Day: April 28, 2018

In the world of Bitcoin, there have always been dastardly deeds and mischievous pranks. This time around, those efforts involve Bitcoin’s Wikipedia page. Although it is a great source of information, there are some concerns over one of the block explorers listed on the page. More specifically, this block explorer is related to Bitcoin Cash, which, according to some, is the only real Bitcoin. Not everyone agrees with that sentiment, for obvious reasons.

The Bitcoin tug-of-war is far From Over

It is evident the ongoing spat between Bitcoin and Bitcoin Cash supporters is escalating. While Bitcoin Cash is a successful altcoin, it cannot be officially labeled as the actual Bitcoin. Political differences aside, Bitcoin is still Bitcoin, whereas Bitcoin Cash is a forked currency off of that project. That doesn’t make BCH less legitimate by any means, but calling it the “original Bitcoin” has always been controversial.

There is another development taking place as far as this discussion is concerned. Recent activity on Bitcoin’s Wikipedia page indicates an attempt to remove one of the block explorers linked to on the page. That is always a controversial decision, even though it seems to make a lot of sense. Said block explorer is associated with Bitcoin Cash, and not Bitcoin itself. This is a direct result of the “Bitcoin Cash is the real Bitcoin” mindset, but it also creates a lot of confusion.

As such, removing this particular block explorer makes a lot of sense. Since it does not track BTC blocks, it shouldn’t be on Bitcoin’s Wikipedia page. Instead, that block explorer should be on the Bitcoin Cash page. However, it is still a somewhat controversial decision to remove such information. After all, there will always be individuals who consider this to be even more censorship on behalf of Bitcoin Core supporters.

To make matters more interesting, it seems someone is trying to get the block explorer reinstated. While this game may continue for some time to come, one has to wonder if there is even any point in playing it. Even though most people do not consider BCH to be the real Bitcoin, the currency has been more than successful in its own right. It may end up being more successful by not being the Bitcoin most people know.

Yes, user Apastuszak undone the change. I submitted another change request. This is not a contentious issue.

— nopara73 (@nopara73) April 25, 2018

Discussions like these will only drive an even bigger wedge between the Bitcoin and Bitcoin Cash communities. Cryptocurrency is all about collaboration and advancing our society into a new financial era, rather than personal gain. Sadly, this industry has become politically-oriented first and foremost, which is the last thing cryptocurrency needs. All of this bickering and infighting serves no real purpose in the long run.

How the Wikipedia debate will play out is anybody’s guess at this point. With the block explorer in question having been removed, it seems a lot of people are now complaining about this change. It is evident the explorer in question does not fit with the Bitcoin page directly, but the decision to remove it like this will remain a topic of heated debate. For now, it has been replaced by the Smartbit block explorer. Rest assured this is not the last we will hear on the matter.

To a lot of people, Bitcoin lacks all traits of being or becoming a currency. According to the Federal Reserve Bank of St. Louis, that is not necessarily the case.

Surprisingly enough, the institution acknowledges Bitcoin and cash are not all that different in some regards. It is not necessarily a bullish signal, yet still an intriguing train of thought.

Cash and Bitcoin are Kindred Spirits of Sorts

Bitcoin is a very different form of money in every way one would look at it. It is not issued by a central bank, nor controlled by a government.

It offers financial freedom unlike what most consumers could ever dream of. However, there is a form of money which shares some specifications with Bitcoin in that regard.

Cash, while not the most convenient way of paying, also offers a degree of financial freedom. That is also the only correlation with Bitcoin most people can think of.

The Federal Reserve Bank of St. Louis has a rather different opinion. In a recent blog post, the institution explains how Bitcoin and cash are  – sometimes – two peas in the same pod.

Bitcoin and cash share a limited supply. While that is pretty obvious for Bitcoin, it is not necessarily the case for cash. Central banks tend to increase the monetary base whenever they see the need to do so.

Even so, there can never be more cash money compared to reserve balances held with the Fed and currency in circulation combined. Thus, a form of scarcity is created, being it somewhat artificially.

The Financial Freedom Angle

With no middlemen involved, cash and Bitcoin are not that different. Cash requires no intermediaries to complete payments or transactions. Instead, it is exchanged in a peer-to-peer fashion for goods, services, and whatnot.

Bitcoin works in a similar way, according to the Federal Reserve Bank of St. Louis. There is some truth to that statement, although with some minor caveats when it comes to anonymity and privacy.

Given most governments’ stance against cash, it is not hard to see why they dislike Bitcoin as well. Various countries aim to embrace a cashless society. That seems mainly driven by the desire to make consumers even more reliant on banks and other third parties. Bitcoin can thrive in such an ecosystem, assuming the local regulation allows for it.

While the Federal Reserve Bank of St. Louis isn’t bullish on Bitcoin, they don’t dismiss it either. An open-minded approach by a bank is something we do not see all that often.

It is good to see some positive attention for cryptocurrency in this regard. Considering Bitcoin’s terrible public image, comparisons like this confirm cryptocurrencies shouldn’t be dismissed all that easily.

Image from Shutterstock.

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87-year-old American investor Warren Buffett says “buying Bitcoin is not investing,” “it’s speculating” and a “game” #NEWS

The US Securities and Exchanges Commission‘s (SEC) Division of Corporation Finance met on 26 April in order to discuss the development of an approach towards addressing token sales and their classifications.

The SEC has argued in the past that virtual tokens distributed through initial coin offerings (ICOs) should be deemed as securities. This would subject them to strict regulatory practices and effectively affect their price.

A current point of conflict is whether the Ether token, the world’s second largest cryptocurrency after Bitcoin, should continue to be labeled as a security due to its huge decentralization, and thus continue to fall under securities-related laws. According to Coin Center, the two factors that distinguish a non-security token are its usefulness and decentralization.

At the hearing, testimonies were heard from a number of members voicing quite different opinions. Republican Minnesota Representative Tom Emmer led the discussion with SEC division head William Hinman.

Emmer, supporting blockchain innovation, sounded a positive note throughout the hearing, suggesting that regulators assumptions that decentralized networks were only used for fraud and crime bore parallels to early explorers assumptions about Earth.

“People tend to fear what they don’t know. If people sailing the oceans at the time of Columbus had believed the world is flat, we wouldn’t have had the great discoveries of the New World.”

Such comments mark a change in attitude, as the SEC has a had a fairly intractable view regarding both security and utility tokens in the past. SEC chairman Jay Clayton had once reported that he had hoped to see all tokens registered through ICOs classified as securities in the future.

SEC division head William Hinman suggested that the SEC was  “meeting with participants that have these ideas of a token that shouldn’t be regulated as a security” and said that he was working with them on how they should be structured. He pointed out that the US wanted to be pragmatic in support of new technology.

Aaron Wright, director of blockchain project Cardozo, suggested on Twitter that the hearing was significant in terms of discussing token regulation, but that there was also “superficial appeal” to treating Bitcoin and related tokens as securities, as many of them were still seen as “speculative assets”.

Non-profit research organization Coin Center was very positive about the hearing, calling the SEC’s views as the “right approach” when it came to examining tokens’ usefulness and the need to differentiate them between utility and security.

The hearing indicated that US leaders have still much to learn about cryptocurrency in order to fill the information gap surrounding the digital currency space.

image source: tom bark – https://pixabay.com/en/bitcoin-dollar-president-washington-2730220

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There has always been a question as to how one could use blockchain technology for the benefit of millions of people. Outside of the financial sector, a fair few use cases are being explored right now. Surprisingly, it seems Saudi Arabia is leaning toward using this innovative technology to revolutionize the energy sector. With a peer-to-peer trading opportunity on the horizon, new business opportunities will be created.

Blockchain Technology and the Energy Sector

While there has been growing global interest in blockchain technology, very few actual use cases exist right now. That is only normal, as such ventures require a lot of research and development before they can be brought to market. In Saudi Arabia, a new venture is underway to disrupt the energy sector as we know it today. Blockchain technology and smart contracts are of great interest in this regard.

Although smart contracts traditionally work best with data already on the blockchain, there have been some big developments in this area. Zap, for example, allows real-world events and data to be used to trigger specific smart contract-based actions. This could open up a lot of new business opportunities, including the trading of energy in a peer-to-peer fashion.

As it turns out, there are many ways to achieve that. The energy sector has taken notice of these smart contract-related developments and has begun actively experimenting with some of the possibilities. Peer-to-peer trading of energy will not only reduce overall costs, but it will also remove a lot of administrative work from the equation. Whether it is electricity, oil, gas, or any other form of energy, the industry can benefit from decentralized technology in one way or another.

Earlier this week, Saudi Arabia’s first-ever blockchain event took place. Riyadh, the capital city, hosted the Decoding Blockchain conference. Disrupting the energy sector was a big topic during this event. Even national petroleum giant Aramco made it clear they are experimenting with blockchain technology for various reasons. In their opinion, the “next generation of smart contracts” will play a big role in the future of Saudi Arabia’s energy market.

As mentioned earlier, Zap is quietly making a lot of progress on blockchain tech and smart contracts. Its new energy venture, known as EnergyLedger, has the objective of ensuring that contractors are paid for their exact work, as they do it, without unnecessary transaction processing fees. Instant settlement of transactions and a reduction in human error are some of the project’s key benefits.

While it is good to see such ventures being developed, it remains up to energy giants to embrace this new option. Decentralization and peer-to-peer trading are not necessarily of great benefit to companies which have monopolies on particular aspects of the energy industry. Even so, change is coming to this industry, whether companies want it or not. Embracing the blockchain may very well become an absolute necessity in order to remain competitive.

The big guns of finance have been eyeing the crypto market for a while now, and entrepreneurs are taking notice of this interest. In 2016, negative perceptions of the hedge fund industry due to weak performance and high fees caused a massive $112 bln to be pulled from the industry and turned the attention of hedge fund managers to the crypto-boom of 2017.

Disclosure: This is a Sponsored Article

The volatility in the 3 trillion-dollar hedge fund industry has created a movement to embrace cryptocurrencies. A survey of hedge fund managers in September 2017 by BarclayHedge showed that 24 percent of hedge funds interviewed “responded that they either currently invest or plan to invest [in cryptocurrencies] within the next six months.”

The problem for institutional investors

The multi-trillion dollar hedge fund industry is accustomed to performing analysis on investments with tools that cannot be applied to cryptocurrency assets. To date, this industry has been unable to buy, trade, or invest in cryptocurrency. Not only has there been a lack of institutional-grade tools to complete transactions, there were also no tools with the specific compliance capabilities required.

As a result, most hedge funds have been forced to watch the rise in cryptocurrency prices with their hands tied by investment mandates and security issues.

Blockchain Terminal will allow institutional cryptocurrency investing

Blockchain Terminal (BCT) is bridging the gap between institutional investors and cryptocurrency markets. At its foundation is an application called ComplianceGuard, a deep compliance framework that satisfies the strictest hedge fund requirements and places institutional investors in a secured and monitored environment.

Bob Bonomo is president of the Blockchain Terminal and former CIO of two of the largest asset management firms in the United States. Mr. Bonomo has spent more than 30 years on Wall Street as a developer, building global systems and teams.

“We aim to bridge the traditional asset management industry with the bourgeoning cryptocurrency community,” says Mr. Bonomo. “Our consumers are institutional traders – either existing asset managers – or crypto hedge fund managers who need better controls and order trails,” he adds. “We are trying to bring stability, accountability and transparency to this new and exciting ecosystem and digital currency community.”

How does the Blockchain Terminal work?

• The Terminal: The hardware combines market data from more than 60 cryptocurrency exchanges with information about upcoming initial coin offerings (ICOs), news, and social media, to create a complete picture of the crypto world, allowing investors access to thousands of cryptocurrencies in a compliance-vetted and identity-verified environment.  
• Consolidated order book: The Blockchain Terminal offers a consolidated order book, showing the price and state of the market across thousands of cryptocurrencies in multiple exchanges, allowing easy identification of the spread between buyer and seller prices.
• Consolidated wallet: BCT’s consolidated wallet allows a single account to trade on multiple exchanges. This means that you only need to verify your identity once with Blockchain Terminal to access to more than 60 available exchanges.
• ComplianceGuard: The proprietary ComplianceGuard Technology ensures that institutional investors can confidently participate in cryptocurrency purchases. ComplianceGuard creates a strict framework, placing institutional investors in a secured and monitored environment with alerts, safeguards, and an audit system that allows you to manage and mediate all interactions on the terminal.
• Open source ecosystem: The BCT ecosystem sits within an open source app store, enabling the best third-party app developers to create new tools for the Terminal.
• Utility token: The BCT ecosystem runs on a utility token. The token is used to register, transact, and use applications within the platform. All functions on the terminal are made exclusively with the BCT Token.

A live and working product

Blockchain Terminal has already deployed a number of alpha terminals and is currently building 200 beta terminals in New York, rolling them out as of last month to industry leaders around the world.

“We’re not a white paper, we’re a real product, here and now,” says Mr. Bonomo. “We believe a convergence will occur over the next few years, whereby the new digital currency asset class will be seamlessly incorporated into traditional asset management processes, systems, and portfolios.”

By enabling real-time compliance enforcement and ad-hoc audits, BCT will facilitate the relationships between financial asset managers, auditors and regulators, and will give hedge funds and other institutional investors the tools they need to enter the world of cryptocurrencies.

Ramping up for launch

The ecosystem that Blockchain Terminal is building will create momentum and solutions that will allow the multi-trillion dollar hedge fund industry to finally buy, trade, and invest in cryptocurrency. The Blockchain Terminal token sale is available now until April 30, 2018.

After a year of near-constant proliferation, the blockchain is no longer hiding behind the digital currencies that precipitated its popularity. As we prepare to close the first third of 2018, it’s clear that blockchain technology is positioned to meet the increasingly complex demands of the digital-first future.

To be sure, the blockchain isn’t a new technology. It launched alongside Bitcoin in 2009, and it’s been doing an impeccable job of keeping the world’s most popular cryptocurrency secure, usable, and accountable. Many of its native features like its decentralized network, smart contracts, and consistent reliability have made it a boon for developers beyond Bitcoin.

So far, the results have been pretty incredible. Significant enterprise initiatives instituted by companies like IBM, Microsoft, J.P. Morgan Chase, and Mastercard have made new blockchain integration a tangible reality for the present day.

Of course, large corporations aren’t the only ones pursuing ingenuity in the blockchain space. In fact, many of the most progressive ideas are emerging from small startups with exciting new ideas. To fund their projects, these companies are using a new mechanism, known as an Initial Coin Offering (ICO), that supplants previous venture capital or lending initiatives.

DepositPhotos | The US SEC

Avoid the Boom. Avoid the Bust.

In many ways, the ICO boom has been as impressive as the cryptocurrency explosion. In 2017, ICOs raised an incorrigible $3.8 billion, which was just about $3.8 billion more than the year before. So far this year, the investment torrent has picked up precipitously. According to data compiled by CoinSchedule, they’ve almost doubled that amount in the first quarter of 2018.

However, in many ways, this significant influx of cash has served more to inflate speculative markets than to help foster intelligent growth in the industry.

As blockchain startup, Einsteinium, recently stated, the radical price movements and investor enthusiasm can be a “distraction from what’s going on, which is an incredible revolutionary technology that has the potential to change the world for the better in so many ways.”

In other words, for blockchain initiatives to change the world, they need stable financial investment that will let them build products that grow and thrive well into the future.

Unfortunately, ICOs are becoming marred by speculative interests, and future regulation of some sort seems almost inevitable at this point. Therefore, although ICOs have been uniquely effective at jumpstarting the blockchain movement, a better source of financing is likely to propel it into the future.

An Investment Incubator for the Blockchain

The blockchain’s innovative ethos allows new platforms and companies to bring innovative solutions to solve many of its own problems. When it comes to funding new projects, Blockhive, a blockchain incubator on the Ethereum network is providing a financing model that stands in as a viable alternative to ICOs.

Blockhive is committed to incubating new blockchain projects by providing resources, connections, guidance, and financing for great new ideas. Most importantly, they’ve introduced a new blockchain fundraising mechanism that enables new startups to achieve the financial resources that they need to be successful.

They’ve named their methodology an Initial Loan Procurement (ILP), and this fundraising model is usable by a wide range of different companies and platforms.

It’s based on their Future Loan Access Token (FLAT), which is a digital token that gives creditors who are lending to a blockchain startup the ability to trade those rights with interested investors.

Using this system, loans can be made to blockchain startups that are digitally signed and controlled by smart contracts. Anyone can become a lender, and the process is surprisingly simple, legally binding, and tax friendly.

What’s more, rather than paying interest on the loan, creditors are entitled to 20% of the annual operating profits generated by the platform. In this way, the most compelling projects can stand apart as they can provide exponentially more return to investors, which creates more incentive and competition in the market.

The blockchain will be the definitive technology for the next generation, and, at this early stage, we have a lot of say in how the platforms that populate the blockchain will be funded and curated. ICOs are intriguing, but they cannot be the only solution. The ILP fundraising model is unique and convincing in ways that ICOs just cannot be.

The future of funding is bound to be diverse and multifaceted. With ILPs, it’s incentivized and inclusive as well.

Image: DepositPhotos

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The Australian Securities and Investments Commission (ASIC) Commissioner John Price has announced that the securities watchdog plans to extend guidelines for initial coin offerings (ICOs) in accordance with Australian Law.

In a fintech event in Sydney last week, Price revealed to the audience that updates are in the pipeline which will affect overseas ICO fundraising projects. Australian cryptocurrency legislators have been concerned for some time that ICOs can be registered overseas to escape regulation in Australia:

“We will highlight that Australian corporate and consumer law might apply – even if an ICO is created and offered from overseas. This is an important point given the international nature of this sector.”

Price went on to make it clear that Australian laws would apply “if you are doing business here and selling something to Australians – including issuing securities or tokens to Australian consumers”.  He continued to make the point that due to “a certain level of opportunism” in the cryptocurrency space, businesses would need more thorough scrutiny.

The ASIC commissioner reiterated past comments by the organization that the crypto industry needed a “more secure sector” which could sustain public confidence and that he was committed the current collaboration with other domestic and international regulators to combat money laundering and clarify a framework for cryptocurrencies.

As from 3 April 2018, cryptocurrency exchanges throughout Australia must now follow new rules designed to combat money laundering and terrorism financing. Providing digital currency services without registration will be deemed a criminal offence under the new laws. This follows the Anti-Money Laundering and Counter-Terrorism Financing Bill 2017 passed last year by the Australian Senate. It was the second new bill to successfully pass through the Senate concerning cryptocurrency regulation. The first dealt with Australia’s controversial and unpopular double taxation of cryptocurrencies.

Australia’s attempts to regulate the cryptocurrency industry have so far been successful in its endeavors to protect citizens and the financial sector while developing and incorporating the technology into the infrastructure of the country.

image source: helen 35  https://pixabay.com/en/parliament-house-canberra-australia-168300/

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The Satoshi Revolution: A Revolution of Rising Expectations
Section 3: Decentralization
Chapter 7, Part 3. Are You Part of the Revolution or Part of the War?
by Wendy McElroy

What do We mean by the [American] Revolution? The War? That was no part of the Revolution. It was only an Effect and Consequence of it. The Revolution was in the Minds of the People, and this was effected, from 1760 to 1775, in the course of fifteen Years before a drop of blood was drawn at Lexington.

—John Adams to Thomas Jefferson

Revolution and war are polar opposites. Revolution is the decentralization of power from a concentrated authority down to the level of individuals who demand control of their own lives. War is the centralization of power into a coerced and coordinated effort by elites who hold individuals in such contempt as to call them cannon fodder.

A war on cryptocurrency has been declared. It comes from government and from those who believe crypto must be made “respectable,” which always translates to regulation, which always translates to people going to prison for making decisions about their own lives. Authorities and those who believe in authority want to control the wealth of other people.

“EU Parliament Votes for Closer Regulation of Cryptocurrencies.”

“Australian Cryptocurrency Exchanges are Under Regulation, Starting Today.”

“South Africa Central Bank Wants to Regulate Cryptocurrency.”

The war is afoot. But the revolution continues. Cryptocurrency, like the printing press, has been a social and political game-changer. A huge window of freedom has opened for the average person who can now avoid the central banking system and the government’s grab for wealth and social control.

A lot of confusion surrounds the issue of revolution because it has been so badly portrayed. Barricaded streets, people rampaging, cars on fire, conflict with the military…that is not revolution. The violence may be the effects and consequences of revolution, but change comes from the hearts and minds of people when they embrace a new idea. Revolution is not rage and despair; it is hope and realization. The decentralization cannot be handed down, like a pretty gift, from those in political power to those who produce and engage in daily life. The power of decentralization rises up from people who understand that basic human rights are never something for which you say “thanks!” They are a birthright.

John Adams explained where the American Revolution could be found. “The Records of thirteen [Colonial] Legislatures, the Pamphlets, Newspapers in all the Colonies ought be consulted, during that Period…” The violence that erupted in 1776 could well be described as a Civil War because about a third of the colonial population backed the British. The War itself was not the revolution; indeed, the War interrupted an intellectual revolution that was slowly winning the loyalty of average people, and might have produced a non-violent societal overthrow. What would America now look like if it had not been born in blood? Fortunately, it was born in newsprint far more than in violence.

The quiet explosion caused by Satoshi in 2008 was every bit as much “a revolution.” Those who call it so are often dismissed as hyperbolic because the cryptocurrency eruption does not conform to the images of barricaded streets and people screaming “Pig of a Government!” The social changes in crypto are largely silent. “Pig of a Government!” remarks are hurled at a computer screen in the wee hours of the morning. The pioneers of cryptocurrency are far from traditional bombastic revolutionaries, like Che Guevara, whose portraits are plastered on the walls of post-revolutionary nations. Satoshi himself remains anonymous. It is an unassuming, unpretentious revolution.

Besides which, the subject in contention is finance—also known as “filthy lucre”–and since when is that idealistic enough to deserve a revolution? Shouldn’t the banner read “FREEDOM, JUSTICE”?

It does. Financial independence is freedom and justice. The ability of people to make and keep the wealth they earn is how people feed their children; it is how they rise from starvation to well-being; wealth allows people to own the land they walk upon; filthy lucre turns an assembly of strangers into a civil society that trades rather than makes war. Money is the engine of civilization itself because there is nothing more important than people being able to feed themselves. Freedom of speech, art, literature and the other amazing human accomplishments follow.

The revolution of cryptocurrency takes the custody and management of wealth away from central authorities, like central banks, and returns it to individuals. This is the return of freedom itself. The revolution is all the more remarkable because it has been so peaceful. Alas, the war is beginning.

Revolution is Decentralization

Satoshi does not mention decentralization in his White Paper, which was pivotal in launching the crypto revolution. That’s odd. Decentralization through the distribution of information over nodes is the key to the freedom offered by cryptocurrency. Gandhi said, “the means are the ends in progress.” Decentralization is the freedom in progress. Decentralization is the revolution.

Every successful revolution must answer, “What is the end point?” If there is no good answer, then a bad system will just be replaced by another bad system. The French Revolution that overturned a corrupt monarchy was replaced by a “Committee of Public Safety” that instituted what was called the “Reign of Terror.” The Satoshi revolution of decentralized personal finance must answer, “What is the end point?”

The question becomes a problem when people try to give one answer. That is, when they try to centralize the answer into a single statement. The key: there is no one answer, and there should be no one answer. Every human being must decide for him or herself. In his magnum opus “Human Action”, Ludwig von Mises described the principle of Methodological Individualism to which all supposed collectives dissolve: “First we must realize that all actions are performed by individuals. A collective operates always through the intermediary of one or several individuals whose actions are related to the collective as the secondary source…The hangman, not the state, executes a criminal. It is the meaning of those concerned that discerns in the hangman’s action an action of the state… If we scrutinize the meaning of the various actions performed by individuals we must necessarily learn everything about the actions of the collective whole. For a social collective has no existence and reality outside of the individual members’ actions.”

Ultimately, revolutions are not a collective. They can and should be reduced to their most basic unit: the individual. Every individual who refuses to obey must provide his or her own answer as to “why?” and “for what?” The answers cannot be collectivized without destroying the revolution itself. Including cryptocurrency.

The War is Coming

Cryptocurrency reverses the political trend that centralizes financial power over the lives of average people into the hands of the elite. The centralization of power literally kills the average person, for example, through war.

The famed Austrian economist Murray Rothbard depicted the struggle for freedom as being Power versus Liberty. It can be rephrased as a struggle between centralization versus decentralization. It is King versus Commoner.

To some, cryptocurrencies are nothing more than a profit-making scheme. So be it for them. But everyone who values the political aspect of cryptocurrency should ask themselves: are you part of the revolution or part of the war?

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters

Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

The post Wendy McElroy: Are You Part of the Revolution or Part of the War? appeared first on Bitcoin News.

Cryptocurrency mining is an industry which attracts a lot of attention all over the world. Combining such efforts with renewable energy will often result in a profitable business. If things go according to plan, Hadouken Pty Ltd will set up a 20 MW solar farm to mine cryptocurrencies in Australia. It is a positive development for the cryptocurrency industry, as it shows that major firms are continuing to pay attention to this new form of money.

Solar Power and Cryptocurrency Mining

Setting up a large-scale Bitcoin mining operation is not all that easy. One has to keep the massive initial investment in mind, as well as factors such as electricity cost, location, and cooling. Finding the right balance between all of these factors can only be done in a handful of places around the world. Surprisingly, Australia is one of those places, at least according to Hadouken Pty Ltd.

The firm, which is owned by Ben Tan, has submitted an application to set up a 20 megawatt Bitcoin mining operation in Collie, Australia. To power this energy-intensive business, the firm will rely solely on solar energy. Powering a data center and cryptocurrency mining operation requires a lot of electricity, but given Australia’s climate, it seems appropriate to bank on solar energy. It will be the first major operation of its kind in Collie, a city best known for its coal mining activities.

Already, planning approval has been obtained by the firm to begin setting up shop in Collie. It is possible the location will also begin storing excess solar energy through a battery system in the future, although no further specifics were provided regarding that development. A lot of people are wondering why the company decided to set up such an operation in Collie, of all places. There appears to be a good reason for this decision, as Collie is an “excellent spot for a solar farm,” according to Tan. This is mainly due to its great solar resources, as well as the region’s history with coal mining. By turning such a prominent coal mining area into a place for efforts focusing on renewable energy, an interesting trend emerges.

Although it is not the first solar farm to be built in the state, it is the first to focus on cryptocurrency mining. Hadouken Pty Ltd will focus on mining Bitcoin as well as “other currencies”, although it remains unclear which currencies they will be. Local residents were not too amused by the prospect of this solar farm, but their opinions were not strong enough to prevent the planning approval from being granted.

With more and more companies combining renewable energy with cryptocurrency mining, a lot of positive attention is being generated for Bitcoin and alternative currencies. A fair few reports have surfaced in the past documenting how wasteful Bitcoin mining is and why its electricity consumption will become a problem. If the required electricity is generated through renewable sources, most of those concerns will become non-issues sooner rather than later.

This article originally appeared on Bitcoin Magazine.

BonelliErede, the Italian law firm representing victims of the BitGrail hack, is filing a bankruptcy petition against the crypto exchange #NEWS