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Quebec Halts All New Cryptocurrency Mining Operations

Philippe Couillard, the premier of Quebec has temporarily put a stop to all of the new cryptocurrency mining operations being conducted in the Canadian province alongside the state-owned Hydro-Quebec Distribution company. All Offshore Applications Have Been Halted Quebec is known for the fact that it is able to produce cheap electricity and in abundance. That is why it is a popular destination for many cryptocurrency mining industries looking to carry on their cryptocurrency mining operations. Quebec however, has put a halt to all operations saying that even though it has  a lot of electricity being produced to meet all the demands of customers approaching the Canadian province, the future projects which are being proposed by offshore applicants will require several thousands of megawatts ...

Browser Based Mining Is Becoming More Common

Browser based coin mining is becoming ever more common in the cryptocurrency world. Malicious browser-based coin mining is also something which happens, now for many this can go on, totally undetected and ultimately, its unlikely such mining would cause you any problems. I suppose the word malicious here is not always appropriate, whilst other malware and viruses attack computers to cause damage and extract personal information etc, ‘malicious’ coin miners target machines for the CPU and processing power. This means they can essentially tap into your computers potential and use its power to mine coins. It’s malicious because it is using your machine without permission for personal gain, but I guess it stands way down the pecking order when you consider things like identity theft and key-lo...

How Machine Learning Can Stop Cryptocurrency Mining Malware

A report out this week by Jon Oliver and Menard Oseña named; Cluster of Coins discusses how Machine Learning within networks can be used to detect cryptocurrency-mining malware and malicious attempts to mine coins. In terms of cybersecurity, measures need to be put in place to prevent any malicious occurrences within the blockchain, not only for the prevention of people getting ripped off but also for the maintenance of the transparent world cryptocurrency promises. Cryptocurrencies can’t be adopted by the real world if safety can’t be ensured, that’s why work by people like Oliver and Oseña is paramount in ensuring the longevity of the cryptocurrency world. What is Machine Learning? In Computer Science, Machine Learning is a field of study through which computers or machines are encourage...

National Grid Confirm Mining Will Not Affect Electricity Supply

Cryptocurrency mining has come under fire recently because of the shear amount of electricity that it requires. This has led to reports suggesting that Bitcoin mining is bad for the environment, and will consume more energy that most US households combined. However, according to the National Grid, mining cryptocurrencies is not a problem for the UK. Despite the number of miners in the UK, they pose ‘little to no threat’ to the country’s supply chain. As well as crushing the suggestion that mining is a great threat to the electricity task, they also point out that the electricity network is not particularly accommodating when it comes to mining cryptocurrencies because of the rising electricity prices. This reports comes after the Bank of England Governor Mark Carney stated that the cost of...

Plattsburgh Bans Bitcoin Mining

If you have ever mined Bitcoin, or any other cryptocurrency for that matter, you will know that it requires an absolutely huge amount of electricity. In times like now, this can be a major problem, which has caused Plattsburgh in New York to take drastic action. Mining operations started popping up in the small city that is known for having very cheap electricity rates, as it is very close to a hydroelectric dam. This has inevitably caused huge problems for the city though. The mining operations require huge amounts of hardware that are constantly running both day and night. This has amounted to using a huge amount of electricity, which have raised environmental concerns. For Plattsburgh in particular, they are also concerned about the effect this mining will have on their electricity rate...

Apple Removes Monero-Mining App

Apple has recently removed Calendar 2 app, which is a Monero-mining app from their Mac App Store. The app allowed users to mine Monero in the background, but Apple have taken this decision after they said it put a huge burden on the user’s devices. The app allowed its users to access premium features by purchasing a full-app purchase, or alternatively they could get the same access by donating some of their CPU resources to mine the cryptocurrency. There are many reasons that Apple have made the decision to remove this app, but mainly because it ate much more CPU power than the app had originally claimed it would. Not only this, but once you signed up to the Monero mining, users found that it was impossible to opt out of this option. After it was discovered that the app was violating the g...

Miners Will Continue To Make Profit

One major threat to cryptocurrencies like Bitcoin is that the system could break down if the custodians of the transactions pack up and leave the party. We are, of course, referring to the miners who run the network on which the blockchain technology is built and functions. Bitcoin skeptics have pointed out that this will happen one day, sooner or later. This is because mining operations require high-power computational resources, including the latest graphics cards and processors. Purchasing these resources and running the operations has a cost that must be paid by the miners. Mining Competition to Find the Next Hashtag The Bitcoin mining platform was designed to run in a fashion similar to how companies and businesses operate in the real world. Bitcoin developers ensured that as the numb...

Has The Cold Weather Got You Down, How About A Nice Warm GPU?

It’s winter, the nights are long, the wind is cold, and everything is looking a bit bleak. Your heating bills are probably through the roof, overall, it’s quite a grim outlook. However, things may be about to change… well the weather doesn’t look like it will, but how does a cryptocurrency mining heater sound? Crazy, right? Well, today, French start-up company; Qarnot, unveiled a new bespoke heater for use in any domestic setting, the unique selling point of this heater, however, is that it contains a smal10l computer, optimized for coin mining. The premise of this technology is that any data centre or computer does emit a large amount of heat, Qarnot has decided to use this to their advantage. How does it work? The heater, named QC1 simply plugs into the network via ethernet, then t...

Cryptocurrency, The Carbon Powered Coins

In the bubble of dispute and uncertainty that floats around cryptocurrency in recent times, little is said about the impact the mining and production of cryptocurrency is having on the environment. The production of mining cryptocurrency is quite perplexing, but the premise of it can be described quite simply, take Bitcoin for example, users who wish to mine for Bitcoin must solve puzzles. The puzzles, are part of a network of pending Bitcoin transactions that are verified through the solution of these puzzles, in return, the user is paid a transaction fee through which new Bitcoins are generated. Often, these puzzles require immense computing power, across huge networks of computers all working together to mine the Bitcoins. According to Digiconimist, in 2017, the estimated power consumpt...

Bitcoin Mining Will Have A Net Positive Effect On Energy Production And Usage Efficiency

Transition is always messy and often painful, whether we’re talking about the switch from the kind of horsepower with hooves to the kind with tires — or the birth of a profoundly transformational technology like Bitcoin. For Bitcoin, one transitional pang is its gargantuan appetite for energy. Electricity powers the computers that capture, verify and store the Bitcoin distributed ledger at thousands of mining nodes around the world. Critics like to point out that those mining operations use as much energy as a small country. They repeatedly point to a list of countries whose energy usage is roughly on par with what that of Bitcoin miners. And it’s true. According to Digiconomist, Bitcoin miners use as much electricity as individual countries like New Zealand, Hungary, Qatar and Peru. It’s ...

Why Crypto Mining Could Be Putting A Stop To Alien Hunting

We all know that Bitcoin mining can be very costly, and it has been reported that it is draining electricity supplies. But now, it has been reported that mining for cryptocurrencies could be having an adverse effect on the search for aliens. This is ultimately due to the fact that scientists require computer power in order to search for extra terrestrials and it seems that the two are being pitted against each other. Miners are being driven by monetary incentives, which is making it more appealing, but this is causing them to purchase more GPUs in order to get more power, which will enable them to solve more equations and get more money. This would be ok, if searching for alien life did not require so much computing power as well, leaving extra terrestrial scientists frustrated by their in...

Pros And Cons Of Cryptocurrency

With cryptocurrency growing in popularity and usage across the world, many are asking themselves whether or not they should invest in Bitcoin or a similar altcoin. The following list of pros and cons aims to shed some light on this ever-emerging digital space. Pros: No need for banks It’s thought that around four billion people worldwide have no bank account, seemingly showing that there would be a demand for a currency that can be accessed easily online. The lack of a need for banks results in decentralisation and allows individuals to have full control over their money, cutting out the third party. Digital e-cash With the growth of the digital world, having an easy way to pay online is becoming more and more essential. Cryptocurrency makes this possible, which also greatly increase...

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