Month: June 2019

Iran Says Power Grid Hit By Cryptocurrency-Mining Surge

Iran has blamed an “unusual” spike in electricity consumption in the country on cryptocurrency miners, while warning that such illicit operations will be cut off from the grid.

Speaking earlier this week, Iranian Energy Ministry spokesman Mostafa Rajabi said increased digital-currency mining within the country had made the power grid “unstable” and caused problems for consumers.

The warning followed the shutting down of two cryptocurrency mining farms in the central province of Yazd, state-controlled TV reported on June 27.

The report said the mining farms, located in abandoned factories, had about 1,000 bitcoin mining machines.

Rajabi said electricity consumption in the Iranian month of Khordad, ending on June 21, increased by 7 percent, and that a large part of the hike was the result of digital-mining activities that involved high-powered computers.

He said a special price had not yet been set for the power used by cryptominers, though the government is reviewing an Energy Ministry proposal for such pricing.

Rajabi said the power for mining each Bitcoin equaled the power used by 24 residential units for an entire year.

Media reports have suggested cryptocurrency mining is increasing in Iran due to the relatively low electricity costs in the country, where it is heavily subsidized.

Earlier this month, Iran’s deputy energy minister suggested there was an increasing number of cryptomining units operating in Iran, with some being based in locations such as “schools and mosques” that receive electricity for free.

The government daily Iran reported on a cryptocurrency-mining farm in forests in the north of the country where a 35-year-old man said he had installed cryptomining rigs next to his greenhouses to take advantage of the subsidized electricity he receives for operating an agricultural site.

The New York Times reported earlier this year on a Bitcoin mining site located in the desert outside the capital, Tehran.

A report by the Chinese site 8BTC, widely…

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This Israeli cryptocurrency may be giving Facebook a run for its money – Business

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Libra is a dumbed-down version of the bancor

Letter updates

At the Bretton Woods conference that created the postwar global financial system, JM Keynes argued for the creation of the bancor, a new currency that central banks would use to settle transactions between them. The lack of such an instrument has severely constrained central banks’ and governments’ policies. Libra is, in effect, a dumbed-down retail version of the bancor. As Chris Hughes pointed out…

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Bancor Seeks to Exclude US Users From Trading Over Regulatory Uncertainty

Decentralized exchange platform Bancor plans to restrict United States residents from trading tokens on July 8, the company confirmed in a blog post on June 18.

Citing a lack of clarity from regulators, executives said they took the decision to ban all users with a U.S. IP address from exchanging cryptocurrency.

“This decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most judicious decision for all the members of our ecosystem,”…

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RavenCoin Price Analysis RVN / USD: Phoenix Rising

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  • RavenCoin has a bullish short-term bias with the cryptocurrency still trading above key technical support on the four-hour time frame
  • The four-hour time frame continues to show a large bullish pattern
  • The daily time frame is currently showing multiple bullish patterns

Fundamental Analysis

RavenCoin has surged after the project has announced listing on the Crypto.com. Users will be able to purchase RVN using bank transfers and credit cards, which should increase the…

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Bancor Seeks to Exclude US Users From Trading Over Regulatory Uncertainty

Decentralized exchange platform Bancor plans to restrict United States residents from trading tokens on July 8, the company confirmed in a blog post on June 18.

Citing a lack of clarity from regulators, executives said they took the decision to ban all users with a U.S. IP address from exchanging cryptocurrency.

“This decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most judicious decision for all the members of our ecosystem,”…

Read more…

Bancor Seeks to Exclude US Users From Trading Over Regulatory Uncertainty

Decentralized exchange platform Bancor plans to restrict United States residents from trading tokens on July 8, the company confirmed in a blog post on June 18.

Citing a lack of clarity from regulators, executives said they took the decision to ban all users with a U.S. IP address from exchanging cryptocurrency.

“This decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most judicious decision for all the members of our ecosystem,”…

Read more…

Crypto.com Lists Ravencoin’s RVN

With RVN added to the Crypto.com App, users can now purchase these tokens at true cost with no fees – credit card and bank transfer both supported. As Crypto.com also offers the MCO Visa Card, this adds additional utility to RVN as users can easily convert cryptocurrencies into fiat currencies and spend at over 40m merchants globally.

Kris Marszalek, Co-Founder and CEO of Crypto.com said: “We are pleased to make Crypto.com a platform for the Ravencoin community to purchase RVN at true…

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Bancor is cutting off US users from trading on its DEX

Bancor, the decentralized trading platform, is closing its doors to U.S.-based traders, the firm announced Tuesday.

“US citizens, domiciliaries or users from US IPs will no longer be able to use Bancor’s web application, https://www.bancor.network, to convert tokens,” Bancor said. In other words, users will lose the ability to swap coins. However users will still be able to move coins on and off the platform, according to the blog.

It’s the latest development in the murky regulatory market…

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Bancor is cutting off US users from trading on its DEX

Bancor, the decentralized trading platform, is closing its doors to U.S.-based traders, the firm announced Tuesday.

“US citizens, domiciliaries or users from US IPs will no longer be able to use Bancor’s web application, https://www.bancor.network, to convert tokens,” Bancor said. In other words, users will lose the ability to swap coins. However users will still be able to move coins on and off the platform, according to the blog.

It’s the latest development in the murky regulatory market…

Read more…

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