A man lost 17.1 bitcoin – worth $1.3 million today – in an Apple app store scam that serves as a warning to people wanting to track their cryptocurrency on smart phones. Over the course of a few years, Phillipe Christodoulou banked up the bitcoin, watching as its value started to climb last year, according the Washington Post.… Read more »
One of the most difficult problems in finance right now is figuring out the fundamental economic value of cryptocurrencies. And the past week has complicated this further. For many cryptocurrency investors, the value of Bitcoin is based on the fact it is artificially scarce. A hard cap on “minting” new coins means there will only… Read more »
Iranian police confiscated more 45,000 bitcoin mining machines, chewing up around 95 megawatts per hour (MWh) of electricity, because the miners were using cheaper, subsidised power illegally, according to local media agency Tasnim News. To put that in perspective, that’s around half the capacity of South Australia’s Tesla “big battery” plant (aka Hornsdale). Iranian authorities… Read more »
If you’re feeling a bit sad about your fortunes at the moment, spare a thought for San Francisco-based computer programmer Stefan Thomas, who, around a decade ago, made this video and took 7,002 Bitcoins as payment for the job. The New York Times has the sad tale of German-born Thomas – a former CTO at blockchain… Read more »
Bitcoin continues to trade close to its all-time high reached this month. Its price is now around US $34,000 — up about 77% over the past month and 305% over the past year. (Editor’s note: Since this piece was first published, Bitcoin’s price has doubled in a month to US$40,000.) First launched in 2009 as… Read more »
Bitcoin is back. Three years after the bubble that inflated its value from US$5,000 to US$20,000 in less than three months burst in spectacular fashion, plunging more than 80%, the cryptocurrency is again on the verge of a record high. In recent days it has been trading above US$19,000, up from US$10,000 in October and… Read more »
The mining billionaire’s photo has been used by scammers in social media ads for cyptocurrencies Forrest is one of several high-profile Australians the scammers falsely claim back crypto schemes that cost those who’ve believed the ads millions of dollars Facebook says its doing its best to combat the fake ads Forrest wants governments around the… Read more »
Digital currency exchange Cointree has launched the ability to pay everyday bills using cryptocurrency after signing a deal with AI bill payment platform Gobbill. The deal allows Australians to pay bills via BPAY using more than 100-plus supported coins. Founded in Melbourne in 2013, Cointree has more than 60,000 members and processed in excess of… Read more »
After a career as a public servant, Katrina Donaghy was inspired by the possibilities of blockchain to ameliorate at least some facets of the bureaucracy.
The higher the value of Bitcoin the more energy people will use in order to compete for it during the mining process.
At the start of the month, Australian startup Payonix Technologies launched the sales of the first high-performance, easy-to-use Bitcoin mining hardware. The company’s in-house designed ONIX Series ASIC mining rigs have been pre-sold out – a strong indicator that cryptocurrency is well on its way to becoming mainstream.
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