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Home Cryptocurrency Mining | Coinbase CTO Says Coinmine is the Future

Coinbase’s CTO, Balaji Srinivasan, has just announced his thoughts of the future of home cryptocurrency mining. Bitcoin mining and crypto mining in general are a huge industry, which exploded last year when digital currency interest hit mainstream. A new startup is trying to take another stab at popularizing at-home cryptocurrency mining, a business model that has not been successful in the past.

Home Cryptocurrency Mining: Coinmine

Srinivasan told CoinDesk that he is placing his bets on this new at-home crypto mining startup, Coinmine.

Srinivasan said:

“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit—or at least mine a decent amount of some crypto—via a decentralized home mining device like Coinmine.”

Back in 2015, Coinbase’s CTO founded 21.co, a startup with ambitious plans to embed Bitcoin miners in everyday devices such as laptops and cell phones. With his experience in the space, Srinivasan backed Coinmine in its angel round.

Coinmine One

Coinmine just announced pre-orders for its first home miner on Wednesday.

The home cryptocurrency miner currently up for pre-order looks very similar to a home DVR system or even an Xbox One. The product will be called Coinmine One and retails for $799. Shipping for these products will begin in mid-December.

>> Bitcoin Hits the Lowest Level of the Year Thus Far—Entire Market Down

Coinmine’s system is built to run two tokens: proof-of-work and proof-of-stake. Proof-of-stake tokens will only be enabled with updates that will be released in 2019. The networks that will be staking first are casper, dfinity, tezos, filecoin, spankchain, cosmos, foam, and polkadot.

When plugged in, users will automatically be placed into mining pools. The product will be very plug-and-play but also cedes a significant amount of control. Coinmine will take a 5 percent cut of users’ mining earnings.

Featured Image: Depositphotos/© IgorVetushko

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Teachers Mine for Ethereum | Busted for Using School’s Power

Teachers Mine for Ethereum: Mining for cryptocurrency comes with its controversy. Energy consumption is already the most eyebrow-raising aspect. So what about using the local school’s computers to mine for Ethereum… during school time? Oh, and you’re the principal of the school.

This is exactly what happened in Hunan Province, China.

Teachers Mine for Ethereum: What Happened?

According to Hong Kong news outlet HK01, two Puman Middle School principals were caught using the school’s power to mine Ethereum.

The school’s general manager noticed the computers’ fans were louder than normal and this raised questions. This was even during the holiday period. The IT network had slowed greatly, and energy consumption doubled between July and November.

The two principals in question are Lei Hua and vice principal Wang Zhipeng. The pair had installed $7,000 worth of computers (nine computers) and were using the school’s power to mine Ethereum. Hua had initially set up the rigs at his home, but he soon discovered the high cost that mining requires. Shocked at the energy bill, he then installed the computers in a school dormitory.

Teachers Mine for Ethereum, Stealing Power

Installing the computers in the school meant he effectively stole $2,163 worth of power—the amount required to mine.

Since the incident, the principal has lost his position at the school, and the vice principal has been given a strict warning.

>> Square’s Bitcoin (BTC) Profits Jump $500,000 in Q3

Mining Cryptocurrencies

Mining for cryptocurrencies is a notoriously expensive feat and has become a massive business in recent years. If you want to make a serious profit in mining for Bitcoin, for example, you need machines that can run in the thousands.

The more energy that is burned, the faster your computer can compute the complex mathematical equations, meaning you are more likely to ‘win’ Bitcoin.

To put it in perspective, mining for one block on the Bitcoin network reportedly costs the same amount of energy as powering a small house in a year.

Featured Image: Depositphotos/© ArturVerkhovetskiy

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The Original Software Wallet Releases its First Hardware Wallet

Blockchain is releasing its first hardware wallet, called the Lockbox. The company that is synonymous with having one of the oldest software wallets will begin shipping its new device in November.

Blockchain’s Lockbox

Blockchain’s online software wallet boasts over 30 million accounts, so will its new hardware device do the same?

The company partnered with hardware wallet maker Ledger to create the Lockbox and has already begun taking orders.

The Lockbox is setting out to be different. It allows the user to make crypto-to-crypto trades through Blockchain’s native brokerage called Swap. This platform launches next week, and the idea behind it is to make trading and storing happen all in one place.

As Blockchain CEO Peter Smith put it:

“For us, what’s really important right now is to get the product to a point where you don’t need other places to complete your user actions in crypto.”

Also, Lockbox can only connect with legitimate websites thanks to an innovative safety feature within the device. This will reduce phishing attempts and hacks. The company calls this “endpoint-controlled” and it means a user can’t be tricked by a fake site.

>> Coinbase BCH Insider Trading Case Dismissed by US Court

Lockbox Wallet Support

The wallet will support Bitcoin, Ethereum, and Bitcoin Cash to start. However, if demand dictates it, the team is willing to support other coins.

Creating the Lockbox with Ledger will help this along as Ledger has support for nearly 100 crypto assets.

Smith has been noted as saying “I think we will be more aggressive on adding assets in the next six months […] In the long run, I see our trading system being both a consumer and a provider to DEXs (decentralized exchanges).”

Smith continued:

“We built a machine trading platform […] It connects to different liquidity [sources] across the ecosystem, everything from different exchanges to market makers.”

Is a hard wallet your preference? Blockchain and Ledger both have huge user number and good reputations. Will Lockbox be a success?

Featured Image: Depositphotos/© TPOphoto

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The Original Software Wallet Releases its First Hardware Wallet

Blockchain is releasing its first hardware wallet, called the Lockbox. The company that is synonymous with having one of the oldest software wallets will begin shipping its new device in November.

Blockchain’s Lockbox

Blockchain’s online software wallet boasts over 30 million accounts, so will its new hardware device do the same?

The company partnered with hardware wallet maker Ledger to create the Lockbox and has already begun taking orders.

The Lockbox is setting out to be different. It allows the user to make crypto-to-crypto trades through Blockchain’s native brokerage called Swap. This platform launches next week, and the idea behind it is to make trading and storing happen all in one place.

As Blockchain CEO Peter Smith put it:

“For us, what’s really important right now is to get the product to a point where you don’t need other places to complete your user actions in crypto.”

Also, Lockbox can only connect with legitimate websites thanks to an innovative safety feature within the device. This will reduce phishing attempts and hacks. The company calls this “endpoint-controlled” and it means a user can’t be tricked by a fake site.

>> Coinbase BCH Insider Trading Case Dismissed by US Court

Lockbox Wallet Support

The wallet will support Bitcoin, Ethereum, and Bitcoin Cash to start. However, if demand dictates it, the team is willing to support other coins.

Creating the Lockbox with Ledger will help this along as Ledger has support for nearly 100 crypto assets.

Smith has been noted as saying “I think we will be more aggressive on adding assets in the next six months […] In the long run, I see our trading system being both a consumer and a provider to DEXs (decentralized exchanges).”

Smith continued:

“We built a machine trading platform […] It connects to different liquidity [sources] across the ecosystem, everything from different exchanges to market makers.”

Is a hard wallet your preference? Blockchain and Ledger both have huge user number and good reputations. Will Lockbox be a success?

Featured Image: Depositphotos/© TPOphoto

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Crypto Mining | Iceland Moving onto Greener Pastures

At the beginning of 2018, Iceland made headlines because of its heavy involvement in crypto mining. Because the country is an ideal climate for mining, Iceland is home to one of the world’s largest crypto farms.

But now things are changing; Iceland is shifting its focus. To what? Blockchain technology.

Iceland Crypto Mining No More?

Iceland has rapidly become a leader in cryptocurrency mining, but that doesn’t mean it has been all sunshine and rainbows. Back in March, reports circulated that Iceland was going to use more energy for crypto mining than it would to power its homes this year.

Icelandics worried that energy would deplete trying to accomplish this, but that there were no plans to stop. 

Now there might be. Red Herring reported yesterday, September 23rd, that, in simple terms, Iceland crypto mining is getting the boot; further, the Iceland crypto industry is going to start focusing on “pure blockchain businesses.” 

Surprise?

A lot of people said blockchain would one day surpass crypto, and that seems to be happening. At least, in Iceland it is. According to Halldór Jörgensson, the chairman of the Borealis Data Center, there is an ongoing shift towards blockchain and away from crypto mining happening in the country.

Jörgensson even said the craze around crypto farming (particularly Bitcoin mining) has died down. He said it’s “not as crazy” as it was in 2017.

>> Juventus Football Club will Launch Its Own “Fan Token”

Others Disagree

Even though people in the crypto industry have been optimistic about the potentials of blockchain, the technology has come into a negative light recently. 

On September 17th, Jack Ma said that blockchain is going to end up being “useless” if it doesn’t help the environment.

To Each Their Own

Will blockchain surpass crypto? It’s unclear. Regardless, I’m glad to hear that Iceland crypto mining is slowing down. It’s good that the Nordic island nation managed to become so successful in it, but it could have caused problems. Especially in the future, if it kept up at the rate that it was approaching. 

Featured Image: Depositphotos/© PromesaStudio

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