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    • Over the past few months, quite a few bitcoin miners have been flocking to regions in North America in places such as Vancouver, and multiple states in the U.S. throughout the Midwest. Now, according to the state of Oregon’s regional press, miners are starting operations in the area because of concentrations of cheap hydropower. Also read: Ross Ulbricht Denied Post-Conviction Relief Extension Oregon’s Burgeoning Surplus of Energy Attracts Bitcoin Miners According to local reports, cryptocurrency miners are finding themselves traveling the ‘Oregon Trail’ for cheap and reliable electricity. Terrence Thurber operates the biggest mining operation in the state called Oregonmines in a small town called Dalles. There are roughly 12 more mining operations in the Oregon, and Robert McCullough of Portland General Electric (PGE) says more facilities are on the way. However, McCullough is not too impressed by the mining movement staking claim in Oregon. “We may well become the center of crypto-mining in the world,” the PGE consultant McCullough told the local press. Hard to Put a Quantity Value on Freedom Oregonmines monthly power bill is roughly $75,000. Thurber’s bitcoin mine is an industrial-sized operation with over 2,750 mining rigs humming away in a warehouse with no windows. The 33-year-old college dropout moved to Oregon three years ago from Costa Rica to start the mining facility. One of the biggest reasons miners like Thurber are attracted to Oregon is because of the Columbia River hydropower system. The hydro-powered electricity costs 3 to 4 cents per kilowatt-hour, a price significantly cheaper than most of the states in the U.S. Thurber believes the area is great for mining and thinks cryptocurrency mining operations will continue to have good fortune. “This is the future,” Thurber explains. “The sooner people get on board, the better off they’ll be. It’s a ‘shoulda, coulda, woulda’ situation.” New Money Coming In Thurber says the location is also helpful because the facility is close to a major metro, and weather patterns are favorable. The Oregonmines founder says his operation is also providing new jobs in the area as well. The operation has fifteen employees right now, and roughly eleven of them are working full time. “Dalles was not exactly popping with activity when I got there,” Thurber details. Cascade Divide. Another miner in the region is Jeffrey Henry who operates a facility 130 miles away in a town called Bend. Henry started his mining facility Cascade Divide in 2014 and also offers space in the warehouse for other miners. The former Time Warner cable engineer says he rents space to both traditional miners and government agencies. Additionally, Henry’s mine is strengthened by 18-inch thick concrete walls and a generator with over 2,200 gallons worth of diesel fuel. Henry believes other miners should be cautious of earthquakes and tsunamis as they could lead to significant downtime. “Some of these cryptocurrency miners just bought old warehouses, and that’s what we’d call a ‘retrofit,'” Henry explains. Cascade Divide.Not Everyone Is Pleased With Miners Flocking to Oregon However, not everyone in Oregon is pleased with the miners flocking to the state. The PGE consultant McCullough says these mines offer “little benefit” to Oregon. McCullough thinks cryptocurrencies do not provide the same value other traditional data centers provide like Google’s data servers.    “It will get bigger as our energy prices continue to decline, until it all crashes — Building a server farm uses the same equipment and the same electricity, but produces something of use to society,” McCullough concludes. What do you think about mining operations setting up in the Oregon region for cheaper electricity? Let us know in the comments below. Images via Shutterstock, Oregonmines, and Cascade Divide.  Need to calculate your bitcoin holdings? Check our tools section.  The post Oregon’s Cheap Hydropower Attracts a Swarm of Bitcoin Miners appeared first on Bitcoin News. View the full article
    • Venezuela’s president Nicolas Maduro has authorized all savings banks in the country to mine and use the recently launched national cryptocurrency, the petro. Union leaders are outraged by the suggestion, calling the petro a scam, accusing Maduro of abusing his power, and declaring the idea unconstitutional. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Savings Banks Asked to Mine & Use Petro Maduro has “authorized all savings banks in the country to join the cryptocurrency production system and acquire the petro to contribute the benefits to their workers,” according to the government’s website. He explained that: His announcement, which was broadcasted nationwide, proposes that “savings banks could develop mining farms throughout the national territory to increase the benefits for more than six million workers,” the website states. According to Maduro, savings banks can mine the cryptocurrency using the state-provided petro container. Union Leaders Outraged Following the president’s announcement that savings banks could “develop mining farms” and “acquire petros for [their] workers”, El Nacional reported on Thursday that “Union leaders rejected the use of the petro in savings banks.” Ana Yanez, the national coordinator of the National Union of Workers (Unete), told the publication that “there is a total disagreement within the union regarding the use of cryptocurrencies in savings banks.” Citing that everything “imposed by the Executive to the workers is null and void for the unions,” he detailed: Servando Carbone, the national coordinator of the National Federation of Public Sector Workers (Fntsp), told the news outlet that “the petro is a scam,” and they “strongly reject the use of cryptocurrencies in savings banks.” He added that “the petro is an invention of the government to launder drug money” and warned that “if they are forced to use the petro, they will go out to the streets to protest,” the news outlet conveyed. Furthermore, the secretary general of the union representing oil workers in Falcon state, Iván Freites, showed his disapproval for the petro, “mainly for the use of oil reserves to sustain it,” the publication noted and quoted him explaining: Do you think savings banks should mine and use the petro? Do you think Maduro will force them to? Let us know in the comments section below. Images courtesy of Shutterstock and the Venezuelan government. Need to calculate your bitcoin holdings? Check our tools section. The post Maduro Asks Venezuela’s Banks to Mine and Use Cryptocurrency – Unions Outraged appeared first on Bitcoin News. View the full article
    • This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Alex Rass, blockchain expert and enthusiast with a history of Fintech experience gained at Prudential Financial, Bloomberg and Goldman Sachs has launched a blockchain based financial services ecosystem called MoneyToken. MoneyToken focused on cryptocurrency-backed lending, stablecoins development and crypto assets leveraging. Its innovative economic model allows you to hold onto your cryptocurrency assets and spend cash at the same time. The MoneyToken Private Sale has begun and more than $600,000 has already been raised to support the project. To gain access to this ‘early birds’ Private Sale, interested contributors should apply to join the
      Money Token Whitelist http://moneytoken.com/#whitelist If you are a cryptocurrency holder, or interested in finding out more about the project you can join MoneyToken telegram chat https://t.me/moneytoken. Note: Given the volatility in the current cryptocurrency market, the token balance of all Private Sale participators will be reassessed upwards should the value of ethereum increase by the end of the general Token Sale in May. This provides all early contributors in MoneyToken insurance of their purchase in a volatile market. MoneyToken consists of:
      – MoneyToken lending platform that provides loans in fiat currencies or stablecoin, secured by collateral in BTC and ETH;
      – MTC – MoneyToken’s own stablecoin;
      – MoneyToken decentralized exchange service. What is the purpose of MoneyToken??
      The MoneyToken platform seeks to resolve one of the key issues plaguing the crypto market – making these assets effective liquid instruments. How do you persuade cryptocurrency owners to trade or sell instead of holding their assets?
      How can you benefit from the value of your cryptocurrency when the only sensible strategy is to hodl for the long term? What if you could use your crypto-assets as collateral to take out a loan in fiat money?
      In this way, you don’t need to sell your appreciating Bitcoin but, at the same time, you have the opportunity to spend traditional money on essentials in the here and now. MoneyToken is about creating a secure place for lenders and borrowers to meet, provide appropriate and proper risk management to clients, and reducing the risk lenders face due to the volatile nature of crypto assets. “MoneyToken aims to resolve these issues, managing clients’ risks and creating a stable lending model using cryptocurrencies as a security deposit. Our model aims to facilitate access to credit while building a new credit market – loans backed by crypto collateral, based on the security and transparency of blockchain technology,” comments Alex Rass, co-founder and CTO of the project. Contact Email Address
      [email protected]
      Supporting Link
      https://moneytoken.com/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: US Fintech Expert From Prudential Financial Launches Cryptocurrency – Backed Lending Startup Money Token appeared first on Bitcoin News. View the full article
    • Next week the ethereum classic (ETC) community is expecting to receive coins from a ‘snapshot’ fork called ‘callisto’ (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins. Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media The First High Profile Hard Fork Is About to Get Forked The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to ‘bail out’ the DAO, an ETH application that lost $150Mn that year. Some individuals firmly believe that ETC is the ‘one true’ Ethereum network. Callisto, however, is not quite like the ETC hard fork as it’s a snapshot much like bitcoin gold, bitcoin diamond, and the other clones that appeared over the past year. Callisto Developers Believe CLO Will Have Better Smart Contract Security Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETC’s smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a “Official Smart-contract Auditing Department of CLO & ETC,” so one could assume the snapshot may be considered an extension of the ETC community.     “The main goal of callisto is to research and develop a reference implementation of self-sustaining, self-governed, self-funded blockchain ecosystem and development environment,” explains the CLO white paper.   ETC holders will receive a 1:1 ratio of CLO coins after ETC reaches block 5500000.Cold Staking and a Developer Called Dexaran There’s little information on the creators of the ETC clone other than the Github page that describes the callisto network project in more detail. The developer working on the project goes by the name Dexaran, and he also has worked on an ICO called ‘DEX.’ Another aspect of the project is the introduction of ‘Cold Staking’ which acts similarly to the Proof of Stake consensus system that rewards currency holders.    “It should be noted that the ETC does not have any incentives for coin holders — The whole emission is completely controlled by miners, and their influence grows with the growth of the network. Callisto introduces a Cold staking protocol that rewards coin holders for being network participants,” explains the callisto team.  The ETC Snapshot Follows the Recent Birth of the Litecoin Cash Network The upcoming ethereum classic snapshot has boosted the price of ETC quite a bit, and the currency had reached a high of $45 two days ago. It also follows the recent litecoin (LTC) snapshot called litecoin cash (LCC) which came to life on February 20. Before the LCC fork, the price of LTC spiked considerably as well but has since lost those gains. The clone has minimal infrastructure and is only worth 2 percent of LTC’s price at $4-5 per LCC. What do you think about the upcoming ETC snapshot called callisto? Let us know what you think in the comments below.   Images via Shutterstock, and Pixabay. Need to calculate your bitcoin holdings? Check our tools section.   The post An Ethereum Classic Fork Snapshot Is Coming Next Week appeared first on Bitcoin News. View the full article
    • It has always been assumed that a large number of ICOs will fail, be it at the fundraising stage or when it comes to delivering the actual project. It’s hard to settle on a precise figure, however, as most dubious ICOs don’t exit scam: they slowly tiptoe away, like a sneak thief rather than a smash-and-grab robber. Having completed an extensive study into last year’s crowdsales, news.Bitcoin.com can report that 46% of them are effectively dead already – despite raising over $104 million. Also read: FBI Arrests Exchange Operator for Lying About 6000 Bitcoin Hack ICOs Are Even Riskier Than You Think Given enough time, everything withers and dies, from the most robust institutions to the most popular crowdsales. No one expected all of 2017’s ICOs to last the course. The pace at which they’ve withered and died may come as a surprise though. Tokendata, one of the more comprehensive ICO trackers, lists 902 crowdsales which took place last year. Of these, 142 failed at the funding stage and a further 276 have since failed, either due to taking the money and running, or slowly fading into obscurity. This means that 46% of last year’s ICOs have already failed. The number of ICOs that are still a going concern is actually even lower. An additional 113 ICOs can be classified as “semi-failed”, either because their team has stopped communicating on social media, or because their community is so small as to mean the project has no chance of success. This means that 59% of last year’s crowdsales are either confirmed failures or failures-in-the-making. Some of the many failed ICOs listed by Tokendata.A Digital Graveyard of Broken Promises Trawling through 900 ICOs in one sitting is a deeply depressing experience, news.Bitcoin.com can report. Abandoned Twitter accounts, empty Telegram groups, websites no longer hosted, and communities no longer tended are par for the course. A digital graveyard, complete with metaphorical tumbleweed, characterizes the crop of 2017 that decided to take the money and run. Many raised zero; some raised a couple of thousand dollars; and a handful raised over $10 million. In each case, the end result was the same though: no MVP, no alpha release, and no contribution to the decentralized web for the betterment of humanity. Many of the dead ICOs were doomed from the start. It will come as no surprise to learn that projects such as Clitcoin, Neverdie, and Zero Traffic didn’t make it. Some, which fell flat at the fundraising stage, are doing it all over again this year and hoping that 2017’s failure can be written off as a trial run. Freight trucking platform Doft is one such example. Looking at the countries of origin for failed ICOs shows that developing nations – and an entire continent in the case of Africa – are over-represented. Nevertheless, every major country and continent features in the list of shame. Lessons Learned Many of the 531 ICOs that have failed or are failing from last year looked sketchy from the very start. In most cases, investors were able to spot the signs and steer clear. Not everyone escaped unscathed though: these projects still raised $233 million between them. With ICO mania showing no signs of abating, there’s no reason to expect this year’s crowdsales to fare any better. Thanks to diminished returns, increased competition, and a never-ending stream of opportunistic ICOs, crypto investing in 2018 is riskier than ever. Are you surprised by how many of last year’s ICOs have failed already? Let us know in the comments section below. Images courtesy of Shutterstock, and Tokendata. Need to calculate your bitcoin holdings? Check our tools section. The post 46% of Last Year’s ICOs Have Failed Already appeared first on Bitcoin News. View the full article

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