Cryptocurrency & Mining News - Page 1
The US has overtaken China as the #1 destination in the world for mining Bitcoin.
That's at least according to the very latest data from Cambridge Bitcoin Electricity Consumption Index (CBECI) that tracks the energy consumption of Bitcoin mining across the world. The data shows that the US is making up 42.7% of the Bitcoin network hashrate.
China banned Bitcoin mining a few months ago, and has quickly allowed the US to increase its foothold on the Bitcoin mining world. The US went from around 17% global hashrate of Bitcoin mining back in April 2021, to a huge 35% in August 2021. Since China pushed crypto miners out of the country, they've been finding other countries to operate and the US has become a haven for Bitcoin mining operations.
It looks like AMD has plenty of GPUs but just not for gamers, with a new crypto mining GPU spotted in a new AMD BC-160 mining card.
The new AMD BC-160 mining card uses a Navi 12-based GPU with 2560 Stream Processors and 8GB of HBM2 memory at 1.54Gbps on a 2048-bit memory bus. There's 2 x 8-pin PCIe power connectors required, with 150W TGP which isn't too bad considering it can mine ETH at around 69-72MH/s.
XFX China is reportedly the company designing the AMD BC-160 mining card, with a cluster of these new AMD BC-160 mining cards each hitting 72MH/s. There's 8 of the AMD BC-160 mining cards in this system, for a total of 579MH/s of ETH mining power, once again -- not bad for around 1000W of power.
Coinbase is diving into the world of NFTs with some news out of nowhere that the crypto exchange giant would be opening an NFT marketplace.
The NFT market is gigantic and will only significantly grow in size with NFTs being a one-of-a-kind digital asset that represent ownership of online items including rare art, or collectible trading cards. There have been some bonkers huge NFT sales so far, with NFTs -- or non-fungible tokens -- as in they're not fungible, you can't exchange an NFT for another NFT, unlike crypto.
Coinbase's announcement of a new NFT marketplace is a gigantic deal, as Coinbase NFT -- its official name -- will include things like social features, and will work its way into the "creator economy". A creator economy is where people make money for posting content -- in whichever way, pictures, articles, videos.
China is continuing to put the big squeeze on cryptocurrency, Bitcoin, and other crypto mining operations -- whether they're Chinese citizens or foreigners.
Bitcoin.com is reporting that China's Development and Reform Commission is asking for public commentary on a list -- a negative list that the Chines government would see limiting, or outright banning investment into the crypto mining industry -- or any industry that the CCP doesn't like.
China has already stamped crypto transactions as illegal, which makes it hard for anyone in the country to use or adopt cryptocurrency. China -- of course -- has been testing its own cryptocurrency but doesn't want any other cryptocurrency to be used in the country it seems.
Wait for it... the Biden administration is reportedly mulling over an executive order for Bitcoin and cryptocurrencies in general that would push for crypto oversight.
The news is literally breaking, with Bloomberg reporting: "The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter".
The executive order would give the Biden administration and US government and its various agencies, to study and recommend various things in the crypto industry. This would include financial regulation, economic innovation, and even national security. Bloomberg added that their sources "who asked not to be named discussing plans that are still under consideration".
Bank of America is running right into the warm arms of Bitcoin and other cryptocurrencies, with the BofA launching a new digital asset research with a new report called "Digital Assets Primer: Only the first inning".
The strategists at Bank of America said that Bitcoin and other cryptocurrencies are simply "too large to ignore" and that their view is "there could be more opportunity than skeptics expect". The research group was led by strategist Alkesh Shah, who said that Bitcoin and other cryptos are "too large to ignore".
Strategists Alkesh Shah and Jessica Reif Ehrlich said: "Our view is that there could be more opportunity than skeptics expect". The report added that Bitcoin and other cryptocurrencies are "gaining traction on Wall Street despite its many controversies". On top of that, the strategists said that regulation plays a key role and that "more regulation could be a positive for crypto in the long run. Once rules are established, the uncertainty over how to invest in crypto will be lifted".
The United States Federal Reserve has said that it's planning on reviewing the risks/benefits of implementing a US digital currency.
A new report from the Wall Street Journal states that within the coming weeks, or as early as next week, the US Federal Reserve will be revealing detailed plans of a central bank digital currency that very well could shake up the global financial market. Unlike Bitcoin and other cryptocurrencies, if the Fed decided to release its own digital currency, it would be backed by the US central bank as US paper dollars and coins are.
It should be noted that the Fed is currently very divided on the release of a US digital currency, which means that it won't be implemented/released any time soon. According to Federal Reserve Chair Jerome Powell, the US isn't rushing into releasing its own digital currency because it's currently weighing the benefits and disadvantages due to the power the US plays on the global financial markets. Powell states it's "more important to do it right than do it fast."
Shiba Inu has absolutely exploded in price over the last 12 months, and in the last 24 hours alone the cryptocurrency has blown up by over 50% with a price of $0.00002522 at the time of writing.
Why the manic price increase? Crypto and meme lord Elon Musk, the founder and CEO of SpaceX and Tesla, tweeted out a single image of his dog, Floki. Musk tweeted out on Monday a picture of his dog, with a simple caption of "Floki Frunkpuppy" and then the price of Shiba Inu skyrocketed.
Even though Musk didn't tweet about Shiba Inu specifically, but because Musk supports Dogecoin (a dog-focused cryptocurrency) we have Shiba Inu riding that high as well. Dogecoin has gone from around $0.20 to around $0.25 at the time of writing, but man has Shiba Inu gone nuts -- especially when you look at it over the last 12 months, with Shiba Inu and its absolutely insane 27,000,000% increase over 12 months.
I'm sure that most of us know someone who has lost money, and some of them considerable sums, over cryptocurrency. So, it should come as no surprise to hear the first rehab clinic for cryptocurrency addictions has opened up in Scotland.
The new rehab clinic in Scotland is one of, if not the first crypto trading addiction clinic, overseen by therapist Tony Marini. Marini claims to be the first physician that recognizes cryptocurrency trading is very similar to gambling. Marini adds that most addicts start out by trading occasionally, but this ramps up once you start making a bit of money, which pumps dopamine (feel-good feelings) and the hopes of making millions.
But then the habit-forming behavior kicks in and thousands, hundreds of thousands, or millions of dollars can be lost. Marini talked with Decrypt, where he said: "If you say to somebody doing crypto, 'so you're occasionally gambling,' they're gonna go 'no, I'm not'. So take out the word gambling and say 'occasionally trading'. Commonly, people start because they want to buy stuff off the dark web. And the only way to do that is with cryptocurrency. The biggest problem is this cross addiction [with crypto] starting-through drugs and alcohol".
The massive cryptocurrency exchange Coinbase has confirmed that thousands of accounts have been breached.
Coinbase has sent out a notification letter to at least 6,000 Coinbase customers who have had funds removed from their accounts. According to the letter, which can be found in full below, "these third parties first needed prior knowledge of the email address, password, and phone number associated with your Coinbase account, as well as access to your personal email inbox" to gain access to the Coinbase accounts.
Additionally, Coinbase states that it has found no evidence that the aforementioned information was acquired from Coinbase itself. On top of that, Coinbase says that even if the third-parties that stole the cryptocurrency had all of the aforementioned information, they would still need proceed through additional authentication measures to access a Coinbase account.