Can you imagine paying $45 million for a single pizzas? Yeah, me either -- but Laszlo Hanyecz did such a thing on May 22, 2010 -- buying a single pizza for 10,000 bitcoin.
May 22 is now known as "Bitcoin Pizza Day" because of it, with the 10,000 bitcoins at $9500 today, translating to a gigantic $45 million on just a single pizza. Hanyecz is known as the first person to use bitcoin in a commercial transaction, buying two pizzas with 10,000 bitcoins back 10 years ago now.
The transaction was 10,000 BTC -- which today is worth over $90 million. Back on May 22, 2010, Hanyecz write on the BitcoinTalk forum: "I just want to report that I successfully traded 10,000 bitcoins for pizza".
It seems as though some hackers got into the University of Edinburgh's ARCHER supercomputer, forcing administrators to recently shut it d own and look into the attack. It's forced them to reset all SSH passwords, too.
Computer Security Incident Response Team (or CSIRT for short) for the European Grid Infrastructure (EGI) have released samples of the malware used, as well as network compromise indicators for some of the hacks on the ARCHER supercomputer. Other security researchers have since reviewed the samples and said hackers were successful in their infiltration of the ARCHER supercomputer through compromised SSH credentials.
ZDNet reports that the first report of an attack on ARCHER on Monday, reporting a "security exploitation on the ARCHER login notes". System administrators quickly shut the ARCHER supercomputer down, and reset SSH passwords to stop future attacks.
Microsoft might have just found one of the most interesting, and one of the most frightening ways of mining cryptocurrency -- with your body. This isn't the first time I've written about mining cryptocurrency with your body, either.
The company published a patent yesterday called "Cryptocurrency system using body activity data", which while it sounds strange, it sees Microsoft using "human body activity" to mine cryptocurrency. Microsoft explains it as "a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing an advertisement or using certain internet services, can be used in the mining process".
This could lead to a world where you could be paid for watching ads online or on TV, in cryptocurrency. Microsoft's interest new patent would see the crypto mining activity replacing the "massive computation work" that is required by normal cryptocurrency systems. The data that is taken from the body activity, would be regarded as Proof of Work "therefore, a user can solve the computationally difficult problem unconsciously". Oh, that doesn't sound creepy at all.
The world is going through a very scary time right now, with global markets in a complete panic -- with freefall events happening, which have pushed Bitcoin and virtually all other cryptocurrencies off a cliff.
Just overnight, Bitcoin (BTC) has seen a 40% change in its price -- where it enjoyed 2020 highs of just over $10,000 -- but overnight it has dropped to its knees and down to $4564 (at the time of writing) -- representing a 40.72% drop in its price. Even when Bitcoin was down 26% it represented the largest sell-off of BTC in over 7 years.
Altcoins aren't safe from this, with cryptocurrencies like Ethereum (ETH) dropping by an even larger 44%, down to just $105 from its 2020 highs of $284.
Larry Dean Harmon of Akron, Ohio has been arrested for operating a cryptocurrency laundering service, where he moved a hefty $300 million through Bitcoin in a "tumbling" operation.
Harmon partnered with underground marketplace AlphaBay on an operation called Helix, which was known for its illegal activity that included drug deals (and I'm sure much more) according to the Department of Justice. Harmon exchanged over 350,000 bitcoins on Helix between the years 2014-2017, with the act of "tumbling" seeing people turn their cryptocurrency transactions to hide them from illegal activities like drugs, guns, and much more evil activities.
Don Fort, chief of the IRS Criminal Investigations division said in a statement: "The brazenness with which Helix operated should be the most appalling aspect of this operation to every day citizens. There are bad actors and then there are criminals who facilitate hundreds of other crimes. The sole purpose of Harmon's operation was to conceal criminal transactions from law enforcement on the Darknet, and because of our growing expertise in this area, he could not make good on that promise".
A new report has indicated that the United States controls the lions share of Bitcoin ATM's globally and that the push into decentralized monetary solutions is being forced by millennials.
According to a recent report from LearnBonds, at the moment there are 4274 Bitcoin ATM's located in the United States. On a global scale, there are 6454 Bitcoin ATM's, meaning that the United States currently holds 66.2% of all Bitcoin ATM's globally.
So how do other countries shape up to that number? The United Kingdom only has 283 ATM's, Australia has 184, and Switzerland has 84. The report also covered an overview of the Bitcoin community and broke down engagement data into age metrics. The data indicates that millennials (25-34 years old) are 46.32% of Bitcoin community engagement, while individuals aged between 35-44 years occupy the second position at 26.76%. "From this perspective, it shows that the millennials are the driving force for the adoption of decentralized solutions."