Russia’s deputy finance minister Alexei Moiseev has reportedly stressed that buying bitcoin and other cryptocurrencies will be legal in the country.
A hacker successfully breached cryptocurrency mining marketplace NiceHash, resulting in the theft of up to $62 million worth of bitcoins.
Recently, various reports have been suggesting that China’s crackdown on cryptocurrencies will extend to mining, as state-run Sichuan Electric Power Corporation reportedly distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations. As reported by CCN, the report has been debunked as the company admitted it made several mistakes, including using unverified claims, on its circular.
Bitcoin’s price surge has swelled the power consumption of computers mining the digital currency, according to a blog by Christopher Malmo, writing in Motherboard, that questions the environmental impact of bitcoin mining.
According to a cryptocurrency index from Alex de Vries, also known as Digiconomist, bitcoin miners can consume more than 24 terawatt hours of electricity per year in producing bitcoin.
Throughout this week, false reports regarding the legality of bitcoin and cryptocurrency mining have emerged. Local sources have revealed that bitcoin mining is not banned as of yet.
Unconfirmed Reports and Rumors
Initially, Sichuan Electric Power Company, released an unconfirmed circular which claimed that the use of electricity to produce and mine bitcoin is illegal. Caijing, an independent news publication based in Beijing, first reported on the circular released by Sichuan Electric Power Company, and more media outlets followed.
China’s Sichuan province is gearing up to extend its bitcoin ban to mining operations as part of its wider crackdown on the cryptocurrency industry.
According to local media outlet Tencent Finance, the state-run Sichuan Electric Power Corporation has distributed a circular ordering grid-connected hydropower stations to stop supplying low-cost electricity to bitcoin mining operations.
Because mining has become so competitive, few ordinary bitcoin users can make a profit mining the cryptocurrency.
A bitcoin mining company in Singapore is seeing a rising number of customers purchasing mining rigs as the cryptocurrency gains in value.
SG Mining, based in Singapore, has seen sales shoot up in recent months. In July, the company was selling 15 mining rigs, but now it’s seeing sales of around 100 per month. Dexter Ng, one of the team members who builds the mining hardware and sell them, said to Channel News Asia:
Customers come in and order 50 rigs on their own.
The county sheriff in Bentonville, Ark. is mining bitcoin as part of a program to prevent cyber crime, according to the Northwest Arkansas Democrat Gazette. Detectives interviewed about the initiative did not give a lot of details about the program, but said the sheriff is using bitcoin for undercover operations.
Samsung built a bitcoin mining rig made out of 40 old Galaxy S5 devices that run on a new operating system for the company’s upcycling initiative, according to Motherboard. The company’s C-Lab developed the mining rig and other uses for old phones, which were on display at the company’s recent developer’s conference in San Francisco.
GBMiners, India’s largest bitcoin mining pool operator, has clarified that the company has not pulled out from the SegWit2x (NYA) agreement.
Earlier this week, CCN reported that Litecoin creator and former Coinbase executive Charlie Lee revealed GBMiners stopped signaling for the SegWit2x hard fork expected to occur in November.
On October 27, Litecoin creator and former Coinbase executive Charlie Lee revealed that GBMiners, a major mining pool operator, has stopped signaling for the SegWit2x hard fork expected to occur in mid-November.
GBMiners (~2.5% of total BTC hashrate) stopped signaling for Segwit2x hardfork. First of many pools to realize the folly of this hardfork. 👏 pic.
According to an article published by Business Insider, Dutch bank ING recently published a study suggesting that bitcoin mining consumes too much electricity. The report claims that a single bitcoin transaction consumes as much electricity as a house in a whole month, and compares it to the amount of electricity traditional electronic payment methods consume per transaction.
A new cryptocurrency has been created through a hard fork of the bitcoin blockchain.
Completing a process that began in July, the bitcoin gold technical team has taken what it calls a "snapshot" of the bitcoin blockchain so it could be recreated and reconfigured with new rules, ultimately creating bitcoin gold at block 491,407 on the original blockchain.
As of now, the process is underway by which the new bitcoin cryptocurrency will be completed and released to existing bitcoin users.
Bitcoin communities in Brazil and Argentina have issued a joint statement opposing the SegWit2x hard fork mandated by the New York Agreement (NYA).
The statement, which is signed by both local bitcoin associations and crypto startups including Bitsendal, Blinktrade, and Coinkite, opens by expressing the belief that NYA signatories entered into the agreement with the noble intention of improving bitcoin’s scalability.
The Seoul Bitcoin Meetup has penned an open letter to New York Agreement (NYA) signatories, urging them to rescind support for the controversial SegWit2x hard fork that is scheduled for mid-November.
The Seoul Bitcoin Meetup has nearly 1,700 members, making it South Korea’s largest bitcoin community.
Cryptocurrency mining pool F2Pool has stopped signaling support for SegWit2x, potentially undermining the argument for the November implementation of the controversial scaling proposal.
In May, F2Pool joined virtually every significant mining operation in signing the New York Agreement, the Barry Silbert-led proposal that sought to solidify consensus for SegWit2x, a protocol upgrade that supporters say will help the Bitcoin network scale to manage larger volumes of transactions more efficiently.
According to a report from Barron’s, the dramatic price increase cryptocurrencies had this year has helped graphics card makers like AMD and Nvidia grow. Ethereum, for example, has skyrocketed over 2,000% over the last year, and that led miners to purchase AMD and Nvidia graphics processing units to mine the cryptocurrency, leading to a surge in demand.
According to Nvidia’s second quarter revenue, the website reports, the company gained a $150 million boost thanks to the demand cryptocurrency miners created.
Two IT workers employed by an authority in Crimea were fired late last month after they were reportedly caught mining bitcoins at work.
RIA Novosti reports that the two unnamed individuals were employees of the Council of Ministers of Crimea, part of the disputed territory's executive branch. The news service indicates the workers installed mining software on computers owned by the council, though the report didn't state how long the operation had been in place.
Two IT workers employed by the government of Crimea were fired late last month after they were reportedly caught mining bitcoins at work.
RIA Novosti reports that the two unnamed individuals were employees of the Council of Ministers of Crimea, part of the territory's executive branch. The news service indicates the workers installed mining software on computers owned by the council, though the report didn't state how long the operation had been in place.
CPU mining malware increased sixfold during the first eight months of 2017, according to a new report from IBM X-Force.
As CCN has reported, the number of computers infected with cryptocurrency mining malware has increased every year and is on pace to reach 2 million in 2017 alone.
Litecoin creator Charlie Lee says a trusted source has told him that China will not ban bitcoin mining operations or the bitcoin network. He says the rumors are being propagated by large-scale traders who are attempting to manipulate the bitcoin price.
Lee revealed this information Thursday night on Twitter, stating that he had not traded on the knowledge before making it public.
1/ I have a trusted source that says that there's no truth to China banning mining or network.
Japanese internet conglomerate GMO Internet Co., Ltd will invest over $3 million to launch its bitcoin mining operation in the first half of 2018.
Founded in the early 1990s, Tokyo-based GMO is among a slew of major Japanese companies looking to capitalize on the booming demand and appetite for digital currencies. Recent legislative changes in Japan has seen bitcoin now recognized as a legal method of payment in April this year.