Local news outlets have tied a recent dip in the bitcoin mining hash rate to government-instituted blackouts in China. Regional blackouts instituted in Northwest China may be the cause of a drop in hash rate from several China-based bitcoin mining operations, per local media outlet Wu Talk. According to a BTC.com screenshot shared by Wu Blockchain, the hash rate of several major bitcoin mining pools has dropped significantly. As of yesterday, Antpool’s hash rate had crashed by 24.5% in a 24-hour period, Binance Pool by 20%, BTC.com by 18.9% and…
Read MoreDay: April 16, 2021
Why Bitcoin Is The Only Cryptocurrency You Need
Several characteristics reinforce Bitcoin’s dominance and superiority over all other cryptocurrencies. In contrast to the thousands of different cryptocurrencies that have emerged since the 2017 Initial Coin Offering boom, Bitcoin remains the best choice for any investor looking to enter the space. Why is Bitcoin superior to all other cryptocurrencies? To find the answer, one must first examine what makes bitcoin a sound monetary asset. The following are several of its key characteristics. Absolute Scarcity There will only ever be 21 million bitcoin in circulation, and that number won’t be…
Read MoreMiami-Dade County Could Soon Let Residents Pay Taxes With Bitcoin
A Miami-Dade County commissioner is exploring the feasibility of residents paying their taxes and fees in bitcoin and other cryptocurrencies. Danielle Cohen Higgins, District 8 County’s commissioner and representative on the Miami-Dade Board of County Commissioners, is putting forth a resolution for establishing a cryptocurrency task force that would assess the feasibility of allowing residents to pay for county taxes, fees and services with bitcoin and other cryptocurrencies. The goal, Cohen Higgins told Miami News Times, is to get Miami-Dade County a step ahead of the other counties in the…
Read MoreFederal Reserve Chairman Jerome Powell Says Cryptocurrencies Are ‘Vehicles for Speculation’
The Federal Reserve chairman believes that cryptocurrencies are “really vehicles for speculation” and “No one is using them for payments.” He then compared crypto to gold. His comments about cryptocurrency followed Coinbase’s direct listing on Nasdaq. Fed Chair Powell Thinks Crypto Is for Speculation Federal Reserve Chairman Jerome Powell talked about cryptocurrency in an interview with The Economic Club of New York on Wednesday. The event took place amid Coinbase’s IPO via a direct listing on Nasdaq. With the rising popularity of bitcoin and cryptocurrencies, he was asked if he…
Read MoreTurkey Bans Bitcoin Payments As Lira Crashes
The Central Bank of the Republic of Turkey has instituted a ban on cryptocurrency payments, as its own fiat currency is devalued. Turkey has instituted a ban on all cryptocurrency payments as its own fiat currency, the lira, is failing. The ban is said to commence at the end of April. “Payment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and cannot provide any services related to such business models,” per…
Read MorePeer-To-Peer Is Patriotic
The founding principles of Bitcoin echo that of the genesis of the United States of America. In the spring of 1774, the British Parliament passed the Coercive Acts, dubbed the (1946) Leaders of the Continental Congress–John Adams, Morris, Hamilton, Jefferson / A. Tholey. Constitutional Convention Paper Money Unconstitutional, Voted Down: 9–2 James Madison carefully drafted a set of notes, warnings and explanations from his famous speech opposing paper money to the Constitutional Convention on November 1, 1786. Following the speech, the framers of the US Constitution voted down language explicitly…
Read MoreTurkey Bans Cryptocurrency Use for Payments as Local Currency Plunges
The Central bank of the Republic of Turkey has issued a cryptocurrency regulation prohibiting the use of cryptocurrencies for payments of goods and services. From the end of this month, crypto assets cannot be used directly or indirectly as a means of payment in the country and no service can be provided for this purpose. Turkish Central Bank Prohibits Crypto Use for Payments of Goods and Services The Turkish central bank (also known as CBRT or TCMB) has issued “Regulation on the Disuse of Crypto Assets in Payments.” It was…
Read MoreCrypto Markets Lose Hot Air, DOGE and BCH Skyrocket, 46% Chance ETH Hits $2,600 by May
Digital currency markets have seen some slight losses on Friday morning, as a great number of cryptocurrencies saw significant gains the day prior. Bitcoin dropped to a low of $60,042 during the early morning trading sessions shedding 3% during the last 24 hours. Crypto Markets Shed Some Value After Heating Up the Day Prior Bitcoin (BTC) has dropped in value during the most recent trading sessions, as the price per BTC slid from $63,299 to $60,042 losing 5% in value. However, the price rebounded a hair and currently, BTC is…
Read MoreU.S. Imposes Sanctions On Russia-Linked Bitcoin Addresses
In its effort to stifle entities that attempted to influence U.S. elections the Treasury Department sanctioned several bitcoin addresses. As part of an effort against entities that attempted to influence the 2020 U.S. presidential election, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), recently announced sweeping sanctions to curb the work of Russian online influence outfit the Internet Research Agency (IRA). This included adding several bitcoin addresses to its “Specially Designated Nationals” list of entities that U.S. citizens are blocked or prohibited from dealing with. The…
Read MoreExpert Believes Nuclear-Powered Crypto Mining Could Help Ukraine to Solve Energy Spending Problems
Bitcoin mining could be a proper asset to solve one of the significant issues in the Ukrainian energy sector: spending. A financial expert praised the recent push given by Ukraine’s government to nuclear-powered crypto mining across the nation. Crypto Mining Can ‘Smooth out’ Fluctuations in Consumption, Says Expert During an interview with Inshe, Alexei Mushak, an economic advisor to the former Prime Minister Oleksiy Honcharuk, Ukraine needs bitcoin (BTC) miners, but most importantly, to take advantage of the nuclear power plants that favor smooth operations while helping to save costs.…
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