Josh Garza, Founder and CEO of the infamous GAW Miners has been ordered to pay almost $10 million to the SEC. Josh Garza, CEO of GAW, GAW Miners, ZenMiner, and ZenCloud plead guilty to a $9 million fraud scheme back in July of this year. Pleading guilty to one count of wire fraud related to his role in his companies’ purported generation and sale of virtual currency, Garza has now been ordered to pay almost $10 million, consisting
Hyperinflation in Venezuela has made a reality of having to carry suitcases of money in order to buy meals. Bitcoin could replace low denomination notes in the country, prevent the privacy perils of a cashless society and potentially see the first Bitcoinization of a sovereign state. Venezuela, once the highest wealth per capita country in South America, now has the highest inflation rate in the world with speculation that inflation in the country could potentially reach
New reports are suggesting that the North Korean government is using the digital currency Bitcoin in order to bypass regulations. Pyongyang is Mining Bitcoin In the last couple of months, the tensions between North Korea and the United States have gone from tense to dramatically worse. On August 2017, the United Nations Security Council passed a new resolution that imposed even stricter sanctions on the North Korean government. A very recent article by VOAnews reports that
A Japanese company, GMO Internet Group, is looking to jump into bitcoin mining with new chips that could start a digital arms race. One thing you can say about the subject of bitcoin mining is that it’s never dull. New players and technologies continue to rise up to keep everything interesting. The newest player to venture into bitcoin mining is GMO Internet Group, which is based in Tokyo, Japan. The company has long been associated
A new kind of malicious malware has been discovered. This new malware is unique in that it is able to mine cryptocurrency on victims’ computers. The New Malware Most hackers that use malware are trying to steal sensitive data or get access to important accounts, but this newly discovered malware does something else. Famous Russian cyber security firm, Kaspersky Lab, has recently discovered a new type of malware that is able to infiltrate computers and mine
Bitcoin miners in Russia are in for a break as power companies are looking to sell their excess energy off at a substantial discount. One of the more interesting regions in cryptocurrency today is Russia. There have been some ups and downs over the last few years. Russia had banned Bitcoin but reversed that policy in late 2016. Burger King Russia is now taking Bitcoin as payment and is even issuing its own digital currency.
In the wake of record-setting growth for digital currencies like Bitcoin and Ethereum, graphics card manufacturer Nvidia has expressed their intent to focus more on the cryptocurrency mining market. Cryptocurrency Mining Boom Since the beginning of 2017, the cryptocurrency market has grown at an enormous rate. In late 2016 the total market capitalization of the cryptocurrency market was a respectable $14 billion and in the months since has climbed a record-setting $135 billion as of this writing! Bitcoin
An aide to Russian President Putin seeks to raise $100 million through an ICO of his company in a bid to help dethrone China as the country with the biggest Bitcoin mining industry. Putin has warmed up to blockchain technology, Ethereum in particular, and has extended support for its adoption through the help of local partners. Many believe that these developments indicate Russia’s predisposition to replace USD with Bitcoin as a reserve asset.
Many people in the troubled South American nation have turned to Bitcoin mining in a desperate attempt to fend off starvation and keep their families alive. The once thriving South American nation of Venezuela has been sliding into an economic apocalypse over the last few years. The socialist regime of Hugo Chavez has been followed by current President Nicolás Maduro, and the economic policies put in place has transformed a country with more oil reserves
One of the advisers to Russian President Vladimir Putin claimed that up to 30% of the country’s computers had been infected with the “most strong and most dangerous” kind of malware. This comes on the back of a recent survey study which indicates that barely 30% of Russians are familiar with cryptocurrencies.
BIP91 blocks have been successfully mined by BiXin and Antpool helping to allay fears that Bitcoin could split in the face of incompatibility between rival Segwit2x and BIP148 implementations. BIP91 (or Bitcoin Improvement Proposal 91) is the work of software engineer James Hilliard, it addresses incompatibilities between the competing SegWit2x and BIP148 protocols. Both bring SegWit to Bitcoin, except that SegWit2x refuses communication with BIP148, which would effectively cause Bitcoin to split in two. What’s
MGT Capital Investments has recently announced a Pilot Program to mine Ether and Ether Classic which will see the company purchase up to 60 GPU-based mining rigs. MGT to Mine Ether and Ether Classic MGT Capital Investments has recently announced a pilot program to mine Ether, the underlying token in the Ethereum blockchain. Led by John McAfee, MGT Capital made its foray into cryptocurrency mining last year with the launch of a Bitcoin mining operation and now
Bitcoin’s high price is causing GPU shortages in Russia. Customers are buying 600 Graphics Cards at a time in order to mine cryptocurrency in exchange for Bitcoin. Market Demand Outstripping Supply Russia is the latest country to hit the headlines with news of its shortage of GPUs driving prices of the cards up by 80%. Moscow-based IT distributor Treolan commented on the shortage, saying: Over the past two months, video card shipments have tripled, Market demand
Antpool mined its first SegWit2x block today, signaling approval for the implementation of the SegWit scaling proposal and a hard-fork to double the block size. Antpool Goes SegWit Antpool, the biggest mining pool in the Bitcoin ecosystem with over 14% of the global hashrate, has mined its first SegWit2x block today, signaling approval for the ambitious scaling agreement that seeks to implement the SegWit soft fork and a subsequent hard fork to increase block size capacity to 2MB.
Giga Watt Token Launch has raised $8 million to democratize access to the Washington state-based crypto mining operation founded by former Microsoft engineer Dave Carlson. [Note: This is a press release.] The facility allows anyone to participate in cryptocurrency mining through the WTT token, making attainable what has traditionally been an expensive, resource-reliant endeavor. WTT tokens represent the right to use the Giga Watt processing center’s capacity rent-free for 50 years, to accommodate 1 Watt’s
Nvidia, AMD, Intel and Micron as makers of hardware mining tools, such as GPUs and ASIC-based mining solutions, are tapped to profit the most from the new internet gold rush. Heigh-Ho, Heigh-Ho, It’s Off To Work We Go As the price of Bitcoin rises it has the knock-on effect of causing a rise in the rest of the cryptocurrency market with most other altcoins also seeing sizeable gains in value. These coins can be “mined” with
Following the AsicBoost controversy, Bitmain has now responded to the accusations of having purposefully programmed a backdoor into the firmware of multiple Antminer models. Bitmain Can Remotely Turn Off Its Miners In what is being called “Antbleed,” this backdoor could shut down 70% of the global Bitcoin network, which could put the world’s first decentralized cryptocurrency at great risk. “Bitmain has put themselves in a position where they can kill the majority of Bitcoin hashing power instantly,”
In a troubled economy, more and more Venezuelans are turning to Bitcoin mining despite risk of arrest by police for theft of electricity. Bitcoin as an Exit in Venezuela In 2005, when Randy Brito and his family fled Venezuela, he was only 14. The country’s economy was booming, but many middle class families such as Brito’s chose to leave the country because of widespread nationalizations of private enterprises. Brito moved to Spain with his family and
According to a new study published by the Cambridge Centre For Alternative Finance, Bitcoin miners have earned over $2 Billion in revenue since 2008, when the cryptocurrency was established.
Excuse me for indulging myself, but there are many points of view towards what may be an impending hard fork for Bitcoin. This may come across as a loosely coherent ramble, but at least it is short and sweet. There is enough here to put it on wax, so here’s what I see, in the big picture. This is in response to the Medium post created by Peter Rizun yesterday, outlining how this hard fork
The percentage of blocks that are signaling support for Bitcoin Unlimited has surpassed Segregated Witness, making it the most popular scaling solution at the moment. Scaling Bitcoin Scaling is the most important and pressing issue in Bitcoin at the moment. The current block size capacity allows for three to seven transactions per second to be made in the network. With many blocks getting close to being full, the Bitcoin network will soon be unable to
Bitcoin.com pool has lost 13.21 BTC or over $12,000 USD due to a bug in BitcoinUnlimited software, which caused it to mine a block bigger than 1MB. So…What Happened? Bitcoin.com, an information portal, which also provides mining pool services has lost out on 13.2 BTC due to a bug in the Bitcoin Unlimited software, which is used on the pool. Bitcoinist spoke with Bitcoin Unlimited developer Andrew Stone a.k.a. “theZerg” to figure out what really happened: Bitcoinist:
Venezuela has arrested a group of Bitcoin miners for allegedly “affecting stability” of the country’s electricity supply. Thirsty Work Causes Problems for Miners As reported in local news resource Criptonoticias, four people running 300 machines to mine bitcoins are now in custody in Charallave, Miranda province. The Venezuelan Scientific, Penal and Criminal Investigation Corps said that the operation, which also involved the selling of bitcoins on the country’s border, was having a negative impact on