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The government of Iran has opted to introduce specific electricity prices for cryptocurrency mining. The west Asian country, which has had a complicated relationship with cryptocurrency in the past, plans to set prices around the same tariffs that are used for exporting electricity. The government’s energy ministry deputy for power and electricity, Homayoon Ha’eri, announced […]

The post Bitcoin Mining Hotspot Iran Drafts Electricity Tariffs for Crypto Miners appeared first on CCN Markets

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As if 2019 hasn’t been crazy enough, earlier today someone seemingly tried to counterfeit an entire Bitcoin block. Bitcoin had an invalid block at height 584,802, as spotted by @juscamarena All 8 nodes at https://t.co/WKQ8hPDGON identified the block as invalid: Bitcoin Core 0.18.0Bitcoin Core 0.17.1Bitcoin Core 0.16.2Bitcoin Core 0.10.3bcoinBitcoin Knots 0.14.2btcdLibbitcoin pic.twitter.com/p5WKJ5rO0t — BitMEX Research […]

The post Did This Bitcoin Mining Pool Just Try to Create Coins Out of Thin Air? appeared first on CCN Markets

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Iran’s Assistant Minister of Industry, Trade and Supply, Saeed Zarandi, said that Trump’s administration is working to block bitcoin mining in the country, according to local news outlet Fars. After lobbying to get the country out of the SWIFT system, the U.S. now seems to have its eyes set on the recent interest of Iranian […]

The post Iran Accuses US of Looking to Thwart Its Bitcoin Mining Operations appeared first on CCN Markets

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The Cambridge Centre for Alternative Finance has released an index of sorts devoted to macro data about Bitcoin, all of it relating to electricity consumption. Tree Huggers Take Solace Historically, one great objection to Bitcoin has been its perceived large-scale energy consumption. Some question the logic of building out an entirely new system when the […]

The post Bitcoin’s Energy Use Isn’t Crazy, Rivals Switzerland’s Power Consumption appeared first on CCN Markets

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As sanctions imposed by the United States continue to bite reducing government revenues and widening the budget deficit, Iran has turned its ire to Bitcoin mining operations in the country that are mooching off the country’s heavily subsidized power. Bitcoin mining in Iran nearly as profitable as in China According to Reuters, 1,000 bitcoin mining […]

The post Broke Iran Seizes 1,000 Crypto Rigs, Skips Bitcoin Mining Mosques appeared first on CCN Markets

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By CCN Markets: A former investment banker has been slapped with a fine and a suspension by self-regulatory body Financial Industry Regulatory Authority (FINRA) for mining Bitcoin. According to the regulator, Kyung Soo Kim pursued outside business activity in December 2017 without giving his former employer a written notice. Kim is an ex-employee of Bank of America-owned broker-dealer Merrill Lynch, Pierce, Fenner & Smith Inc. FINRA claims Kim’s bitcoin mining venture was a violation of its rules. The rules prohibit members from serving as an ‘employee, independent contractor, sole proprietor, officer, director or partner of another person’ outside of their

The post US Regulator Fines and Suspends Former Banker for Mining Bitcoin appeared first on CCN Markets

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By CCN Markets: Here we go again. Yet another article has surfaced taking potshots at the perceived threat of Bitcoin’s energy consumption. A recent article out of MIT Technology Review claims that: Mining Bitcoin is a hugely wasteful process. For miners to accrue more of the cryptocurrency, powerful computing hardware must solve increasingly difficult, and pointless, puzzles. The article cites an in-depth study conducted by researchers at MIT and the Technical University of Munich. A slightly different approach compared the hardware and efficiency use from the IPO filings of the largest three mining producers: Bitmain, Canaan, and Ebang. The study

The post Wasted Naysayers Continue to Flog Wasteful Energy-Consuming Bitcoin appeared first on CCN Markets

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By CCN Markets: One of Africa’s largest insurers, Old Mutual, has announced it will no longer cover crypto mining equipment due to lack of regulation. After researching the industry, the Pan-Africanist financial group discovered a number of reasons that prompted it to make the decision that will not sit well with crypto miners. According to a local report, Old Mutual is convinced that the cryptocurrency industry is associated with cybercrime while the equipment used for crypto mining is highly modified and operates on a 24/7 basis, making it susceptible to malfunctions such as overheating. Old Mutual won’t cover crypto mining

The post Major African Insurer Refuses to Cover ‘Risky’ Crypto Mining Equipment appeared first on CCN Markets

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By CCN Markets: Craig Wright is to appear in a Florida court next week to contest allegations that he stole 1.1 million Bitcoin from his old friend, Dave Kleiman. Wright had initially appealed to postpone proceedings or be allowed to attend via video conference call. Those appeals were denied by District Judge Beth Bloom, who deemed the plaintiff’s claims substantial enough that he show up in person to defend against them. Wright summoned to florida court on june 18th According to a court docket filed June 10th by the US District Court for the Southern District of Florida, Wright’s motion

The post $10.8 Billion Bitcoin Tussle Heats Up as Florida Court Summons Craig Wright appeared first on CCN Markets

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By CCN: Contrary to popular opinion, it appears that Bitcoin mining might not be as bad for the environment as people think. In a highly detailed report, CoinShares research reveals that 74% of mining activity runs on renewable energy. “We show that Bitcoin mining is mainly located in global regions where there are ample supplies of renewable electricity available. And…we calculate a conservative estimate of the renewables penetration in the energy mix powering the Bitcoin mining network at 74.1%, making Bitcoin mining more renewables-driven than almost every other large-scale industry in the world.” Bitcoin Might Be Greener Than Gold After

The post Bitcoin Mining Is Shockingly Mostly Powered by Green Energy appeared first on CCN Markets

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