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Ukraine Considers Using Nuclear Plants for Crypto Mining
Crypto mining is a contemporary and efficient way to use excess energy, as stated by Ukraine’s Ministry of Energy in a May 6 statement published on Facebook. The post argues that local nuclear plants have generated the surplus due to the COVID-19 lockdown.
The course toward digitalization
The bureau is now seeking to leverage progressive solutions to avoid wasting energy as part of the government’s course toward digitalization championed by president Volodymyr Zelensky. Leaving the situation unchanged might create “conditions for corruption offenses, which will ultimately be paid at Ukrainian citizens’ expense”, the ministry states.
Crypto mining, in turn, could prove to be one of the best solutions, the post reads:
“There is a way to transfer this ‘liability’ into an ‘asset’. One of the modern approaches for using excess electricity is to devote it to cryptocurrency mining. That would not only allow to maintain the guaranteed load on the nuclear power plants, but also ensure that companies can attract extra funds. Therefore, it would open the way to a fundamentally new economy, new approaches, a new market model.”
As reported by a Russian-language crypto news outlet Forklog on May 5, the acting head of Ukraine’s Ministry of Energy asked the state-owned enterprise Energoatom to research potential ways to implement cryptocurrency mining at the country’s nuclear energy generating facilities by May 8.
A potentially profitable operation?
Power plants have been used for crypto mining before, although not on a government scale. A privately-owned plant in New York’s Finger Lakes region turned to Bitcoin (BTC) mining, adding around $50,000 worth of BTC every day to daily revenues.
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An analyst at crypto research firm told Decrypt that miners can squeeze the last life out of older miners by cutting down on electricity costs
In brief
The Bitcoin halving will wipe out old miners.
But they can remain profitable for longer by cutting down on operating costs.
But newer, faster miners will eventually squeeze them out of the market.
Tuesday’s Bitcoin halving will eventually wipe out all inefficient miners, Johnson Xu, Chief Analyst at research firm TokenInsight, told Decrypt. But Xu said there’s a way to keep these energy-intensive machines profitable after the Bitcoin halving: find cheaper electricity.
On Tuesday, the amount of Bitcoin that miners receive for Bitcoin mining will cut in half—that’s why it’s called the halving. This effectively cuts mining revenue in half and means that miners will have to work twice as hard to earn the same amount of Bitcoin. To compensate, mining farms will introduce more powerful miners, squeezing inefficient miners out of the market.
But people with older miners can still turn a profit after the halving, said Xu, by keeping their electricity and operation costs "sufficiently low.”
“If the miners don’t have access to the most efficient mining machine, then the miners have to consider lowering electricity and operations expenses in order to compete with other miners and compensate for the disadvantages of owning outdated hardware,” he said.
There are a few ways that miners can cut down on electricity costs. Many mining farms are set up in places where electricity is incredibly cheap, like some regions of China. In China, "there are some miners who can access sub-$0.02/kwh electricity. However, these are extremely rare cases,” said Xu.
Another way to save on costs would be to relocate Bitcoin miners to cold regions. In colder regions, operators of Bitcoin miners don't need as much energy to cool down the miners, so they can pocket the extra cash.
But this won't last forever
Miners with access to cheap electricity would have a “significant advantage,” said Xu, because they can continue to use outdated hardware to mine Bitcoin.
But they can only do this until the total network hash rate—the metric for the combined computational power of Bitcoin miners—grows significantly due to the influx of more powerful computers.
“Once these latest mining machines slowly replace the network hash rate, they will eventually squeeze out all the outdated hardware in the long term,” he said.
For anyone who can’t scrimp on running costs, the only way to profit is to throw money at the problem. “The best way to prepare for the halving is to run the most efficient miners,” said Xu.
If miners can’t get their act together by Tuesday, they have four years to prepare for the next Bitcoin halving.
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Bitcoin’s price stabilized on Sunday after a chaotic 15% dip just 12 hours earlier
In brief
After a good week, Bitcoin crashed on Saturday night.
Prices have since stabilized.
Ahead of Tuesday’s halving, it’s not clear which way the coin will go.
Many hope that Tuesday’s Bitcoin halving will bump up the price of Bitcoin, but last night, the largest cryptocurrency by market cap crashed in value by 15%. As of Sunday afternoon, the price has stabilized...for now.
On Saturday night, the price of Bitcoin fell from around $9,800 to lows of $8,518, according to data from metrics site CoinMarketCap. And one of the most popular crypto exchanges, Coinbase, went offline as whales unloaded their Bitcoin onto the market.
According to CryptoDiffer, a total of $1.22 billion was liquidated from exchanges. $368.13 million was wiped from Huobi; $284.82 million from BitMEX; $282.20 million from OKEX; $280.96 million from Binance; and $1.5 million from FTX.
The flash crash put a dent in Bitcoin’s remarkable recovery from the Black Thursday crash on March 12, when $22 billion was wiped from Bitcoin's market cap within 24 hours. The past week was largely positive for Bitcoin (except for yesterday’s crash); Bitcoin hit the $10,000 mark several times—highs not seen since February.
The flash crash will surely shake investor confidence in the currency, which is already infamous for its volatility. Some people have bought Bitcoin following predictions that the price of Bitcoin will rise due to Tuesday’s Bitcoin halving—when mining revenue for miners will halve, constricting the supply of new Bitcoin. But last night, Bitcoin’s price fell.
Impossible to predict
Lately, the price of Bitcoin has been completely erratic. Analysts attribute a barrage of market forces—COVID-19, the stock market crash and the oil price war—to its volatile movements.
Of course, only mystics can predict what’ll happen to Bitcoin’s price following Tuesday’s halving. But many have tried.
Some predict that the price will soar after May 12—as it has done following previous halvings—while others expect that the halving is already priced in and that nothing much will happen.
Data shows that big investors have held onto their Bitcoin ahead of the halving. Many new investors have also entered the market, perhaps viewing the dip in March as a prime buying opportunity.
But nobody, not even the “experts”, can predict the future. Roll on May 12.
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The tech investor and Dallas Mavericks owner knows a “really, really easy” way to make cash—but it doesn’t involve Bitcoin.
In brief
The AI-obsessed investor said learning how to code virtual assistants is “really, really easy.”
He admitted telling his children that they should learn how to do it as a side hustle.
But he doesn’t want them to invest in Bitcoin just yet.
Billionaire investor and Bitcoin skeptic Mark Cuban is teaching his children how to really make some easy money—and it doesn’t have anything to do with crypto.
The tech investor and owner of the Dallas Mavericks advised youngsters to learn scripting as a side hustle, adding he had already educated his children with the skill, CNBC reported.
Cuban told CNBC in an interview that learning how to script for virtual assistants like Amazon’s Alexa, Microsoft’s Cortana or Google Home could net youngsters extra cash—even for those who aren’t too tech-savvy.
He said that those who have learned how to code these virtual assistants to complete tasks, could charge their neighbors up to $40 an hour, adding such skills were “really, really easy” despite everyone thinking they were “really, really hard.”
Cuban, who is one of the investors on the Shark Tank TV show, has previously spoken about the skill of scripting. During a speech at the 2020 CES Conference in January, he said that if he were 16 years old, he would definitely be making money doing it.
The mega-investor is big into AI, and in 2017 he predicted that the world’s first trillionaire would be an AI entrepreneur.
But Cuban has long been a critic of Bitcoin—even though he said he owns some of the cryptocurrency.
Cuban previously said it was “too complicated” to go mainstream, but his basketball team owns around $130 in Bitcoin because it accepts Bitcoin for tickets and merchandise. Cuban also said Bitcoin could rival gold as a store of value if the US continues to excessively print money.
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A halving event along with a potent US stimulus package will only serve to lift the price of bitcoin, says the early Bitcoin advocate.
In brief
In 10 days, the bitcoin mining reward will drop to 6.25 BTC.
At the same time, the US is pumping trillions into the economy.
Combined, both these events could drive up the price of BTC, says Charlie Shrem.
The Bitcoin halving is mere days away and Bitcoin prices have been surging. Meanwhile, US dollars are getting pumped into the economy. So what's the better investment: Bitcoin or dollars? If you ask Charlie Shrem, he’ll tell you Bitcoin.
“The dollar is going down,” Shrem, one of the earliest of the Bitcoin entrepreneurs, said at Virtual Blockchain Week last night.
“Therefore, the value of Bitcoin has to go up. So it is the people holding dollars who are the ones who are getting screwed.”
What’s he talking about? Recently, the US government signed an unprecedented $2 trillion stimulus package to keep the economy afloat during the novel coronavirus pandemic. All that money is arguably backed by nothing, beyond the good graces of the United States of America.
At the same time, the Bitcoin halving, an event that happens every four years, is around the corner. And by Shrem's reckoning, it's a signal feature of Bitcoin—a capped money supply—that makes the digital currency truly valuable.
On May 12, the Bitcoin mining reward—what people who run the system get paid for their computing efforts—will drop from 12.5 BTC to 6.25 BTC, to reduce the amount of new Bitcoin entering into the supply. Ahead of the halving, the price of BTC has shot up 30% in the last month to its current price of $8,700.
Mainly, Shrem believes, that's due to the sinking value of the dollar. “The value of Bitcoin has to go up, in relation to the dollar,” he said. “The ones who are holding bitcoin, now have double the purchasing power.”
The argument for Bitcoin
Shrem is generally considered by Bitcoin maximalists to be one of the community's icons, pioneers, and martyrs. In 2014, when he was 24, he was charged with money-laundering criminals' Bitcoins on Silk Road, a black market for illicit goods, among other things. Silk Road was one of the first popular uses of Bitcoin.
More recently, he founded cryptocurrency “intelligence service” CryptoIQ. He also hosts a crypto podcast “Untold Stories.”
Now, Shrem is popular on the speaking circuit, where he continues to evangelize for Bitcoin. During his appearance last night, he was more bullish than ever, thanks to the perfect storm of the pandemic and the pending halvening.
“It is crazy we have a halving during coronavirus,” he said at the virtual conference last night.
Since mid-March when the lockdowns began, 30 million Americans have filed unemployment claims. “All these people are starting to get their unemployment benefits, probably when they are going back to work, anyway,” Shrem speculated, suggesting that plenty of extra cash will soon be sloshing around in the system.
He thinks it could lead to a bull run.
Stock market is for gamblers
In Shrem's eyes, the stock market is a metric for the government to manipulate, so people will think that everything is okay. “I don’t own any stocks for that reason,” he said.
As evidence, he finds it ludicrous that at a time when so many people are out of work, the stock market is hitting all-time highs. “How is this something we can correlate to how the economy is actually doing?” he asked.
When one of the virtual conference hosts pointed out to him that the Bitcoin market is also manipulated, his response was basically, yes, but most Bitcoin traders are largely aware of the problem. After all, stories of whales manipulating BTC’s price are rampant.
Plus, he said, whenever anyone asks him about investing in crypto, his mantra is: Be careful. It’s crazy. "If someone tells me they want to get into crypto, I tell them it is a high risk, crazy, volatile," Shrem said.
By contrast, if you call a friend about the stock market, they are likely not going to tell you that, he said. That’s because the stock market is generally pitched as a level-headed investment.
Memories of house arrest
After pleading guilty to aiding and abetting the operation of an unlicensed money-transmitting business in 2014, Shrem spent 18 months in house arrest, unable to leave his parent’s Brooklyn home without a judge's permission. He also spent time in federal prison.
When asked how he was dealing with the current lockdown, Shrem, who is now married, and living in sunny Florida, compared it to that period of being under house arrest.
“My wife and I had to adjust to eating at home more often, not being able to go out,” he said. “When it first happened, we went into a full house-arrest mode. You can’t look at it as being stuck at home.”
He has been taking notes on peoples’ reactions to the lockdown around the country. Some states are pushing for more personal liberty and freedom, he said. (In Michigan, hundreds of people have broken the emergency orders to protest.)
And then, he said, reflecting back on his old stomping grounds, “you have places like New York where they love the government. They love Big Brother.”
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The tech billionaire has continued to vent on Twitter about Tesla and the coronavirus—with disastrous consequences.
In brief
Elon Musk is still getting into trouble for what he writes on Twitter.
He said the stock price of Tesla was “too high”—and the company’s shares dramatically dropped.
He then went on to attack the US coronavirus lockdown.
lon Musk is no stranger to Twitter rants, but the billionaire tech entrepreneur really splashed out on the theatrics for his latest. Sick of flattening the curve, the 48-year-old Tesla CEO cried for freedom, Bitcoin, and complained that Tesla’s stock price was “too high imo [in my opinion].”
The electric car company’s shares immediately dropped, and have so far lost $15 billion in value. And his girlfriend, the Canadian singer due to give birth to Musk’s first child on Monday, is now “mad” at him. Oh, Elon!
Among the few Twitter accounts Musk spoke with during his tweetstorm was...a Twitter account for Bitcoin, which tweeted that “Bitcoin price is too low imo.” Musk responded with a laughing
Why is Elon Musk angry?
Musk’s main gripe appears to be with the coronavirus lockdown, which he has had enough of. “Now give people back their FREEDOM”, he tweeted, before tweeting his favorite lyrics to the Star-Spangled Banner and announcing that he was “selling almost all physical possessions” and “Will own no house.”
What's Musk has previously tweeted that the “coronavirus panic is dumb” and called the US government’s measures “fascist.” Libertarians, like author Tom Woods, rallied round the inventor, lapping up his cryptic criticisms of the state.
High-profile libertarians in the crypto community have followed suit, with John McAfee and Musk agreeing that “our democracy has been hacked” and Bitcoin.com founder Roger Ver calling for an end to the lockdown.
Many consider Musk’s ill-informed commentary on the coronavirus dangerous. In March, he tweeted a link to a paper that pushed the drug, chloroquine, as a cure to the coronavirus pandemic. The paper was authored by two Bitcoin fans, James Todaro, managing partner at Blocktown Capital, and Gregory Rigano, lawyer and inventor of blockchain platform IKU.
This annoyed people, since the Bitcoin entrepreneurs “haven’t done any original research, but instead have strung together lengthy quotes from other scientists, who have done very limited research,” tweeted Joan Donovan, a Shorenstein Center social media researcher.
Musk has landed himself in trouble over what he says on Twitter before, and last year agreed that lawyers would pre-approve written communications—including tweets—about Tesla.
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Telegram’s Blockchain OS Could Soon Be Downloaded in App Stores
Google Play market and Apple’s AppStore will soon provide the Telegram Open Network (TON) operating system (OS), an end-to-end open-source infrastructure which gives developers and users access to the TON blockchain.
The TON OS will soon become available on smartphones and personal computers for mainstream users, according to the report by Russian news agency RBC from April 29. TON OS is not an alternative to existing operating systems, but will serve as an add-on for devices, making them able to support blockchain apps.
Big plans for the future
The report noted that with Telegram Open Network OS, users can build applications which are automatically compatible with the blockchain platform. They think that, in the future, the OS will support apps with numerous functions, including transacting different assets including cryptocurrencies:
“When it comes to finance or voting, decentralized management can solve a huge number of problems with corruption, management efficiency, citizen involvement. Small businesses will be able to reduce costs by using a secure chat for participants, managing assets of this business and contractual relations of the parties.”
The legal battle with the SEC continues
Previously, developers of the TON blockchain argued that they were going to launch TON despite Telegram’s ongoing legal fight with the United States Securities and Exchange Commission. Telegram is seeking to appeal a U.S. federal court’s ruling in favor of the SEC to stop the distribution of the platform’s native Gram tokens.
Fedor Skuratov, a representative for TON Community Foundation, said:
“The community was ready for this (or another) scenario. We have several options, including the launch of TON by TCF [TON Community Foundation]. I will say more, no one (no one) can prevent the launch of TON by any other entity, person or community, cause TON is a decentralized open-source solution. Already, there are two different test networks, and within the community, there is at least one group planning to launch.”
In the meantime, after years of unsuccessful attempts to block Telegram in Russia, the country’s government is now considering lifting the ban, as the app’s creator Pavel Durov agreed to cooperate with authorities on dealing with the coronavirus.
