Authorities in Venezuela Arrest Four Bitcoin Miners

Authorities in Venezuela Arrest Four Bitcoin Miners

The people of Venezuela have been having a rough time since their economy went into a downward spiral. As the economy continues to worsen, Venezuelans have started to find Bitcoin as an alternative to their worthless bolivars. But the country’s government which failed to manage its economy doesn’t seem too happy about it. Recently, the law enforcement agencies in Venezuela cracked down on Bitcoin miners. The arrests were announced by the director of Cuerpo de Investigaciones Cientificas, Penales y Criminalisticas (CICPC) — the country’s largest police agency. Among the arrested were three men and a woman, in the city of Charallave, Miranda state. These people were accused of committing cyber fraud and power theft. According to a Spanish...

Ethereum Classic Freezes 'Difficulty Bomb' With 'Diehard' Fork

Ethereum classic just forked again. Though hard forking can be a particularly contentious way of upgrading open blockchains (particularly since it can split the network if not all miners decide to update), the developers behind the project are calling the effort a success thus far. Ethereum classic developer Arvicco noted on social media that the mining hashrate is stable on the network and transactions are being transmitted normally. Named “Diehard” after the 1980s action film, the fork packages together a few changes, including a tweak to address denial-of-service attacks that slowed down ethereum classic and its sister blockchain, ethereum, last fall. Yet it’s one of the other upgrades included in the release that could further...

Quantum Computers May Arrive Much Sooner Than Expected

Quantum Computers May Arrive Much Sooner Than Expected

Computer Science is one of the rapidly advancing fields. The progression of Bitcoin mining hardware since the cryptocurrency’s inception in 2009 is a good example. Now, the next giant leap for computing is stated to be Quantum Computing and it may soon become a reality, or at least that’s what a leading science publication states. There have been instances in the past when people have expressed their doubts about the future of Bitcoin once quantum computers become a reality. But the community took comfort in assuming that the first quantum computer is at least a decade away. The latest report suggests that quantum computers may become a reality by the end of 2017. Until now, the research and development of quantum computing technology were confined to...

Bitfury and Other Miners Receive Offers to Buy Mined Bitcoin in Bulk

Bitfury and Other Miners Receive Offers to Buy Mined Bitcoin in Bulk

The steady rise in Bitcoin’s price has got a lot of people interested in it. As the market indicates a further increase in the digital currency prices, investors are looking for ways to buy more bitcoin through various sources. Some of them have decided to approach the miners directly to source the cryptocurrency instead of going through the usual channels like Bitcoin exchanges. Bitfury is one of the many mining companies to receive such requests. The increased requests for Bitcoin purchase was made public by the Vice Chairman on Bitfury in one of its tweets a few days ago. In his tweet, on December 21, 2016, he said, “Last 24hrs couple of $10bln+ AUM Funds calling to buy 30k-50k bitcoins.. We were not selling then/not selling now” Investors and Assets...

BItcoin Difficulty Level Increases by Over 10 Percent

BItcoin Difficulty Level Increases by Over 10 Percent

The Bitcoin network’s mining difficulty level has increased by over 10%. The change happened on November 18, 2016, as a part of the digital currency network’s inbuilt regulation mechanism. The Bitcoin difficulty level ensures constant block generation times irrespective of the total hashing power. The increase in difficulty levels from the previous 254,620,187,304 to the new 281,800,917,193 follows an increase in the Bitcoin network’s total hash rate from 1,822,642,296 GH/s to 2,017,209,539 GH/s. The change in Bitcoin network difficulty now stands at 10.68%. This is the first time, the Bitcoin difficulty level has seen a double-digit percentage increase since February, 19 of this year. For those who are a bit confused, the Bitcoin network...