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Where is the future of Bitcoin mining?

Ever since mining Bitcoin became popular, the computational power required to mine it has increased. This means that it is requiring more energy and is, therefore, becoming less lucrative for miners. One way that miners are trying to maintain their profitability is by decreasing their energy costs. The added benefit of this is that it reduces the environmental cost as well.  Mining a single Bitcoin now consumes 20 barrels of oil. This is an astonishingly high amount, although, with the current value of Bitcoin standing at over $6,000, this equates to the value of around 100 barrels of oil. So,...

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South Korea announces plans to regulate Bitcoin

After months of toing and froing, South Korea has now made the decision to start to regulate Bitcoin. The Far East country will now treat the cryptocurrency as a commodity, rather than a currency. The governor of the Central Banks of Korea, Lee Joo-yeol, recently made the announcement and made it clear that “Regulation is appropriate because it is regarded as a commodity. It [cannot be] regulated at the level of a currency.” They have come to this decision based on the definition of the BIS (Bank of International Settlements). This regulation is not due to come into force anytime...

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Amazon to begin accepting Bitcoin?

A rumour has swept the internet in recent days suggesting that Amazon, the world's largest online retailer, will soon start accepting Bitcoin as a method of payment. This would be a massive step forward for the cryptocurrency and massively increase awareness of Bitcoin among the general population. Who is accepting Bitcoin To date, a number of companies have begun accepting Bitcoin as means of payment. However, this has often been more of a PR stunt than a genuine attempt to attract customers who actually use Bitcoin. Amazon moving to accept Bitcoin would be on a different scale. Simply seeing the...

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Bitcoin or black gold?

It takes a lot of computing power to mine a Bitcoin, but what is the real cost in dollar terms and how might that be arbitraged against the cost of a barrel of crude oil? Well, the best estimate of the electrical cost of a Bitcoin is $400 minimum. A dozen or so Bitcoins are mined every minute - that’s 1,400 per day, and there will never be more than 21 million allowed. The price of Bitcoin has risen astronomically over the past couple of years, so the electrical cost is more and more worthwhile.  If you decide to go...

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People underestimating the power of Bitcoin says Thiel

When someone like Peter Thiel says positive things about Bitcoin and thinks more people should seriously consider it as a valuable commodity, then it is worth listening! Speaking in Riyadh, Saudi Arabia where he was attending a Future Investment conference, Thiel spoke about Bitcoin and the high-esteem he appears to hold it in. Bitcoin could end up like gold  One of the most startling points made by Thiel in his speech was the comparison of Bitcoin to the classic safe-haven commodity, Gold. He likened the cryptocurrency to Gold as it is a reserve form of money in a similar way....

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