Cbs news mining bitcoin

Some kids have lemonade stands. The Thakur siblings tried that but wanted to think bigger. They thought about investing in bitcoin, but the price was too high, so they deciding to mine for cryptocurrency instead. In traditional mining, heavy equipment digs through layers of rock to find coal or precious stones. In cryptocurrency, mining computers do all the digging. The siblings started a company called Flifer to mine mostly for ethereum, a cryptocurrency similar to bitcoin.

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Content:

• Bitcoin-mining power plant raises ire of environmentalists
• 3 Major Crypto-Mining Challenges and How to Conquer Them
• Bitcoin: Risky or Wise Investment? Considerations for Investors
• This power plant stopped burning fossil fuels. Then Bitcoin came along.
• El Salvador Bitcoin city planned at base of Conchagua volcano
• Coinbase Valued at $86 Billion in ‘Landmark Moment’ for Crypto
• Volcanoes to power bitcoin mining in El Salvador
• Highlights of John Boehner's 'barn-cleaning' budget deal
• Bitcoin reaches record price of $15,000
• Showtime websites secretly mined user CPU for cryptocurrency

WATCH RELATED VIDEO: Bitcoin mining companies eyeing move to U.S. amid crypto-crackdown in China

Bitcoin-mining power plant raises ire of environmentalists

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The crypto mining Javascript is called Coinhive, and according to the site , it was made as an alternative to banner ads as a way for website owners to get around pesky ad-blockers. Ironically, some ad-blockers have now included Coinhive on the list of the banned. The script mines the cryptocurrency known as Monero. Thirty percent of the proceeds go to Coinhive, while sites using the service, like Showtime and The Pirate Bay , keep the rest.

For its part, The Pirate Bay has apologized for secretly running the script and then asked its users if they preferred ads or CPU mining. Surprisingly, many of the comments indicate a positive reception towards the idea. Showtime declined to comment. Subscribe to get the best Verge-approved tech deals of the week. Cookie banner We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from.

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3 Major Crypto-Mining Challenges and How to Conquer Them

The cryptocurrency was invented in by an unknown person or group of people using the name Satoshi Nakamoto. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity and thus carbon footprint used by mining, price volatility , and thefts from exchanges. Some investors and economists have characterized it as a speculative bubble at various times. Others have used it as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

Bitcoin: Risky or Wise Investment? Considerations for Investors

Bitcoin mining likely uses more energy than it takes to keep New Zealand's lights on. Keep up to date with the latest coronavirus news via our live blog. The recent upsurge in the price of Bitcoin seems to have finally awakened the world to the massively destructive environmental consequences of this bubble. These consequences were pointed out as long ago as by Australian sustainability analyst and entrepreneur Guy Lane, executive director of the Long Future Foundation. In recent months, the Bitcoin bubble has got massively bigger and the associated waste of energy is now much more widely recognised. In essence, the creation of a new Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done. The crucial feature, as is common in cryptography, is that the calculation in question is very hard to perform but easy to verify once it's done. At present, the most widely used estimate of the energy required to "mine" Bitcoins is comparable to the electricity usage of New Zealand, but this is probably an underestimate. If allowed to continue unchecked in our current energy-constrained, climate-threatened world, Bitcoin mining will become an environmental disaster.

This power plant stopped burning fossil fuels. Then Bitcoin came along.

Cities have increasingly embraced Bitcoin and other blockchain technology as a way to handle everything from real estate transactions to facilitating communication between connected cars and infrastructure. The decentralized nature of blockchain will allow consumers, businesses and governments to conduct transactions without middlemen, with more security. Cryptocurrency firm Blockchains LLC has announced plans to build an entirely blockchain-backed city in Nevada, and cities like New York have explored how it could help them go paperless. The study is a reminder that the new technology has an environmental cost.

El Salvador Bitcoin city planned at base of Conchagua volcano

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. If you buy something from a Verge link, Vox Media may earn a commission. See our ethics statement. The afflicted sites included showtime. The crypto mining Javascript is called Coinhive, and according to the site , it was made as an alternative to banner ads as a way for website owners to get around pesky ad-blockers.

Coinbase Valued at $86 Billion in ‘Landmark Moment’ for Crypto

However, the latter is valuable because it is issued by a monetary authority and is widely used in an economy. Bitcoin's network is decentralized, and the cryptocurrency is not used much in retail transactions. One can argue that Bitcoin's value is similar to that of precious metals. Both are limited in quantity and have select use cases. Precious metals like gold are used in industrial applications, while Bitcoin's underlying technology, the blockchain , has some applications across the financial services industries. Bitcoin's digital provenance means that it might even serve as a medium for retail transactions one day. There are six key attributes to a useful currency: scarcity, divisibility, acceptability, portability, durability, and resistance to counterfeiting uniformity. These qualities allow a currency to find widespread use in an economy.

Volcanoes to power bitcoin mining in El Salvador

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Highlights of John Boehner's 'barn-cleaning' budget deal

However, for cryptocurrency to be made and transactions to occur, people need to mine them. Sadly, cryptocurrency mining consumes massive amounts of electricity and while Bitcoin is the most used cryptocurrency, it is thus, the most mined. If you are familiar with the crypto space, then you are more likely to be aware that Bitcoin mining has been attracting growing criticism for its unknightly effect on the environment. Specifically, the mining process of the genesis crypto asset accounts for 0. The increasing rate in C02 emission, however, can be attributed to the increase in crypto activities in recent times.

Bitcoin reaches record price of $15,000

At the same time, a bitcoin mining company in Slovenia has been hacked for the possible theft of tens of millions of dollars, just days before the virtual currency is due to start trading on major U. NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a security breach and will stop operating for 24 hours while it verifies how many bitcoins were taken. Research company Coindesk said that a wallet address referred to by NiceHash users indicates that about 4, bitcoins had been stolen. The statement urged users to change their online passwords. Slovenian police are investigating the case together with authorities in other states, spokesman Bostjan Lindav said, without providing details. The hack will put a spotlight on the security of bitcoin just as the trading community prepares for the currency to start trading on two established U. Bitcoin and other cryptocurrencies have transformed from an esoteric idea hatched on the internet to the financial world's mainstream with market valuations that eclipse some publicly traded corporations, including Goldman Sachs GS.

Showtime websites secretly mined user CPU for cryptocurrency

Skip Navigation. Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge. Tanaya Macheel Fri, Jan 28th