Posts
- Get link
- Other Apps
The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak
Welcome to the final installment of The Daily for 2018. It seems fitting that the year’s ultimate edition should focus on one of 2018’s overarching themes within the cryptoconomy – stablecoins. We’ve also got space to squeeze in a critique of Augur’s crowdsourced prediction market and to consider yet another bitcoin-based Patreon alternative.
Also read: 1 in 7 Chinese Have Invested in Cryptocurrency
Regulated Stablecoins Attract Ire
Regulated stablecoins such as USDC, PAX, and GUSD have become increasingly popular through the latter half of 2018. These dollar-pegged coins, which are promoted as a more clearly audited take on tether (USDT), require corresponding fiat deposits for each token in circulation. One trader has ran into trouble, however, when trying to redeem his PAX tokens for fiat currency, with the story provoking mixed reactions from the crypto community. CCN first reported on the trader, who was asked a plethora of questions by Paxos, the issuer of the PAX stablecoin, when cashing out.
While such companies are obliged to perform compliance checks, the scope and depth of the questions posed has taken many observers by surprise. Among other things, Paxos sought to determine the owners of the PAX that were being redeemed as well as information about the individual’s trading strategy. As crypto lawyer Stephen Palley pointed out, though, the fact that numerous transactions were set to cash out just under $10,000, in a bid to escape enhanced scrutiny, may have ironically been what triggered Paxos’ interest.
Multiple transactions valued at a few dollars less than $10k on the same day. Yeah. Good luck. https://t.co/O963pIZGhE
— Palley (@stephendpalley) December 31, 2018
Regardless of the merits of Paxos’ investigation into the anonymous trader, the incident has strengthened the case for fully decentralized stablecoins such as dai, which is collateralized against other crypto assets rather than being backed by fiat deposits.
Crowd Wisdom Not as Wise as First Predicted
Augur’s crowdsourced prediction market has run into fresh controversy, this time over the veracity of one of its wagers. The decentralized marketplace, which launched to great fanfare earlier this year, utilizes so-called crowd power to enable bettors to reach consensus on the likelihood of a prediction coming to pass. Augur has just paid out on a wager that queried how many hurricanes would strike the U.S. this year.
Augur is a way for whoever has the most money to claim they are right regardless of facts. https://t.co/pU8wcOfr7U
— David Gerard (@davidgerard) December 29, 2018
The market settled the outcome based on there being two hurricanes that made landfall on American soil, but there’s just one problem – the correct answer is three. While crowd consensus has been shown to be an accurate arbiter, the incorrect resolution of this particular prediction, which should have been set at three to accommodate Hurricane Olivia reaching Hawaii, shows that crowds, like the individuals who comprise them, are still fallible. With only 0.62 ETH resting on the outcome of the hurricane prediction, its errant resolution has at least caused little financial damage.
A Wild Patreon Alternative Appears
Following a year of constant censorship by dominant web platforms, beleaguered users have begun seeking out alternatives that aren’t so hasty to throw down the banhammer. In the last two days, we’ve reported on a brace of bitcoin-based Patreon alternatives that have appeared – Tallycoin and Bitbacker.io. Now there’s a third. Librepatron, backed by BTC Pay server, enables anyone to set up a Patreon-like service with payments collected in BTC. “Most Patreon alternatives don’t implement the full Patreon feature set,” explained developer Jeff Vandrew. “This seeks to change that.”
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak appeared first on Bitcoin News.
The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak
Welcome to the final installment of The Daily for 2018. It seems fitting that the year’s ultimate edition should focus on one of 2018’s overarching themes within the cryptoconomy – stablecoins. We’ve also got space to squeeze in a critique of Augur’s crowdsourced prediction market and to consider yet another bitcoin-based Patreon alternative.
Also read: 1 in 7 Chinese Have Invested in Cryptocurrency
Regulated Stablecoins Attract Ire
Regulated stablecoins such as USDC, PAX, and GUSD have become increasingly popular through the latter half of 2018. These dollar-pegged coins, which are promoted as a more clearly audited take on tether (USDT), require corresponding fiat deposits for each token in circulation. One trader has ran into trouble, however, when trying to redeem his PAX tokens for fiat currency, with the story provoking mixed reactions from the crypto community. CCN first reported on the trader, who was asked a plethora of questions by Paxos, the issuer of the PAX stablecoin, when cashing out.
While such companies are obliged to perform compliance checks, the scope and depth of the questions posed has taken many observers by surprise. Among other things, Paxos sought to determine the owners of the PAX that were being redeemed as well as information about the individual’s trading strategy. As crypto lawyer Stephen Palley pointed out, though, the fact that numerous transactions were set to cash out just under $10,000, in a bid to escape enhanced scrutiny, may have ironically been what triggered Paxos’ interest.
Multiple transactions valued at a few dollars less than $10k on the same day. Yeah. Good luck. https://t.co/O963pIZGhE
— Palley (@stephendpalley) December 31, 2018
Regardless of the merits of Paxos’ investigation into the anonymous trader, the incident has strengthened the case for fully decentralized stablecoins such as dai, which is collateralized against other crypto assets rather than being backed by fiat deposits.
Crowd Wisdom Not as Wise as First Predicted
Augur’s crowdsourced prediction market has run into fresh controversy, this time over the veracity of one of its wagers. The decentralized marketplace, which launched to great fanfare earlier this year, utilizes so-called crowd power to enable bettors to reach consensus on the likelihood of a prediction coming to pass. Augur has just paid out on a wager that queried how many hurricanes would strike the U.S. this year.
Augur is a way for whoever has the most money to claim they are right regardless of facts. https://t.co/pU8wcOfr7U
— David Gerard (@davidgerard) December 29, 2018
The market settled the outcome based on there being two hurricanes that made landfall on American soil, but there’s just one problem – the correct answer is three. While crowd consensus has been shown to be an accurate arbiter, the incorrect resolution of this particular prediction, which should have been set at three to accommodate Hurricane Olivia reaching Hawaii, shows that crowds, like the individuals who comprise them, are still fallible. With only 0.62 ETH resting on the outcome of the hurricane prediction, its errant resolution has at least caused little financial damage.
A Wild Patreon Alternative Appears
Following a year of constant censorship by dominant web platforms, beleaguered users have begun seeking out alternatives that aren’t so hasty to throw down the banhammer. In the last two days, we’ve reported on a brace of bitcoin-based Patreon alternatives that have appeared – Tallycoin and Bitbacker.io. Now there’s a third. Librepatron, backed by BTC Pay server, enables anyone to set up a Patreon-like service with payments collected in BTC. “Most Patreon alternatives don’t implement the full Patreon feature set,” explained developer Jeff Vandrew. “This seeks to change that.”
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak appeared first on Bitcoin News.
- Get link
- Other Apps
FOX NEWS: Year in review: 2018 saw a shake-up for Congress, devastating Western wildfires and a remarkable rescue in Thailand
FOX NEWS: Year in review: 2018 saw a shake-up for Congress, devastating Western wildfires and a remarkable rescue in Thailand
- Get link
- Other Apps
The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak
Welcome to the final installment of The Daily for 2018. It seems fitting that the year’s ultimate edition should focus on one of 2018’s overarching themes within the cryptoconomy – stablecoins. We’ve also got space to squeeze in a critique of Augur’s crowdsourced prediction market and to consider yet another bitcoin-based Patreon alternative.
Also read: 1 in 7 Chinese Have Invested in Cryptocurrency
Regulated Stablecoins Attract Ire
Regulated stablecoins such as USDC, PAX, and GUSD have become increasingly popular through the latter half of 2018. These dollar-pegged coins, which are promoted as a more clearly audited take on tether (USDT), require corresponding fiat deposits for each token in circulation. One trader has ran into trouble, however, when trying to redeem his PAX tokens for fiat currency, with the story provoking mixed reactions from the crypto community. CCN first reported on the trader, who was asked a plethora of questions by Paxos, the issuer of the PAX stablecoin, when cashing out.
While such companies are obliged to perform compliance checks, the scope and depth of the questions posed has taken many observers by surprise. Among other things, Paxos sought to determine the owners of the PAX that were being redeemed as well as information about the individual’s trading strategy. As crypto lawyer Stephen Palley pointed out, though, the fact that numerous transactions were set to cash out just under $10,000, in a bid to escape enhanced scrutiny, may have ironically been what triggered Paxos’ interest.
Multiple transactions valued at a few dollars less than $10k on the same day. Yeah. Good luck. https://t.co/O963pIZGhE
— Palley (@stephendpalley) December 31, 2018
Regardless of the merits of Paxos’ investigation into the anonymous trader, the incident has strengthened the case for fully decentralized stablecoins such as dai, which is collateralized against other crypto assets rather than being backed by fiat deposits.
Crowd Wisdom Not as Wise as First Predicted
Augur’s crowdsourced prediction market has run into fresh controversy, this time over the veracity of one of its wagers. The decentralized marketplace, which launched to great fanfare earlier this year, utilizes so-called crowd power to enable bettors to reach consensus on the likelihood of a prediction coming to pass. Augur has just paid out on a wager that queried how many hurricanes would strike the U.S. this year.
Augur is a way for whoever has the most money to claim they are right regardless of facts. https://t.co/pU8wcOfr7U
— David Gerard (@davidgerard) December 29, 2018
The market settled the outcome based on there being two hurricanes that made landfall on American soil, but there’s just one problem – the correct answer is three. While crowd consensus has been shown to be an accurate arbiter, the incorrect resolution of this particular prediction, which should have been set at three to accommodate Hurricane Olivia reaching Hawaii, shows that crowds, like the individuals who comprise them, are still fallible. With only 0.62 ETH resting on the outcome of the hurricane prediction, its errant resolution has at least caused little financial damage.
A Wild Patreon Alternative Appears
Following a year of constant censorship by dominant web platforms, beleaguered users have begun seeking out alternatives that aren’t so hasty to throw down the banhammer. In the last two days, we’ve reported on a brace of bitcoin-based Patreon alternatives that have appeared – Tallycoin and Bitbacker.io. Now there’s a third. Librepatron, backed by BTC Pay server, enables anyone to set up a Patreon-like service with payments collected in BTC. “Most Patreon alternatives don’t implement the full Patreon feature set,” explained developer Jeff Vandrew. “This seeks to change that.”
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak appeared first on Bitcoin News.
The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak
Welcome to the final installment of The Daily for 2018. It seems fitting that the year’s ultimate edition should focus on one of 2018’s overarching themes within the cryptoconomy – stablecoins. We’ve also got space to squeeze in a critique of Augur’s crowdsourced prediction market and to consider yet another bitcoin-based Patreon alternative.
Also read: 1 in 7 Chinese Have Invested in Cryptocurrency
Regulated Stablecoins Attract Ire
Regulated stablecoins such as USDC, PAX, and GUSD have become increasingly popular through the latter half of 2018. These dollar-pegged coins, which are promoted as a more clearly audited take on tether (USDT), require corresponding fiat deposits for each token in circulation. One trader has ran into trouble, however, when trying to redeem his PAX tokens for fiat currency, with the story provoking mixed reactions from the crypto community. CCN first reported on the trader, who was asked a plethora of questions by Paxos, the issuer of the PAX stablecoin, when cashing out.
While such companies are obliged to perform compliance checks, the scope and depth of the questions posed has taken many observers by surprise. Among other things, Paxos sought to determine the owners of the PAX that were being redeemed as well as information about the individual’s trading strategy. As crypto lawyer Stephen Palley pointed out, though, the fact that numerous transactions were set to cash out just under $10,000, in a bid to escape enhanced scrutiny, may have ironically been what triggered Paxos’ interest.
Multiple transactions valued at a few dollars less than $10k on the same day. Yeah. Good luck. https://t.co/O963pIZGhE
— Palley (@stephendpalley) December 31, 2018
Regardless of the merits of Paxos’ investigation into the anonymous trader, the incident has strengthened the case for fully decentralized stablecoins such as dai, which is collateralized against other crypto assets rather than being backed by fiat deposits.
Crowd Wisdom Not as Wise as First Predicted
Augur’s crowdsourced prediction market has run into fresh controversy, this time over the veracity of one of its wagers. The decentralized marketplace, which launched to great fanfare earlier this year, utilizes so-called crowd power to enable bettors to reach consensus on the likelihood of a prediction coming to pass. Augur has just paid out on a wager that queried how many hurricanes would strike the U.S. this year.
Augur is a way for whoever has the most money to claim they are right regardless of facts. https://t.co/pU8wcOfr7U
— David Gerard (@davidgerard) December 29, 2018
The market settled the outcome based on there being two hurricanes that made landfall on American soil, but there’s just one problem – the correct answer is three. While crowd consensus has been shown to be an accurate arbiter, the incorrect resolution of this particular prediction, which should have been set at three to accommodate Hurricane Olivia reaching Hawaii, shows that crowds, like the individuals who comprise them, are still fallible. With only 0.62 ETH resting on the outcome of the hurricane prediction, its errant resolution has at least caused little financial damage.
A Wild Patreon Alternative Appears
Following a year of constant censorship by dominant web platforms, beleaguered users have begun seeking out alternatives that aren’t so hasty to throw down the banhammer. In the last two days, we’ve reported on a brace of bitcoin-based Patreon alternatives that have appeared – Tallycoin and Bitbacker.io. Now there’s a third. Librepatron, backed by BTC Pay server, enables anyone to set up a Patreon-like service with payments collected in BTC. “Most Patreon alternatives don’t implement the full Patreon feature set,” explained developer Jeff Vandrew. “This seeks to change that.”
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post The Daily: Arguing Over Augur, Regulated Stablecoins Attract Flak appeared first on Bitcoin News.
- Get link
- Other Apps
FOX NEWS: Lessons of New York City's 'broken windows' policing: The idea that reduced crime and made America's cities safer
FOX NEWS: Lessons of New York City's 'broken windows' policing: The idea that reduced crime and made America's cities safer
- Get link
- Other Apps
FOX NEWS: Sanctuary city debate reignited after a California police officer is murdered: Will lawmakers finally work together?
FOX NEWS: Sanctuary city debate reignited after a California police officer is murdered: Will lawmakers finally work together?
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
Two Mining Companies Among Georgia’s Major Electricity Consumers
Two companies mining cryptocurrencies have topped a list of the largest consumers of electricity in Georgia. In this crypto-friendly nation, however, that’s not necessarily a sin or a disadvantage. Energy-intensive enterprises in the Caucasian country purchase the power they need at wholesale prices.
Also read: Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry
Bitcoin Miners Buy Electricity on Wholesale Market
Georgia is among several jurisdictions in the post-Soviet space that have been attracting crypto miners with lax regulations and relatively low operating costs, including the price of electricity which is a major expense in the business of minting digital coins. Reports earlier this year have indicated that the country ranks second only to China in terms of mining profitability. According to Eurostat, in the first half of 2018 the average electricity price for Georgian households was just under €0.07 per kWh (~$0.08) and less than €0.05 per kWh (~$0.06) for non-household consumers.
Two Georgian mining companies – Geo Service and BFDS – have now been included in a list of five largest consumers of electricity that also includes the metallurgical enterprise Georgian Manganese, the utility company Georgian Water and Power (GWP) and Kutaisi Investments. What’s more, the crypto businesses are leading the group mentioned in a report about Georgia’s projected electric power balance for 2019, Business Gruzia reported.
According to government data, the two mining companies have used a total of 55.6 million kWh in the month of November. And for a period of seven months, Geo Service has consumed almost 108 million kWh, while BFDC Georgia, a company owned by the mining hardware manufacturer Bitfury, used another 339 million kWh.
All the five companies operate energy-intensive facilities. And in Georgia, such enterprises purchase the electricity they need on a separate, wholesale market and directly from producers and importers. That allows them to bypass the distribution utilities which charge additional fees. According to Georgia Today, these intermediaries will raise the tariffs for other groups of consumers in January, after approval from the Georgian National Energy and Water Supply Regulatory Commission.
Georgia to Consume Over 14 Billion kWh in 2019
According to the electric power balance report, the electricity consumption of the whole country during the next year is expected to reach 14.2 billion kWh. The large consumers which buy their electricity directly from the producers, and not from the utilities Telasi (2.9 billion kWh) and Energo Pro (6.59 billion kWh), will need a total of 2.7 billion kWh.
The forecast published by the Sarke news agency shows that In 2019 Georgia’s own electricity generation capacities will produce up to 12.7 billion kWh, while the imported electricity will amount to 2.8 billion kWh. The country is heavily reliant on its hydroelectric power stations which will generate around 10.3 billion kWh, with thermal power stations projected to produce 2.3 billion kWh and the Kartli wind park – 86 million kWh.
Mining as a business and a source of income has gain popularity in the whole Transcaucasian region. Bitcoin farms have spread so fast in Abkhazia, a breakaway territory in northwestern Georgia, that the local government was forced to introduce temporary power cuts for the miners during the winter months. Georgia and Abkhazia share a huge hydropower complex located on the de facto border, which under normal circumstances satisfies most of the needs of the partially recognized republic.
Neighboring Armenia has taken steps to legalize and regulate cryptocurrency mining. This year the country became home to a large mining facility with 3,000 devices minting bitcoin and ethereum. Its owners, the Armenian consortium Multi Group and the Swedish company Omnia Tech, plan to expand its capacity to 120,000 machines.
What are your expectations about the prospects for the cryptocurrency mining sector in Georgia and the region? Tell us in the comments section below.
Images courtesy of Shutterstock.
Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.
The post Two Mining Companies Among Georgia’s Major Electricity Consumers appeared first on Bitcoin News.
Two Mining Companies Among Georgia’s Major Electricity Consumers
Two companies mining cryptocurrencies have topped a list of the largest consumers of electricity in Georgia. In this crypto-friendly nation, however, that’s not necessarily a sin or a disadvantage. Energy-intensive enterprises in the Caucasian country purchase the power they need at wholesale prices.
Also read: Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry
Bitcoin Miners Buy Electricity on Wholesale Market
Georgia is among several jurisdictions in the post-Soviet space that have been attracting crypto miners with lax regulations and relatively low operating costs, including the price of electricity which is a major expense in the business of minting digital coins. Reports earlier this year have indicated that the country ranks second only to China in terms of mining profitability. According to Eurostat, in the first half of 2018 the average electricity price for Georgian households was just under €0.07 per kWh (~$0.08) and less than €0.05 per kWh (~$0.06) for non-household consumers.
Two Georgian mining companies – Geo Service and BFDS – have now been included in a list of five largest consumers of electricity that also includes the metallurgical enterprise Georgian Manganese, the utility company Georgian Water and Power (GWP) and Kutaisi Investments. What’s more, the crypto businesses are leading the group mentioned in a report about Georgia’s projected electric power balance for 2019, Business Gruzia reported.
According to government data, the two mining companies have used a total of 55.6 million kWh in the month of November. And for a period of seven months, Geo Service has consumed almost 108 million kWh, while BFDC Georgia, a company owned by the mining hardware manufacturer Bitfury, used another 339 million kWh.
All the five companies operate energy-intensive facilities. And in Georgia, such enterprises purchase the electricity they need on a separate, wholesale market and directly from producers and importers. That allows them to bypass the distribution utilities which charge additional fees. According to Georgia Today, these intermediaries will raise the tariffs for other groups of consumers in January, after approval from the Georgian National Energy and Water Supply Regulatory Commission.
Georgia to Consume Over 14 Billion kWh in 2019
According to the electric power balance report, the electricity consumption of the whole country during the next year is expected to reach 14.2 billion kWh. The large consumers which buy their electricity directly from the producers, and not from the utilities Telasi (2.9 billion kWh) and Energo Pro (6.59 billion kWh), will need a total of 2.7 billion kWh.
The forecast published by the Sarke news agency shows that In 2019 Georgia’s own electricity generation capacities will produce up to 12.7 billion kWh, while the imported electricity will amount to 2.8 billion kWh. The country is heavily reliant on its hydroelectric power stations which will generate around 10.3 billion kWh, with thermal power stations projected to produce 2.3 billion kWh and the Kartli wind park – 86 million kWh.
Mining as a business and a source of income has gain popularity in the whole Transcaucasian region. Bitcoin farms have spread so fast in Abkhazia, a breakaway territory in northwestern Georgia, that the local government was forced to introduce temporary power cuts for the miners during the winter months. Georgia and Abkhazia share a huge hydropower complex located on the de facto border, which under normal circumstances satisfies most of the needs of the partially recognized republic.
Neighboring Armenia has taken steps to legalize and regulate cryptocurrency mining. This year the country became home to a large mining facility with 3,000 devices minting bitcoin and ethereum. Its owners, the Armenian consortium Multi Group and the Swedish company Omnia Tech, plan to expand its capacity to 120,000 machines.
What are your expectations about the prospects for the cryptocurrency mining sector in Georgia and the region? Tell us in the comments section below.
Images courtesy of Shutterstock.
Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.
The post Two Mining Companies Among Georgia’s Major Electricity Consumers appeared first on Bitcoin News.
- Get link
- Other Apps
- Get link
- Other Apps
Mizuho Plans to Establish Crypto to Boost Cashless Payments in Early 2019 Mizuho Financial Group (MFG), Japan-based, is considering introducing a cryptocurrency that will be used for payments and remittances in March next year, according to a Wednesday December 26 report by Nikkei. MFG will collaborate with around 60 regional banking institutions on this project.
Mizuho Plans to Establish Crypto to Boost Cashless Payments in Early 2019 Mizuho Financial Group (MFG), Japan-based, is considering introducing a cryptocurrency that will be used for payments and remittances in March next year, according to a Wednesday December 26 report by Nikkei. MFG will collaborate with around 60 regional banking institutions on this project.
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
Two Mining Companies Among Georgia’s Major Electricity Consumers
Two companies mining cryptocurrencies have topped a list of the largest consumers of electricity in Georgia. In this crypto-friendly nation, however, that’s not necessarily a sin or a disadvantage. Energy-intensive enterprises in the Caucasian country purchase the power they need at wholesale prices.
Also read: Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry
Bitcoin Miners Buy Electricity on Wholesale Market
Georgia is among several jurisdictions in the post-Soviet space that have been attracting crypto miners with lax regulations and relatively low operating costs, including the price of electricity which is a major expense in the business of minting digital coins. Reports earlier this year have indicated that the country ranks second only to China in terms of mining profitability. According to Eurostat, in the first half of 2018 the average electricity price for Georgian households was just under €0.07 per kWh (~$0.08) and less than €0.05 per kWh (~$0.06) for non-household consumers.
Two Georgian mining companies – Geo Service and BFDS – have now been included in a list of five largest consumers of electricity that also includes the metallurgical enterprise Georgian Manganese, the utility company Georgian Water and Power (GWP) and Kutaisi Investments. What’s more, the crypto businesses are leading the group mentioned in a report about Georgia’s projected electric power balance for 2019, Business Gruzia reported.
According to government data, the two mining companies have used a total of 55.6 million kWh in the month of November. And for a period of seven months, Geo Service has consumed almost 108 million kWh, while BFDC Georgia, a company owned by the mining hardware manufacturer Bitfury, used another 339 million kWh.
All the five companies operate energy-intensive facilities. And in Georgia, such enterprises purchase the electricity they need on a separate, wholesale market and directly from producers and importers. That allows them to bypass the distribution utilities which charge additional fees. According to Georgia Today, these intermediaries will raise the tariffs for other groups of consumers in January, after approval from the Georgian National Energy and Water Supply Regulatory Commission.
Georgia to Consume Over 14 Billion kWh in 2019
According to the electric power balance report, the electricity consumption of the whole country during the next year is expected to reach 14.2 billion kWh. The large consumers which buy their electricity directly from the producers, and not from the utilities Telasi (2.9 billion kWh) and Energo Pro (6.59 billion kWh), will need a total of 2.7 billion kWh.
The forecast published by the Sarke news agency shows that In 2019 Georgia’s own electricity generation capacities will produce up to 12.7 billion kWh, while the imported electricity will amount to 2.8 billion kWh. The country is heavily reliant on its hydroelectric power stations which will generate around 10.3 billion kWh, with thermal power stations projected to produce 2.3 billion kWh and the Kartli wind park – 86 million kWh.
Mining as a business and a source of income has gain popularity in the whole Transcaucasian region. Bitcoin farms have spread so fast in Abkhazia, a breakaway territory in northwestern Georgia, that the local government was forced to introduce temporary power cuts for the miners during the winter months. Georgia and Abkhazia share a huge hydropower complex located on the de facto border, which under normal circumstances satisfies most of the needs of the partially recognized republic.
Neighboring Armenia has taken steps to legalize and regulate cryptocurrency mining. This year the country became home to a large mining facility with 3,000 devices minting bitcoin and ethereum. Its owners, the Armenian consortium Multi Group and the Swedish company Omnia Tech, plan to expand its capacity to 120,000 machines.
What are your expectations about the prospects for the cryptocurrency mining sector in Georgia and the region? Tell us in the comments section below.
Images courtesy of Shutterstock.
Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.
The post Two Mining Companies Among Georgia’s Major Electricity Consumers appeared first on Bitcoin News.
Two Mining Companies Among Georgia’s Major Electricity Consumers
Two companies mining cryptocurrencies have topped a list of the largest consumers of electricity in Georgia. In this crypto-friendly nation, however, that’s not necessarily a sin or a disadvantage. Energy-intensive enterprises in the Caucasian country purchase the power they need at wholesale prices.
Also read: Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry
Bitcoin Miners Buy Electricity on Wholesale Market
Georgia is among several jurisdictions in the post-Soviet space that have been attracting crypto miners with lax regulations and relatively low operating costs, including the price of electricity which is a major expense in the business of minting digital coins. Reports earlier this year have indicated that the country ranks second only to China in terms of mining profitability. According to Eurostat, in the first half of 2018 the average electricity price for Georgian households was just under €0.07 per kWh (~$0.08) and less than €0.05 per kWh (~$0.06) for non-household consumers.
Two Georgian mining companies – Geo Service and BFDS – have now been included in a list of five largest consumers of electricity that also includes the metallurgical enterprise Georgian Manganese, the utility company Georgian Water and Power (GWP) and Kutaisi Investments. What’s more, the crypto businesses are leading the group mentioned in a report about Georgia’s projected electric power balance for 2019, Business Gruzia reported.
According to government data, the two mining companies have used a total of 55.6 million kWh in the month of November. And for a period of seven months, Geo Service has consumed almost 108 million kWh, while BFDC Georgia, a company owned by the mining hardware manufacturer Bitfury, used another 339 million kWh.
All the five companies operate energy-intensive facilities. And in Georgia, such enterprises purchase the electricity they need on a separate, wholesale market and directly from producers and importers. That allows them to bypass the distribution utilities which charge additional fees. According to Georgia Today, these intermediaries will raise the tariffs for other groups of consumers in January, after approval from the Georgian National Energy and Water Supply Regulatory Commission.
Georgia to Consume Over 14 Billion kWh in 2019
According to the electric power balance report, the electricity consumption of the whole country during the next year is expected to reach 14.2 billion kWh. The large consumers which buy their electricity directly from the producers, and not from the utilities Telasi (2.9 billion kWh) and Energo Pro (6.59 billion kWh), will need a total of 2.7 billion kWh.
The forecast published by the Sarke news agency shows that In 2019 Georgia’s own electricity generation capacities will produce up to 12.7 billion kWh, while the imported electricity will amount to 2.8 billion kWh. The country is heavily reliant on its hydroelectric power stations which will generate around 10.3 billion kWh, with thermal power stations projected to produce 2.3 billion kWh and the Kartli wind park – 86 million kWh.
Mining as a business and a source of income has gain popularity in the whole Transcaucasian region. Bitcoin farms have spread so fast in Abkhazia, a breakaway territory in northwestern Georgia, that the local government was forced to introduce temporary power cuts for the miners during the winter months. Georgia and Abkhazia share a huge hydropower complex located on the de facto border, which under normal circumstances satisfies most of the needs of the partially recognized republic.
Neighboring Armenia has taken steps to legalize and regulate cryptocurrency mining. This year the country became home to a large mining facility with 3,000 devices minting bitcoin and ethereum. Its owners, the Armenian consortium Multi Group and the Swedish company Omnia Tech, plan to expand its capacity to 120,000 machines.
What are your expectations about the prospects for the cryptocurrency mining sector in Georgia and the region? Tell us in the comments section below.
Images courtesy of Shutterstock.
Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.
The post Two Mining Companies Among Georgia’s Major Electricity Consumers appeared first on Bitcoin News.
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
FOX NEWS: Democrats remain silent on California cop killed by an illegal immigrant also call for a border patrol investigation
FOX NEWS: Democrats remain silent on California cop killed by an illegal immigrant also call for a border patrol investigation
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
Huobi Group To Launch a One of a Kind Exchange Dedicated to EOS
The Huobi Group’s cryptocurrency mining arm of Huobi Pool, will launch its first exchange in the first quarter of 2019. The exchange will be one of a kind in that it will be fully dedicated to EOS (EOS).
Cao Fei, Huobi Pool’s CEO, had this to say about their new venture:
As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities.
Launching this EOS exchange is simply the next logical step in our support.
How it Will Work and Huobi Pool’s Efforts in the EOS Ecosystem
According to the team at Huobi, the new exchange will allow users to trade EOS against several other cryptocurrencies. The plans to launch the exchange come after Huobi Pool’s collaboration with the EOS community and EOS block producers to build an EOS test chain where EOS-based projects can be tested. This test chain is known as the Crypto Kylin Testnet.
Huobi Pool has also developed a voting platform for the EOS community. It has also spearheaded efforts of making EOS holders more aware of node elections.
EOS’ Market Performance
Further looking at coinmarketcap.com, we find that EOS is currently ranked 5th with a total market cap of $2.4 Billion. It is currently trading at $2.61 and down less than a percentage point in the last 24 hours. With the new year only a few hours away, there is renewed optimism that 2019 might be the year the crypto markets bottom out of the current bear market.
What are your thoughts on Huobi launching a crypto exchange dedicated to the EOS network? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
The post Huobi Group To Launch a One of a Kind Exchange Dedicated to EOS appeared first on Ethereum World News.
Huobi Group To Launch a One of a Kind Exchange Dedicated to EOS
The Huobi Group’s cryptocurrency mining arm of Huobi Pool, will launch its first exchange in the first quarter of 2019. The exchange will be one of a kind in that it will be fully dedicated to EOS (EOS).
Cao Fei, Huobi Pool’s CEO, had this to say about their new venture:
As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities.
Launching this EOS exchange is simply the next logical step in our support.
How it Will Work and Huobi Pool’s Efforts in the EOS Ecosystem
According to the team at Huobi, the new exchange will allow users to trade EOS against several other cryptocurrencies. The plans to launch the exchange come after Huobi Pool’s collaboration with the EOS community and EOS block producers to build an EOS test chain where EOS-based projects can be tested. This test chain is known as the Crypto Kylin Testnet.
Huobi Pool has also developed a voting platform for the EOS community. It has also spearheaded efforts of making EOS holders more aware of node elections.
EOS’ Market Performance
Further looking at coinmarketcap.com, we find that EOS is currently ranked 5th with a total market cap of $2.4 Billion. It is currently trading at $2.61 and down less than a percentage point in the last 24 hours. With the new year only a few hours away, there is renewed optimism that 2019 might be the year the crypto markets bottom out of the current bear market.
What are your thoughts on Huobi launching a crypto exchange dedicated to the EOS network? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
The post Huobi Group To Launch a One of a Kind Exchange Dedicated to EOS appeared first on Ethereum World News.
- Get link
- Other Apps
Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary
Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary
- Get link
- Other Apps
Automotive Industry will Benefit Greatly from Utilizing Blockchain Tech Blockchain technology has found applications in many industries, even the most unexpected. A recent study revealed that blockchain is going to become a disruptive force in the automotive sector. A major breakthrough is expected to happen within the next three years.
Automotive Industry will Benefit Greatly from Utilizing Blockchain Tech Blockchain technology has found applications in many industries, even the most unexpected. A recent study revealed that blockchain is going to become a disruptive force in the automotive sector. A major breakthrough is expected to happen within the next three years.
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
- Get link
- Other Apps
Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary
In today’s roundup of crypto chatter, Chris Troutner and Andreas Brekken play around with the idea of building an algorithmic stablecoin on BCH. Vin Armani debates with Painted Frog on Bitcoin’s similarities to Visa. Also, Paul Sztorc thinks that understanding Austrian economics is not that important to comprehend Bitcoin.
Also read: Developer Paul Sztorc Launches the First Version of Drivechain
Building an Algorithmic Stablecoin on BCH
Recently Shitcoin.com CEO Andreas Brekken took to crypto Twitter to wish everyone a happy new year. In his tweet, Brekken casually mentioned algorithmic stablecoins, an idea that Bitcoin.com senior developer Chris Troutner picked up on.
Do you know of any algorithmic stable coins worth checking into, other than DAI?
— Chris Troutner (@christroutner) December 30, 2018
Troutner queried Brekken for alternatives to the DAI, but the latter was not familiar with the field. Brekken then explained that he was optimistic about the technology, even though many academics and maximalists don’t believe algorithmic stablecoins are possible.
In response, Troutner called for the BCH community to bring DAI’s algorithmic technology onto BCH. He suggested using the Wormhole JavaScript SDK at developer.bitcoin.com to create an ERC20 token on the BCH blockchain. Instead of ETH, BCH would serve as a collateral asset. Even lead developer of Bitcoin ABC Amaury Sechet jumped into the thread, as he was positive on the idea.
Whormhole or kekoen can most likely do this.
— Deadal Nix (@deadalnix) December 31, 2018
Bitcoin More Similar to Visa Than Gold
Recently, CTO of Cointext Vin Armani had a debate with his followers on what the catalyst for Bitcoin mass adoption would be. Armani argued that those who stand to gain financially from bitcoin usage are the ones most likely to increase Bitcoin adoption.
Incentivizing Bitcoin Mass Adoption
Q. Who has the greatest incentive to convince you to use Visa?
A. Visa
Why? Because every time you use Visa, Visa makes money.
Those who will be the catalyst for Bitcoin mass adoption will be those who get paid every time you use Bitcoin.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
Not everyone responded well to Armani’s theory, as commentator Painted Frog argued that Bitcoin is intrinsically valuable like gold. Since society didn’t need to be convinced to use gold in the past, Bitcoin like gold, will eventually be used everywhere.
Armani responded by explaining that Bitcoin is more similar to Visa because both are systems and networks. On the other hand, gold is simply a shiny rock and an inert element.
Bitcoin: A Peer-To-Peer Electronic Cash System
Note the last word. That's the noun. What precedes it are adjectives.
Bitcoin, like Visa, is a SYSTEM, a network. Gold is an inert element. A rock is not a system.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
The Importance of Austrian Economics In Bitcoin
Austrian economics has always been a huge part of the Bitcoin community, and the growing popularity of Bitcoin has sparked a revived interest in Austrian economics. This was pointed out by the President of the Nakamoto Institute Michael Goldstein on social media. Some like cryptocurrency pundit Murad Mahmudov agreed with Goldstein and tweeted that cryptocurrency community members who understand Austrian economics have an edge over those who don’t.
Crypto market participants who do not have a grasp of Austrian econ are at a disadvantage. I’d argue that Bitcoin is an ‘Austrian’ technology & its success is breaking the legitimacy and relevance of a number of other economic schools in real time.
“We are all Austrians now” https://t.co/glhjz0aFBQ
— Murad Mahmudov (@MustStopMurad) December 29, 2018
However, director of research at Tierion Paul Sztorc and bitcoin pundit nic__carter both argued that the importance of Austrian economics is highly overstated in the cryptocurrency space. While nic__carter confessed that he had never read any books on Austrian economics, Sztorc explained that he was very familiar with the Austrian school of thought.
Nor do I.
A cursory understand of the inflation tax is sufficient.
(And I say this despite having read AE very extensively.) https://t.co/B59qLJqHVJ
— Paul Sztorc (@Truthcoin) December 30, 2018
Despite a thorough understanding of Austrian Economics, Sztorc insists that only a brief understanding of how the government prints away purchasing power, also known as inflation tax, is enough to understand Bitcoin.
What do you think of an algorithmic stablecoin built on BCH? Let us know in the comments below.
Images courtesy of Shutterstock.
Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.
The post Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary appeared first on Bitcoin News.
Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary
In today’s roundup of crypto chatter, Chris Troutner and Andreas Brekken play around with the idea of building an algorithmic stablecoin on BCH. Vin Armani debates with Painted Frog on Bitcoin’s similarities to Visa. Also, Paul Sztorc thinks that understanding Austrian economics is not that important to comprehend Bitcoin.
Also read: Developer Paul Sztorc Launches the First Version of Drivechain
Building an Algorithmic Stablecoin on BCH
Recently Shitcoin.com CEO Andreas Brekken took to crypto Twitter to wish everyone a happy new year. In his tweet, Brekken casually mentioned algorithmic stablecoins, an idea that Bitcoin.com senior developer Chris Troutner picked up on.
Do you know of any algorithmic stable coins worth checking into, other than DAI?
— Chris Troutner (@christroutner) December 30, 2018
Troutner queried Brekken for alternatives to the DAI, but the latter was not familiar with the field. Brekken then explained that he was optimistic about the technology, even though many academics and maximalists don’t believe algorithmic stablecoins are possible.
In response, Troutner called for the BCH community to bring DAI’s algorithmic technology onto BCH. He suggested using the Wormhole JavaScript SDK at developer.bitcoin.com to create an ERC20 token on the BCH blockchain. Instead of ETH, BCH would serve as a collateral asset. Even lead developer of Bitcoin ABC Amaury Sechet jumped into the thread, as he was positive on the idea.
Whormhole or kekoen can most likely do this.
— Deadal Nix (@deadalnix) December 31, 2018
Bitcoin More Similar to Visa Than Gold
Recently, CTO of Cointext Vin Armani had a debate with his followers on what the catalyst for Bitcoin mass adoption would be. Armani argued that those who stand to gain financially from bitcoin usage are the ones most likely to increase Bitcoin adoption.
Incentivizing Bitcoin Mass Adoption
Q. Who has the greatest incentive to convince you to use Visa?
A. Visa
Why? Because every time you use Visa, Visa makes money.
Those who will be the catalyst for Bitcoin mass adoption will be those who get paid every time you use Bitcoin.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
Not everyone responded well to Armani’s theory, as commentator Painted Frog argued that Bitcoin is intrinsically valuable like gold. Since society didn’t need to be convinced to use gold in the past, Bitcoin like gold, will eventually be used everywhere.
Armani responded by explaining that Bitcoin is more similar to Visa because both are systems and networks. On the other hand, gold is simply a shiny rock and an inert element.
Bitcoin: A Peer-To-Peer Electronic Cash System
Note the last word. That's the noun. What precedes it are adjectives.
Bitcoin, like Visa, is a SYSTEM, a network. Gold is an inert element. A rock is not a system.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
The Importance of Austrian Economics In Bitcoin
Austrian economics has always been a huge part of the Bitcoin community, and the growing popularity of Bitcoin has sparked a revived interest in Austrian economics. This was pointed out by the President of the Nakamoto Institute Michael Goldstein on social media. Some like cryptocurrency pundit Murad Mahmudov agreed with Goldstein and tweeted that cryptocurrency community members who understand Austrian economics have an edge over those who don’t.
Crypto market participants who do not have a grasp of Austrian econ are at a disadvantage. I’d argue that Bitcoin is an ‘Austrian’ technology & its success is breaking the legitimacy and relevance of a number of other economic schools in real time.
“We are all Austrians now” https://t.co/glhjz0aFBQ
— Murad Mahmudov (@MustStopMurad) December 29, 2018
However, director of research at Tierion Paul Sztorc and bitcoin pundit nic__carter both argued that the importance of Austrian economics is highly overstated in the cryptocurrency space. While nic__carter confessed that he had never read any books on Austrian economics, Sztorc explained that he was very familiar with the Austrian school of thought.
Nor do I.
A cursory understand of the inflation tax is sufficient.
(And I say this despite having read AE very extensively.) https://t.co/B59qLJqHVJ
— Paul Sztorc (@Truthcoin) December 30, 2018
Despite a thorough understanding of Austrian Economics, Sztorc insists that only a brief understanding of how the government prints away purchasing power, also known as inflation tax, is enough to understand Bitcoin.
What do you think of an algorithmic stablecoin built on BCH? Let us know in the comments below.
Images courtesy of Shutterstock.
Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.
The post Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary appeared first on Bitcoin News.
- Get link
- Other Apps