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The increasing popularity of Bitcoin is causing a prominent shortage in the supply of graphic cards. It is considered a key component of the digital currency system over the last few years.

The chief executive of JIB group of computers, known as a leading IT retail and computer gaming chain said that the price of graphic cards is also increasing since mid of May 2017.

Graphics cards are the main part of computer systems which used for mining the cryptocurrency like Bitcoin. People who invest in Bitcoin can get revenues on their investment from Bitcoin much faster than other investments. They can get returns of their investment within only 5 to 15 months.

A mining rig is a computer system which miners use for mining cryptocurrency. According to Mr. Somyot, people think investing in a mining rig is not very risky. They use minimum six graphic cards. At a price of almost 2940 USD, for a mining rig.

In gaming markets, the margin on graphic cards has also been increasing since the 2nd quarter this year, and it is about 2-3% to 8-10%. The graphic card companies need to reserve the cards to dodge a negative impact on gamers. In the markets, the demand for the graphics cards is also at a high point.

 

 

The most commonly used graphic card for Bitcoin are NVIDIA 1060 and 1070, and AMD 570 and 580. These were in short supply and causing a 20% price hike.

According to predictions, the higher prices will remain until October.

Don Sambandaraksa is a long time Bitcoin enthusiast associated with cryptocurrency since 2013 when the price of Bitcoin was at 40 USD, he said, these days Bitcoin may no longer be efficiently mined with CPUs or even GPUs (Graphics Processing Units).

He said people have made chips that could only do Bitcoin hashes, nothing else.

Mr. Don said, 1080Ti card’s price is about 700 USD and it can get a return on investment in almost 108 days. Over a year can make 2300 USD, an annual return on investment of about 300%. He said, as more people come to buy graphic cards then the less profitable they will be. Mr. Don also said it is a sign of the crazy levels of the profitability that mining offers.

Story Credits: www.bangkokpost.com

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Yahoo Japan’s Subsidiary “Z-Corporation” Purchases Stake in Crypto-Exchange

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On Friday, Yahoo Japan confirmed that it has acquired a minority stake in a cryptocurrency exchange of Japan. According to Reuters, a subsidiary of Yahoo Japan, Z Corporation, has purchased a 40% stake in the Japanese crypto Exchange, “BitArg Exchange Tokyo,” which has the worth of almost $18.6 -$27 million. The exchange will be set to launch in the month of September, 2018.

yahoo crypto news

Rumours of Acquisition

The rumours of the acquisition first came out in March; however, at that time they showed that the investment will be made by Yahoo Japan through YJFX, which is its forex transaction platform, and not through Z Corporation.

In a statement, Yahoo Japan said:

“By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo.” Yahoo Japan also added that the exchange intends to offer services for customers that are secure and easy to use.

Monex Group

Japan is considered as an industry hub as it has above three million domestic crypto-traders. The news of Yahoo Japan’s investment showed up just after days when the financial regulator of the country ordered crypto exchanges; FSHO and Eternal Link, to stop operations due to inadequate KYC procedures. Similarly, another prominent acquisition happened this month – Monex Group announced that it struck a deal to acquire Coincheck exchange, as it went through a major hack at the beginning of this year.

After the Yahoo crypto news, Monex, which is known as a major Japanese online brokerage has confirmed its acquisition of Coincheck and was undeterred even with Coincheck getting lots of criticism for negligent-security procedures the whole year that led it to the mugging of $530 million of NEM tokens from its wallet.

Even with interruptions, SB, which is a Japanese banking giant is set to launch its own cryptocurrency exchange after firming up the security measures when the FSA is considering to ramp up its scrutiny of exchanges after the theft of Coincheck. Also, Messaging giant Line, that has a market cap of more than $9 billion and has almost 600 million registered users as well as 200 million monthly active users, has also filed an application with FSA in order to launch its own cryptocurrency exchange in Japan.

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Bitfinex: Hong-Kong Based Crypto Exchange Will Not Support Petro

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On 27th March, a public statement was issued by Bitfinex, in which it stated that the platform won’t be supporting the “oil-backed” Petro token, which was launched in February by the Venezuela government.

Bitfinex

Bitfinex is a Hong-Kong based crypto exchange trading as well as currency-storage platform, which was established in 2014 and since then, it’s been the largest platform for Bitcoin.

crypto exchange

Bitfinex Blog Post

On Bitfinex, the statement was posted:

“The government of Venezuela (“GOV”) has recently introduced the Petro token (“PTR”), which purports to be a cryptocurrency backed by oil.”

In this blog post, which was posted on 27th March, the world’s number four crypto-exchange by trade volume (24-hour), clearly explained their decision, stating the fact that recently, the US had banned all of its citizens from buying Petro cryptocurrency, as well as other Venezuelan digital currencies similar to Petro that could be introduced anytime in future. It was written by the exchange that it perceives the coin as it has limited utility.

“We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens.”

According to the Bitfinex team, the limitations are not only applicable to the US clients, but also to the consumers of the platform. They are also linked to all of the activities on the platform, like;

  • Deposits
  • Financing
  • Trading
  • Withdrawals

The platform also further added that regardless of location, all of its employees and contractors are also banned from transacting in the Petro. This news from the crypto-exchange Bitfinex follows the latest exploratory work by “Time magazine” that connects the Petro cryptocurrency to the Russian government.

There is a huge bank of indications to advocate that this digital currency issued by Venezuelan is a Russian experiment in sanction dodging. According to Time Magazine, Russia have been considering to use cryptocurrency to dodge the sanctions globally, however, they decided to assess the idea in a state, when there’s very little to lose.

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Finance Minister, Wopke Hoekstra Demands ICO Regulations

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On Thursday, a letter was issued to parliament by Dutch finance minister, Wopke Hoekstra, to encourage a global approach to cryptocurrency regulation. The main focus of Hoekstra is on new consumer protections and to start it up, he wants to have a dialogue with credit card companies about potentially introducing stronger protections for those people who prefer to buy cryptocurrency with their credit cards.

According to Hoekstra, by the end of 2019, all local exchange platforms, plus, the cryptocurrency regulation and services would deceptively get registered with the government and should be also obeying their customers necessities. The finance minister also proposed some new regulations in the letter, that could also be helpful in protecting the ICOs (initial coin offering) contributors.

cryptocurrency regulation

Hoekstra highlighted;

“It is being investigated whether investors in ICOs can become just as good protected as investors with a normal IPO or bond issue. The current framework is not sufficient for this.”

In the past, particularly in ICOs, some issues were highlighted by the regulators, making these proposals more noteworthy. Last November, a statement was released by AFM (Authority for Financial Markets) of Netherlands, which is a Dutch version of U.S. SEC (Securities and Exchange Commission) and referred the ICO market to a dangerous-cocktail. Linked with these statements, a ban was proposed by Hoekstra that’d forbid marketing of risky financial products to random customers.

Moreover, Hoekstra also promised to work in the European Union with other countries as well and encourage collective research to discover the market’s cross-border nature. Yet, Hoekstra specified that even inside the Netherlands, more work is required for updating the laws of the country to account for cryptocurrencies and more erratic activities around it.

 

As in the letter Hoekstra wrote;

“The current supervisory framework and instruments are insufficiently tailored to cryptocurrency,”

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LATEST: Why Bitcoin is Hottest 2017! * Experts | Investors | Traders | Reviews

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Why Is North Korea So Interested in Bitcoin?

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Bitcoin Interest North Korea:

It was observed in 2016, certain actors that seemed to be North Korean were conducting cyber-crime. Their target being banks and global financial institutions. Although, looking at bitcoin investment North Korea, the country’s reputation as a nation that is entirely cut off from the global economy and also a nation that has a government unit dedicated to carrying out illegal economic tasks. This act was possibly carried out to fund the Pyongyang’s elite especially, with them having complete control of their military forces.

A second wave has already begun as these state-sponsored actors are now seeking to steal bitcoins and other digital currencies. It began in May 2017, three South Korean cryptocurrency exchanges were targeted with the intention of stealing resources. According to observations made previously, these actors mostly target personal accounts of employees at these cryptocurrency exchanges using phishing scams. In particular, the attacks used malware called PEACHPIT.

Buy Bitcoin Online North Korea – Activities Conducted by North Korea Against South Korean Cryptocurrency Exchanges in 2017

 

  • April 22 – A South Korean digital currency exchange, Yapizon, had four wallets stolen.
  • April 26 – The US announces an increased economic sanctions strategy against North Korea. These international sanctions could be the reason behind North Korea’s interest in cryptocurrency.
  • Early May – First spearphishing attempt against South Korea is taken.
  • Late May ­– Second South Korean exchange is targeted.
  • Early June – Increased North Korean activity took place with cryptocurrency service providers in South Korea targeted.
  • Early July – Third South Korean digital currency exchange targeted.

 

The Advantage of Targeting Cryptocurrencies:

If they keep this up and plan to take on an exchange itself, they could be able to control online wallets and much more. From moving cryptocurrencies out of online wallets to sending cryptocurrencies to other wallets and even swapping cryptocurrencies for other ones. Since the digital currency realm is still pretty new, several exchanges might have less secure anti-money laundering security measures which make these exchanges a hot-spot for such attacks.

Conclusion:

As the adaptation of bitcoin and cryptocurrencies have increased within the past few years, various nation states have begun to take notice. While many countries are beginning to open new digital currency exchanges or launch their own cryptocurrency, there are some that use it for criminal activities as well. Currently, North Korea is winning over their cyber spying skills but this isn’t long-term either with the advancing cyber powers.

 

Story Credits: fireeye.com

Image Credits: money.cnn.com

 

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