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TMZ

Guess Who This Bow Tie Boy Turned Into!

July 20, 2018 |

Before this stylish young man was tied up solving crimes on television, he was just another well-dressed boy in a bow tie growing up in Margate, FL. Can you guess who he is?

TMZ.com

Zuckerberg Runs Into Backlash Over Holocaust Comments

July 19, 2018 |

Mark Zuckerberg has found himself mired in a new controversy, this time stemming from comments he made about Holocaust deniers who post on Facebook. In an interview with Kara Swisher of recode, Zuckerberg was discussing the kinds of things Facebook does and does not take down, and he said that…
Newser

TMZ

Destiny’s Child Michelle Williams Checks into Mental Health Facility for Depression

July 18, 2018 |

Michelle Williams of Destiny’s Child has checked herself into a mental health facility to seek help for her struggle with depression … TMZ has learned. Sources tell us Williams is getting treated in a facility just outside of Los Angeles and has…

TMZ.com

Post-Flood Reflections Reveal Insights Into Lives of Sichuan Miners

July 17, 2018 |

Post-Flood Reflections Reveals Insights Into Live of Sichuan Miners

With Chinese media estimating that Sichuan’s mining sector comprises 70% of the computing power of both the bitcoin network and the total processing power situated within China’s borders, reflections following the devastating Sichuan floods’ have many insights into the realities of life of a crypto miner in Sichuan.

Also Read: Change.org Petition Attempts to Fight for Ross Ulbricht’s Freedom 

Floods Wreak Havoc in Sichuan

Post-Flood Reflections Reveals Insights Into Live of Sichuan MinersAccording to Chinese media outlet Jiemian, prior to the floods, roughly 5 million mining rigs owned by approximately 25,000 people were situated in Sichuan. The recent flooding in the province resulted in the streets being littered with broken mining rigs, as the entrepreneurs seeking to cash-in on the nascent next boom industry were forced into a state of survival.

Li Yang, a cryptocurrency miner based in Sichuan, discussed his firsthand account of the flood with Jieman, stating that unusually heavy rainfall began to besiege the province in June. Before long, the local hydropower station had cut the electricity provided to many miners – with Li Yang’s being among those to lose power.

At 10 am, on the 26th of June, Li Yang recounts that the water level quickly soared, resulting in the destruction of tens of thousands of mining rigs situated at low altitude – including those belonging to Li Yang. With each of Li Yang’s 2,000 mining rigs estimated to have cost 5,000 yuan each, the floods caused a total loss of 10 million yuan (approximately $ 1.5 million USD).

Li Yang also recounts that cloud mining companies flocked to Sichuan in the wake of the devastation, “offering 50 yuan a unit” to miners for scrap rigs.

Sichuan Attracts Li Yang

Li Yang is a former Apple employee who moved to Sichuan from Chengdu in 2017, quickly opening a cryptocurrency mine next to a hydropower station in Aba, Sichuan. Li Yang was attracted to the simplicity of the business model underpinning mining, stating “This business is very simple. Many people want to mine, but the cost of operation of a single mining pool is too high. Customers pay for the mining machine and then host it. We use the APP to check the status of the mining machine at any time.”

The entrepreneur had calculated that each small crypto mine hosting 1,000 rigs should be able to generate 1 million yuan (approximately $ 150,000) in profits each year after expenses. At present, Li Yang owns 5 mines.

Sichuan as Global Hydropower Capital

According to Jeimian, Sichuan is home to the most abundant hydropower worldwide, with “20 hydropower stations [located] in the Lancang River Basin. During the peak of the wet season, the media outlet estimates that “the cost of electricity in Sichuan can be as low as 0.08 yuan” – less than one-third of the price of thermal power in the region.

An anonymous mine operator from Chengdu attested that “Electricity is directly pulled from the hydropower station,” adding that “The hydropower station over there has too much electricity, and it can’t be used.”

Sichuan is estimated to be home to approximately 600 medium and large sized cryptocurrency mines hosting more than 2,000 machines each.

Do you think that the devastation caused by the recent Sichuan floods will lead to more miners spreading their operations across multiple locations? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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 Post-Flood Reflections Reveal Insights Into Lives of Sichuan Miners appeared first on Bitcoin News.

Bitcoin News

TMZ

Hulk Hogan Reinstated Into WWE Hall of Fame After N-Word Controversy

July 16, 2018 |

Hulk Hogan is back in the WWE’s good graces three years after he was caught on tape using the n-word … reclaiming his place in the wrestling organization’s Hall of Fame. WWE issued a statement Sunday, saying that after a 3-year suspension ……

TMZ.com

Major Korean Exchange Bithumb Expanding into Japan and Thailand

July 16, 2018 |

Major Korean Exchange Bithumb Expanding into Japan and Thailand

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan.

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

Expanding into Thailand

Major Korean Exchange Bithumb Expanding into Japan and ThailandBithumb is currently working on obtaining regulatory approval from the Thai Securities and Exchange Commission (SEC), local media reported Friday. The exchange is the second largest in South Korea at the time of this writing, with a 24-hour trading volume of about $ 358 million, behind only the Kakao-backed Upbit with a $ 582 million trading volume during the same time period.

The exchange has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (~US$ 90,000). Zdnet quoted the company explaining the reason for its expansion into the Thai market:

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.

Thailand has recently finalized its regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Bithumb has been building its Thai website, the publication added, noting that it plans to start service in Thailand at the end of October.

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Thailand’s website. Photo: Zdnet.

Expansion into Japan

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Japan’s website. Photo: Zdnet.

Japan legalized cryptocurrency as a means of payment in April of last year. All companies seeking to operate an exchange in the country must obtain approval from the country’s top financial regulator, the Financial Services Agency (FSA). However, with the hack of Coincheck in January, the FSA has been strengthening its oversight of crypto exchanges and imposing a stricter exchange approval process.

Nonetheless, Bithumb is seeking approval from the FSA with a plan to open an exchange in Japan in February next year, the news outlet conveyed. The exchange also revealed that “it plans to set up an exchange that supports the largest number of coins in Japan,” the publication noted.

Global Expansion Plan

Major Korean Exchange Bithumb Expanding into Japan and ThailandEarlier this year, Bithumb announced that it is looking for partners for its global expansion. The exchange says it will work closely with overseas partners to launch platforms that are faster and more efficient for traders worldwide.

Projects which Bithumb will collaborate with potential partners include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service,” the exchange detailed. According to the announcement:

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.

According to Money Today, Bithumb has also established a subsidiary in Singapore and Britain. “We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” the exchange clarified.

In April, the third largest crypto exchange in South Korea, Coinone, announced its expansion into Indonesia.

What do you think of Bithumb expanding into Thailand and Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Zdnet.


Need to calculate your bitcoin holdings? Check our tools section.

The post Major Korean Exchange Bithumb Expanding into Japan and Thailand appeared first on Bitcoin News.

Bitcoin News

Cops: Guy Picked Wrong Business to Break Into

July 13, 2018 |

The problem with breaking into an escape-room business is, well, the escape. Police in Vancouver, Washington, say Rye Wardlaw busted into NW Escape Experience overnight Sunday and ended up calling 911 because he couldn’t get out, reports USA Today . Authorities say the 40-year-old finally managed to escape through a back…
Newser

Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion”

July 11, 2018 |

Stiglitz Predicts Crypocurrencies Will be "Regulated Into Oblivion"

Joseph Stiglitz, the former chief economist of the World Bank and Nobel laureate, has predicted that cryptocurrencies will be “regulated into oblivion” in future, with Mr. Stiglitz saying that BTC may be “worth just $ 100 in 10 years.”

Also Read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Nobel Laureate Predicts Future Regulatory Onslaught Targeting Crypto

In a recent interview with Financial News, Mr. Stiglitz predicted that bitcoin and alternative cryptocurrencies will become the subject of a major regulatory crackdown in future. “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system,” the Nobel Laureate said. “If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.”

The Columbia University professor theorized that law enforcement across the globe are yet to adopt prohibitive policies regarding cryptocurrencies due to the underdevelopment of the virtual currency ecosystem, stating “Once it becomes significant they will use the hammer.”

“Bitcoin could easily be worth just $ 100 in 10 years,” said Mr. Stiglitz. “People in power will move to regulate anonymous transactions. That you can be sure of.”

Stiglitz Persistently Calls for BTC to Be Banned

Mr. Stiglitz’ comments are of a similar vein to those made by the professor regarding cryptocurrency in recent years.

In September, 2016, Mr. Stiglitz stated that “The main use of Bitcoin has been to circumvent tax authorities and regulation. I think the US government did the right thing by shutting or trying to shut it down.”

In an interview with Bloomberg during December of last year, Mr. Stiglitz echoed virtually identical sentiment, asserting that “bitcoin is successful only because of its potential for circumvention.” The Nobel laureate continued: “it seems to me [bitcoin] ought to be outlawed. It doesn’t serve any socially useful function. We ought to just go back to what we always have had […] This is just a bubble … It’s a bubble that is going to give a lot of people a lot of exciting times as it rides up and then goes down.”

What is your response to Joseph Stiglitz’ comments? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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 Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion” appeared first on Bitcoin News.

Bitcoin News

TMZ

Guess Who This Happy Kid Turned Into!

July 11, 2018 |

Before this grinning little guy was a late night television host, he was just another sprout snacking on some goodies in Brooklyn, NY.  Can you guess who he is?

TMZ.com

CNN

Thai town rallies behind coach who allowed boys into cave

July 10, 2018 |

He was likely the first one into the cave and on Tuesday was the last one pulled out.
CNN.com – RSS Channel – World