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Citigroup Reports That Bitcoin Mining Power Consumption Is At An All-Time High

The debate concerning the power consumption of Bitcoin mining looks like it has no end. Before now, many environmentalists and crypto analysts have criticized the power consumption of Bitcoin mining. Most of the criticisms of this activity have also focused on the aftermath of the activity’s effect, believed to leave behind carbon fossils. This has now led many in the society to implore these miners to look for an alternate source of energy, as it appears that, despite their operations leaving a debilitating effect behind, the energy consumption of the activity is at an alarming rate. China may no longer…

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Nvidia Projects $150 Million Miner Sales By Q1 Of 2022

According to an announcement from the famous chipmaker Nvidia, the firm has announced a boost in its expectation at the end of the first quarter of next year. In the previous announcement, the firm positioned that it was expecting a turnover of nothing less than $50 million by the first quarter of 2022. A recent update has put the company’s protection of returns at $150 million, adding a further $100 million income to the previous estimation that it made. The newly developed miner known as CMP is an industrial-grade miner that works for mining Ethereum. The development was first brought…

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Bitcoin Miners Begin Accumulation of BTC

Glassnode reports that for the first time in five months, there is a change in the miner position indicator and the change is positive. Thus, indicating that those responsible for making the coins have started holding. The miner position indicator measures 30-day changes in the availability of coins in miners’ addresses. Miners Start The Accumulation Of Bitcoin The data from the crypto analytics firm shows that the last two weeks have witnessed an increase of BTC in miner wallets from over 4.400 BTC to 1,800 million. Flex Yang opined that miners are holding in expectation of a price rally. Instead…

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Crypto Mining: Hong Kong Customs Impounds 300 Mining GPUs Imported Illegally

In a recent anti-smuggling operation, Hong Kong customs seized significant amounts of cosmetics and foods as well as dedicated GPUs for crypto mining operations. Illegal Crypto-Mining Related GPUs Discovered On the second day of this month, Hong Kong customs officers working along the waters of the country’s port authorities observed some weirdness when some strange people were offloading cartons from a fishing boat to a close speedboat. Even though the officers couldn’t apprehend the offloaders, they seized the boats only to discover varieties of smuggled items in them. Some of the items they found include cosmetic products, dried shark fins,…

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Now Over 18.5 Million Bitcoin (BTC) Have Been Mined

The total supply of the world’s largest cryptocurrency Bitcoin (BTC) is 21 million out of which 18.5 million BTC has now been mined by miners. According to data from Blockchain.com, the total number of Bitcoins that are currently in circulation has crossed above $18.5 million now. Less than 2.5 million BTC left to mine ChartsBTC has reported in a tweet that the total circulating supply of Bitcoin on the network has now surpassed above $18.5 BTC. Approximately, 88% of the total Bitcoin supply has been discovered or mined so far. There are now only 2.5 BTC left for mining that…

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Venezuela and Iran are latest to Recognize Bitcoin Mining on National Level

Venezuela introduces new mining rules and regulations which demand from every cryptocurrency miner to register with regulators. Iran is also making efforts to produce extra electricity power for mining companies. Venezuela’s New Rules for Mining The new rules are introduced by Venezuela in the official Gazette. Per new rules, miners need to get a license from the National Superintendency of cryptocurrency assets called SUNACRIP. The government will create a registry of miners with full detailed information. Venezuela will develop a National Digital Mining Pool and it may be mandatory for all miners to join the mining pool. And SUNACRIP will…

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Mining Rigs Producers are now focusing on AI Chips for Mining Bitcoin

As the old mining machines are giving less profit due to an increase in cost, the manufacturers of Bitcoin miners are moving to Artificial intelligence technology. According to a report by analytics firm TokenInsight, the biggest players in the mining industry are on the way to shift from old apparatus for mining towards AI chips. Keeping this as a long term goal, the development and research over chips is continued. Manufacturers of Bitcoin mining rigs have revenue in billions of dollars. Per the report, the revenue of Bitmain was $300 million in the first quarter of 2020. Profit is Decreasing…

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AirBit Club Ponzi Operators Charged with Money Laundering & Fraud

Takings were spent on luxury cars, jewellery & real estate, rather than cryptocurrency mining & trading, surprise-surprise. The operators of a worldwide cryptocurrency-based Ponzi scheme have stayed charged with fraud & money laundering succeeding a U.S. Homeland Security Investigations probe. Conferring to an announcement from the U.S. Department of Justice, four of the five suspected operators of AirBit Club, which allegedly netted 10M dollars from victims, were detained & due to appear in court on Aug. 18, while the fifth was arrested in Panama & is awaiting extradition to the U.S. The scheme was launched in late 2015 & sold…

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Mining Machines Manufacturer Ebang Announces to Launch a Cryptocurrency Exchange in Singapore

Bitcoin miner manufacturer Ebang establishes a subsidiary in Singapore. According to the announcement, the main purpose of establishing a subsidiary is to launch a cryptocurrency exchange in the future. Ebang Seeks Approval from Government Nasdaq-listed Ebang would seek approval from the regulatory authorities of Singapore, and then the company will introduce its own cryptocurrency exchange. “As our next step, we plan to seek the relevant governmental approval and license to operate the cryptocurrency exchange and related business,” Ebang said. However, ASIC producer also says that it is not certain that the government would allow the company to open exchange or…

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China is not a Threat to Bitcoin but China may Lose Dominance over Mining Activity

China has the biggest share in Bitcoin mining than any other country. Some people consider it a threat to Bitcoin as maximum control of the Bitcoin network is established in one country only. Prominent cypherpunk Jameson Lopp says that China is not a threat to Bitcoin. China’s Dominance Lopp explained in his blog post that in the future more mining chips will produce outside of China, and various countries will start offering cheap power, thus suitable for running mining machines. After this, China’s dominance in the industry may not last long. He stated: “Over the very long term I expect…

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Cryptojacking Almost 5 Times More Prevalent in India Than Global Average

A new Microsoft report states that India encounters the second-highest number of cryptojacking incidents in the APAC region. Cryptojackers are hitting pay dirt in India, according to Microsoft's newly released Security Endpoint Threat Report 2019.The report states that web users in India encounter crypto mining malware attacks at a rate 4.6 times higher than the regional and global average. India experiences the second-largest number of cryptocurrency mining attacks in the Asia Pacific region, lagging only behind Sri Lanka.A cryptocurrency mining attack, commonly called cryptojacking, is an attack where hackers secretly install cryptocurrency mining malware on someone else's computer to use…

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