Category: Mining

Chinese industry authorities have ordered local governments to gradually reduce the scale of bitcoin production, by first controlling the power supply to bitcoin mines, The Paper.cn reported on Jan. 4, citing unique sources. Local governments were also asked to report their work on a regular basis to the Internet Financial Risk Special Rectification Work Leadership Team Office, the country’s online financial risk regulator. The People’s Bank of China, the country’s central bank, has reportedly asked local governments to control electricity supply to bitcoin mines as a first step to scale…

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It pays to double-check your numbers. Unfortunately, one altcoin amateur learned that lesson the hard way. Oops. In a less than delightful Christmas story, a hapless cryptocurrency user relieved himself of $73,786 worth of tokens. It appears that the unfortunate individual accidentally entered his gas fee in the field for the amount to send (and vice versa). So, for a fee of 70 G’s, the altcoin amateur sent a meager $22.22 to another wallet… Oof! I’m a firm believer in learning from other people’s mistakes, and even though this happened…

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Recently, Stuff.co.nz, a popular New Zealand-based news publication, claimed that the Chinese government could gain control over the Bitcoin network and sabotage it by seizing miners and mining equipment based in China. The author of the report quoted by Stuff, Vladyslav Makarov, wrote: “It is obvious what this country can do to the network. It is over-exposed to China and the government can sabotage it.” One Major Flaw The report published by Stuff further claimed that more than 77 percent of bitcoin’s hash power or computing power is based in…

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Is it truly possible to harness energy from the human body to power cryptocurrency mining rigs? A Netherlands-based technology company, Speculative.Capital has pioneered a project that explores the possibility of harnessing energy from idle human subjects. To do so, the company created body suits that turn body heat into electricity from human subjects to power computers that are mining cryptocurrency. According to their website, 37 people were involved in the project. The concept is pretty simple, a subject lies down for a few hours while the body suit harnesses energy…

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