As Ether transaction fees hit 100 gwei, the project’s co-founder warns that a failure to respond could undermine the security of the network. Ethereum (ETH) co-founder Vitalik Buterin has called for reform to the cryptocurrency’s fee system, warning that rising transaction fees could undermine the security of the network. The idea is based on a…
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Analysts estimate Satoshi mined $10.9 billion worth of Bitcoin to keep the network safe but will these BTC ever be spent? A recent report by blockchain tracking and analytics provider, Whale Alert, revealed that the miner known as Patoshi mined over $10.9 billion or 1,125,150 BTC during Bitcoin’s infancy in order to protect the network…
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Crypto mining can harm the country’s electricity distribution, says a Venezuelan minister. Venezuelan Minister of Habitat and Housing Ildemaro Villarroel announced today that crypto mining operations won’t be allowed in any state-owned housing or neighborhoods that are part of the “Gran Misión Vivienda” project (Great Home Mission). During an official speech on July 15, Villaroel…
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Riot Blockchain is deploying its first tranche of 1,000 Antminers S19 Pros and expects its hash rate to tag 357 petahashes per second. Publicly-listed Bitcoin (BTC) mining firm Riot Blockchain expects to increase its hash rate by 45% after receiving 1,000 Bitmain S19 Pro Antminers. The batch of miners comprises the first of three tranches…
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The post-Soviet country’s cheap electricity has been attracting Bitcoin miners, but will it manage to elbow out Russia and the United States? Kazakhstan is becoming an important destination for Bitcoin (BTC) miners seeking cheap electricity in the post-halving market driven by thinner margins. According to recent reports, the oil-rich Central Asian country expects the total…
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One of four men charged with defrauding investors of over $722 million through a long-running cryptomining scheme has pleaded guilty to charges against him. One of four men charged with defrauding investors of more than $722 million through a long-running cryptocurrency mining scheme has pleaded guilty to charges against him. The man, a 35-year-old Romanian…
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ASIC miners are the best option for Bitcoin network security well into the future, new research has found. The wholesale embrace of Application-Specific Integrated Circuits (ASIC) mining for Bitcoin (BTC) could increase the cost of a 51% attack by a factor of up to 2,000. Rod Garratt University of California Santa Barbara presented the research…
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Fresh investments into mining equipment by smaller companies signals an optimistic outlook for the future of Bitcoin. Recent investments into cryptocurrency mining equipment by smaller players could be a positive signal for the longevity and value of Bitcoin (BTC). In late June, United States-based blockchain firm Core Scientific ordered over 17,000 of the latest Bitcoin…
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A researcher suggested that exchanges could “rollback” hacks by renting mining power from online marketplaces. Speaking at Unitize virtual event, Coin Metrics researcher Lucas Nuzzi suggested that one way for exchanges to fight back against the hackers is by renting mining power from online marketplaces. 6 confirmations ticking countdown Nuzzi conjectured that an exchange which…
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Bitmain is having a Schrödinger moment as official accounts make contradictory statements on payment details. The power struggle between the two co-founders of Bitmain, Micree Zhan and Jihan Wu, seems to have reached new heights as Zhan appears to be re-routing its financial flows to entities fully controlled by him. This is part of a…
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