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Frederik Nielsen - page 10

Frederik Nielsen has 101 articles published.

Taobao (Alibaba Subsidiary) Bans Cryptocurrencies

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taobao

Alibaba is perhaps best known for being the largest e-commerce marketplace in the world.

The platform is mainly geared towards the bulk sale of items of all kinds.

Many European businesses import goods from China by liaising directly with the manufacturers via Alibaba’s platform.

For smaller Chinese businesses or individuals, there is Taobao.

Set up in 2003, Taobao is owned by Alibaba, but functions more like a Chinese version of eBay.

Banning the sale of items related to cryptocurrencies is not a new phenomenon on Taobao.

Previously, sellers of tutorials on how to mine cryptocurrencies have had their items taken off the platform.

Now, however, Taobao is expanding its ruleset.

Anything remotely related to cryptocurrencies, ICOs, and blockchain will now be banned from the platform.

This also includes services like consultancies, ghostwriting, and technical services.

Bans are nothing new in China

For those who have been following the developments in China, this should come as no surprise.

ICOs and cryptocurrencies have not received a warm welcome.

The People’s Bank of China decided to ban all ICOs last year, and now they have banned cryptocurrencies altogether.

There is no ban on cryptocurrency mining yet, but given the current bans in place, it cannot be far away.

It is therefore understandable that Taobao has decided to penalize their users if they try to sell anything related to ICOs and cryptocurrencies.

If Taobao allowed their users to circumvent the bans issued by the People’s Bank of China, the whole platform would be at risk of being shut down.

Despite these bans, which could easily spell the end of the Chinese cryptocurrency community, many are optimistic.

Good news on the horizon

The People’s Bank of China recently had a change of leadership, and the new head of the bank has a very different view of the digital currencies.

According to Yi Gang, cryptocurrencies like Bitcoin provides the users with an unprecedented amount of freedom.

This stance could indicate that there is a good chance the People’s Bank of China will eventually revoke the bans.

Another factor that could give crypto-fans reason to be optimistic about the future is the Chinese government’s stance on blockchain technology.

Cryptocurrencies and ICOs have been banned, but blockchain has not.

That is because the Chinese government is very fond of the technology, and invested $1 billion in startup companies using blockchain.

Furthermore, the People’s Bank of China has the record for most blockchain related patents.

It, therefore, seems a bit counter-intuitive that the People’s Bank of China would issue the bans on ICOs and cryptocurrencies.

Why the mixed messages?

One of the reasons why could, of course, be that the Chinese government and the People’s Bank of China want full control over what the technology is being used for.

By limiting blockchain technology to the companies funded by the government startup fund, they will have that control.

What do you think about the new bans issued by the People’s Bank of China? And what about the Chinese government’s interest in blockchain?

Leave your opinions in the comment section!

IRS Questions Lack of Filing

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qompass

One of the reasons given for the sudden surge in Bitcoin value, which only happened recently, was that many American investors were selling their coins ahead of tax collection.

Whilst this may or may not have been the reason, the IRS (Internal Revenue Service) has now released data on exactly how many people have reported capital gains from their cryptocurrency investments.

The results are far from compelling – not even 1% of the traders dealing in cryptocurrencies have reported any of their activity yet.

With the deadline for tax filing fast approaching, the IRS questions the current state of affairs.

Few have reported capital gains from cryptocurrencies

The IRS has suggested that fewer than 100 individuals have reported any capital gains or losses on their cryptocurrency investments by April 13th.

Since there are a quarter million people thought to be involved in cryptocurrency trading, that comes out to less than 0.04%.

This is seen as somewhat suspicious, seeing as 2017 was a very good year for some – and very bad for others.

Regardless of what happened with the investments, the IRS expected quite a few reports on it.

That, however, did not happen.

Complexity could be the reason

One of the reasons for this could be the uncertainty surrounding how exactly to report such gains or losses.

A representative of Credit Karma, Jagjit Chawla, opines:

“There is a very good probability that the perceived complexities of reporting cryptocurrency gains are pushing filers to hold out till the quite past minute.”

However, the reporting of cryptocurrencies like Bitcoin should be nothing new to US investors.

The IRS has been providing guidance on how to report transactions for the past four years.

The fact that Bitcoin has been around, and presumably traded in, since 2008 should also be a cause for suspicion.

The IRS considers cryptocurrencies to be assets, which means that they are to be treated like any other physical property.

In this sense, cryptocurrencies are treated in the exact same way as making a profit from buying and selling houses or land.

Regardless of whether one is trading or mining cryptocurrencies, tax applies.

Nothing new under the sun

Despite the worryingly low figures, the IRS is used to this lack of activity.

The current figures are actually not very odd, considering that only 802 people filed any capital gains or losses back in 2015.

That said, the 2017 tax year saw a huge increase in cryptocurrency trading compared to the preceding years.

This has raised some suspicion and led some people to believe that cryptocurrency traders are underreporting on their activities.

The IRS, however, remains calm.

Although the deadline is approaching with increasing speed, there is still time for the cryptocurrency traders to file their capital gains and losses.

What do you think the reason for the late filing is? Are you a cryptocurrency trader? If so, why (or why not) would you wait with filing your gains and losses? Are the tax laws too complex?

Leave your comments below!

QOMPASS – Revolutionising Financial Markets

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Qompass Review

Qompass is an ambitious project with an even more ambitious vision: to revolutionize how the financial markets operate.

What is Qompass?

Qompass is a system that aims to provide users with a new way of accessing financial markets. Qompass comprises of three things: it’s a blockchain platform, it’s a mobile app, and it’s a debit card. It’s the Kinder Surprise of ICOs. The platform will be using Qompass tokens (called QPS), and the mobile app will function as a digital wallet, with which users can load credit onto their cards. The aim of the Qompass is to eliminate corruption on the global financial market by transforming it with blockchain technology.

Who is behind it?

The CEO of Qompass is Emmanuel Lim, who has over three decades of experience in data encryption and cryptography. Educated in Computer Science at Singapore Institute of Technology, his past experience includes working for Standard Chartered Bank as a head of their cybersecurity. Along with CTO Vladimir Okhrimenko and CFO Selena Neskovic, he founded Qompass in Hong Kong last year.

How does it work?

By using a combination of active leverage, artificial intelligence, and neural networks, Qompass aims to create an ecosystem of applications and protocols. In other words, the system will contain a number of services and products that will benefit users interacting with financial markets. As with other kinds of cryptocurrencies, Qompass is completely decentralized and protects the anonymity of its users. One of the added benefits is that the Qompass system will function much faster than current ones like Bitcoin and Ethereum. As a matter of fact, the developers promise that it will be able to process 30,000 transactions every second. One of the ways it will do this is by harnessing artificial intelligence. This will, in turn, lower the cost of usage, which will translate into lower transaction costs for its users. While the platform is built with financial transactions in mind, it is also designed with user customizability in mind.

What are the services and products?

Qompass promises quite a few interesting products and services for its users. The Qompass Trader uses artificial intelligence to analyze movements in the financial markets, and then provide the user with recommendations on what to trade when for maximum profit. The Open API Platform allows for financial institutions around the world to link up with the platform. The Crypto P2P Exchange is a peer-to-peer exchange that will allow users to cash out their QPS earnings through the financial institutions linked to the platform. The Blockchain-Based Financing will allow users to put down their QPS as guarantees on loans in other cryptocurrencies like Bitcoin. Finally, the Crypto Payment Cards will be the “debit card” that allows users to access the blockchain.

How much can you invest?

Qompass offers investors packages in three different tiers, that each come with different benefits. The Alpha Package (the smallest one) can be bought for just $1, and gives users the opportunity to double their investment each month, whilst paying a quarter of their earnings back into the platform. For those investing $10,001 or more, the Delta Package will allow for 200% return on investment each month, whilst only requiring 20% of the earnings to be paid in fees. Finally, the Omega Package ($100,001 and more) will give investors up to 300% back on their investment each month, and only requires 15% in performance fees.

bitcointalk username: Ico Friends

Is Bitcoin Making A Comeback?

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It was only a few days ago that journalists covering the fall of Bitcoin could still claim that the cryptocurrency was at its lowest point since its all-time high in December 2017.

Although the value of Bitcoin seemed to have stabilized in March, where it floated around $11,500 per coin, it plummeted further.

This steady decline was reflected in other cryptocurrencies like Ripple, Ethereum, and especially the altcoins.

Today, the tune is very different, as it would seem that the famous cryptocurrency has made a surprising, but not unwelcome, comeback in terms of value.

Bitcoin is back

Yesterday, the value of Bitcoin soared by a staggering 17%, which translated into an increase in value of more than $1,000.

Prior to this spike, the value was at an all-time low of $6,786, which meant that many investors had been losing sleep over the future of their assets for months.

The value of Bitcoin was yesterday morning at $8,011, which could on the surface seem like the Bitcoin is making a long-awaited comeback.

Many investors are therefore breathing a sigh of relief, as it could be a sign that the Bitcoin is on the way back up.

Skeptics don’t buy it

However, there are those who view this rise in value as a completely normal and predictable phenomenon.

Experts see this as a sign that investors have gone from long-term to short-term, meaning that day-traders are most likely the cause of the spike.

The head of BKCM, Brian Kelly, confirmed this in an official statement:

”Once bitcoin broke higher, shorts were squeezed and forced to cover.”

One of the developers for Cypher Capital seemed to agree:

“The ratio of short margin trades versus longs has been increasing recently. Buying volume ticked up today and a lot of these short trades got liquidated, helping fuel the rally.”

Others believe that the spike could be due to the fact that many Bitcoin investors owe taxes to the IRS, and are looking to pay off this debt by selling off their assets.

The host of the Bitcoin & Markets, Ansel Lindner, is one of those people:

“I think it’s just some pent-up market movement, [there is] some relief in the selling [ahead of tax day]”

The future’s still bright

What needs to be considered is the many bad news there has been in regards to the international cryptocurrency market.

Just recently, Canadian banks banned their clients from using their services to trade in cryptocurrencies.

This follows a string of other countries around the world which have imposed stricter regulations on cryptocurrency investors and exchanges.

These countries include, but are not limited to, the US, the UK, South Korea, Vietnam, India, and China.

What this means is that despite the increasing unpopularity surrounding cryptocurrencies, the perceived value is still high amongst the investors.

What do you think caused the sudden spike in Bitcoin? Do you think the experts are right in saying that it is simply to pay the IRS ahead of tax day? Or is it because the Bitcoin has stabilized?

Leave your comments below!

IAGON – The Cloud Technology of the Future

in Live ICOs by

Iagon Review

Since the emergence of cloud technology, businesses and private persons alike are storing their data remotely and using SaaS applications.

The cloud space is currently dominated by the likes of IBM, Microsoft, Google, and Amazon, as these giants have the capacity to host large amounts of data.

Just like the banks, however, their business relies on a centralized model – a model that will soon be outdated.

As the phenomena of Big Data and Artificial Intelligence become more prevalent in our society, the centralized models will not be able to cope with the increasing amounts of data.

Therefore, it would be advantageous if only there were a decentralized model businesses and consumers could rely on…

iagon1

Enter IAGON

According to their website, IAGON’s vision is “to create a Global Supercomputer, powered by Artificial Intelligence & Blockchain Technology”

Essentially, the company aims to marry two of the most revolutionizing technologies of the future: artificial intelligence and blockchain.

IAGON’s developers have created a platform that can be used by anyone on any smart device.

With its sophisticated AI, the platform is incredibly intuitive and only requires basic knowledge to operate.

By utilizing blockchain technology, the platform will furthermore provide its users with more safety than a centralized cloud service ever could.

The best part of it is perhaps the way users will be able to generate revenue for themselves via mining.

Whenever a user’s device is idle, the network will use its processing and storage capabilities, so no power ever goes to waste.

This means that all users in the network will essentially be using each other’s free storage, which is 100% safe due to the encryption.

In sum, IAGON offers a safer, faster, and wider-reaching solution than any current system out there.

iagon

So how does it all work?

Since the IAGON ecosystem depends on harnessing the processing and storage capabilities of the users in the network, it will only grow faster, stronger, and smarter as more users join.

As a user, you lend the idle power of your computer, server, data center or smart device, and receive tokens in return as compensation.

These tokens can then be traded for fiat money on any of the major cryptocurrency exchanges.

When you use the network for storage, you can rest assured that it will be safely encrypted – just like when you trade in Bitcoin or any other cryptocurrency.

Because the platform will integrate multi-distributed ledger technology, it will be able to utilize the networks of Tangle and Ethereum.

The network will also have contributors, offering their skills and capacities as and when they are available.

The network’s AI will then ensure that the contributors’ price is reasonable, by matching it to their level of expertise.

To summarize

IAGON is set to revolutionize the way we think about cloud technology and cryptocurrency mining.

Forget having to trust the current Internet giants with keeping your data safe in their centralized data centers.

Forget having to dedicate processing power and energy to mine for cryptocurrencies.

All this will change with IAGON.

bitcointalk username: Ico Friends

New Regulations from Canada to Vietnam

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The recent regulations rolled out across Western and Eastern countries do not seem to be letting up in the light of new issues.

Canadian Banks Impose Bans

Last month, the Canadian bank Toronto Dominion enacted a policy that would prevent their customers from buying cryptocurrencies using their services.

Another Canadian bank, the Royal Bank of Canada, also announced that it would begin to restrict the number of transactions involving cryptocurrencies.

Now the Bank of Montreal follows suit.

The bank, which is under the BMO Financial Group, just recently announced that their customers would not be able to use their debit and credit cards for the purposes of trading in (or with) cryptocurrencies.

This is could be seen as bad news for new and existing investors in cryptocurrencies, as their options will now be severely limited.

This has not stopped the traders, however. When one door closes, another one opens.

LocalBitcoins, which is a local P2P platform, allows for cryptocurrency transactions and has as a result of the bank ban increased their trades significantly – from $1.2 to $7.2 in just three weeks.

As with the recent bans imposed by social media platforms on the advertisement of cryptocurrencies, some investors even see the bank ban as a good thing.

Given that the whole philosophy behind cryptocurrencies is predicated on the fact that the current bank system is flawed, many welcome the ban as an opportunity.

By banning cryptocurrency transactions, banks are giving the investors one more reason not to use the traditional system to conduct business.

Skeptics of these new ways of doing business, as the traders do with LocalBitcoins, say that it will lead to disaster due to security concerns.

These concerns do not seem to phase Canadian cryptocurrency traders in the slightest, however.

Crypto-Scam in Vietnam Causes Trouble

Canada is not the only country recently taking a stricter stance on the cryptocurrency market.

Vietnam has recently experienced a massive case of fraud involving cryptocurrencies, and have as a result announced that Vietnamese traders should be wary.

As a result of this case, the State Bank of Vietnam and the Ministry of Public Securities have been told by the Prime Minister to impose stricter regulations on cryptocurrency trading.

The official website of the Vietnamese released a statement that said:

“Cryptocurrency investment and trading and raising money through initial coin offerings are evolving in a more complicated manner”

In the light of the recent scam, which is thought to involve the company Modern Tech JSC, the police authorities in Ho Chi Minh City have been put on alert.

Le Dong Phong, the chief of police in Ho Chi Minh City, made the following statement:

“All cryptocurrencies and transactions in cryptocurrencies are illegal in Vietnam. We are gathering information about the case, but officially we haven’t launched an investigation until we receive accusations from any of the alleged victims”

The Vietnamese banks have now been asked not to facilitate any further transactions involving cryptocurrencies.

What should be done?

What do you think can be done to prevent scams in the cryptocurrency markets? Do you think the restrictions imposed by Canada and Vietnam is the right response?

Leave your opinion in the comments below!

Eurasian Blockchain Association to Sue Internet Giants

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As anyone in the cryptocurrency community will be painfully aware of, a string of Internet giants have banned (or proposed to ban) cryptocurrency advertisements on their platforms.

Some of the most prominent of these companies include the likes of Google, Facebook, Twitter, MailChimp, and Reddit.

Facebook already put the ban on ICO adverts into effect at the end of January this year, and Twitter’s ban was just announced at the end of last month.

Although Google confirmed their ban in March as well, the ban will not come into effect until June later this year.

Finally, “Яндекс”, the biggest search engine in Russia, has now also announced that it impose a similar ban on ICOs.

Russia, in particular, stands to lose quite a lot on this kind of ban, as their contribution to the global ICO market is as much as 10%.

Why ban cryptocurrency advertisements?

The rationale behind this ban is that too many ICOs are scams, and the users of the online social media platforms must be protected.

This has caused some of the investors to worry that the value of their cryptocurrencies will plummet – and indeed some have.

Others have started suspecting that the timing of all the Internet giants deciding on a ban within a relatively short timeframe is due to collusion between them.

However, still other investors are optimistic about the situation. They say that the advertisement ban on social media will help weeding out the criminal elements of the cryptocurrency market.

And there are quite a few criminal elements: money laundering, trading of illegal substances, and scam artists peddling fraudulent ICOs.

Cryptocurrency associations strike back

Regardless of where one stands on the advertisement ban, there are now several organisations that have decided to file lawsuits against the major Internet companies in retaliation.

The organizations are based in a wide range of countries, including Russia, China, South Korea, Kazakhstan, Switzerland and Armenia, and have recently formed Eurasian Blockchain Association (EBA).

The organizations themselves include the Russian Association of Cryptocurrency and Blockchain, a Chinese association of crypto investors called LCBT, and the Korea Venture Business Associations, the Kazakhstan Blockchain and Cryptocurrency Association, the Swiss fintech company InnMind, and the Armenian Blockchain Association.

Pending lawsuit against Google, Facebook, and Twitter

The news about this joint lawsuit is hot off the press, and the world only found out about this move a little over a week ago.

The group of organizations is moving swiftly, however. With funding collected and stored in Estonia, the lawsuit is already set to be filed in New York next month.

Where the lawsuit will apply to is yet to be confirmed, as some states have more lax laws when it concerns cryptocurrencies.

What do you think of the proposed ban on cryptocurrency advertisements? Will the companies change their mind as the criminal elements slowly but surely disappear?

Leave your comments in the section below!

George Soros – from Sceptic to Investor

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The market for cryptocurrencies has matured, especially in the case of now well-established ones like Bitcoin, which has been in circulation since 2008.

As a result, many of those who were once very sceptical about the concept of digital currencies are now slowly being won over.

Some are even beginning to toy with the idea of investing in Bitcoin themselves. A great example of this is famous billionaire George Soros.

“Cryptocurrencies are a typical bubble” – George Soros

Mr. Soros has denounced Bitcoin several times in the past, and one of the reasons he has given is that cryptocurrencies will help foreign dictators in the same way that they aid criminal activity in the West.

On this subject, Mr. Soros has said:

There’s also as very innovative blockchain technology, which can be used for positive or negative purposes. Currently it’s used mostly for tax evasion and for people and the rulers and dictatorships to build a nest egg abroad.”

Another reason Mr. Soros has given for not caring much for Bitcoin, and cryptocurrencies in general, is that they are not currencies at all.

According to him, cryptocurrencies are nothing more than pure speculation with no intrinsic value:

Cryptocurrencies are a typical bubble, which is always based on some kind of misunderstanding. Bitcoin is not a currency, because a currency is supposed to be a stable store of value, and the currency that can fluctuate 25 percent in day cannot be used, for instance, to pay wages, because wages could drop by 25 percent in a day. So it’s a speculation, it’s based on misunderstanding.

A change of tune from George Soros

Now, however, things seem to have changed for the billionaire tycoon.

He has been indirectly involved with Bitcoin since August 2017, which makes his comments above very interesting, given that they came after his involvement with cryptocurrencies.

Overstock.com branded itself as the first major retailer to accept Bitcoin, and Soros is the third biggest shareholder of that company.

That alone is an indication that the businessman has changed his tune when it comes to blockchain technology and digital currencies.

The plot thickens

Things are now becoming much more interesting in the Soros camp.

Bloomberg reports that Soros Fund Management will now be investing in cryptocurrencies, ICOs, and blockchain technology directly.

Thus, Soros joins the ranks of many billionaire investors who have begun to speculate in digital currencies, such as John Burbank (who starting his funding round in January), and Alan Howard (who makes a significant personal income from cryptocurrencies and blockchain technology).

The example of George Soros perfectly describes the changing attitude of seasoned businesspeople and investors all over the world.

They have not achieved their status as moguls in the world of investment because they made foolish decisions.

Sometimes it pays to take it slow, and consider your options before making a leap of faith into a new market.

What do you think of the veteran investors changing their opinion on cryptocurrencies? Will this add to the credibility of the market? Or will they simply push out some of the early movers?

Leave your thoughts in the comments section below!

Asia Not Phased as Cryptocurrencies Plummet

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Anyone following the news about cryptocurrencies will be aware that the market is extremely volatile at the moment – perhaps more than it has ever been before.

This means many things. First of all, crypto-miners are having to revise their strategy (and energy bill) when it comes to the feasibility of their mining gig.

Secondly, day-traders are losing both money and interest in the market, as trading Bitcoins and other currencies are no longer as profitable as it used to be.

Conversely, long-term investors are now losing their scepticism and are showing a renewed interest in cryptocurrencies as a long-term investment.

Overall, many once-promising Bitcoin millionaires are now left with a bleak outlook on an uncertain future as the market is seemingly all over the place.

But this only holds true for the West. In the East, cryptocurrencies are perhaps as strong as ever.

Eastern Promises

For companies like BitPay, who, despite the massive drop in cryptocurrency value of the last few month, have somehow managed to secure over $70 in funds, the East shows a lot of promise in terms of expansion.

As a matter of fact, Asia is BitPay’s fastest growing market.

Not only are Asian business thrilled by the prospect of being able to have their invoices paid in one day, as opposed to the long process of traditional banking systems, but Asian consumers are increasingly using Bitcoin to pay for goods and services.

On top of the fast transactions, Asian businesses trading internationally are also happy to see a reduction of transaction fees down to a meagre 1% – much less than would be the case with regular bank transfers.

From China to Japan

In China, the all-around versatile app WeChat has now launched WeChat Pay, which is essentially a QR code that can be used as payment in almost any restaurant or retailer.

In Japan, Bitcoin has been accepted as legal tender for over a year now, and Japanese banks are in the process of developing their very own cryptocurrency called J-Coin.

One of the reasons why investors and entrepreneurs alike see an opening in Asia is that credit cards are not being used as widely there as it is here in the West.

This means that there is ample opportunity to start spreading the use of cryptocurrencies as an alternative form of payment.

Challenges ahead

There are of course challenges to be dealt with as well as opportunities to be seized.

One of the challenges is the fluctuating value of Bitcoin and other cryptocurrencies. Although the Asian market seems more enthusiastic about the technology, they are, like any other markets, not immune to the volatile nature.

Another challenge is whether or not technological advancement can keep up with the demand for cryptocurrencies – if there’s only a few places to pay with Bitcoin, it will lose some of its appeal.

What do you think of the Asian approach to cryptocurrencies? Do you feel like the West could learn a thing or two about the Eastern mentality? And what about the challenges? Will Asian investors and entrepreneurs face the same issues as Western ones?

Leave your comments below!

Is the Crypto-Mining Rush Fading?

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Bitcoin mining

Mining cryptocurrencies has been a easy and profitable business or pastime for many people – but that may be changing now.

For those in the know, mining cryptocurrencies, like Bitcoin, demands a lot of processing power from your computer, and will also very quickly rack up your electricity bill.

Students are ‘dropping out’

For this reason, university students in the US have been at an advantage, because their electricity bill is often included in the rent for their dorm rooms.

This hasn’t changed, but what has changed is the increase in mining costs, combined with a fall in many of the cryptocurrencies being mined.

Crypto-miners are not alone in facing these issues – it affects avid gamers too. The rising cost is linked to the graphics cards used in computers, and these graphic cards alone can easily cost as much as the average person spends on a whole laptop.

mining

Is mining still feasible?

Whereas university students were making quite a lot of money off of mining in the past, these days it can yield as little as $100 per month – which, if they paid for the electricity themselves, would not be a feasible business for the students.

One student reported that he last year managed to mine .00027 Bitcoins daily, but that it cost him 24 kilowatt of electricity to mine. With the soaring price in Bitcoin back then, it seemed like a great idea – these days, it’s a less attractive option.

The simple reason why crypto-mining is becoming more expensive is due to the fact that currencies like Bitcoin are inflation-proof: the system is set up in a way that there is a limit to how many Bitcoins can be in circulation at any one time.

This means that mining Bitcoin, for example, becomes more difficult as time passes. The equation computers need to solve to yield Bitcoins become harder the more Bitcoins are in circulation.

As the amount of Bitcoins comes closer to the limit, mining will only be possible for those with the most sophisticated computers – and those who can afford the incredibly expensive energy bill.

Mining costs around the world

The price of mining Bitcoins varies depending on where you are in the world. In South Korea, for example, the price of mining a Bitcoin is double of what Bitcoins are currently worth. Anyone mining in South Korea would therefore have to be very confident that the value of Bitcoin will go up.

In Venezuela, conversely, the government subsidizes the energy, and so the price for mining one Bitcoin is only around $500 – around 1/20th of the current value of Bitcoins.

The US falls somewhere in the middle – depending on which state you’re in, mining a Bitcoin will cost you around $3,000-4,000. So for the US citizens, mining is still a profitable business.

For those considering to begin mining Bitcoins, there are some good news on the horizon, however. Intel is currently working on a solution that will lower the power consumption of computers used for mining.

Have you been affected by the rising cost in mining? Leave your comments below!

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