Blockchain 

Bitcoin Price Gains as China Scraps Crypto Mining Ban

Bitcoin made gains last week after new documents from the Chinese government revealed that the country was reversing its decision to ban blockchain mining, with President Xi Jinping expressing his support for blockchain technology. Back in April, The National Development and Reform Commission in China published a list of industries that it believes should be restricted or limited, which featured crypto mining. President Xi Jinping’s recent comments in support of blockchain coincided with a sizeable gain in the value of Bitcoin, going from $7,500 USD to $10,500 USD in just a few…

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Blockchain 

Is Bitcoin Mining Worth It In 2018?

Is Bitcoin Mining Worth it in 2018? The financial industry was rocked in 2009 when a user (or users) with an alias of Satoshi Nakamoto introduced Bitcoin to the world.  The cryptocurrency, Bitcoin, is a digital currency that can be used as a global payment system.  It was the first of its kind to work without an administrator or central bank – transactions are peer-to-peer, and are verified through a blockchain. But you’re not here for a history lesson, this piece is meant to help you further understand the complex…

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Blockchain 

Mining in Montana | County Delays Bitcoin Mining Operations but Why?

After a wave of Bitcoin mining operations set up in areas with affordable electricity, places like Montana’s Missoula County needed to make a decision over the impact these operations have on the region. Earlier this month, it was reported that Bitcoin’s (BTC) energy footprint had nearly doubled in six months and was expected to grow. According to the study, Bitcoin could be using up approximately 0.5% of the world’s energy by the end of the year, almost the same amount used by the Netherlands. Needless to say, most people might not…

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Blockchain 

Crypto Mining Group BitFury to Investigate Data Analysis with AI

The cryptocurrency mining and chip development firm BitFury has announced plans to set up a new department that will investigate the benefits of ‘big data’ analysis using artificial intelligence (AI). Speaking to newswire Reuters this past Tuesday, BitFury CEO Valery Vavilov referred to big data as ‘the next oil’, highlighting the need for a much greater focus on constructive analysis. According to Vavilov, the information available in 98 percent of big data is not being properly utilized, something his company hopes to simplify through AI-powered analysis. “..artificial intelligence will bring…

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Blockchain 

Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US. As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit. For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked…

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Blockchain 

Cryptocurrency Mining Legalized in Iran by the Economic Commission

After several weeks of speculation, the Economic Commission of Iran has finally approved cryptocurrency mining as an industry in the country. On July 22 the Chamber of Commerce, Industries, Mines and Agriculture made an announcement approving crypto mining. The Commission indicated that the Iranian government was seeking ways of regulating the mechanism of crypto mining within the country’s legal structure. Parts of Executive Law Approved to Allow Mining In a statement, Abdolnaser Hemmati, the Central Bank Governor of Iran, stated that cryptocurrency mining has been approved by the economic commission…

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Blockchain 

Bitcoin Mining Equipment Demand is Exceeding Supply

As the world’s largest crypto by market cap hurtles past 11k, the demand for new Bitcoin mining equipment is exceeding supply. Now, manufacturers are feeling the pressure to produce enough machines to meet this demand. Are we revisiting the same issue that occurred at the end of 2017, where demand was three times that of supply? It looks like it. Bitcoin Mining is in Demand Bitcoin price surged past $10,000 USD over the weekend and is already looking comfortable at $11,368 per coin. Though not quite at its all-time high of…

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Blockchain 

China’s NDRC Wants to Ban Crypto Mining

According to Reuters, China’s state planner wants to ban Bitcoin mining. The National Development and Reform Commission (NDRC) has updated a draft list of industrial activities that it is looking to encourage, restrict, or eliminate. The list was first published in 2011. NDRC Wants to Ban Cryptocurrency Mining Unfortunately for crypto enthusiasts, cryptocurrency mining has made the elimination list. The NDRC concluded that it, along with 450 activities, should be phased out as they did not follow current laws and regulations. As stated, cryptocurrency mining was joined by 450 other…

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Bitcoin 

JPMorgan Claims Bitcoin Isn’t Worth Mining Anymore

JPMorgan analysts are taking jabs at Bitcoin once more. The executives at this major US bank have never been fond of digital currency and blockchain technology. Jamie Dimon, JPMorgan’s CEO, temporarily pulled back on his comments when BTC hit its all-time highs. Shortly after, the coin began to crash, and his skepticism picked up again. According to a Bloomberg report, the bank’s analysts say that it costs more to create one Bitcoin than it’s worth. In Q4 2018, it cost around $4,060 to mine one BTC and currently, the price of the digital…

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Cryptocurrency 

GMO Mining Halted | GMO Internet Group Loses Mining Revenue

Japan’s GMO Internet Group has published a report on its in-house crypto mining operations. The IT giant confirmed that it took a steep hit in its overall GMO mining revenue. However, it steadily increased its monthly BTC mining rewards. GMO Mining Revenue The company showed “extraordinary loss” from its hardware manufacturing sector in Q4 of 2018. As a result, GMO said it will “no longer develop, manufacture and sell” miners. The company only entered the mining hardware sector in 2017, so that was very short-lived. However, while it will close its hardware…

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