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Bitcoin in Brief Saturday: Coins for Drivers, Prisoners, and Conservationists

June 16, 2018 |

Bitcoin in Brief Saturday: Coins for Drivers, Prisoners, and Conservationists

Today’s Bitcoin in Brief features several examples of digital coins entering all spheres of life. A leading German auto manufacturer has revealed its cars may soon be fitted with onboard cryptocurrency wallets. A company now offers crypto payments for inmates in prisons across America. And in South Africa, a new token will support rhino conservationists, while fighting poachers.  

Also read: Bitcoin in Brief: Halting 51% Attacks and Where Now for Ripple?

VW Teams with IOTA to Offer Crypto Wallets in Cars

It’s a trademark of the Cebit expo in Hanover to entertain visitors with ingenious ideas on how to further digitize our world. The crypto ecosphere has become a new source of inspiration for designers and engineers. One of this year’s surprises: German auto manufacturer Volkswagen has revealed a concept model equipped with a cryptocurrency wallet. The car can pay for its carwash and fill up its tank without the driver moving a finger.

Bitcoin in Brief Saturday: Coins for Drivers, Prisoners, and Conservationists

The “Cryptocurrency for the Internet of Things,” IOTA will be embedded in new cars developed by VW. The European automotive giant has announced it wants to integrate crypto technology in its upcoming products. Distributed ledger will be used to handle, store and transfer data between the motor vehicles and their producer, and an IOTA wallet may also be incorporated to facilitate contactless payments using the MIOTA tokens.

The cooperation between IOTA and Volkswagen is based on the Proof-of-Concept of IOTA’s Tangle system for autonomous cars. Tangle can transfer software updates and will be interconnected with Volkswagen’s own smart system “Connected Cars”. Each automobile will receive its own, unique Car ID that will be checked by IOTA’s Tangle. The integration of the wallet software is an option that can be added as well.

Cellblocks Introduces Crypto Transactions in Prisons

Bitcoin in Brief Saturday: Coins for Drivers, Prisoners, and ConservationistsA new digital payment system aims to address some of the issues with monetary systems currently used in US prisons and correctional facilities, like high fees charged by third-party financial institutions, limited access to funds, and waiting times.

Cellblocks, a cryptocurrency designed to be used by inmates, offers a solution that will put money directly into their hands, its creators promise. They say the system provides a fast, efficient, and secure way for families and prisoners to exchange funds.

Inmates will be able to use the cryptocurrency through kiosks that will be installed in the prisons as part of the project. This will allow them to spend their coins in the prison commissary, cover court costs and fees, pay other inmates, and receive money from friends and family. Each user will have a digital wallet to store their funds. Transactions will be made in real time and at minimal fees, the company said in a press release.

The new crypto payment system offers several other benefits over the traditional systems. For example, outside parties won’t be able to withdraw money without the inmate’s consent. Wages and other funds can be easily deposited in wallets through any digital access point, such as a laptop or a smartphone. Wallet holders will have total control over their funds at all times. Last but not least, the cryptocurrency can be cashed in for fiat money when the inmate is released.

‘Rhino Coin’ to Support Conservation and Fight Poaching in South Africa

A “cryptocurrency with a conscience”, as its creators describe it, Rhino Coin aims to generate sustainable income for rhino conservation efforts in South Africa by supporting the legal horn trade and fighting poaching. According to its founders, Alexander Wilcocks and Jacques du Randt, the new crypto, which has been built on ethereum, “attempts to give value to the legal rhino horn by converting it to cryptocurrency in a 1 coin per 1 gram ratio.”

Bitcoin in Brief Saturday: Coins for Drivers, Prisoners, and ConservationistsRhino Coin is meant to “unlock the value of ethically obtained, stockpiled rhino horn, creating a new stream of revenue for conservation”, as well as a trading opportunity for coin holders, local media reported. Wilcocks and Du Randt explained that a holder of the digital token can either trade it or redeem it. Earlier this week, Rhino Coin was selling for around R119 (~$ 8.8 USD), which represents a 25.26% price increase since the day of its launch, June 7, when it was trading at R95 per coin (~7 USD).

Most of the Rhino Coins will be distributed to conservationists to sustain their operations. Although there are many fundraising projects, very little of the money actually reaches the private conservationists. Around a third of all rhinos in South Africa are currently in private care. Each conservationist will be able to obtain Rhino Coins in return for their rhino horn, which can then be traded. “By providing communities with a better means to receive a sustained income, we hope to lower the benefit and temptation of participating in illegal poaching in the immediate areas,” Du Randt explained.

What are your thoughts on today’s topics in Bitcoin in Brief? Tell us in the comments section below.  


Images courtesy of Shutterstock.


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The post Bitcoin in Brief Saturday: Coins for Drivers, Prisoners, and Conservationists appeared first on Bitcoin News.

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New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability

June 16, 2018 |

Hacken has launched a new website that provides an all-in-one tool for rating cryptocurrency exchanges. Crypto Exchange Ranks (CER) allows for side by side comparisons of well over a dozen exchanges, including real-time arbitrage data and ratings for liquidity, compliance, reliability, and security.

Also read: Hollywood Stars in Movie About Crypto Money Laundering

CER Aims to Accurately Rank Cryptocurrency Exchanges

Crypto Exchange Ranks by Ukraine’s Hacken officially launches on Monday, June 18. The service allows users to access a wide range of metrics for major exchanges within the cryptocurrency ecosystem. News.Bitcoin.com was granted access to the beta version of the platform, which comprises a scoring dashboard for exchange comparison together with tabs for viewing liquidity and arbitrage.

While not every feature has been activated in the beta version, the ones that are in operation appear to work well and provide useful tools for traders seeking arbitrage opportunities, or trying to determine the withdrawal limits of various platforms. Anton Kaminsky, Business Development Director of Crypto Exchange Ranks, told news.Bitcoin.com that the goal was “to create a sophisticated tool for crypto exchange rankings, to save time and effort for all market participants”.

New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability

CER Is to Exchanges What CMC Is to Cryptocurrencies

While platforms such as Coinmarketcap provide certain data on exchanges, such as 24-hour volume and most traded pairs, CER has taken a different approach. The site, which will be free at launch before later introducing a subscription model, scans the order book of each exchange in real time to calculate its size. It also enables users to compare prices for any coin on up to five exchanges, to view aggregated volumes for up to five exchanges, and to check the balances of the platforms’ hot and cold wallets.

New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability

While most traders are unlikely to be concerned with cybersecurity ratings, the existence of such tools may incentivize exchanges to improve their service, knowing that their every action is being monitored. Dmitriy Budorin, CEO of Hacken who created the platform, said: “Cryptocurrency exchanges are the backbone of the whole emerging crypto economy. CER will contribute to its healthier development. We hope that with CER, the exchanges will start taking their cybersecurity more seriously and refuse any bad practices, while users will receive comprehensive tools for smart decision making”.

Version 1.0 of CER launches on Monday, before future updates will add the ability to track aggregated portfolios, and to access TA and FA tools within the platform’s dashboard.

Would you use a platform like Crypto Exchange Rankings? Let us know in the comments section below.


Images courtesy of CER.


Disclaimer: Bitcoin.com does not endorse nor support this product/service.

Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The post New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability appeared first on Bitcoin News.

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Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among Attendees

June 16, 2018 |

Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among Attendees

For more than a decade, Freedom Fest has been a top attraction on the conference circuit for those leaning toward freer markets. Through the years, it has grown to include speakers and topics well beyond economics. In doing so, it has attracted some of the most interesting minds in the world. 

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

Freedom Fest Founder Talks Crypto

Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among Attendees

This year’s gathering in Las Vegas, July 11th through 14th, is continuing to branch out. Cryptocurrency and its underlying technology are taking up more intellectual space this July, with a host of debates, lectures, and presentations sure to interest news.Bitcoin.com readers. We caught up with its founder, legendary economist Mark Skousen, to gain insight into the popular conference.

Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among Attendees
Dr. Skousen

News.Bitcoin.com: Freedom Fest is one of the biggest, best attended libertarian/freedom movement soirees. Why do you think it’s so popular while other conferences struggle to sell tickets?

Founder Mark Skousen: We do several things unique — first of all, Freedom Fest is a Renaissance gathering, where we talk more than just politics. We also discuss and debate philosophy, history, science & technology, healthy living, music & dance, law & religion, etc. We even have a film festival. There’s something for everyone. We also have lots of breakout sessions, so there’s plenty to choose from, and nobody is bored. We also have a “financial freedom” investment conference, my area of expertise. I think if we were strictly a libertarian conference, we wouldn’t be so successful. I also like to think that because we are a “for profit” business, we focus more on what the attendee wants, rather than what the donors want. Also, we aren’t competing with non profits and engaged in fundraising. 

I do think we could be a lot bigger and more influential — as “the greatest libertarian show in earth,” as the Washington Post calls us — if everyone in the freedom movement, including think tanks, would join together instead of each one starting their own conference, which is what they are all doing. As Ben Franklin says, “We just all hang together, or we shall surely all hang separately.” (So let’s hang out in Vegas!) We are relatively small in the world, and spreading ourselves too thin these days. So we offer every major freedom organization a chance to create their own mini-conference at Freedom Fest.

Every year Freedom Fest seems to incorporate more cryptocurrency themes into the program. I’ve counted at least four events centered around them, including what looks to be a pretty great debate. Is it just my bias showing? Or, have you seen a growth in interest by Freedom Fest participants as well?

Yes, I think so.  We’ve been covering digital currencies for several years now, which I regard as a legitimate currency, although not especially utilitarian given its volatility. That’s why we invited Patrick Byrne, CEO of Overstock, to address us this year — he thinks bitcoin and blockchain are revolutionary. I agree.

This year’s Freedom Fest boasts Naomi Brockwell, Bitcoin Girl, as the gathering’s mistress of ceremonies. We’re, of course, big fans of her, but why did you choose her as MC?

Not because she’s the Bitcoin Girl, but because she’s young, attractive, and intelligent — and a great voice. She’s also well known in the freedom community.

Just about every year, there’s a surprise guest or someone thought to be controversial. Two years ago, for example, no less than candidate Donald Trump made a pitch to participants. Any hints as to what might happen this year?

We have invited a surprise guest, and if he shows up, it will be standing room only. But it’s a long shot.

Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among Attendees
Naomi Brockwell

I printed out the agenda, itinerary, for this year’s Freedom Fest. Wow. It’s something like 20 pages. Is having a wide arrange of topics, from religion to education, to anarchy, done on purpose? Or has it just evolved that way?

We’ve had wide diversity of topics, debates, panels, etc. from the very beginning. We also work hard to make the topics provocative. It’s essential to get a good turnout, since each session competes with nine others.

We also have a different theme every year…In the past, it’s been “Are We Rome?”…”Are We Headed for Another French Revolution?”…”Is the American Dream Lost?”…and this year “Where is the Voice of Reason?”

Your seminal textbook, Economic Logic, now in its 5th edition, has a brief mention of bitcoin. Do you think that’s bound to change, say, for the 6th edition? In other words, do you think economists such as yourself will be compelled to grapple with it to a greater degree?

I do plan to include a major section of digital currencies in the 6th edition. I wished I had put in more in the 5th edition.

Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among AttendeesAt least one of your quotes about bitcoin went viral a while back. You basically contend it won’t ever replace gold due to the fact computers can be effectively shut off, shutting off access to bitcoin. Do you still maintain your contention about it never replacing gold?

I’m of the opinion that the upward trend in gold seems to have been affected by the increasing interest in bitcoin and other cryptocurrencies as a legitimate alternative. But because it’s digital and non-physical, it can never replace the benefits of actual gold ownership.

You were one of the few well-known economists to express a bullishness towards cryptocurrency. Do you still think well of crypto? Has the price drop changed your mind?

Volatility is still a problem, and that’s keeping back its use by everyman. Most investors hold it as a speculation rather than a medium of exchange.

Do you, or have you, actually used cryptocurrency to purchase goods and services? Just curious.

Not yet.  Like everybody, I wished I had gotten in early and become a millionaire!

Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among AttendeesThis year Freedom Fest is throwing a 50th Anniversary celebration for Reason. How important is Reason to the liberty movement in your view?

Reason Foundation has grown tremendously in the past 50 years and now competes with the Cato Institute as the most influential libertarian freedom organization. I’m a big supporter, and they are equally supportive of what we are trying to do. We are delighted to have them co-sponsor many of our events this year. For the first time, they are holding their Reason Media Awards at Freedom Fest at the Saturday night banquet on July 14 rather than in New York.

We are honored to celebrate special years with all the freedom organizations.

Next year we have a theme that will draw a big crowd (I predict): “The Wild West.” July 17-20, 2019, Paris Resort, in Las Vegas. And yes, we are planning a square dance!

What do you think about Freedom Fest? Let us know in the comments. 


Images via the Pixabay.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Freedom Fest 2018: Cryptocurrency Speakers, Debates, & Growing Interest Among Attendees appeared first on Bitcoin News.

Bitcoin News

Hollywood Stars in Movie About Crypto Money Laundering

June 16, 2018 |

Hollywood Stars in Movie About Crypto Money Laundering

A crime thriller called Crypto is reportedly being filmed, featuring a money laundering agent and a case involving cryptocurrency. Among the cast of the movie are Hollywood actors Kurt Russell, Luke Hemsworth, Alexis Bledel, Beau Knapp, Jeremie Harris, and Vincent Kartheiser.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

A Crypto Thriller

Hollywood Stars in Movie About Crypto Money Laundering
Kurt Russel.

An upcoming crime thriller called Crypto is currently filming in New York, according to the Hollywood Reporter.

The cast includes a number of Hollywood stars including Kurt Russell, Luke Hemsworth, Alexis Bledel, Beau Knapp, Jeremie Harris, and Vincent Kartheiser, the media outlet detailed on Friday.

The movie reportedly takes place in a U.S. government agent’s “remote New York hometown,” the publication continued, noting that it is “where his father (Russell) and brother (Hemsworth) are struggling to maintain their family farm in a changing economic landscape.” The Reporter described the movie’s plot:

Crypto centers on a young anti-money laundering agent (Knapp) tasked with investigating a tangled web of corruption and fraud…The agent quickly finds himself enmeshed in a dangerous underworld populated by a mysterious art dealer (Bledel), a cryptocurrency enthusiast turned cyber-sleuth (Harris) and a corrupt accountant doing the bidding of ruthless clients (Kartheiser).

The Cast and Production of Crypto

Hollywood Stars in Movie About Crypto Money Laundering
Alexis Bledel.

Leading actor Beau Knapp was the main character of the sci-fi thriller The Signal. He also starred in Netflix’s recently-canceled series Seven Seconds. Alexis Bledel grew up on the set of the Gilmore Girls and won an Emmy for her role as Ofglen in Handmaid’s Tale last year.

Hollywood veteran Kurt Russell has been constantly featured on the silver screen since the 1960s. Among his most famous roles is Snake Plisskin in the 1981 classic Escape from New York. Luke Hemsworth, of Westworld fame, was also in a couple of older brother Chris Hemsworth’s Thor movies. Vincent Kartheiser of Mad Men and Jeremie Harris of Legion are also accomplished TV actors with many credits under their belts.

Hollywood Stars in Movie About Crypto Money Laundering
Beau Knapp.

According to the news outlet, this indie film is directed by John Stalberg Jr, who directed the 2010 movie High School, starring Adrien Brody and Colin Hanks. Crypto is written by Carlyle Eubank and David Frigerio, who previously co-wrote The Signal. Producer credits include Frigerio, Jordan Yale Levine, and Jordan Beckerman.

Stalberg commented, “I am overjoyed to be working with such an incredible cast to bring this timely, thrilling story to life.” Levine elaborated:

Cryptocurrency has captured the attention and imagination of consumers and entrepreneurs all over the world but has never been explored in film in such a nuanced and exciting way.

Bitcoin at the Movies

Hollywood Stars in Movie About Crypto Money LaunderingCrypto will not be the first movie to feature a cryptocurrency. The first to debut in cinemas worldwide was the well-received 2015 Lionsgate feature film Dope. The following year Vietnamese audiences enjoyed Bitcoin Heist, which was similarly focused on crime surrounding bitcoin.

Another crypto-themed movie that has been announced is called Bitcoin, which features a suburban father trying to convert bitcoin from an anonymous account into cash to save his family after he lost his job. This movie was announced back in December 2016 and, according to Imdb, is currently in the pre-production stage.

What do you think of the movie Crypto? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Hollywood Stars in Movie About Crypto Money Laundering appeared first on Bitcoin News.

Bitcoin News

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

June 16, 2018 |

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

Ukrainians are increasingly aware of cryptocurrencies, and 13 percent of those using the Internet own digital coins, according to a new survey. The total of the daily turnover on the three leading cryptocurrency exchanges in the country currently reaches $ 2 million USD.  

Also read: Ukrainian Companies Mint 25 Coins, Raise $ 132 Million

Majority of Ukrainians Know About Bitcoin

A sizable majority of the respondents in an online survey in Ukraine have said they are aware of digital currencies – 72 percent of those questioned know what cryptocurrency is. Another 23 percent have heard the term, while 5 percent told interviewers they were hearing the word for the first time. Ukrainian men are better informed about coins – 81 percent, as well as youngsters – 79 percent.

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

The poll has been conducted by Kantar TNS, the local representative of the marketing research firm Taylor Nelson Sofres (TNS). 1,000 residents, aged 18-55, have been contacted online throughout Ukraine, with the exception of the conflict zones in the eastern part of the country and Crimea.

The results show that bitcoin (BTC) remains the most well-known cryptocurrency, with 98 percent of the Ukrainians with access to the web saying they know about it. It’s followed by litecoin with 29 percent and bitcoin bash (BCH), 27 percent. Fourteen percent of the participants recognize dash, and 6 percent – NEM.

Survey: 13% of Net-Savvy Ukrainians Own CryptocurrenciesThe authors of the study have also tried to determine how involved Ukrainians are with cryptocurrencies. According to their data, 13 percent of the respondents own digital money. Among them 88 percent have acquired bitcoin core (BTC), and 25 percent – bitcoin cash (BCH). 18 percent own litecoin, and dash and ethereum – 7 percent each. The rest either do not trust cryptocurrency, don’t have the technical means to acquire it, or do not understand its principles.

Participants were asked if they thought cryptocurrencies should be treated just like regular, fiat money. The answer options yes/no/I don’t know received about a third of the votes each.

Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

A majority of 41 percent said authorities should support the free circulation of cryptos, 19 percent stated it should be banned by the government, and 37 percent had no opinion. Only 1 present of the polled believe regulation is necessary, while 2 percent think the state should not interfere at all.

Ukrainians Trade $ 2 Million Worth of Crypto Daily

Survey: 13% of Net-Savvy Ukrainians Own CryptocurrenciesDespite the lack of comprehensive data about the size of the Ukrainian cryptocurrency market, it has been estimated that the daily crypto-hryvnia turnover on the three major exchanges reaches $ 1.9 – $ 2 million USD (~$ 700 million a year), local media reported.

Experts note, however, that the transactions on these trading platforms, Exmo, Kuna and BTC Trade UA, are only a part of the total. More than a dozen other platforms, as well as thousands of individual traders are offering exchange services, both online and offline.

Other sub sectors are also contributing to the growth of the industry. “According to market sources, approximately $ 80 million have been invested in mining in Ukraine. About 90 – 95,000 Ukrainians own cryptocurrencies. The majority have invested small amounts in 2017 – 2018,” Ekaterina Belous, an expert working on the USAID “Financial Sector Transformation” project, told Realist. For the past several years, more than 50 high-ranking officials and members of parliament have declared digital assets on their tax returns.

Do you expect the ownership of cryptocurrencies in countries like Ukraine to increase in the near future? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com

The post Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies appeared first on Bitcoin News.

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UK Company Launches Crypto Mining Electric Bicycle

June 16, 2018 |

UK Company Launches Crypto Mining Electric Bicycle

50cycles, a specialist electric bicycle manufacturer, has revealed what it has described as the world’s first range of cryptocurrency mining e-bikes. Toba, the new series of crypto mining bikes, are estimated to generate approximately £20 (approximately $ 26.5 USD) worth of ‘Loyalcoin’ per 1,000 miles ridden.

Also Read: Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

UK Company Reveals Cryptocurrency Mining E-Bike

UK Company Launches Crypto Mining Electric BicycleFounded in 2003, UK-based 50cycles describes itself as a specialist in “advanced electric bikes.” In what the company is claiming as a world first, 50cycles has revealed the ‘Toba’ – a cryptocurrency mining electric bicycle.

The company’s founder and chief executive officer, Scott Snaith, told media “This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which issues reward for use.”

Mr. Snaith describes the ‘pedal-powered crypto miners’ as being indicative of the company’s desire to engage with new technologies, stating “We have always been a company that moves ahead of the times by embracing the latest technology. Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency, and product tokenization.”

Cyclists to be Rewarded in ‘Loyaltycoin’

Bike owners are unable to choose which cryptocurrency is mined, with each of the electric bikes exclusively mining for ‘Loyaltycoin’, a token which will be redeemable in exchange for products available on the 50cycles website, or can be exchanged for leading cryptocurrencies through Loyaltycoin’s platform. At the time of writing, Loyaltycoin appears to have only been trading for approximately ten days, with current prices appearing poised to fall to record lows below $ 0.0044 USD.

Mr. Snaith stated, “At the moment we are working with Loyaltycoin to reward our customers but eventually the Toba bikes will have their own digital coin which will become one of thousands of currencies of the future, and the Toba will allow riders to become an integral part of its growth.”

The Toba bikes will hold their unique private key as proof of ownership, and customers will be able to monitor how many Loyaltycoin tokens they have generated through a mobile app. The bikes are expected to be delivered to customers in September.

Innovative Mining Experiments

UK Company Launches Crypto Mining Electric BicycleIn recent years, the cryptocurrency community has witnessed increasingly creative attempts to recycle energy for the purpose of virtual currency mining.

Last year, reports detailed the owner of a Tesla S who had installed a graphics processing unit (GPU) based cryptocurrency mining rig in his car to capitalize on the unlimited supercharging program made available to most owners of Telsa’s S and X models.

Last month, Motherboard reported on “Lee” – a man who sought to repurpose the heat generated through cryptocurrency mining to warm his bath. Lee described his experiment as being “a little too effective,” stating that he “left it running all day as it produced baths of up to 122F/50C. Dangerously hot, especially as I have a few pets who could fall in if they somehow gained access to the bathroom. I took the experiment down to preserve the safety of my living space. Safety is an absolute priority to me.”

What consumer products do you think will be next to mine for cryptocurrency? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Cyclingindustrynews


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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Overstock Generates “Between $68,000 and $120,000” in Crypto Weekly

June 15, 2018 |

Overstock Generates "Between $  68,000 and $  120,000" in Crypto Weekly

During a recent address to the Heritage Foundation in Washington, D.C, Jonathan Johnson, the former chairman and current member of the board for Overstock, sought to emphasize that payments in the form of bitcoin comprise a steadily growing source of revenue for the company.

Also Read: Cryptocurrency Games Have Invaded the Most Popular App Stores

Former Overstock Chair Detail’s Retailer’s Cryptocurrency Revenue

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyJonathan Johnson, the former chairman of Overstock, one of the first major companies to accept bitcoin as a means of payment, has detailed the revenues generated by the company in the form of cryptocurrency payments whilst speaking to the Heritage Foundation.

“We have somewhere between $ 68,000 and $ 120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or Ethereum or other coins,” Mr. Johnson told the conservative think-tank.

Advantages of Accepting Crypto

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyMr. Johnson sought to convince attendees of the advantages cryptocurrency offers to businesses over orthodox payments forms.

The Overstock board member stated: “We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards.”

“When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business,” Mr. Johnson added.

Crypto as Democratizing Force

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyThe former Overstock chairman described cryptocurrency and distributed ledger technology as having a democratizing effect upon access to financial services and fundraising mechanisms.

Mr. Johnson stated “Today, so many of us can’t participate in the capital markets the way accredited investors or well-connected investors can. And those of us that are trying to raise money have a hard time crowdfunding or raising money in a democratized way.”

Despite praising the democratizing of fundraising processes through cryptocurrency, Mr. Johnson stated that Medici Ventures, Overstock’s investment firm of which he is president, “is not invested in a single ICO, in large part because the regulation around them is still very hazy.”

Mr. Johnson also expressed his belief that the cryptocurrency sector should operate without regulation, stating “We should not be regulating this technology. If there are uses of it that need regulation, maybe.”

Do you think that more retailers will begin accepting cryptocurrency payments? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Medici Ventures


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Overstock Generates “Between $ 68,000 and $ 120,000” in Crypto Weekly appeared first on Bitcoin News.

Bitcoin News

Malicious Monero Miners Made Off with 5% of Coins in Circulation, Over $175 Million

June 15, 2018 |

Malicious Monero Miners Made Off with 5% of Coins in Circulation, Over $  175 Million

‘Fair’ mining and privacy altcoin, Monero (XMR), shed $ 175 million as a result of malicious miners hijacking what amounts to an eye-popping 5% of XMR in circulation. The findings come by way of a cyber security researcher in Northern California, investigating a noticeable trend uptick in mining thievery generally.  

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

5% of Circulating Monero Snatched by Malicious Mining

In preparation for the company newsletter, Unit 42, Palo Alto Networks researcher Josh Grunzweig blogged, The Rise of the Cryptocurrency Miners. It’s his effort to document a growing trend over the last year, malicious mining. Mr. Grunzweig’s frequent investigations on the subject caused him to dive deeper into the particulars. He came away with two critical findings: 1, malicious mining has indeed grown, and in direct relation to the giant price spikes of 2017; 2, Satoshi Pulse ranked 14th most valuable coin by market capitalization, Monero, has lost over $ 175 million, 5% of its present circulation, to malicious mining activity.

Malicious Monero Miners Made Off with 5% of Coins in Circulation, Over $  175 Million
Breakdown of cryptocurrencies targeted by malicious miners. Palo Alto Networks

Palo Alto Networks is a publicly traded (NYSE: PANW) cyber security company, focusing mostly on proprietary firewall solutions. It boasts almost $ 2 billion in revenue last year, with a global service reach of 50,000 customers in 150 countries, employing more than 5,000 people around the world. 

Mr. Grunzweig “extracted a total of 2,341 Monero wallets from the analyzed sample set,” he explained in the post. “Unlike some other cryptocurrencies, it is impossible to query the Monero blockchain to extract a single wallet’s current balance without the owner’s password. This is by design: a result of how Monero was originally designed. As such, I needed to take a different methodology in order to determine how much money attackers were able to mine.”

Japanese Police Begin Coinhive Investigation

“Fortunately,” he mentioned, “in addition to the wallets, I was also able to determine which mining pools were used for various mining efforts. Looking at the top ten mining pools used by this malware, I determined that all but one allows for anonymous viewing of statistics based off of the wallet as an identifier. This anonymous viewing is intentional, as it allows users to anonymously connect and use various mining pools without inputting any personal identifiable information.”

Malicious Monero Miners Made Off with 5% of Coins in Circulation, Over $  175 Million
Instances where a new cryptominer sample was discovered over time. Palo Alto Networks

Almost in passing, he refers to one “interesting note,” namely “that the total Monero represented roughly 5% of all Monero in circulation at the time of writing. This of course doesn’t take into account web-based Monero miners, or Monero miners that we do not have visibility into. As such, we can assume that the actual percentage of Monero in circulation that was mined via malicious activity is actually higher.”

He concludes by suggesting the malicious trend has leveled off some due to prices plummeting in recent months, noting it “is clear that such activities have been incredibly profitable for individuals or groups who have mined cryptocurrency using malicious techniques for a long period of time. A total of $ 175m has been found to be mined historically via the Monero currency, representing roughly 5% of all Monero currently in circulation.” Research revelations came around the same time Japanese police announced they’re investigating suspects employing Coinhive, a mining script used in Monero, focusing on thefts similar to those mentioned above.

What do you think about Monero? Let us know in the comments. 


Images via the Pixabay.


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Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

June 15, 2018 |

Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

This week the Zcash Foundation and researchers from the University of Luxembourg have released a study that finds the presence of ASIC and FPGA miners may be controlling around 30 percent of the overall Equihash mining hashrate. The study speaks volumes to cryptocurrency developers and communities who have attempted to produce proof-of-work mechanisms that were meant to provide ASIC resistance.    

Also Read: Get Them While You Can Gamers, Graphics Cards Prices Have Crashed

As of May 2018, Roughly 30% of the Equihash Mining Algorithm is Likely Mined by ASICs

Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate
The ASIC-powered Antminer Z9 mini mines the Equihash algorithm.

Over the past few weeks, there’s been a lot of discussion on the subject of application-specific integrated circuits (ASICs). The conversations have revolved around digital currency networks that have been threatened and even maliciously attacked to the point that coins are allowed to be double spent. Cryptocurrency proponents that hoped their favorite cryptocurrency consensus algorithm would defend the network are finding out they were sorely mistaken. Cryptocurrencies like Bitcoin Gold, Monacoin, and Verge have seen significant attacks on their networks and millions have been stolen or double spent by malicious actors.

In the case of Bitcoin Gold (BTG), the cryptocurrency that hoped to be a ‘better bitcoin,’ used the Equihash algorithm modeled after the Zcash network. On May 23 someone took over more than 51 percent of the BTG hashrate and was able to double spend over $ 18Mn USD worth of BTG. A few weeks later the Zcash Foundation and the University of Luxembourg had decided to research how prevalent ASIC and FPGA miners are within the Zcash network and all cryptocurrencies that use the Equihash algorithm.

“In the short period of time of this study (2 weeks) we could put an upper bound on the ASIC/FPGA potential presence in Equihash mining ecosystem as of the end of May 2018 at 20 – 30% of total mining operations,” explains the University of Luxembourg researchers Alex Biryukov and Daniel Feher.

Most of the mining power (95%) is concentrated in pools so any large hidden ASIC/FPGA operation should be present in one or several of the pools. Moreover, four pools concentrate 87.5% of the total mining power.

The Zcash Foundation Has Dedicated R&D Efforts Towards ASIC Resistance

The Zcash Foundation explains in there official ASIC resistance stance that they have been developing “ASIC resistance as an option while simultaneously researching ASIC resistance.” Essentially, Alex Biryukov and Daniel Feher detail that ASIC miners are present within the network hashrate of coins that utilize the Equihash algorithm, and have presented their estimates specifically for the Zcash Foundation.

Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

However, the research team concludes that the study needs further research, and detecting ASIC miners is not so easy and data can be manipulated.       

“It is important to note that our current methods can be ‘fooled’ by careful ASIC miner and the methods are also not fine-grained enough to detect ASIC miner testing of few % of the total hash-rate — This is a work for further research,” the University of Luxembourg team concludes.

What do you think about the study that says roughly 30 percent of the Zcash hashrate is processed by ASICs? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Bitmain, and the University of Luxembourg research paper. 


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate appeared first on Bitcoin News.

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Cryptocurrency Games Have Invaded the Most Popular App Stores

June 15, 2018 |

Cryptocurrency Games Have Invaded the Most Popular App Stores

Bitcoin and the vast array of cryptocurrencies within the digital asset economy have become extremely popular these days, and one reflection of this metric is how many games can be found trending on the most popular app stores. There are many games available that allow gamers to create their own virtual mining farms, simulate trading cryptocurrencies, and games that even reward people in micropayments.

Also read: Get Them While You Can Gamers, Graphics Cards Prices Have Crashed

Cryptocurrency Games: Your Chance to Be a Virtual Mining Tycoon and Bitcoin Billionaire

Have you ever wanted to try testing your luck in the cryptocurrency markets, but don’t want to lose real money? Or maybe you’ve contemplated creating a mining empire, but only have enough coin in the bank for a couple measly machines. Well, now people with some imagination and a love for games can find a wide array of gaming apps at Apple’s App Store and Google Play. Not too long ago, there were only one or two cryptocurrency related games like Bitcoin Millionaire on the app stores, but nowadays there’s a ton of different recreational apps where you can do various bitcoin-related things, and some of them even pay out a few cents in crypto if you play them long enough.

Bitcoin Mining Simulator

One fun game called Bitcoin Mining Simulator (BMS) allows you to become a bitcoin mining tycoon. Basically, the mining simulator allows you to purchase virtual rigs in order to mine bitcoins and profit from selling them at market value. The game starts with a few simple machines until you can get enough coins to purchase your own mega farm. Essentially the game created by the developer Aliaksandr Prakarym allows the player to continuously improve the farm in order to get a return on the investment (ROI). The BMS app is also available on both iOS and Google Play.

Cryptocurrency Games Have Invaded the Most Popular App StoresBitcoin Evolution

Bitcoin Evolution is very much like the classic app Bitcoin Millionaire as it allows a person to become filthy rich by earning bitcoins by tapping — And who doesn’t like incessantly tapping their phone? Again, like the many other games that yearn to be original, Bitcoin Evolution starts you off by running your own virtual bitcoin business where you mine coins from your own farm and gather profit by selling them.     

“Invest your virtual mined income thoughtfully and grow your virtual bitcoin firm — Soon you will be the most popular virtual bitcoin capitalist and earn billions with your smart business,” explains the developer, Romit Dodhia.

But be aware that you will face all the problems that a successful merchant needs to go through. And don’t forget to launder your money!

Cryptocurrency Games Have Invaded the Most Popular App Stores

Bitcoin Miner: Clicker Game

The recreational Bitcoin Miner: Clicker Game (BM) is an iOS mining simulator that allows you to earn bitcoins, obtain more computers and luxury automobiles. The game is very much like the aforementioned bitcoin mining simulators above, but with different graphics. BM allows the person to create their own farm and develop it more to profit. “Interested in mining but afraid to try in real life?” asks the development team ‘99 Drones B.V.’ “ Don’t worry — Mine in this game to get a taste for free — It’s time for you to start mining.”

Cryptocurrency Games Have Invaded the Most Popular App Stores

Crypto Rider

Now the game Crypto Rider is funny and original as it’s a two-dimensional racing game where the tracks are the real-life historical price “charts” of popular cryptocurrencies. The racing app featured on Google Play and created by Superfly Games allows racers to collect blocks to unlock nine crypto-themed vehicles. “Fed up of watching all the price dips? Well, now you can ride them,” the developers’ detail.

Compete for the top spot on global leaderboards! Shill your high score to your friends with the sharing feature.

Cryptocurrency Games Have Invaded the Most Popular App Stores

Bitcoin Flip

The iOS trading simulator Bitcoin Flip teaches gamers how to trade cryptocurrencies. The game is good for investors just learning how to trade digital assets. Bitcoin Flip instructs users on how to trade Bitcoin Cash, Nano, Tron, Vechain, Steem, Ethereum, Litecoin, and Dashcoin. The simulation follows real-time cryptocurrency spot prices with a 0.0005-second accuracy. Further, the platform starts players off with $ 5,000 USD to invest in and collect or lose virtual gains. Essentially, Bitcoin Flip gives people a chance to learn how to trade but can also be used for pure amusement.

Cryptocurrency Games Have Invaded the Most Popular App StoresBitcoin Bricks

The Android game Bitcoin Bricks created by Joy Soft is a Tetris-like puzzle game that pays BTC micropayments for every game field filled. Joy Soft says instead of rewarding people with “useless points”, Bitcoin Bricks players get 0,00000001 BTC for every filled row and withdrawals are allowed after a certain threshold. After filling rows and collecting a micropayment, the BTC balance is shown above the game board so people can view how many coins they have earned.

Cryptocurrency Games Have Invaded the Most Popular App Stores

The Blockchain Game

The Blockchain Game is another iOS strategy tournament that involves players building the longest blockchain and winning BTC. Just like Bitcoin Bricks, users add their BTC wallet address and they can begin trying to earn micropayments. The basic concept of the game is stacking blocks in order to create the longest chain. Just like in the real world, the virtual blockchain with the longest concession of blocks gives players a higher reward payout.

Cryptocurrency Games Have Invaded the Most Popular App Stores

Games Can Be Fun and Addictive but Remember Time Is Money

There are so many cryptocurrency and blockchain games these days that this post could go on forever. However, lots of them lack originality and are mere copy-cats of games that simulate mining, or allow players to become a virtual bitcoin billionaire tycoon. The games are definitely amusing if you are a crypto-enthusiast, and some of them are educational, and even payout small amounts of cryptocurrency. Even though some games advertise the rewards as ‘free BTC,’ the incentives are not really ‘free.’ 

One reviewer explains how he spent a whole week playing a ‘free bitcoin game’ app for hours and earned a whopping $ 0.35 cents in BTC. So unless you consider your time as ‘free,’ that description is a bit misleading, but the games can be fun and addicting. So if you want to burn some time, head over to Google Play or Apple’s App Store and search “bitcoin” or “cryptocurrency games,” and you may find yourself losing hours of your life just to earn a 25 cents in crypto. 

What do you think about all the cryptocurrency games in the app stores these days? Have you played any of these games? Are there any fun games we didn’t mention that you like to play? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, the App Store, Google Play, Bitcoin Miner Clicker Game, The Blockchain Game, Bitcoin Bricks, Bitcoin Flip, Crypto Rider, Bitcoin Evolution, and Bitcoin Mining Simulator. 


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