The government agency that is in charge of China's macroeconomic planning is recommending new rules that would effectively ban cryptocurrency mining in the country, or at least make it very difficult, provided the measures are actually enforced.China's National Development and Reform Commission (NDRC) outlined the proposed decree in a draft amendment to the Catalog for Guiding Industrial Restructure, as reported by South China Morning Post. It's sort of an outline of economic policy that groups industrial sectors into three main categories: ones the agency wishes to encourage, restrict, or eliminate.The amendment recommends eliminating "virtual currency mining, such as the production process of Bitcoin" right away. Residents in China have until May 7 to submit feedback on the draft proposal, sometime after which the rules would be finalized (or scrapped).Bitcoin is mostly mined on ASIC hardware these days, meaning there is not the direct threat of miners exhausting the supply of … [Read more...] about China proposes cryptocurrency mining ban as prices start to rise again
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BITCOIN is a "failed experiment" and most other cryptocurrencies are "doomed to die", experts have told The Sun. Once hailed as the future of money, Bitcoin is now worth 70% less than last year's high – and the outlook is bleak for wannabe 'Bitcoin billionaires'. Since its quiet launch in 2009, Bitcoin has soared from a value of less than 10p to dizzying heights of nearly £15,000. But a single Bitcoin is worth just under £5,000 today – a massive fall from grace since last December's high. It's part of a bigger trend of struggling cryptocurrencies, virtual payment systems loved by tech boffs and criminals alike. According to tracker site Deadcoins, more than 830 cryptocurrencies are now considered extinct. "At least 90% of all cryptocurrencies that exist right now are doomed to fail, die, or will basically be rejected, because the people who are primarily interested in them are money makers," Evgeny Chereshnev, founder of tech firm Biolink.Tech, told The Sun. … [Read more...] about Bitcoin blasted as a ‘failed experiment’ after huge 70% price crash
THE SPIKE in Bitcoin prices last year that saw the virtual currency peak at almost $20,000 per coin may have been a result of shady price manipulation, a new study has found. The paper comes from an academic with a track record of spotting fraud in traditional financial markets. Its arrival has caused the price of Bitcoin to plummet, with the virtual cash valued at $6,417 at the time of writing, down roughly 65 percent from its 2017 high. The new research suggests that nearly half of Bitcoin's meteoric rise last year was due to artificial inflation using fellow digital currency "Tether": a so-called "stable coin" pegged at one-to-one value with the US dollar. That means that each of the $2.2billion worth of Tether floating around is supposedly backed by a real US dollar deposit located in a bank account belonging to its creator Bitfinex, a cryptocurrency exchange registered in the British Virgin Islands. “It is the mother of all crypto criminal scams,” economist Nouriel … [Read more...] about Bitcoin price boom manipulated by the ‘mother of all crypto scams’, say experts
A new study has estimated the ASIC-dominated Bitcoin blockchain - currently valued at $8,000 per-Bitcoin - is consuming upwards of 2.55GW of energy, with the potential to increase up to 7.67GW in the future, maybe by the end of 2018. That’s a little less than the Republic of Ireland at 3.1GW, and is likely increase to consumption just shy of Austria at 8.2GW. Bitcoin’s mining difficulty has steadily increased since the cryptocurrency first started making waves across the globe, due to an algorithm designed to steadily churn out Bitcoins at a constant rate. And now the sum of all its parts - entirely ASICs (application-specific integrated circuits) at this point - consumes a enormous quantity of power. If you promise not to mine crypto, you can take a look at the best graphics cards around. The research comes from Alex de Vries, a blockchain specialist, and released within the journal Joule. De Vries utilised Bitcoin miner production and the limits of profitability based on … [Read more...] about Left unchecked, Bitcoin’s energy consumption may equal Austria’s by the end of 2018
You might be aware that GPU prices have skyrocketed in recent months. This is due in large part to the rise of cryptocurrencies, to which there are many. Bitcoin is the first and most popular one, but what is Bitcoin? We're here to demystify the topic for you. While Bitcoin and cryptocurrency are incredibly deep and complex topics, in this beginner's guide, we'll not only explain what Bitcoin is, but we'll also dive into how it's created, discuss its use-cases, clear up misconceptions, and much more. Here's everything you should know about Bitcoin and cryptocurrency. What is Bitcoin? Bitcoin is the first decentralized digital currency. You can send and receive it to an individual via a peer-to-peer payment system anywhere in the world as long as you have an internet connection. You can also purchase goods with it among several online sites and physical stores. Its decentralized design means that it isn't controlled by any one individual, central bank, company, or country. In short, … [Read more...] about What Is Bitcoin And Why Are The Price Of GPUs So High?