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Insane

Pennsylvania: Crypto mining company buys power plant to meet electricity requirements

Crypto mining companies are continuing to find innovative solutions to power problems despite concerns regarding Bitcoin mining’s immense power requirements and ecological impacts. A Pennsylvania firm recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by […]

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Business World

China’s central bank declares all crypto-currencies illegal, effectively banning Bitcoin, Ether and all other digital tokens

China’s central bank announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. “Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning it “seriously endangers the safety of people’s assets”. China is one of the world’s largest crypto-currency markets. Fluctuations there often impact the […]

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Business Social Media Reactions World

Fake news claiming Walmart would accept cryptocurrency surges prices

Cryptocurrency Litecoin saw a sudden surge in price on Monday after a press release claimed Walmart began accepting it for payment — this turned out to be fake. The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all its digital stores. Walmart later told US media outlets the […]

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Business World

Bitcoin tumbles over 10% on El Salvador’s first day using it

Bitcoin tumbled more than 10% on Tuesday, below the $43,000 mark. The volatile cryptocurrency saw huge sell off as El Salvador made good on a plan announced in June and adopted the cryptocurrency as legal tender, making it the first country in the world to do so. The move received some criticism in El Salvador, […]

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Business World

El Salvador buys 200 Bitcoins as cryptocurrency becomes legal tender

El Salvador became the first country to adopt bitcoin as a national currency on Tuesday. President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador’s formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels. Bitcoin […]

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World

Nearly 70% of citizens in El Salvador disagree to use Bitcoin as legal currency

El Salvador will become the first country in the world to recognize Bitcoin as legal tender from 7 September. The government has presented the measure as a way to boost economic development and jobs. Polls suggest Salvadorians are not prepared for the move, and the World Bank has warned against its adoption. Analysts say it […]

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Insane World

Man hunts down teenagers who stole his 16 bitcoin, sues their parents

Andrew Schober invested 95 percent of his net wealth in the digital tokens, which he hoped he could sell later to buy a home and support his family. But then disaster struck. Schober downloaded an app called “Electrum Atom” after clicking a link on Reddit, mistakenly thinking it was a bitcoin wallet. Instead, it was […]

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Business World

Bitcoin breaches $50,000 mark after months of slump

Bitcoin has surged above the $50,000 mark, as the virtual currency continues to climb out of a months-long slump. It’s the first time bitcoin has reached that milestone since May 15. Bitcoin’s peers also advanced: Ethereum was up more than 3%, while dogecoin rose nearly 2%. Bitcoin had been inching near that mark all weekend […]

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Insane

Sweden returns bitcoin worth $1.3 million to jailed drug dealer

Authorities in Sweden reportedly returned approximately $1.3 million worth of Bitcoin to a jailed drug dealer who amassed the funds in illegal online sales. Following the drug dealer’s arrest, the Swedish Enforcement Authority began auctioning off the 36 Bitcoin that had been amassed at the time. However, the value of the stolen cryptocurrency has since […]

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Business

‘I pump, I don’t dump’: Bitcoin, Ether and Dogecoin prices surge after Elon Musk says he owns cryptos

Bitcoin zoomed past $32,000 after Elon Musk, Jack Dorsey and Cathie Wood spoke during a panel on the future of Bitcoin. The largest digital currency rose more than 8% to about $32,270 on Wednesday. Other cryptos advanced too, including Ether and Dogecoin. Musk, the chief executive of Tesla Inc., reiterated his backing of Bitcoin, saying […]

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Tech World

Ransomware hackers behind cyberattack of one million ‘systems’ demand $70 million in Bitcoin

Hackers who claim to have taken control of a million systems in a “colossal” ransomware attack have demanded $70 million be paid in return for a “universal decryptor” that it says will unlock the files of all victims. The REvil group claims its malware, which initially targeted US IT firm Kaseya, has hit one million […]

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World

China orders banks and payment platforms to stop supporting cryptocurrency transactions

China ordered its banks and payment platforms to stop supporting cryptocurrency transactions. The price of Bitcoin slumped by more than 10% on Monday, and fell again on Tuesday, dropping below $30,000. The value of the cryptocurrency has fallen by about 50% since hitting a record high above $63,000 in April. On Monday, China’s central bank, […]