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Everyone knows that China was considered as a hotbed of mining operations, however, the Chinese government cracked down on the cryptocurrency as a whole and recently someone made a bet that Russia is the best place to establish a mining venture. Let’s find out if it’s true or not.

Mining in Russia:

According to Kommersant (a nationally distributed daily newspaper in Russia), many electric power stations in Russia have been acquired by an investor just for bitcoin mining. It is claimed to be the first time ever someone bought a whole power station for such a gamble in a huge and natural resource ironic country.

One power station is located nearby the Russian Republic of Udmurtia, whereas the other one is located on the western slopes of Middle Ural Mountains, in the Perm region. According to the newspaper report, these amenities will be used in the creation of bitcoin mining farm and data centre.

Bitcoin Mining in Russia

Bloomberg reported that development of bitcoin mining will require almost 100 million dollars. An investment plan has been presented by a Russian company named “Russian Miner Coin”, to gather 100 million dollars, so the investors can buy Ethereum or Bitcoin, and acquire almost 18% of the mining benefit that is generated by the company.

According to a report, the buyer of these power stations is a businessman, Aleskey Kolesnik, who has also circuitously confirmed the acquisition. But he also said that the cryptocurrency process will only start after the approval of Russian government, to make it completely legal.

Alexandar Drozdenko (Governor of Leningrad) said that a huge portion of the older power plant will be left abandoned after the completion of these new power plants.  Cryptocurrency mining will require huge processing areas and cheap electricity, and both of these facilities can be provided by the nuclear power plant.

Chinese Miners Moving to North:

At this time, China owns 80% of the mining cores in the world, which makes it the leader of pool mining. Iceland is the second largest one with 5% of the global mining power. The third one is Japan with almost 3% of mining power.

It seems like Chinese miners are getting prepared for an exodus from their homeland. Cold weather and cheap electricity are required for efficient mining. However, it’s believed that government of Russia will be more honest than others in accommodating bitcoin mining operations in their region.

A global panel of cryptocurrency miners was organized where people from different fifteen countries explained to ministers how these cryptocurrencies are formed and discussed various approaches to mining regulation.

Many Russian politicians think that bitcoin can help the country to evade Western economic sanctions. Also, 100 million dollars will allow Russia to get an environment-friendly mining equipment. However, at this time bitcoin mining and its transactions are not regulated. The country is working on the legalization of Bitcoin and other cryptocurrencies. Plus, the trading cryptocurrencies will be also authorized and the new law as a whole would take place after few months.

Bitcoin mining in Russia is being criticized at the moment by mainstream media, labelling it as a waste of energy, however, Russian ministers don’t share the same views.

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15 Crypto-related Websites Get Blacklisted by French Regulatory Agency

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AMF (Autorite des Marches Financiers) is a French stock market regulator and in a press release, they recently announced that on 15th March, 15 cryptocurrency websites have been blacklisted by them.

Blacklisted Companies

15 companies were blacklisted by press release, as these companies nonstop advertised and marketed their products and services to the French public as investment opportunities, even with the new regulations. Such businesses that illegitimately offered investments in commodities such as; diamonds and other metals are also in this blacklist.

cryptocurrency websites

Press Release Statement

According to the press release;

“The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in miscellaneous assets and are now subject to ex-ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number.”

This statement also reminds customers that high profits always include high risks so; advertising materials shouldn’t make you overlook that fact. Moreover, it suggested its customers to work hard enough before making any investment, and get knowledge about their company as much as possible. They also advised their customers to invest in a product only if they completely understand it.

Last year, Francois Villeroy de Galhau (Governor of the Bank of France), issued a warning in December and claimed that Bitcoin is a speculative asset, and there are high risks of investing in it, unlike other digital currencies. French regulators this move follows an array of apprehensive attitudes toward cryptocurrencies from the French government.

Jean-Pierre Landau’s Views

Jean-Pierre Landau is an open Bitcoin critic and in January, he was appointed by the French Minister of the Economy, to assign a task of examining cryptocurrency regulation. Landau sometimes calls Bitcoin the “tulips of modern times” referring it to Tulip Mania, as in 17th century, Europe was flounced by it.

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Last Time to Buy Bitcoin as “Unreliable Sources” from China Spook Markets

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A Chinese journalist published a new article saying that China is banning ICOs and exchanges. The news was a Google translated article from a Chinese Journalist who claimed to have spoken to some official. Since there is no confirmation from a government official and no formal statement of any sort has been released, we can say that this news is possibly fake.
As we all know, the last time China banned Bitcoin, they took it back just a few months after.

However, this news might just be doing everyone a favor as this is probably the last time you can buy bitcoin at such levels.

Don’t Forget…

Bitcoin will survive with or without China, they’ve changed their mind before and they can do it again.

 

News Credits: cointelegraph.com

Image Credits: bitcoinist.com

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Bitcoin News 2017 – Digital Currencies Need Regulation

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Digital Currencies Need Regulation:

Digital currencies need regulation, without regulation, there might be a wild swing in the prices of digital currencies. The chief of BTCC says Chinese regulator isn’t cracking down on Bitcoin.

The head of a leading Chinese Bitcoin Exchange warned on Tuesday that Digital currencies should be regulated otherwise they have the risk to go out of control if more individuals invest in these digital assets.

Bitcoin and Ethereum are two most popular digital currencies. They have seen a rapid price swing in recent months.  In May, 19% price fall for Bitcoin noted nearly $4 billion in the value wiped off.  Last month, the Ethereum price crashed as down as 10 cents from about $319 on the GDAX digital currency exchange. Because there is a bullishness in the market, as some predict that the price of Bitcoin to climb as high as $100,000 in a decade.

Bobby Lee, the CEO of Bitcoin exchange “BTCC”, he told to CNBC’s that “I think regulation for digital currencies is much needed because it will run amok from the society”.

He also said in Hong Kong that the major challenge is how to craft the rules and regulation around this new technology. He added I think it is taking the regulators and lawmakers some time to come up with the suitable rules and regulations to govern companies.

Efforts of People’s Bank of China:

Regulators are discovering ways to regulate the digital currencies.  People’s Bank of China stepped up some efforts to regulate the market earlier this year. The bank set up a task force to conduct an inspection and ensure Bitcoin exchanges had realized anti-money laundering systems, and they also warned many exchanges against violating rules.

Image Credits: CoinTelegraph

Some noticed the moves from PBOC as a try to crack down on Bitcoin but Bobby Lee disagreed. He said it is not really a crackdown. Lee added, previously the Central Bank was not well aware of the details of Bitcoin usage and trading.

He described that the upsurge in the price of Bitcoin coincided with the huge capital outflows from the China and exchange rate changes for the renminbi against the dollar.

Lee said Central banks should admit the fact that Bitcoin is the new currency that is actively operating in China and around the world.  It is a new thing that the Central bank must pay attention and figure out what the regulation should be.

Story Credits: cnbc.com

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The theory behind a Bitcoin transaction

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Everyone on the network is aware of the word “transaction” but, does anyone ever wonder how bitcoin works?

A Bitcoin transaction may sound simple but it’s actually very complex. In this article, we’ll be outlining how this process takes place and what are its key steps.

Both your Bitcoin wallet address and Bitcoin network must go through series of steps to ensure that the right amount reaches the recipient.

To begin with, it’s important to understand that a bitcoin isn’t a single record of a coin but it’s actually registered as a transaction, that consists of three parts- a transaction input, transaction output and an amount.

  • Transaction input- This is the bitcoin address from which the money is sent.
  • Transaction output- The bitcoin address to which the money is sent.
  • Amount- The amount of bitcoins sent.

theory behind a Bitcoin transaction

When someone sends bitcoins to you, the address they used to send them to you is registered as the transaction input on the bitcoin blockchain, and your address as the transaction input.

When you send those bitcoins onto someone else, your wallet creates a transaction output which is the address of the person who is receiving the coins. That transaction is then registered on the bitcoin network as the transaction input.

With the help of this system, people can trace transactions back to when bitcoin was first born. This creates a completely transparent system in which all the transactions can be viewed at any time.

How can you send bitcoins?

To send bitcoins, you require two things- a bitcoin address and a private key.

A bitcoin wallet address is generated at random and is simply a sequence of letters and numbers.

A private key is another sequence of numbers and letters, but this cannot be disclosed to anyone else.

theory behind a Bitcoin transaction

This infographic explains how bitcoins can be sent.

Are there transaction fees?

Certain bitcoin wallet address allow you to set your own transaction fees. Any portion of a transaction that isn’t traced or picked up by the recipient is the transaction fees. This goes to the miners to solve the transaction block as an extra reward.

Why should I wait for my transaction to clear?

Your transactions are verified by miners and there is a set block time of 10 minutes. So, you might be told to wait until they are done mining.

You can view all the transactions in a block chain with a hex editor. A block chain browser is a site where every transaction in the blockchain can be viewed in human readable terms.  If you want to make your activities on the bitcoin network more opaque, you’d have to not use the same bitcoin address repeatedly and avoid sending large amounts of bitcoins to a single bitcoin address.

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ICO Regulation: Japanese Research Group Releases Guidelines

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According to a Bloomberg report, a list of strategies for the regulation of ICO (Initial Coin Offering) has been released by the a research group at Tama University, in Japan. The list also explains strategies to fully legalize the ICOs.

dubai ico

Guidelines for ICO Regulation

The list of guidelines includes regulations for:

  • Tracking project development
  • AML (Anti-Money Laundering)
  • Identifying investors
  • Protecting the debt holders and current detachment

The Financial Services Agency of Japan will be cautious on the proposal, as it could be ultimately made into the law just within few years’ time, Bloomberg reported.

The paper creates issuance rules, for example; defining and revealing methods following the development of white papers, and disclosing the possible impacts on debt holders, shareholders, and token investors. In addition to that, the paper specifies particular trading rules, including:

  • Verification of customer’s identity
  • Suitability (Know Your Customer)
  • The allowance of industry’s wide-minimum standards on the listing of tokens.
  • The restriction of biased trade practices such as insider trading.

Regulations will be Applied to Three Types of ICOs

While acknowledging that it is quite hard at this time to classify the whole legal ICO, as many are impending, the unidentified types might be still present. According to the paper, the rules will be applied to only three types of ICO:

  • A large company type for in-house.
  • A venture company type.
  • An ecosystem type of joint exertions with numerous firms or government entities.

In the report, ICOs are clearly identified as securities and have the same position as the US SEC (Securities and Exchange Commission).

According to a researcher, Kenji Marashima:

“ICOs are groundbreaking technology, so if we can implement good principles and rules, they have the potential to become a new way to raise funding.”

One mentor of the study group is Takuya Hirai. He is a member of the leading Liberal Democratic Party, as well as, one of the planners of a regulation legalizing crypto-exchanges in Japan. Other members of the group are:

  • Yuzo Kano, who is the head of bitFlyer Inc., which is the largest Bitcoin exchange in Japan.
  • Mitsubishi UFJ Mizuho Financial Group Inc.
  • Financial Group Inc.
  • Sumitomo Mitsui Financial Group Inc.

The publication of these ICO-friendly guidelines is set against the positions of South Korea and China, as last year, both of these countries banned ICOs.

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