Day: June 7, 2019

Poloniex Users Threaten to Sue After Losing $13.5M in CLAM Flash Crash

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By CCN: U.S.-based cryptocurrency exchange Poloniex has revealed that its lenders lost $13.5 million in a sudden CLAM price crash. To cover its losses, the exchange slashed the principal of active BTC loans by approximately 16%. Now outraged Poloniex users are calling the move a “theft” and considering launching a lawsuit against the exchange. An Eye-Popping 1,800 BTC Lost in Two Hours The CLAM market suffered a major crash. | Source: CoinMarketCap On May 26, CLAM’s price fell from $20.30 to $6.10 in a two-hour flash crash. The sudden price…

Over 74% of Bitcoin Mining is Powered by Renewable Energy

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Cryptocurrency investment products and research firm CoinShares estimates that 74.1% of bitcoin (BTC) mining is powered by renewable energy in its bi-annual mining report published on June 5. The report also claims that “at current prices, the average miner is highly profitable, with even older gear and high-cost producers currently able to make positive ROI.” The paper also notes that bitcoin mining operations are concentrated where there is ample renewable energy supply. Still, the report also notes: “The renewables estimate is down from 77.8% in our November 2018 report and…

Bitcoin (BTC) Reject Lower Prices, IRS To Clarify On Basic Tax Issues

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BTC bulls absorbing sell shocks IRS to clarify emerging concerns in their next update probably in Q3 2019 The IRS is set to issue another crypto tax guideline at a tentative time this year after five years of silence. That will better clarify their position as they address pressing queries around crypto valuation, forks, and Air Drops. Meanwhile, BTC is on a recovery path, adding 2.4 percent in 24 hours. Bitcoin Price Analysis Fundamentals Paying taxes is an obligation. It is mandatory and is a way of enabling governments to…

Ethereum (ETH) Recoil From $230, Poised For A 10-Year Rally

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Ethereum (ETH) stable Darma confident, expects ETH to rally Sellers may be ahead after this week’s drawdown, but that is unnerving to Darma. The hedge fund founders are optimistic, expecting a 10-year ETH bull run. At the time of writing, ETH is edgy, snapping back to trend and stabilizing in the last day. Ethereum Price Analysis Fundamentals The bear market of 2018 damaged portfolios. Prices freely fell, and many projects folded as a result. Thirteen months later, there is a ray of hope for Ethereum and its native currency, Ether.…

How Justified Is the Exuberance Around Apple’s Developer CryptoKit?

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Yannick Sierra, security engineering and architecture manager for Apple, opened up the cryptography session at the 2019 Apple Worldwide Developers Conference and presented the CryptoKit with these words: Welcome to the bitcoin session! (Laughter in the room). Kidding — welcome to Cryptography and Your Apps session! This opening quote ended up being the only reference to cryptocurrencies or blockchain throughout the entire presentation of CryptoKit — Apple’s new framework for app developers designed to simplify building security-enhancing cryptographic functionality. Sierra’s joke was likely in recognition of how eagerly the crypto community anticipated…

Bitcoin Price Pierces $8,000 as Bulls Defy Bearish Warnings

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By CCN: The bitcoin price zoomed across the psychologically-crucial $8,000 mark as the flagship cryptocurrency continued to claw back the losses it incurred during the recent market downturn. Bitcoin Price Zooms to Four-Day High Bitcoin zooms past $8,000 shortly after 12:15 pm ET. | Source: BitcoinWisdom.io Bitcoin had languished below $8,000 for much of the past three days, following a brutal correction that smacked BTC/USD as low as $7,432 on Bitstamp, more than 18 percent off the year-to-date peak of $9,096 it set on May 30. However, shortly after 12…

Crypto Market OpenBazaar Confirms Upcoming Support for Ethereum

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By CCN: Casually, OpenBazaar announced this week that it would be adding support for Ethereum. A random promotional tweet from the OpenBazaar account led one follower to ask about support for Ether and Dai, the algorithmic stablecoin which has over 1% of Ethereum locked in its contracts. The official account for the marketplace responded that Ethereum support is almost complete: OpenBazaar confirmed to a Twitter follower that Ethereum support is almost complete. Source: Twitter First Ethereum, Then Tokens? OpenBazaar is a decentralized, censorship-resistant commerce application that allows anyone to sell…

74% of the World’s Bitcoin Mining Operations Driven by Renewable Energy Says Report

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There’s a lot of debate over whether bitcoin mining is bad for the environment. Many bureaucrats and mainstream media pundits claim that mining is wasteful and bitcoin’s energy consumption cannot be ignored. However, these claims have been refuted in the past and on June 6, Coinshares published a report that details mining is not environmentally imprudent but rather 74.1% of the Bitcoin mining industry is “heavily” driven by renewable energy sources. Also read: Report Insists ‘Bitcoin Was Not Purpose-Built to First Be a Store of Value’ Bitcoin Mining Operations and…

74% of the World’s Bitcoin Mining Operations Driven by Renewable Energy Says Report

boss

There’s a lot of debate over whether bitcoin mining is bad for the environment. Many bureaucrats and mainstream media pundits claim that mining is wasteful and bitcoin’s energy consumption cannot be ignored. However, these claims have been refuted in the past and on June 6, Coinshares published a report that details mining is not environmentally imprudent but rather 74.1% of the Bitcoin mining industry is “heavily” driven by renewable energy sources. Also read: Report Insists ‘Bitcoin Was Not Purpose-Built to First Be a Store of Value’ Bitcoin Mining Operations and…

Indian Lawmakers Propose Adoption of 10-Year Jail Term for Crypto Dealings

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Indian lawmakers have reportedly proposed to enforce a 10-year jail term for citizens who deal with cryptocurrencies, local financial news agency BloombergQuint reports on June 6. The new tough crypto regulation is a part of a recently proposed draft bill called “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019,” according to a report by crypto news outlet The Block. The regulation will reportedly relate to those who mine, hold, buy and sell cryptocurrencies, as well as those who deal with cryptocurrencies directly or indirectly in the country. If…