Can We Prevent a Global Energy Crisis From Bitcoin Mining?

Unchecked bitcoin mining could equal the world's current electricity consumption.

Unchecked bitcoin mining could equal the world’s current electricity consumption

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Ông Trương Văn Phước: ‘Việt Nam nên cấm mua bán Bitcoin’

vnexpress Thứ bảy, 23/12/2017 | 00:08 GMT+7https://kinhdoanh.vnexpress.net/tin-tuc/ebank/thanh-toan-dien-tu/ong-truong-van-phuoc-viet-nam-nen-cam-mua-ban-bitcoin-3688576.html

Quyền Chủ tịch Ủy ban giám sát tài chính quốc gia cho rằng Bitcoin chẳng phải tiền tệ bởi không do ngân hàng trung ương phát hành.

Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa

Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland

The map above shows which countries consume less electricity than the amount consumed by global bitcoin miningBitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst.

However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins.

According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh.

That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria. Continue reading “Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa”

Millions ‘stolen’ in NiceHash Bitcoin heist

Last update 14:45 | 08/12/2017
“Highly professional” hackers made off with around 4,700 Bitcoin from a leading mining service, a Bitcoin exchange has said.


The value of Bitcoin is currently extremely volatile, but at the time of writing, the amount stolen was worth approximately $80m.

Bitcoin, a leading mining service, hackers, NiceHash Bitcoin heist
NiceHash was targeted by hackers in the early hours of Wednesday — Photo: NICEHASH

The hacked service was NiceHash, a Slovenia-based mining exchange. Continue reading “Millions ‘stolen’ in NiceHash Bitcoin heist”

Bitcoin, làm giá thị trường kiểu bổn cũ soạn lại

Vấn đề thao túng thị trường, mà ngày nay thường dùng từ “làm giá” hay “làm giá thị trường” hay “tạo cơn sốt”, là điều xưa như trái đất, nhưng rất nhiều người vẫn bị lãnh đủ.

Vấn đề rất dễ hiểu. Giá cả của mọi thứ trên thị trường được ấn định bởi cung (supply) và cầu (demand) – một số lượng cung do các nhà sản xuất tung ra trên thị thường gặp một số lượng cầu của người tiêu thụ, sẽ tạo ra một thăng bằng (equilibrium) nơi cung và cầu gặp nhau, với lượng sản phẩm Q tại giá P. (Xem ảnh bên dưới)


Continue reading “Bitcoin, làm giá thị trường kiểu bổn cũ soạn lại”

This Is What Could Pop the Bitcoin Bubble

 

Updated on

Bitcoin and bubble have become virtually synonymous in the minds of many skeptics during this year’s breathtaking rally. While the digital currency has defied doomsday prophesies, there’s a number of ways this party could end badly for the swelling ranks of bulls.

But be warned: many of the potential causes of death have surfaced during the past few years, and have proven unable to bludgeon bitcoin into oblivion thus far. Continue reading “This Is What Could Pop the Bitcoin Bubble”

Fed’s Randal Quarles Says Bitcoin Could Be Dangerous for the Financial System

Jesse Hamilton
Bloomberg
Fed's Randal Quarles Says Bitcoin Could Be Dangerous for the Financial System
Randal Quarles, governor of the U.S. Federal Reserve nominee for U.S. President Donald Trump, speaks during a Senate Banking Committee nomination hearing in Washington, D.C., U.S., on Thursday, July 27, 2017. Trump’s pick to be the Federal Reserves top Wall Street watchdog said it’s time to reconsider the restrictions imposed on banks in recent years, even as he credited regulations with helping stabilize the financial system after the 2008 crisis.

Not so fast, bitcoiners.

Continue reading “Fed’s Randal Quarles Says Bitcoin Could Be Dangerous for the Financial System”

Bitcoin is new ‘dot com bubble’: experts

Last update 12:00 | 17/09/2017

VietNamNet Bridge – Vietnamese experts have warned about the bursting of the ‘bitcoin bubble’, saying that  enterprises which import low-quality bitcoin mining machines from China will incur big losses.


vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news, bitcoin, ETH, mining machine
The imported machines are automatic data processing machines manufactured by Bitmain, a Chinese technology firm. The machine has Antminer L3+ installed from a graphics card for decoding SHA256 cryptographic hash algorithms. Continue reading “Bitcoin is new ‘dot com bubble’: experts”

Vietnam warns against threat of cryptocurrency mining malware CoinHive

CoinHive, lurking unseen on websites, taps the processing power of visitors’ computers to mine the cryptocurrency Monero
By Tuoi Tre News

November 17, 2017, 16:05 GMT+7

​Vietnam warns against threat of cryptocurrency mining malware CoinHive
A cryptocurrency ‘mining farm’ in Vietnam.

Internet users in Vietnam are being warned of a malicious software program hiding on websites to ‘steal’ the computing resources on visitors’ devices to mine the cryptocurrency Monero for hackers.

The Vietnam Computer Emergency Response Team (VNCERT) announced on Thursday that it has received numerous complaints over the past week of cybersecurity threats caused by the CoinHive malware program. Continue reading “Vietnam warns against threat of cryptocurrency mining malware CoinHive”

Vietnam’s central bank outlaws Bitcoin

A fine of up to VND200 million (US$10,959) and possible criminal charges will be imposed on violators

By Tuoi Tre News

October 29, 2017, 12:30 GMT+7

​Vietnam’s central bank outlaws Bitcoin   
FILE PHOTO: A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Photo: Reuters

The State Bank of Vietnam has said Bitcoin is banned in the country and those who break this rule will be subject to fines or even criminal charges, following an announcement by a private local university to accept the digital currency as tuition.  

In a document sent to the press on Saturday, the central bank asserted that Bitcoin and other types of cryptocurrency are not considered as legal modes of payment in Vietnam. Continue reading “Vietnam’s central bank outlaws Bitcoin”

Tiền ảo Bitcoin: Khung pháp lý hiện tại và tương lai

English: Bitcoin: Current And Future Legal Framework

Bitcoin đã được tạo ra sau cuộc khủng hoảng tài chính toàn cầu năm 2008, hoạt động ngoài sự kiểm soát của chính phủ, ngân hàng và các tổ chức tài chính. Các loại tiền ảo và tiền kỹ thuật số khác, còn gọi là tiền điện tử (cryptocurrencies), xuất hiện ngay sau đó. Bởi vì Bitcoin tương đối mới mẻ, các quy định của chính phủ còn rất ít. Tuy nhiên, người dùng có thể hy vọng chính phủ sẽ tăng cường giám sát trong những năm tới.

Bitcoin được phát hành vào năm 2009, bởi một lập trình viên được biết đến với tên gọi Satoshi Nakamoto, như một sự phản ứng cá nhân đối với khủng hoảng tài chính. Nakamoto muốn một loại tiền tệ mà chính phủ và ngân hàng không thể dễ dàng thao túng. Bitcoin được định nghĩa bằng mã code và không có hình dạng hoặc giá trị nội tại. Nó bị phân quyền hoàn toàn và có thể được trao đổi ẩn danh mà không phải chịu bất kỳ khoản phí dịch vụ tài chính nào. Những điểm đặc biệt như vậy đã khiến Bitcoin trở nên hấp dẫn với các hoạt động tội phạm và trở thành một thách thức với các nhà lãnh đạo, cơ quan thực thi và các cơ quan thuế. Continue reading “Tiền ảo Bitcoin: Khung pháp lý hiện tại và tương lai”

Experts divided on recognizing bitcoins, VN central bank says no

Last update 16:00 | 01/09/2017
VietNamNet Bridge – Hundreds of thousands of retail points in Japan are accepting payments in bitcoin for both online and on-the-spot transactions. vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news, bitcoin, SBV, Ministry of Justice

The Vietnamese government has approved a plan for a legal framework to manage and deal with electronic money, virtual assets and currencies. This has raised hopes that bitcoin and other virtual currencies would be accepted for legal payment in Vietnam.

Vo Minh Hoang, a gamer in HCMC, said bitcoin is being used by gamers all over the world. There are games that allow people to play and receive bitcoins, while other games allow users to buy game products with bitcoins. Continue reading “Experts divided on recognizing bitcoins, VN central bank says no”

Is Bitcoin legal in the US? Countries Where Bitcoin Is Legal & Illegal

The digital currency known as bitcoin was created in 2009 by a person called Satoshi Nakamoto, but whose true identity has never been established. It is legal to use bitcoin in the United States, and payments are subject to the same taxes and reporting requirements as any other currency. Continue reading “Is Bitcoin legal in the US? Countries Where Bitcoin Is Legal & Illegal”

Bitcoin: Current And Future Legal Framework

Bitcoin was created in the wake of the 2008 global financial crisis to operate outside of central governments, banks, and financial institutions. Other digital and virtual currencies, also called cryptocurrencies, appeared soon afterwards. Because Bitcoin is so new, government regulations are still minimal. However, users can expect greater government oversight in the coming years. Continue reading “Bitcoin: Current And Future Legal Framework”