Police in Iran have reportedly seized 45,000 bitcoin mining rigs for illegally using subsidized electricity from the state-owned power utility Tavanir, the local Tasmin News Agency reported this week. According to Mohammad Hassan Motavalizadeh, head of Tavanir, the efficient application-specific integrated circuit (ASIC) bitcoin miners had been consuming 95 megawatts (MW) per hour of electricity at cheaper prices. Authorized miners are charged around 4,800 rials ($0.11) per kilowatt-hour in autumn, winter and spring, says the Iranian Energy Ministry. Subsidized rates may be half as much. Since 2019, when crypto mining…
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OPINION: Massive Bitcoin Adoption, Inflated Stock Market and Recent Rallies Resembling Pyramid Schemes.
The Perfect Storm For Massive Bitcoin Adoption Bitcoin celebrated its 11th year on October 2019 and trades billions of dollars per day in financial institutions such as CME (Chicago Mercantile Exchange), BAKKT (owned by NYSE’s ICE) and Fidelity Investments. As the world braces for a global recession, Bitcoin may attract massive interest by main street investors in the coming weeks. Another Global Financial Crisis “In fact, we anticipate the worst economic fallout since the Great Depression”. Kristalina Georgieva Managing Director of International Monetary Fund (IMF) The world has essentially come…
Read MoreRussian Tax Authority Registers Crypto as Part of a Company’s Capital
A company has blazed a trail in Russia, successfully convincing the country’s tax agency to accept that its equity capital now includes cryptocurrency. The change in the ownership distribution has been registered after the firm filed a set of notarized documents confirming a new investment was made in digital coins, not fiat rubles. Also read: Belarusian Bank Gets the Go-Ahead to Service Crypto Investors Investor Buys 5% of Artel’s Equity Using Bitcoin At present, cryptocurrencies don’t have any legal status and are not regulated in Russia. Yet a company called…
Read MoreBitcoin.com Accelerates Cryptocurrency Adoption With Racer Endorsement
Luke Vanna and the Bitcoin.com car are competing for top honors in the Australian Toyota 86 Racing Series. Sports partnerships like this can introduce cryptocurrency to new audiences as well as attract more businesses to join the ranks of the many merchants already accepting bitcoin cash across the country. Also Read: Bitcoin.com to Launch $200 Million BCH Ecosystem Investment Fund Bitcoin.com in Australian Toyota 86 Racing Series This weekend, Luke Vanna will be competing in a car exclusively branded with Bitcoin.com’s logo and colors in the final round of the…
Read MoreAfter NASDAQ, will Blockchain Drive the Next Stock Market Revolution?
Paxos, which operates a cryptocurrency exchange and several stablecoins, obtained the nod of the US Securities and Exchange Commission (SEC) to run a pilot project that will leverage blockchain for the stock market, according to a statement released last week. Settling Stocks with Blockchain Last week, Paxos obtained the no-action relief letter from the SEC. It confirms that the regulator doesn’t mind the startup’s blockchain trial. Paxos intends to build a blockchain-based infrastructure to settle and clear stock trades more rapidly and cheaper. The pilot project will operate with stocks…
Read MoreHow Bitcoin’s Peer-to-Peer Cash System Was Revealed 11 Years Ago
On October 31, 2008, on the eve of Halloween, Satoshi Nakamoto published the Bitcoin whitepaper. Since then the revolutionary design of the network has changed the lives of many and has transformed how we look at money today. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain The 11th Anniversary of the Bitcoin Whitepaper 11 years ago today, at 2:10 p.m. Eastern Standard, Satoshi Nakamoto published the Bitcoin whitepaper to the Cryptography Mailing List. The service used was a pipermail message service hosted on metzdowd.com run by…
Read MoreSpeculation Abounds Over the Cause of Bitcoin’s Recent Rally
Crypto’s most recent bull run began last Friday, October 25, after a significant plunge in prices just days earlier that had some prognosticators worried about a return to late 2018 and early 2019’s bleak crypto winter. Since the recent spike, prices have held relatively steady, suggesting this rally is not just a flash in the pan. That being the case, a look at bull runs of times past and what this could mean for the market today is in order. Also Read: After Breaking New Records Bakkt Announces Crypto Consumer…
Read MoreCrypto Banking Expands With Positive Interest Rates and New Services
Banking, in the traditional sense of the term, has become a financial burden for account holders in regions where the era of subzero interest rates has already set in. European nations like Sweden, Denmark, Switzerland, and Eurozone countries have been in negative territory for some time, and banks there have started passing the burden to corporate and private clients. However, businesses and savers don’t have to put up with losing money as the expanding banking services in the crypto space come with much better conditions, including positive interest rates. Also…
Read MoreEmergent Coding, Adoption Incentives and Practical Use – Bitcoin Cash City, Day 2
The Bitcoin Cash City conference in North Queensland has just wrapped up, and participants are now unwinding after two consecutive days of presentations, product demos, free gifts, and plenty of food. Tomorrow, September 6, there will be a special workshop for developers, and then the conference proper will end and it’s on to next year’s plans. Day two presented attendees with a smorgasbord of info: tax advice, practical business solutions, onboarding tips, introductions to emergent coding and more. Also Read: 5 Key Concepts from Day One at Bitcoin Cash City…
Read MoreBitcoin Price $5,000 Support is Now Critical as Bull-Run Fizzles
Bitcoin price fell off its peak close to $5500 to head towards older $5000 support April 11 after a late fresh surge abruptly ran out of steam. $5500 A Push Too Far Data from cryptocurrency exchange Bitstamp, which provides Bitcoin price data often slightly more conservative than other platforms, shows BTC/USD 00 has dropped below $5200 at press time Thursday. Bitcoin, which experienced a sudden rally of around $1300 last week, has broadly held on to its new gains. Despite news China was intending to outlaw mining, this week saw…
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