Bitcoin continues its path towards $10,000 USD and while it might not have reached it yet, it has been edging into the mid $8000s for a while now. Most people don't realize that Bitcoin mining is a very big deal in China, as too with Russia.
China has put their foot down with Bitcoin miners, with the country set to cut your electricity supply if you're draining power mining Bitcoin, since miners would be using the lions share of electricity in the area. It's being reported in the country that China is noticing massive power consumption in some areas, and if they find out it's because someone is mining Bitcoin, they will limit electricity supply to some users in some areas during peak times.
The Chinese government have issued warnings to people in Danba County, Sichuan, which is one county where Bitcoin miners are gathered in China. There's also Tibet, Inner Mongolia, and others which leverage hydroelectricity and wind power to generate electricity, making it an easy decision for massive Bitcoin miners.
The list of websites that are mining cryptocurrency on users' CPUs is growing, with the phenomenon seeing the creation of the term 'cryptojacking' to fit this new hijacking of users' computers.
But then there's the concern of having multiple websites open in different tabs all trying to secure your CPU resources at once, it could cause problems. ArsTechnica is now reporting that th ere are at least 2500 websites that have embedded cryptocurrency miners that are hidden away from users.
One of the pillars of users' PCs being hijacked for crypto mining is Coinhive, which is a company that sells easy-to-integrate cryptocurrency miners into websites, giving site owners a nice boost in income.
Bitcoin has been steadily rising every single day for the last couple of weeks, breaking through barriers like $6500, and even $7000 - reaching a peak of $7600 before landing at $7621 at the time of writing.
The market cap of Bitcoin is now an incredible $124 billion, while the total value of all cryptocurrencies flew past $200 billion, largely driven by Bitcoin's near unstoppable charge into notoriety. But, this is where things get exciting.
Fundstrat co-founder Tom Lee says that the number of unique Bitcoin addresses has exploded in August, blowing their expectations out of the water, and reaching their mid-2018 expectations, now. Investor interest in cryptocurrency has been mooning lately, and has driven the price of Bitcoin up by 700% from earlier this year when it was under $1000.
Bitcoin has hit a new record of $6000, with the largest cryptocurrency reaching a total market value of $100 billion. If we compare this to credit card company American Express, which has a market value of $96 billion, Bitcoin is a serious thing now more than ever before.
A single Bitcoin reached $6064, reaching a market value of $100.81 billion or so, which is all leading up towards the upcoming Bitcoin fork that's expected on October 25. Then weeks later on November 18, Bitcoin will roll through SegWit2x, which is going to cause more instability (good, or bad) in the price of BTC.
With some people saying Bitcoin could be worth $100,000 or even $1 million per BTC, that reality could be here much sooner, rather than later. Just imagine being that person who traded 40,000 BTC back in the day for some pizza... that is worth $240 million right now. Ugh.
It is the new rage of 2017 to have your website mining Monero, or other forms of cryptocurrency, riding users' CPUs to make money. There's a good way of doing this, and a bad way... but now PolitiFact is joining in on the crypto mining fun, unintentionally.
Bitcoin has reached the heights of $4500 once again, for the first time in a month, and right now it has no signs of stopping. Bitcoin is headed towards a hard folk, which in very simple terms is a software upgrade that "introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork)", explains CoinDesk.
At the time of writing, BTC was trading at $4576 USD, with a high today of $4626. The Bitcoin fork takes place on October 25. We could see the price of BTC rising past $5000, or higher, as owners of 'altcoins' begin selling or trading their currency for BTC, wanting to ride the high. Altcoins are also taking a hit in price already with many on Facebook groups that I follow worried about the downtrend in altcoin pricing, but the big uptick in BTC pricing.
There are a few things happening on October 25, with the Bitcoin hard fork leading us right into the arms of Bitcoin Gold (BTG). BTG is the result of the Bitcoin fork, with BTC holders to receive the same amount of BTC as you have in BTC on the day that the Bitcoin blockchain snapshot is being taken, October 25 in this case.
BTG will be something very interesting for miners, because it's based on Equihash it can be mined on consumer GPUs. Bitcoin was like that at first, but moved towards ASIC specific hardware and into the control of mega miners who spend millions on gigantic setups with ASIC hardware and professional cooling, sometimes even underground.
Inno3D has finally released their cryptocurrency mining cards, with the limited 3-month warranty cemented in with the P106-based mining cards.
The new P106 mining cards are stripped down GeForce GTX 1060 graphics cards with their display connectors taken away, but without display connectors the mining-specific cards can't be used for gaming, ever.
As for specs, the P106-090 has 768 CUDA cores, which is way less than the 1280 CUDA cores on the proper GP106-400, the GPU that powers the GTX 1060. Anyone that mines knows CUDA cores don't do much for performance, it all comes down to memory bandwidth and speeds.
Inno3D's upcoming P106-090-based mining cards rock 3GB of GDDR5 @ 8Gbps on a 192-bit memory bus which is damn impressive, cryptocurrency miners like myself will be smiling from ear-to-ear. All of this for just 75W, compared to 120W on the GTX 1060.
While the rest of the world attempts to run full steam ahead with cryptocurrency, South Korea is moving with China on its ban against raising money with virtual currency.
Reuters reports that South Korea isn't too keen on initial coin offering (ICO), even though it's a super-easy way of funding whatever the hell people are making/building/delivering. But, because it's not regulated, it can be used nefariously... scamming millions of dollars from investors.
The South Korean government was concerned over the growing number of ICOs, and have now said that anyone involved in ICOs will be hit with "stern penalties". Eek.
It was only last week that we reported that The Pirate Bay was caught mining Monero coins on visitors' CPUs, but now two of Showtime's websites have been using visitors' CPUs to mine Monero.
Showtime has been busted with a script running in the background that hijacks users' CPUs to mine Monero, thanks to the Coinhive miner. Coinhive isn't all bad, as they are trying to push into a market that simply doesn't exist right now: providing a way for websites to run, without using ads.
Coinhive takes 30% of whatever Monero is mined on users' CPUs, while the website keeps the rest.
But did Showtime have the Coinhive script on their website by their own actions? Or did someone hack their site? Gizmodo reached out to Showtime a few times, but the company only replied with "we decline comment", which doesn't bode well.
I've adopted cryptocurrency like a mad man in the last couple of months, with my own mine powered by 50 graphics cards, but I do it for the love of technology and for the love of the future. Ethereum, and many other cryptocurrencies are the future of finance in the world.
Ethereum creator Vitalik Buterin has said that Ethereum could replace things like credit card networks, and gaming servers. Buterin explains: "There's the average person who's already heard of bitcoin and the average person who hasn't".
Buterin continued: "Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications. A good blockchain application is something that needs decentralization and some kind of shared memory".