@gonzalez said in H110 PRO BTC+ 13GPU motherboard Setup Guide for Mining!: Hello TheNexus : here is the link : https://ixcys.com/download/pimp/RX580-G1200-M2250_NITRO_PLUS_OK_cvddc-950-mvddc-1000.zip

On September 1, 2018, Bitcoin Cash ecosystem participants have plans to conduct a network stress test which will involve individuals and groups sending millions of transactions throughout the course of one day. With the BCH stress test day approaching soon, BCH proponents have been testing sending large amounts of small transactions at one time and have built tools that fan out hundreds of microtransactions at once. Also read: Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund Stress Testers Unite Hoping to Light Up the Bitcoin Cash Network with Millions of Transactions on September 1 In about two weeks, the Bitcoin Cash network will be tested for strength and reliability with the first of many stress tests planned. On September 1, 2018, BCH network participants plan on slamming the peer-to-peer system with a vast amount of transactions in a small period of time. Supporters of the community-driven stress test day are hoping to broadcast millions of transactions that day and some people have decided to practice early by lighting up the network with roughly 687,000 transactions in one day on August 1. <figure id="attachment_204076" style="width: 2800px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">August 1, 2018, 687,000 Bitcoin Cash transactions.</figcaption> </figure> Scale.cash and Memo Games Stresstestbitcoin.cash promoters want everyone to participate on September 1st, so a few individuals and groups have created transaction broadcasting tools to accelerate the process, and even some Memo.cash games. For example, the Twitter handle @SpendBCH_io has created a tool called Scale.cash that lets people send thousands of on-chain transactions all at once in a very simple way. <figure id="attachment_204073" style="width: 2400px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Bitcoin.com’s Scaling Bitcoin Cash walkthrough.</figcaption> </figure> The platform powered by Bitbox provides users with the ability to create a new wallet or import funds from an existing wallet. Users can simply deposit 15,000 to 1,300,000 satoshis to use the tool and the wallet can be backed up with a WIF, mnemonic, and proof of tx signature. Fan-out transactions require one confirmation to start broadcasting the rest, and after the first confirmation the platform will fire off in batches of 20 at 500txs per minute. The BCH developer and Bitbox creator Gabriel Cardona has written a step-by-step walkthrough for Scale.cash which can be found at Bitcoin.com’s developer portal. <figure id="attachment_204070" style="width: 2400px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Scale.cash platform.</figcaption> </figure> Users can also follow @StressTestBCH on Twitter for up-to-date information concerning September stress test day. Users can also play games on memo.cash if they want to participate that day. For instance, Yobits is throwing a challenge where users can guess the total number of transactions on stress test day. The guessing game is only 10,000 satoshis to play and the reward will go to the closest guess. <figure id="attachment_204068" style="width: 1800px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Memo.cash guessing games.</figcaption> </figure> Stress Test Preparations Have Propelled Record Breaking Transactions in One Day, While Also Invoking Very Large Blocks Since June 29, transactions on the Bitcoin Cash chain have spiked considerably since people have been preparing for the stress test on September 1. Following that day the chain has seen transaction daily spikes of around 40,000- 100,000 tx per day and as mentioned above, cracked 687,000 on August 1. Stress testers are still continuously experimenting by sending hundreds of transactions at a time in preparation for the first of September and on August 19 the network processed 128,000 tx. <figure id="attachment_204081" style="width: 2800px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">August 19, 2018, 128,000 Bitcoin Cash transactions.</figcaption> </figure> Meanwhile, as BCH participants throw thousands of transactions at the network, BCH miners have been occasionally processing very large blocks to clear the mempool. The day bitcoin cash shattered bitcoin core’s (BTC) daily transaction record, an unknown mining pool and Viabtc processed 3MB, 6MB, and 8MB blocks. On August 19, BCH miners such as BTC.com, Viabtc, and Coingeek processed a bunch of blocks between 1.5MB – 4.7MB clearing transactions in one fell swoop. Bitcoin Cash supporters are looking forward to September 1 so they can see millions of transactions thrown at the network, because they truly believe the protocol can handle the throughput. As the saying goes, the best way to find out is for supporters to put their money where their mouth is, by pushing the network to the limit. What do you think about the BCH network stress test planned for September 1? Do you plan on participating? Let us know what you think about this subject matter in the comment section below. _Images via Shutterstock, Bitinfocharts, Memo.cash, and Bitcoin.com. _ _Need to calculate your bitcoin holdings? Check our tools section. _ The post BCH Stress Testers Will Put Pressure on the Network in Two Weeks appeared first on Bitcoin News. https://news.bitcoin.com/bch-stress-testers-will-put-pressure-on-the-network-in-two-weeks/

The world can be a mean place, and never is this more evident than on Crypto Twitter (CT) and Telegram. In addition to enduring the anguish of seeing their portfolio shed 95%, investors are having their downfall shared with the rest of the cryptoverse for others’ entertainment. The practice, while occasionally cruel, does have its upsides, providing succour and raising awareness of some of the most egregious scams. Also read: SHA-256 Mining Hashrate Climbs Significantly in One Year First They Shill You Their Bags, Then You Lose 95%, Then They Laugh Crypto has a favorite game, whose popularity has soared in recent weeks as the bear market has begun to bite: laughing at the misfortune of others. On CT and Telegram, popular accounts share posts from despairing traders who are at their wit’s end after betting everything on a cherished coin and then losing. “I hodl since January,” wails one unfortunate, whose plight, like that of many, can be found in the charitably named Rekt Plebs Telegram channel. “But fuck this bear market. It’s impossible to hodl. I pay 12 USD for one icx [Icon token] back in time. So even a 200x is still a loss for me.” Deriving pleasure from the unhappiness of others, or schadenfreude, is a primal instinct; a guilty pleasure that is best shared. In the 19th and early 20th centuries, crowds would flock to freak shows to gawp at the medical curiosities placed before them, people whose only crime was to have been born with an abnormal physical deformity. In the 21st century, something similar can be observed in accounts such as Bitmex Rekt, which calls out traders who’ve been margin called. Salt, Anger, and Despair On Reddit, Twitter, Telegram, and crypto forums, the salt, anger, and despair of investors who were naive or greedy piles up every day. Some want revenge. Some want a class action lawsuit against the masternode coin or ICO they were “duped” by. Others simply want a chance to vent. Their outpourings are now collated for the amusement of their fellow investors and broadcast far and wide. It is hard not to feel sorry for some of those affected, whose solitary sin has been to purchase an asset near its all-time high and then watch it dwindle to zero. With others, who were caught crowing back in January as their pet altcoin mooned, and have now been brought back down to earth, it’s hard not to feel smug. “I bought raiblocks at 10c and sold at 30usd,” confesses one trader. “Issue is, I then invested my earnings into bitconnect…” While seeing their tweets of rage spread far and wide can only add to the anguish of those affected, they can take solace in the fact that most of those sharing their posts are doing so as a coping mechanism. Everyone’s in the same boat to a large extent and are laughing at their own stupidity as much as anything. It is important to bear in mind, amidst all the merriment, that for some of those who got rekt, this is more than just a game: they borrowed beyond their means or quit their job to pursue their cryptocurrency dream, and while their demise is largely self-inflicted, the repercussions can be serious. Most traders, mercifully, are suffering from nothing more serious than wounded pride and a depleted portfolio. One of the biggest scourges in the cryptocurrency space has been the influx of gold-diggers over the past year who care about nothing but the sick gains to be made. It didn’t use to be that way. While profit was always at the heart of bitcoin and shitcoin trading back in the day, there wasn’t the same crass obsession over wealth, lambos, and all the other trappings of success. Studying the downfall of traders who thought they’d made it is a sobering lesson of what not to do when the next bull market comes around. Until such a time, laughing at the misfortune of others is one of the few pleasures left for the traders who remain. Do you think it’s wrong to revel in the misfortune of other investors, or is it just harmless fun? Let us know in the comments section below. Images courtesy of Shutterstock, Twitter, and Telegram. Need to calculate your bitcoin holdings? Check our tools section. The post Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport appeared first on Bitcoin News. https://news.bitcoin.com/laughing-at-the-misfortune-of-other-traders-is-cryptos-fastest-growing-sport/

Following the statement by Saudi Arabia declaring cryptocurrency illegal, the largest crypto exchange in the Middle East and North Africa is working with regulators across the region to develop crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto stance. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Bitoasis Working With Regulators Dubai-based cryptocurrency exchange Bitoasis has revealed that it is working with the regulators from the Gulf Cooperation Council (GCC) “to develop regulatory frameworks in light of Saudi Arabia’s ban,” Arabian Business reported on Thursday. According to its website, the exchange is currently present in UAE, Kuwait, Bahrain, Oman and Saudi Arabia. The GCC is a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The CEO of Bitoasis, Ola Doudin, described: As a pioneer in the industry, we are working closely with regulators in a number of our key markets across the GCC to develop and comply with the necessary regulatory framework…Regulations are absolutely fundamental. They are essential to grow and formalise the industry, while minimising risks on customers. Response to Statement by Saudi Arabia On August 12, the Saudi Arabian “standing committee for awareness on dealing in unauthorized securities activities in the foreign exchange market” issued a statement warning that “unauthorized virtual currencies are illegal inside the kingdom of Saudi Arabia.” This committee is headed by the country’s Capital Market Authority, Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority. The statement reads: The committee assured that virtual currency including, for example, but not limited to, bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices. Referring to the statement by Saudi Arabian authorities, Bitoasis commented, “the recent adverse announcement on digital asset trading in Saudi Arabia highlights the necessity for a clear and comprehensive regulatory framework to build confidence at the highest level.” Citing that cryptocurrencies and blockchain technology “are the future of money,” the exchange’s CEO was quoted explaining, “this fast-growing industry is at its early stage and regulations are currently being discussed and developed in every part of the world, including this region.” She elaborated: As a whole, our region is progressive and quick to adapt to new technologies that can create more efficient, competitive, and smarter economies. Regulatory frameworks will affirm digital assets’ status as a reality in today’s world. Bitoasis also confirmed that its “platform is still open to customers to safely and securely trade digital assets across the Middle East.” What do you think of Bitoasis helping to develop crypto regulatory frameworks for the Arab states? Let us know in the comments section below. Images courtesy of Shutterstock and Bitoasis. Need to calculate your bitcoin holdings? Check our tools section. The post Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States appeared first on Bitcoin News. https://news.bitcoin.com/crypto-exchange-arab-states/

Leading cryptocurrency exchange Binance has announced the launch of its new market intelligence app in beta. The mobile tracker is available for Android and iOS. Also in The Daily, an IT company offers a platform to build a crypto exchange in just two weeks, Shariah compliant trading platform promises to bring Muslim crypto enthusiasts into the space, and a Russian region issues Amurcoin. Also read: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-Crypto Binance Launches Mobile Market Tracker Binance, the largest crypto exchange by daily trading volume, has launched a new market intelligence application. The beta version of Binance Info is now available for both Android and iOS devices, the company announced on Twitter. According to its page, Binance Info provides comprehensive project information and market data for more than 1,200 digital coins and tokens, including their issue price, ICO date and circulating supply. It supports both fiat and crypto pricing with multiple base currencies to choose from and offers users real-time charts and indicators. The launch of the mobile market tracker is part of a series of new announcements by the Chinese-run trading platform in the past few weeks. News.Bitcoin.com reported last week that Binance is setting up a fiat-to-crypto exchange in Liechtenstein through a joint venture with LCX. Also announced was a new educational portal in beta – Binance Academy. The platform is an open access learning hub supported by the Binance team. The exchange is reportedly also exploring opportunities to invest in a ”decentralized” bank in Malta. Exchange Ready in Just Two Weeks An IT company, specialized in software development for the fintech sector, has recently launched a platform that allows clients to create their own cryptocurrency exchange, fast and easy, the Russian Bitcrypto News reports. Softfx, which provides services to forex and crypto brokers, dealers, banks and investment funds, claims that with its modular solution customers can have their trading platform up and running within two weeks after presenting their requirements. The Exchange platform comes with useful functionalities like automated purchases and sales of digital assets, crypto-based CFD trading, integration with a number of payment systems including Webmoney, Skrill, Qiwi, and Yandex Money, as well as wallets supporting cryptocurrencies like bitcoin core (BTC), litecoin (LTC), ethereum (ETH), and ripple (XRP). Companies can also add their own coins issued through ICOs, including ERC20 tokens. The developers promise high level of security and encryption for users’ personal information, financial data and funds, as well as protection against hacking and DDoS attacks. Shariah Crypto Platform Launches in UAE Adab Solutions, a company based in the United Arab Emirates, has created a Shariah compliant cryptocurrency trading platform named First Islamic Crypto Exchange (FICE). Striving to adhere to “the high moral requirements set forth by the Shariah community,” the company has decided to create an in-house Shariah Advisory Board in order to “ensure that Islam is finally included in the global cryptocurrency market.” The Board has been created as an independent body including internationally recognized Shariah experts, the Arabian Business Community reported. Their role will be to provide inputs on Shariah matters and help FICE comply with Shariah principles. Adab Solutions hopes to not only ensure high quality of exchange services but also support the inclusion of Muslim crypto enthusiasts and traders into the space. Russian Region Issues Its Amurcoin Amur Oblast, a region located in Russia’s Far East, has emitted 1 million of its own tokens called Amurcoins. The cryptos will be used by participants in the Eastern Economic Forum (EEF) scheduled to take place September 11 – 13, 2018 in Vladivostok. EEF has become a major platform for the presentation of new strategies to develop and promote political, economic and cultural links between the Russian Federation and countries from the Asia-Pacific region. EEF guests will be rewarded with Amurcoins for every stride they make at the venue of the event, Bitnovosti reports. They can use the tokens to purchase and pay for a variety of goods and services, from souvenirs and ice cream, to renting a hotel room. The experiment, supported by local crypto enthusiasts and their friends from Moscow, is intended to help visitors better understand what blockchain is, how cryptocurrencies work, and also present Amur as an innovative, high-tech hub. The Oblast is home to the first Russian digital economy school and is currently building an international blockchain center. What are your thoughts on today’s news tidbits? Tell us in the comments section below. Images courtesy of Shutterstock, Binance, Adab Solutions. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post The Daily: Binance Tracker Available in Beta, New Crypto Exchange Ready in Two Weeks appeared first on Bitcoin News. https://news.bitcoin.com/the-daily-binance-info-available-in-beta-crypto-exchange-ready-in-two-weeks/

<small>This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.</small> Shuang Li, former General Manager of Meituan Open Services (MOS) walked away from lucrative package by industry tycoons, but jumped startup bandwagon to set up BonusCloud, whose vision is to become AWS in decentralized cloud computing. Shuang Li is a cloud computing expert with over a decade of experience. Prior to BonusCloud, he was General Manager of MOS, Director of Alibaba Network Department, Chairman of System Technology Committee in Baidu. Through BonusCloud, the startup project, Shuang expected to leverage blockchain technology to overcome many issues in tradtional cloud service, such as lack of industry standard, black-box operating environment and excessively high operating cost. Shuang believed, as a blockchain-driven cloud platform, BonusCloud is well positioned to solving issues faced by traditional cloud technology by recording transactions and audit in the chains. BonusCloud aims to combine virtual technology of cloud computing field with blockchain and enhance blockchain functionality of virtual machines, so as to further broaden PaaS applicaiton. On such a basis, BonusCloud will not only execute smart contract, but also network applicaiton, storage application and computing application. BonusCloud endeavours to develop a global computing power trading platform, so as to connect such global computing resources as existing cloud computing, IDC, enterprise computing centers, and personal CPU/GPU/bandwidth etc. By attracting tens of thousands of resources contributor, platform users and application developers, it could provide a trustworthy cloud computing platform service featured by low price, wide scope and strong computing power, shaping the business model and resources distribution structures of traditional centralized cloud computing. According to the source, BonusCloud adopts hybrid consensus algorithm of DPoS+PBFT, in which bookkeepers will be regularly elected by workers based on contribution value. All workers, bookkeepers, DApp developers will be rewarded based on weights of resources and assignments of different types. Rewards includes compensation generated by resources users and token from blocks. Furthermore, on one hand, DApp developers will be rewarded at various level based on their amount of contributions in line with Developer Impel Protocol (DIP), which selects DApp every few blocks in a given time interval. On the other hand, well-defined reward mechanism and service procurement will ensure sufficient liquidity of token, so as to ensure completeness of platform ecosystem. BnonusCloud’s vision of becoming AWS in decentralized cloud computing industry is supported by a team of core members with proven track record and complementary mix, mainly from world leading internet and IT companies, such as Alibaba, Cisco, Baidu, Meituan, Sangfor etc, covering full range of R&D, operation and maintenance, marketing and sales. With regards to financing, BonusCloud has smoothly attracted cornerstone investors, which are world leading top 2 digital currency exchange and China’s top blockchain investor. The latest news on China’s giant services platform Meituan is that it’s planning to list on the Hong Kong Stock Exchange on September 20, aiming to raise over $4 billion and valuation up to $60 billion. Supporting Link: www.bonuscloud.io Contact Email Address hi@bonuscloud.io <small>This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.</small> The post PR: Former Meituan Cloud Veteran Launches BonusCloud – AWS in Decentralized Cloud Computing appeared first on Bitcoin News. https://news.bitcoin.com/pr-former-meituan-cloud-veteran-launches-bonuscloud-aws-in-decentralized-cloud-computing/

Three Japanese public companies have individually made announcements regarding their cryptocurrency operations. Forside has grown its mining operation with a plan to sell 7nm bitcoin mining rigs. Farsteps is planning a Singapore exchange launch. Meanwhile, Line Corp, the operator of Japan’s most popular chat app, has added crypto price quotes to its Clova AI assistant and has launched a token fund. In addition, human consultants are now available to answer questions about bitcoin for free from within the Line chat app. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Forside Expands Mining Operation A Tokyo Stock Exchange-listed company in the content and real estate-related businesses, Forside Co. Ltd. (TYO:2330), announced last week developments of its mining operation. “Forside Financial Services Co. Ltd., a consolidated subsidiary of Forside Co. Ltd., received OEM from LC Mining (GPU mining machines) developed by Lucky Cue Co. Ltd.,” the Zaikei Shimbun described, adding that the company will start selling these mining rigs under its brand name, FFSM. <figure id="attachment_203845" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Picture of mining equipment provided by Forside.</figcaption> </figure> Forside Financial Services has already started a mining operation in Canada. Its parent company says that the mining rig sale is “one of the efforts aimed at realizing the growth strategy development of the virtual currency mining business” at the subsidiary. Furthermore, Forside announced: In the future, our subsidiary will use semiconductor chips (mining chips) utilizing state-of-the-art 7nm process technology on its own mining [operation]…[and] selling ‘Next Generation Mining Board’ equipped with the chips. While Forside did not reveal the supplier of its 7nm mining chips, in Japan, GMO Internet recently started selling 7nm mining rigs with a plan to sell its “Next Generation Mining Board.” Fasteps Plans Exchange Launch in Singapore Another Tokyo Stock Exchange-listed company, Fasteps Co. Ltd. (TYO:2338), recently announced that its Singaporean subsidiary plans to launch a crypto exchange in Singapore. The company mainly engages in system solution, media solution, and cost management businesses. In June, Fasteps opened an exchange in Hong Kong called Bitone. It currently offers trading in three markets, with 11 BTC trading pairs, 10 ETH trading pairs, and 5 USDT trading pairs. Line Launches Token Fund, Adds Prices to Clova <figure id="attachment_203857" style="width: 300px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Line Clova AI assistant.</figcaption> </figure> Line Corporation (TYO:3938), the operator of Japan’s most popular chat app, has added crypto price quotes to its Clova AI assistant for Android and iOS operating systems. Crypto prices are provided by Kraken exchange. The company also announced last week that its subsidiary, unblock corporation, has established a corporate token venture fund in Hong Kong called “unblock ventures ltd.” With LVC Corporation, the subsidiary that operates the group’s cryptocurrency and blockchain businesses, as its sole investor, “unblock ventures focuses on token investments and has a capital commitment of USD10 million,” Line explained, adding: By launching this new corporate token fund, Line is aiming to boost the development and adoption of cryptocurrencies and blockchain technology. Meanwhile, Tokyo-based consulting center Bitcoin no Madoguchi is offering free consultation via the Line chat app. Users can add the company as a friend inside Line and start asking questions. According to Coinchoice publication, once a question is submitted, an answer will be delivered from a person working at the Bitcoin no Madoguchi office between 30 minutes and 7 hours. What do you think of these Japanese public companies’ crypto operations? Let us know in the comments section below. Images courtesy of Shutterstock, Forside, Farsteps, Line Corp. Need to calculate your bitcoin holdings? Check our tools section. The post Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund appeared first on Bitcoin News. https://news.bitcoin.com/japan-public-companies-mining-plan-exchange-token-fund/

In the summer of 2017, rising cryptocurrency prices led to a run on high performance graphics cards. Coveted cards with a high hashrate were snapped up like proverbial hot cakes, leaving gamers, scientific researchers, and anyone else who relied on flagship GPUs priced out as the cryptocurrency frenzy escalated. One year on, and those same graphics cards can be acquired for bargain prices. Also read: SHA-256 Mining Hashrate Climbs Significantly in One Year From Hot Property to Obsolete Hardware It was the summer of 2017 and the Geoforce 1070, Nvidia’s second-most powerful graphics card, was retailing for $450. There was just one problem: no one could get hold of one. In PC stores around the world, bare shelves occupied the space where gamers’ go-to upgrade should sit. That’s because a cryptocurrency mining boom, the likes of which had never been seen before, was in full swing, with crypto miners clearing stores and wholesalers of all the units they could lay hands on. While computer shops in many countries ran dry of desirable GPUs such as the 1070 and Radeon 570, on second-hand marketplaces they could still be acquired – for a premium. From last summer into early 2018, when crypto mania was at its peak, cards such as the $400 1070 regularly traded hands for $800 or more. The wailing of gamers was drowned out by the whirr of cooling fans as miners overclocked their newly acquired GPUs and started crunching numbers in exchange for altcoins. Bitcoin was only minable on ASICs by then, and ethereum was heading that way too, but smaller coins such as sia, monero, and zcash, as well as hundreds of lesser known microcap coins, were still viable. <figure id="attachment_203799" style="width: 515px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Some of the mining rigs currently listed on Gumtree in the UK</figcaption> </figure> One year on from the summer of shitcoins and the value of all leading cryptocurrencies has taken a tumble, while network hashrates have continued to rise. BTC, ETH, and all the rest might be worth more than they were a year ago, but their ballooning hashrate has meant that mining on GPUs is scarcely profitable, causing secondary market supply to exceed demand once more. It’s now the turn of gamers, data researchers, and scientists to gloat, as they snap up cheap graphics cards offloaded by former miners whose dream has died. Second Hand Mining Rigs Are Cheap – But Who’s Buying? A look around Craigslist and Gumtree, two of the leading P2P marketplaces in the UK and US, shows the sort of mining rigs that can now be acquired. Many of those for sale have seen less than six months’ use, suggesting that their original owners may not even have turned a profit before offloading them. In the Bay Area, one seller is offering 16x 1080s for $3,950 – or about $246 a card. The seller professes to have paid over $4,000 for them but to have made most of the costs back from mining. In the same area, someone’s selling a bunch of 1070s and 1080s at $375/$425 apiece. “Since I got too many rigs and electric rates for tier 3 high electric use is too high for me at 45 cents watt rate, I’ve decided I will have to sell some,” they explain. One of the rigs looks precarious, to put it mildly. Over in the UK, Gumtree is currently showing 42 mining rigs for sale, including a build of 7x RX480s, “Now surplus to requirement, built in Q1 2017 for a friend”. There’s also a rig of 8x 1070s going for around $4,500. For the first time in a long time, single GPUs are selling secondhand for less than their RRP, showing that the crypto mining boom is over, for now. While hashrates – like market prices – can fall, it’s unlikely that conditions will make it profitable to solo mine with a handful of GPUs again. With mining moving to cooler climes with cheaper energy, and from residential spaces to purpose built farms, the era of amateur mining is almost over. Aside from the reduced profitability of solo mining on GPUs, there’s another reason why many sellers seem to have decided to call it a day: there simply isn’t room. <figure id="attachment_203804" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">The price of the 1070 spiked in January before declining</figcaption> </figure> Judging by the reasons cited in many classified ads, a change of circumstances – usually an impending move or a new girlfriend – is often the final straw. Like accepting your band will never make it and selling your electric guitar, selling your mining rig can be construed as the acknowledgement that the crypto dream is over without having made you rich. As most sellers will surely aver, though, it was a blast – a noisy, hot blast that was fun while it lasted. Do you think the era of solo GPU mining is over? Let us know in the comments section below. Images courtesy of Gumtree, Twitter, PCpartpicker.com and Craigslist. Need to calculate your bitcoin holdings? Check our tools section. The post Second Hand Rigs Are Dumped as the Solo Mining Dream Dies appeared first on Bitcoin News. https://news.bitcoin.com/second-hand-rigs-are-dumped-as-the-solo-mining-dream-dies/

Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The supposed hackers stole bitcoin and other digital assets worth an estimated $87 million USD. Authorities say this is the biggest heist of this type in the People’s Republic so far. Also read: South African Tax Authority Going After Crypto Traders Coins Worth 600 Million Yuan Stolen by Hackers Police in China have arrested three men suspected of stealing approximately 600 million yuan (over $87 million USD) worth of cryptocurrency through hacking. The presumed criminals targeted personal and corporate computers, local media reported. The case has been described by law enforcement officials in Xian, capital of the northern Shaanxi province, as the “highest value cryptocurrency criminal investigation” in the country to date. An officer quoted by the South China Morning Post, commented: Our bureau has not dealt with this kind of case before. It’s the first virtual currency-related case in Shaanxi. The investigation was initiated in March, this year when one of the victims, a resident of Xian, notified local police that his computer had been hacked. He complained that the unknown attackers had appropriated 100 million yuan (almost $15 million) in bitcoin core (BTC) and ethereum (ETH). The Suspects Worked for Top Internet Companies According to investigators, the men had been employed by leading internet companies and had extensive tech background. No details about the firms were revealed, however. After taking hold of the virtual funds, they sold the coins by splitting the digital cash into small amounts and conducting multiple transactions in order to cover their tracks. Police analyzed enormous amount of collected data with the help of experts from the IT sector before identifying the first suspect, a resident of the central Hunan province named Zhou. Two months later they were able to find the other two supposed accomplices – Cui, a man from Beijing, and Zhang from Jilin province. Security services put the men under around-the-clock surveillance before detaining them in coordinated raids this past Wednesday. Chinese authorities and media note that the investigation is still ongoing. The popularity of cryptocurrencies in the People’s Republic has led to a significant increase in both crimes and disputes related to digital assets. According to a recent report, Chinese courts are overwhelmed by a growing number of such cases. With unclear regulations and an ambiguous ban on ICOs and cryptocurrency trading, Chinese judges find it hard to resolve many of them. Do you think Chinese police have the capacity to investigate crypto-related crimes? Share your opinions on the subject in the comments section below. Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Three Hackers Held in China Over $87 million Crypto Theft appeared first on Bitcoin News. https://news.bitcoin.com/three-hackers-held-in-china-over-87-million-crypto-theft/

Over the last year, SHA-256 mining, the process that’s used to find blocks on both the Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks, alongside a slew of other cryptocurrencies, has grown exponentially. Digital asset trading markets have been in a slump over the last eight months of 2018, but the bearish sentiment has not affected the hashpower behind these cryptocurrencies and, in fact, it has increased aggressively. **Also Read: **Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies The SHA-256 Mining Hashrate Has Grown Considerably Large Over the Last Year The SHA-256 mining algorithm and other mining operations involve the process of computing devices verifying and compiling recent blockchain transactions, alongside solving computational problems in order to find a block. Miners who find a block are awarded freshly minted cryptocurrencies and all the fees associated with the transactions in the block. This incentivized system has grown significantly competitive which in turn has innovated both semiconductor production and a significant advancement in Exascale computing. Over the last few months, cryptocurrency markets have been bearish and prices have dropped considerably since the end of 2017. However hash power has not followed suit with the price and, in contrast, it has grown feverishly larger with each waking day. <figure id="attachment_203728" style="width: 2800px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Today BTC captures around 47 exahash per second while BCH holds a little above 4 exahash.</figcaption> </figure> Bitcoin Cash Network Hashrate Has Increased Fourfold in One Year <figure id="attachment_203751" style="width: 285px" class="wp-caption alignright"> <figcaption class="wp-caption-text">BCH hashrate is averaging around 4.13 exahash today.</figcaption> </figure> The Bitcoin Cash network at the time of writing is capturing around 4.13 exahashes per second today and over the last seven days, it’s averaged around 4. Right now there’s been over 65,000 BCH blocks mined since August 1, 2017, and the chain is over 6,600 blocks ahead of the bitcoin core (BTC) chain. On Sunday, August 19, 2018, the BCH chain is operating at 9.87 percent of BTC’s sum block difficulty. Since last August the Bitcoin Cash network hashrate has increased remarkably and the amount of mining pools has notably changed as well. For instance, during the first week of August 2017, there were only a few mining pools processing BCH blocks such as Viabtc, Bitcoin.com, an unknown miner from Hong Kong, and a few other unknown miners. Weeks later on August 21 many other miners joined the BCH network such as Bitclub, Antpool, Batpool, and BTC.com bringing the BCH hashpower up to approximately 2 exahash. A Variety of BCH Mining Pools and New Leaders Now a year later the BCH network has roughly 13 different mining pools including Coingeek, BMG Pool, Rawpool, BTC.com, Viabtc, Antpool, Bitcoin.com, BTC.top, Sbi Crypto, F2pool, Huobi, and a few unknown pools. Mining power has shifted hands since because twelve months ago the unknown miners and Viabtc commanded a large portion of the BCH hashrate. Now the biggest mining pool over the last seven days is Coingeek with 23.4 percent of the network hashrate over the last week and 31.9 percent today. Then there are two to three unknown mining pools (can be differentiated by coinbase data) that hold about 20 percent of the BCH hashpower. The following top BCH miners include BMG Pool (10%), Rawpool (9.8%), BTC.com (8%), Viabtc (6.7%), and Antpool (6.5%). Other pools like F2pool and GMO Group have mined the BCH chain a few times over the past year as well. Essentially since the first week of August 2017, the BCH hashrate has grown fourfold and a lot more miners are processing BCH blocks. Bitcoin Core Hashrate Climbs to 48 Exahash Per Second As far as the Bitcoin Core (BTC) network hashpower is concerned a lot has changed since the first 2017’s first week of August. During the second week of August 2017, the BTC hashrate was around 8-6 exahash per second but has since increased 500 percent to around 48.2 exahash per second today. Hashrate distribution has changed quite a bit in the BTC mining world as well as there are now roughly 16 different mining pools. Right now there’s an unknown miner processing 13.3 percent of the BTC network. The top BTC mining pools have also shifted quite a bit with the largest pool being BTC.com (16.6%) followed by pools such as Antpool (14.6%), unknown (13.3%), BTC.top (12.3%), and Slush Pool (11%). The Use of Overt Asic Boost Touches a High This Month One particular interesting statistic is the use of overt “version-rolling” Asic Boost on the BTC network has increased since the Blockchain Defensive Patent License (BDPL) initiative was announced this past March. According to statistics, the use of Asic Boost whether overt or covert can increase mining efficiency by 20-30 percent. So far since March, the use of overt Asic Boost had crossed roughly 5 percent of the entire BTC network on August 1, 2018. <figure id="attachment_203721" style="width: 2800px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Asic Boost has captured 5 percent of blocks found a couple times so far in August.</figcaption> </figure> On August 13 the network touch around 4.4 percent of all blocks found with Asic Boost and the average is around 3 percent today. Slush Pool has found the most blocks on the BTC network using overt Asic Boost (40%) while F2pool follows slightly behind (20%). Other mining pools utilizing Asic Boost include Ckpool, Bitclub, Bitfury, Wayi.cn, Poolin, and an unknown miner. The unknown mining pool commands 11 percent of the sum of all overt “version-rolling” Asic Boost blocks found. The Largest Computational Systems Worldwide Have Pushed Semiconductor Tech Forward All of this means the power of SHA-256 mining has become one of the most powerful computational systems here on earth and it continues to grow. Further Satoshi’s design to create an incentivized system that processes and verifies transactions has also pushed the envelope when it comes to semiconductor and MOSFET innovation. SHA-256 mining has excelled the creation of 10nm and 7nm chips which were one year behind schedule according to Moore’s Law. <figure id="attachment_203731" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">**The GMO B3 uses 7nm chip technology while the Insilicon T2 uses 10nm chips. 5nm technology should meet production in 2-3 years and SHA-256 mining may make that timeline move faster. **</figcaption> </figure> These chips and the firms that have created super powerful mining rigs like GMO’s B3 (33TH/s), Innosilicon’s T2-Turbo (24TH/s), and Canaan’s newly introduced Avalonminer A9 (26.5-30TH/s) should push the overall SHA-256 hashrate even more exponentially. There are only four foundries worldwide that manufacture 7nm chips (Samsung, Intel, TSMC, and Global Foundries) and Satoshi’s creation has bolstered the demand for these innovative chips. Markets may be bearish this year but the mining industry is growing faster than we can fathom, and the computational power behind Satoshi’s invention proves more powerful than the fiat spot price per coin. What do you think about this year’s mining statistics continuing to grow stronger while the prices of cryptocurrencies have been floundering? Let us know what you think about this subject in the comment section below. Images via Shutterstock, Coindance, Blockchain.com charts, Fork.lol, GMO Group, Innosilicon, and Asicboostdance. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post SHA-256 Mining Hashrate Climbs Significantly in One Year appeared first on Bitcoin News. https://news.bitcoin.com/sha-256-mining-hashrate-climbs-significantly-in-one-year/

Alleged India Bitconnect head, Divyesh Darji, was arrested this week at a airport in Delhi as he arrived from Dubai. He and conspirators are accused of bilking millions of dollars (Rs 88,000 crore) from Indian investors seeking to find financial refuge during the government’s demonetization campaign. Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots India Bitconnect Head Arrested in Delhi The sad and at times infuriating case of Bitconnect continues to unravel around the world. This week, accused mastermind of the group in Asia, Divyesh Darji, was arrested in connection with his role in the many millions of dollars investment scam. Local media report Mr. Darji’s outfit was registered in the United Kingdom but essentially operated from the Burj Khalifa tower in Dubai. Perhaps it is a fitting center for a Bitconnect operation. The tallest structure in the world since its crowning in 2010, it mirrors proponents of the fame project and now widely recognized scam, big. Everything about Bitconnect was big: big promises, big returns, big gains, big conferences, and, alas, a very big fall. <figure id="attachment_203688" style="width: 496px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Burj Khalifa tower in Dubai</figcaption> </figure> In seemingly desperate times, human psychology might tend to succumb more readily to a kind of credulity not normally envisaged. That well-worn skepticism, when it comes to too good to be true claims, dulls when arguably needed most. Theoretically, that’s what happened to many Indian investors. In late 2016, its government demonetized all ₹500 and ₹1000 notes of the Mahatma Gandhi series. It would be the US equivalent of banning $10 and $20 bills. It was an effort to strangle the growing Indian black market, which the government claimed was funding illicit activity and terrorism. But the rollout was sudden, immediate, and typically hamfisted. Cash shortages exacerbated, and an already limping along economy hiccuped mightily. At Prime Minister Narendra Modi’s announcement, stock indices threatened double digit drops, the aforementioned shortages, and bank runs characterized very real national panic. <figure id="attachment_203694" style="width: 400px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">bank runs characterized very real national panic</figcaption> </figure> All the Answers Bitconnect and scams like it were a perfect storm. Why keep money in fiat, in government paper when its publisher can just decide to snatch wealth from the average Indian on a whim. Instead catch this Bitcoin train so much in the media, with Bitconnect promising forever returns as it supposedly used invested bitcoin to pay for still other Bitcoiners’ returns. And it worked. It did. As long as the market continued to shoot up and defy even the most irrational bitcoin proponent in late 2017, Bitconnect’s claims were vigorously defended by participants. Once so much as a small correction reared its head, however, the entire scheme collapsed. Indian promoters largely bailed, going abroad after investigations were launched by Indian authorities. Well known personalities and politicians were even caught up. Satish Kumbhani, Dhavl Mavani, and Suresh Gorasiya are some of the conspirators mentioned as well. <figure id="attachment_203695" style="width: 496px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Bitconnect Carlos</figcaption> </figure> P G Narwade of Criminal Investigation Department (CID-Crime) of Gujarat police explained, “Darji was living in Dubai. A look-out circular was issued against him. The Immigration Department alerted us when he was on the way from Dubai to Ahmedabad, after which he was arrested today evening. The company came into existence in 2016, and in 2017, it launched the Bitconnect coin. It remained active till January this year. It released 2.80 crore coins, out of which 1.80 crore coins were sold to investors. The accused held seminars, events in India and other countries promising high interest — daily interest rate of 1 per cent — on investment in Bitconnect coins. The cost of one Bitconnect coin on January 16, 2018, when the company shut down, was USD 362.” DGP Ashish Bhatia of CID crime noted, “The company was registered in the UK and had an office in Surat. They launched their own ‘bitconnect coins’ soon after demonetization. They promoted the company on social media and by holding gala functions in cities across the world. They lured investors with 60% monthly interest, and incentives in the form of ‘referral interest.’ This is the same company in which Shailesh Bhatt invested Rs 1.80 crore. To recover the money, he had allegedly kidnapped Dhaval Mavani and Piyush Savaliya of Bitconnect. He had extorted 2,019 bitcoins, 11,000 litecoins and Rs 14.50 crore cash. A case was then registered with the Surat zone CID crime. We recovered 169 bitcoins and 8kg of gold from the accused.” Do you think such arrests are a good thing? Share your thoughts in the comments section below. Images via Pixabay. Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section. The post India Bitconnect Head Arrested appeared first on Bitcoin News. https://news.bitcoin.com/india-bitconnect-head-arrested/

New indicators point to corporate executives starting to wisen up to the notion that so-called blockchain technology is some kind of cure-all drug for their industries that they can just extract from Bitcoin and drop the cryptocurrency behind. The latest example of this is a recent survey by Deloitte, showing that 44% of American executives think “blockchain is overhyped”. Also Read: 90% of Corporate “Blockchain” Pilots Will Never Materialize “Blockchain Fatigue” Is Setting In Accounting giant Deloitte has conducted an international survey of over 1,000 “blockchain-savvy” executives from seven countries, including the US, Canada, Mexico, UK, France, Germany and China. The data shows that 39% of respondents around the world believe blockchain is “overhyped.” And in the US this figure is even higher, with 44% see blockchain as overhyped, up from 34% in 2016. The main problem is that despite the constant babble about blockchain, there are actually very few active use cases. As a result, Deloitte says “blockchain fatigue” is beginning to set in among those who feel “its potential has been over-communicated, while its real-world benefits remain elusive.” The analysis explains that established firms face a host of legacy concerns while trying to make blockchain fit into an already existing business model that may or may not benefit from it. Respondents also see a variety of obstacles moving forward, with a third saying current return on investment remains “uncertain.” And only 34% say their company has initiated deployment in any way. Shift Towards Pragmatism Trying to put a positive spin on the results, Deloitte analysts wrote that: “On their own, these numbers seem to indicate that blockchain is moving in the wrong direction. However, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community.” They added that: “Based on our experience with the emerging disruptors, we believe blockchain adoption is far more advanced in the United States than the Deloitte global survey indicates.” However, it’s important to remember that their 2016 report also overestimated the pace at which blockchain production will materialize compared to what really happened so far. The analysis notes that there is a significant number of skeptics who view blockchain as the overhyped engine behind a volatile and unregulated financial market. The writers try to put part of the blame for this on cryptocurrency traders, who supposedly “have helped to bring mainstream notoriety to blockchain,” among the general public. Still, there are signs the hype is not yet over. For example, nearly 40% of executives reported that their firms will invest $5 million or more in blockchain technology in 2019. Does the idea of corporate “blockchains” make sense to you? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. The post 44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey Finds appeared first on Bitcoin News. https://news.bitcoin.com/44-of-american-executives-think-blockchain-is-overhyped-deloitte-survey-finds/

The South African Revenue Service is working to improve the tracking of cryptocurrency traders and their transactions in order to verify if they are paying taxes. According to its Commissioner, the agency is exploring ways to better identify those that are profiting from trading digital assets and check if they are evading taxation. Also read: Chinese Courts Face Hundreds of Crypto Cases, Struggle with Rulings Identifying Traders is Key, Commissioner Says SARS, the South African Revenue Service, is actively looking into ways of identifying people that are trading cryptocurrencies to establish if they are avoiding taxes due on their incomes, the acting Commissioner of the authority, Mark Kingon, revealed quoted by Fin24. During a conference organized by the Institute of Internal Auditors in Sandton this week, Kingon remarked: The key thing is identifying people who are trading because it’s easy to say cryptocurrency gains must be deductible, but there are also those who lose. That’s why it’s important to identify the trader. The official emphasized that identification is the main issue and the most critical aspect, Pressportal relayed. He went on to explain that as most traders use credit cards to purchase digital assets, once a noncompliant trader is properly identified, SARS can launch an investigation into the case. Mark Kingon also noted that while the agency has its procedures in place to identify traders, dealing with the issue is not straightforward. Many of the South African crypto investors are actually using foreign bank accounts and some are conducting their transactions in other jurisdictions. “The world is getting smaller and we are getting far more people transacting in foreign jurisdiction,” the commissioner said, adding that common reporting standards will enable authorities in different countries to do better in that respect. Regular Tax Rules Apply to Crypto Incomes Earlier this year, the South African Revenue Service decided that the regular tax rules should apply to incomes and profits from crypto-related transactions. Taxpayers in the country were told they were expected to include gains and losses from trading cryptocurrencies in the taxable income reported on their tax returns. “The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties,” SARS warned in April, as news.Bitcoin.com reported. Along with the statement, the authority acknowledged it had received many calls to clarify the matter and provide guidance on reporting crypto incomes for taxation purposes. It also insisted no separate interpenetration of the regulations was needed. The popularity of cryptocurrencies is continuing to grow among South Africans and in the region as a whole, and the need for clarity in regards to crypto taxation has increased. In July, the South African Treasury put forward several amendments to the country’s tax legislation including, according to local media reports, a proposal to exempt crypto traders from VAT (value-added tax). What is your opinion on crypto taxation? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, SARS. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post South African Tax Authority Going After Crypto Traders appeared first on Bitcoin News. https://news.bitcoin.com/south-african-tax-authority-going-after-crypto-traders/

A Mexico-based “prolific bitcoin dealer” has been indicted and held without bond in the US on a number of international money laundering charges. He used Bitfinex for his exchange needs after Coinbase closed his account. His “activities ‘blew a giant hole’ through the legal framework of U.S. anti-money laundering laws,” the Department of Justice wrote. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Bitcoin Dealer Indicted The U.S. Department of Justice (DOJ) announced Friday that a bitcoin dealer, Jacob Burrell Campos, was indicted for international money laundering and is being held without bond. Assistant U.S. Attorney Robert Ciaffa said during Burrell’s bond hearing on August 17 that: Burrell was a prolific bitcoin dealer who sold approximately $750,000 worth of bitcoin to hundreds of buyers throughout the United States. He conducted 971 separate transactions with over 900 individual customers, and accepted cash in person, through his bank accounts, and through Moneygram. Ciaffa told the court that Burrell operated as a “bitcoin exchanger” and his activities constituted a money transmitting business. He was therefore required to register with the Department of Treasury and comply with all anti-money laundering requirements including “reporting suspicious cash transactions.” However, Ciaffa claimed that Burrell accepted cash “with no questions asked,” adding that he “supplied hundreds of individuals with an easy outlet to avoid the anti-money laundering laws applicable to all financial institutions, including licensed and registered bitcoin exchanges,” for a 5% fee. The indictment states that Burrell sent 28 wire transfers totaling over $900,000 from his bank accounts in the U.S. to a bank account in the name of Bitfinex in Taiwan. Ciaffa elaborated: Burrell sent the money from the United States to buy bitcoin and fund his business. With these and other funds, Burrell bought over $3 million worth of bitcoin in over 2,600 transactions. Burrell resorted to buying bitcoin through Bitfinex after his account was closed by Coinbase, a U.S.-based bitcoin exchange, for circumventing its ID verification process. Blowing Giant Hole Through US Legal Framework Born in San Diego, Burrell lives in Rosarito, Baja California, Mexico. He was arrested on August 13 while trying to enter the U.S. from Mexico. The 21-year-old “was ordered held without bail today in connection with a 31-count indictment charging him with operating an illegal money transmitting business, failing to maintain an anti-money laundering program, international money laundering and conspiracy to structure monetary transactions,” the DOJ announcement reads. The indictment also charges him with conspiracy to structure the importation of monetary instruments. Ciaffa told the court that “Burrell agreed with others to smuggle over $1 million in U.S. dollars into the United States from Mexico, in amounts slightly less than $10,000, in order to avoid the currency reporting requirements.” The Justice Department reported the assistant U.S. attorney saying: Burrell’s activities ‘blew a giant hole’ through the legal framework of U.S. anti-money laundering laws by soliciting and introducing into the U.S. banking system close to $1 million in unregulated cash. U.S. Magistrate Judge Karen S. Crawford “ordered him held without bail,” citing that he has “significant ties to Mexico, citizenship in three countries, no steady employment in the United States, the ability to access large sums of cash, and a disdain and unwillingness to comply with U.S. laws.” She, therefore, “concluded that Burrell posed a substantial risk of flight.” According to the DOJ, the 31 counts in the indictment against Burrell carry different prison terms and fines. The first count carries a maximum of five years in prison and a fine of $250,000. The second carries ten years in prison and a $500,000 fine. The third through 30th counts, for the charge of international money laundering, carry “twenty years in prison for each count, [and a] $500,000 fine.” The last count carries five years in prison and a $250,000 fine. However, the Justice Department clarified that the charges and allegations “are merely accusations” and the defendant is “considered innocent unless and until proven guilty.” What do you think of this case? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Prolific Bitcoin Dealer ‘Blew a Giant Hole’ Through US Legal Framework appeared first on Bitcoin News. https://news.bitcoin.com/bitcoin-dealer-us-legal-framework/

In this week’s daily editions of Bitcoin in Brief we reported on McAfee’s “Doomed” wallet, a panic in the altcoin markets, Binance’s new fiat-to-crypto platform in Liechtenstein and much more. The most commented-on article during the week covered a situation in the UK, where banks are targeting cryptocurrency owners – having their assets frozen and accounts locked without warning. Also Read: Pantera Capital Raises Over $70 Million for Its Third Crypto Fund Paxful to Build Second School in Rwanda A cheerful story published on Monday was about Paxful, which launched the #BuiltWithBitcoin program in 2017 by donating $50,000 for the construction of a nursery school in Rwanda, starting to sponsor the construction of a second school in the African country. Planned for students aged 6-15 in the Nyamata Sector of Rwanda’s Bugesera District, the company jump-started the project with a $20,000 donation. Total construction is estimated to cost $100,000, with the balance to be collected through an online crowdfunding campaign. Donations can be made via BTC, BCH, ETH, LTC and Dash. And Paxful vowed to match all community donations until the $100,000 goal is met. Altcoin Panic The altcoin markets bleeding red was the big story on Tuesday. Sentiment in crypto community forums all around the web turned very dark as panic set in. With cryptocurrencies such as Iota, BNB, and Vechain nursing 20% losses in a single day – 25% in the case of the latter – the market was looking very ugly indeed. The total value of the cryptocurrency market has dropped to $194 billion at the time of publication, with BTC dominance reaching 53.5%. Just three cryptocurrencies in the top 100 were showing signs of green at the time, and predictably they were all stablecoins. Stoners Drop Crypto From IPO On Wednesday we reported that popular cannabis magazine High Times won’t accept cryptocurrencies for its IPO after all. According to a filing with the SEC, the company’s previous statement about it was a mistake. The announcement was “distributed in error as the Company will not be accepting bitcoin as payment for shares” High Times claimed. While it would have been fair to assume another company might have gotten cold feet due to the current bear market, or that it was somehow intimidated by the regulators behind the scenes, in this case it is indeed possible that whoever wrote that original announcement was just stoned out of their mind at the time. McAfee’s “Unhackable” Wallet Is Doomed On Thursday it was reported that security researchers claimed they successfully sent signed transactions with John McAfee’s “unhackable” Bitfi wallet. And someone had even been able to demonstrate root control of the device by installing the classic video game Doom on it. McAfee reacted by twitting: “A video played on your Bitfi wallet has nothing to do with the safety of your funds. This is amateur hour, not a hack! Any device with a computer and screen can be used to play games. I should start watching my YouTube videos on Bitfi wallet.” He later added: “Laughing so hard I can barely catch my breath. “Hackers” play Doom, play videos, root the device, play music on the BitFi wallet. We dont charge extra for those facilities. No-one has taken the coins from our pre-loaded wallet. No one will. Isn’t this what matters?” Binance Launches Fiat-to-Crypto in Liechtenstein On Friday we reported that Binance is launching a fiat-to-crypto trading platform in Liechtenstein. Using a joint venture with LCX, they plans to build up a team of up to 15 professionals for the Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform. The new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and promised to add more trading pairs in the future. Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” Buy Hairspray with Bitcoin An interesting story we covered on Saturday: you can now buy fancy hairspray with bitcoin. R+Co, the beauty collective founded by stylists Howard McLaren, Thom Priano, and Garren, has begun incorporating BTC and BCH payments into its business model, women’s style magazine The Cut revealed. R+Co’s president Dan Langer said: “Blockchain technology is going to be one of the future disruptors in the beauty industry. It will allow consumers the ability to leverage their data and purchase behavior in all kinds of new shopping ways… from reviews to rewards to product benefits. In order to stay at the forefront of this emerging thinking we wanted to integrate components of it while still in its early stages – like paying with Bitcoin – and learn with it as it evolves.” UK Banks Target Cryptocurrency Owners The most commented-on article during the week covered the situation in the UK, where banks have been targeting cryptocurrency owners. People who cashed out large amounts of cryptocurrency – legitimately – have had their assets frozen and accounts locked without warning, fueled by fears of money laundering and a general distrust of bitcoin. One person even claims to have had their house raided and computer equipment seized in a follow-up operation by police. Join the discussion. This Week in Bitcoin Podcast Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron. What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-Crypto appeared first on Bitcoin News. https://news.bitcoin.com/the-weekly-mcafees-doomed-wallet-altcoin-panic-binance-launches-fiat-to-crypto/

In South Korea, Bithumb was visited by officials of the Mongolian government. Upbit is offering free training leading up to its developer conference. A public company has unveiled a hardware wallet as it enters the crypto space. Meanwhile, hacked crypto exchange Coinrail has launched an international service for non-Korean customers, and a US bitcoin ATM operator plans to enter the Korean market. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Mongolian Government Officials Visit Bithumb Senior officials of the Mongolian government visited Bithumb’s headquarters on August 16, local media reported. They were trying to determine the feasibility of using blockchain and cryptocurrency in solar energy businesses in Mongolia. The Korea Economic Daily elaborated: What they have focused on is the possibility of virtual currency remittance and payment functions and blockchain technology. Mongolia is seeking to utilize blockchains and virtual currency to activate new energy projects such as solar power generation at the government level. “With the visit of high-ranking officials of the government, it is possible that Bithumb will pursue a business alliance with the Mongolian government or establish a local corporation,” the publication noted. Ksign Launching Hardware Wallet <figure id="attachment_203482" style="width: 300px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Ksine’s CEO, Choi Seung-rak, introducing Touch x Wallet.</figcaption> </figure> Kosdaq-listed company Ksine Inc. has commenced its cryptocurrency business with the launch of a hardware wallet called Touch x Wallet, the company announced on August 16. Touch x Wallet uses locally developed fingerprint authentication technology and has a built-in battery. It can store up to 10 cryptocurrencies – including bitcoin, ether, and ripple – which the company plans to expand to about 50 by the second half of next year, Cctvnews reported. The wallet also has high-resolution electronic paper (e-paper) to display QR codes of addresses and allows users to check their balances. Upbit’s Crypto Training and Developer Conference Dunamu Inc, the operator of South Korea’s major crypto exchange Upbit, announced on August 16 that it is holding a free crypto and blockchain training for the public on September 12. This is a pre-program leading to Upbit Developer Conference which will take place on September 13 and 14 at the Jeju Creative Economy and Innovation Center. The class consists of two parts. The first focuses on the origin and history of blockchain and cryptocurrency. The second focuses on the theory and practice of blockchain including the basic understanding of Ethereum and Lambda chain, solidity and Dapp development, and smart contracts. Recently, the governor of Jeju Island requested the central government to designate the island a special zone for blockchains and cryptocurrency. Coinrail Launches International Service Coinrail, which was hacked on June 10 and resumed services on July 15, announced last week that it has officially launched the Coinrail international service for non-Korean users. Foreigners can now access the exchange’s crypto-to-crypto markets. The service is available in English. Coinme Rolling out Bitcoin ATMs in Korea U.S. bitcoin ATM (BTM) operator Coinme revealed on August 16 that it is “seeking to roll out its service in Korea before the year-end,” the Investor reported. Currently, the company’s ATMs are in 67 locations across the U.S., the new outlet noted, adding that “Coinme said it is eying Asia as the next spot for expansion, specifically focusing on Korea and other countries in the region, including Hong Kong and Singapore.” CEO Neil Bergquist was quoted saying: We have seen really promising interest in Coinme from Korea…There’s a large and sophisticated cryptocurrency community which understands the potential of a token tied to real world applications. “The Coinme ecosystem also seeks to offer massively reduced transaction costs, so we see real synergies with the Korean market,” he added. What do you think of all the crypto activities going on in South Korea? Let us know in the comments section below. Images courtesy of Shutterstock, Zdnet, Bithumb, Upbit, Coinrail, Ksine, and Coinme. Need to calculate your bitcoin holdings? Check our tools section. The post Korea Roundup: Mongolian Government Visits Bithumb, New BTM, Hardware Wallet appeared first on Bitcoin News. https://news.bitcoin.com/korea-mongolian-government-bithumb-btm-hardware-wallet/

Louis- Thank you for the reply. The behavior is the same after running pimpup and checking the power/data cables. I will give 2.6 a try in the near future.

**Announcing a 60-fold increase of the minimum monthly salary, President Maduro promised Venezuelans they will be paid at least 0.5 petro, once his monetary reforms are in place next week. The national crypto will be exchanged at a rate of $60 USD and the new “sovereign bolivar” will be pegged to the digital coin.   ** Also read: This Fall May Bring More Crypto-Friendly Jurisdictions 1 Petro = 60 Dollars = 1 Barrel <figure id="attachment_203432" style="width: 300px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Nicolás Maduro</figcaption> </figure> Venezuelan president Nicolás Maduro revealed the fixed price of the country’s cryptocurrency, the petro, and a new minimum wage as part of a package of measures aimed at improving the socio-economic conditions in the South American country. The policies will be implemented on Monday, when the new, denominated brolivar will be introduced to replace the highly inflated national fiat. Starting from August 20, 1 PTR will be officially exchanged for $60 US dollars – approximately the value of a barrel of oil on the international markets. The state-issued digital coin can also be purchased with the newly issued “sovereign bolivar” which takes away five zeros from the current “strong bolivar.” One petro will cost 3,600 new bolivars (now 360 million). With inflation expected to reach 1 million percent by the end of the year, according to the IMF, bolívar fuerte is one of the fastest depreciating national currencies in the world. However, the new bolívar soberano will be “anchored” to El Petro, the oil-backed cryptocurrency introduced by the administration of the leftist Venezuelan leader earlier this year. 60-Fold Increase of the Minimum Salary President Maduro also announced that the minimum monthly wage in the country will be raised to 0.5 PTR, 1,800 sovereign bolivars or $30 USD. That’s 60 times more than the current 3 million old bolivars (30 after the denomination). The Venezuelan head of state also said the government will compensate small and medium-sized enterprises for the difference in the basic wages in the next 90 days. It will also raise the VAT from 12 to 16 percent. The changes come after Nicolás Maduro shared his intentions to denominate the bolivar back in March. The new banknotes were expected to have three zeros less than the current and were supposed to be issued in early June. The monetary conversion was subsequently postponed and in late July Venezuelan authorities announced that the petro-pegged bolivar will be introduced on August 20, getting rid of five zeros. State Retaking Control of Economy Earlier this week, the Venezuelan president said that starting from Monday his economically troubled country will have two official units of account – the petro, and the sovereign bolivar. The old and the new version of the national fiat will be circulating together for some time before the “strong bolivar” is phased out. Maduro assured his compatriots that Banco Central de Venezuela (BCV) and all public and private banks already had the new banknotes and were actively preparing to implement the changes. He added that besides salaries, pricing will also be adjusted and the price ceiling mechanism will be restored. On Friday, the president warned merchants there would be no excuses for any price hikes. Quoted by El Nacional, he stated: There has to be a government, we have to retake the regulatory role, the authority of the state and the government to enforce economic rules. Venezuela issued the petro in February becoming the first nation to adopt its own cryptocurrency. The crypto is backed by its oil reserves, one of the largest in the world. Caracas has been trying to introduce the coin in bilateral trade with countries like Russia and India but official agreements have not been reached yet. According to resent reports, the Islamic Republic of Iran, another country hit by US lsanctions with which Venezuela maintains close relations, is stepping up efforts to develop its cryptocurrency. Iranian government wants to use the coin to circumvent the restrictions reimposed by Washington this month which are mainly targeting its ability to acquire US dollars. What do you think will be the effect of the reforms Maduro’s administration is introducing? Share your opinions in the comments section below. Images courtesy of Shutterstock. Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin. The post Venezuelans to Be Paid at Least Half a Petro a Month appeared first on Bitcoin News. https://news.bitcoin.com/venezuelans-to-be-paid-at-least-half-a-petro-a-month/

Cryptocurrency prices have seen some recovery after our last markets update four days ago when a large majority of digital assets lost quite a bit of value. Since then, and more so over the last 48 hours, the entire crypto-economy capitalization ($216B) has gained roughly $20B. The action yesterday was more bullish as most of the top digital assets were up between 6-20 percent but have since lost some of those gains during this weekend’s trading sessions. Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet Up Moves, Down Moves, and Eight Months of Corrections Last week was pretty bad for most of the top digital asset markets, except we mentioned during our last markets update that bitcoin core (BTC) spot market prices took the least of the blows downward. Then a little less than 48 hours ago and mostly yesterday cryptocurrency markets picked up again with BTC touching a high of $6,615 on Bitstamp. But on Friday, August 17 most digital asset markets besides BTC reaped a lot more gains as a good portion of the top markets saw 10-20 percent spikes. The biggest gainers were ripple (XRP), monero (XMR), and stellar (XLM) as the values of each currency are up between 2-5 percent over the last seven days. Top digital currency trade volumes today are held by BTC, USDT, ETH, EOS, XRP, and BCH. There’s been about $14B USD worth of trade volume swapped among all 1600+ virtual currencies. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) markets are down today 4.3 percent while the past seven days show BCH is also down 2.2 percent. At the time of writing, BCH/USD markets are valued at $560 per coin with an overall market valuation of around $9.68B today. The top five exchanges swapping the most BCH this weekend are Okex, Coinex, Binance, Hitbtc, and Bitfinex. Market volume is fairly decent, but weaker with $420M USD worth of BCH traded over the last 24 hours. Right now the top currency paired with bitcoin cash on exchanges is tether (USDT) which captures 49.2 percent of all trades. This is followed by BTC (27.5%), USD (10.5%), ZB (3.44%), QC (3.16%), and the KRW (2.15%). Bitcoin Core (BTC) Market Action Bitcoin core (BTC) prices are up about 1 percent over the last seven days worth of trading sessions but are down 1.9 percent today. At press time the average price for BTC is around $6,430 per coin and BTC’s market capitalization is $110B. The top exchanges today trading the most BTC include Bitflyer, Binance, Coinbene, Bitfinex, and Okex. As mentioned above, BTC captures the top volume position with around $4B in 24-hour trade volume which is much weaker than the $5.5B traded four days ago. The top pairs trading with BTC involve the following currencies tether (USDT 59.1%), USD (19.6%), JPY (11.5%), EUR (2.9%), KRW (2.3%) and bitcoin cash (BCH 1.7%). The Verdict: Uncertain Predictions At the moment, even with prices showing some upswing, and some traders believing cryptocurrencies will enter a bullish trend, most traders still seem pessimistic. It’s difficult to see digital assets rise with dwindling trade volumes. Furthermore, a lot of confidence has been shot over the last eight months of false bull flags and many psychological price levels degrading. Some believe there is a noticeable support zone and prices may still move sideways and test these zones again. Other, more optimistic traders think the path of least resistance is towards the upside and markets are entering a bearish-to-bullish trend. Much of these short-term theories will likely be confirmed within the next 48 hours. Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance appeared first on Bitcoin News. https://news.bitcoin.com/markets-update-crypto-prices-consolidate-after-failing-to-surpass-resistance/

A while back, the San Francisco-based exchange Coinbase announced the launch of an ethereum-based wallet called Toshi. The application was a private and secure messaging platform tethered to a non-custodial ETH wallet. Now Coinbase has decided to revamp the application and Toshi will become the ‘Coinbase Wallet’ which will not only offer ETH and it’s token derivatives but soon it will also hold BCH, LTC, and BTC. Also read: The Daily: Husbands Blackmailed for Bitcoin, Blockchain This and That Toshi Platform Changes to Coinbase Wallet Next time someone tells you Coinbase is “not a wallet” you can tell them that the San Francisco firm does offer a non-custodial wallet that provides users with private keys. The wallet is called Coinbase Wallet, a rebrand of the Toshi Wallet the company introduced back in April of 2017. On August 15, the Coinbase engineer Siddharth Coelho-Prabhu revealed the ETH and ERC-20 wallet known as Toshi was changing names but the Coinbase Wallet will have a slew of new features including the ability to hold bitcoin cash (BCH), bitcoin core (BTC) and litecoin (LTC). “Toshi was developed by the Coinbase team a little over a year ago — When the product launched, it featured the world’s first mobile dapp browser — Later, we became the first wallet to launch crypto collectibles,” Coelho-Prabhu explains. As part of our effort to be the most trusted brand in the space, we also set out to provide best-in-class secure storage. With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology. Testing the Non-Custodial Coinbase Wallet The Coinbase wallet provides users with a platform that manages ETH, and ERC-20s but also allows crypto collectible storage, and the ability to garner air drops. Furthermore, the application allows users to access decentralized token exchanges and relayer platforms. News.Bitcoin.com gave the wallet a test-run on iOS this week and the Coinbase Wallet does, in fact, allow the owner to procure their own private keys with a recovery phrase. The user is asked right away to write down and store the phrase in a safe location, but they can also choose to ‘backup later’ as well. Followed by the backup step, the wallet then asks if the user wants to utilize biometry (fingerprint) or set up a less secure six-digit passphrase. After all the security steps are complete the Coinbase Wallet provides an ethereum address screen that can also show tokens and collectibles. <figure id="attachment_203325" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">**News.Bitcoin.com testing out the new Coinbase Wallet on iOS. **</figcaption> </figure> Then there’s a decentralized application browser inside the wallet, which features a wide variety of apps, gaming platforms, and marketplaces that can be used with ethereum, and other token assets. The wallet also has a messenger where you can chat with friends or chat and interact with group chats and wallet bots like the @Toshibot. Overall, the wallet is fairly intuitive like most light clients out there today, but people who are interested in the token economy will find it more useful. When BCH, BTC, and LTC are added, the wallet software will likely open up to a much larger audience. The Coinbase Wallet is available for Android systems and iOS and existing Toshi users just need to upgrade the client’s firmware to see the changes. The decentralized app browser works with any platforms that use web3.js, and the wallet also offers native support for ERC-721 tokens. For those who have absolutely no interest in the ethereum ecosystem, they may want to wait until Coinbase adds BCH, LTC, and BTC. What do you think about the Toshi app changing into the Coinbase Wallet? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, the Coinbase Wallet, and Jamie Redman. Be sure to check out the podcast, Blockchain 2025; latest episode here. The post Testing the Newly Transformed Non-Custodial Coinbase Wallet appeared first on Bitcoin News. https://news.bitcoin.com/testing-the-newly-transformed-non-custodial-coinbase-wallet/