China wants an “orderly exit” from bitcoin mining

Mining With Energy From Humans – Is it Really Possible?

Mining With Energy From Humans - Is it Really Possible?

Is it truly possible to harness energy from the human body to power cryptocurrency mining rigs?

A Netherlands-based technology company, Speculative.Capital has pioneered a project that explores the possibility of harnessing energy from idle human subjects.

To do so, the company created body suits that turn body heat into electricity from human subjects to power computers that are mining cryptocurrency.

According to their website, 37 people were involved in the project. The concept is pretty simple, a subject lies down for a few hours while the body suit harnesses energy from their body heat.

The technology is pretty nifty, as small thermoelectric generators harvest the temperature differential between the subject’s body temperature and the surrounding ambient temperature of the room. The electricity generated is then used to power mining rigs, that mined recently created cryptocurrencies that promised to create good future growth in value.

In total, the subjects provided enough power for the computers to mine for 212 hours, that’s just over eight days, and they claim to have unlocked 16,594 coins during that time.

The chosen cryptocurrencies were Vertcoin, StartCOIN, Dash, Lisk, Litecoin and Ethereum. Vertcoin and StartCOIN accounted for the majority of coins unlocked, while comparative crypto heavyweights Litecoin and Ethereum were the least mined coins – given the now-scaled difficulty to mine them.

During that 212 hour period, the 37 subjects produced 127,210 milliwatts of power.

Let’s make some assumptions here

If you have a Nvidia 1060 six GB graphics card in your computer, you can expect to get a hashrate of 19 MH/s at 80 watts when mining Ethereum – going with data from 1stminingrig.com.

Going with CryptoCompare’s current calculations – you would only be able to mine 0.002487 of Ethereum a day and that is using all 127,210 milliwatts, which equals 127 watts, of the power harnessed by the bodysuits.

While the idea is admirable, quirky and exciting, it seems like far too much effort for too little reward.

However, projects such as these push the boundaries of technology and expand the limits of what the human body is capable of, and how we view and explore the way we harness and produce energy in the future.

Whenever projects like these are undertaken and results are published, people are quick to debunk and belittle the work that has been done. While the project may not have produced nearly enough energy to mine extraordinary amounts of cryptocurrency, it is an alternative and green way of looking to power the miners needed to maintain the Blockchain.

Why not use the sun?

Speculative.Capital does make one wonder what other alternatives there are to power up mining rigs – especially for hobby miners at home.

The easiest, and probably most accessible option is solar power – if you live somewhere sunny.

Solar panels are easy to obtain and setup, although you will need an inverter and batteries to store their power. But given a steady a supply of sunlight, and you could easily produce enough energy to power a home-built mining rig.

Going by these calculations on solarpowerrocks.com, an average solar panel will produce 250 watts in an hour. If you get four hours of full sun, your panel will generate 1,000 watts of energy – eight times as much produced by our friends in the Netherlands.

At the end of the day, the efficiency of their chosen method matters not. What is imperative is that we look for cheaper and cleaner energy sources to power the power-hungry mining industry that continually verifies the Blockchain of cryptocurrencies.

As it stands, the cumulative power consumption of mining operations worldwide use more power than a number of individual African countries,

Blockchain and cryptocurrencies promise decentralized and anonymous transactional services to the common man – but we need to be conscious of the effect it has on power grids worldwide. If we can find better solutions – we should be using them.

The likes of Speculative.Capital and other technology companies are blazing a new trail for the cryptocurrency space, and it will be a massive triumph if more miners look to alternative power sources in the future.

At the time of publishing, Cointelegraph had not received a reply for an interview from Speculative.Capital.

Bitcoin Price Headed for $100,000, Says Trader Who Called Q4 Rally

Bitcoin

A Hong Kong trader who successfully forecast the bitcoin price’s dramatic year-end ascent believes that the flagship cryptocurrency’s rally is far from over.

Dave Chapman, managing director of cryptocurrency trading firm Octagon Strategy, told CNBC’s “Squawk Box” that many analysts scoffed at him when he predicted the bitcoin price would more than double in the fourth quarter and reach $10,000 before the end of the year.

“I was quoted back in August when bitcoin was trading at around $4,000 that we would have a five figure headline by the end of this year,” he said. “I think a lot of people thought I was crazy, a lot of people scoffed at me, but that’s OK.”

However, despite condescending looks from bitcoin bears, the bitcoin price has met — and exceeded — Chapman’s prediction. At the time of writing, bitcoin was trading at $16,615, fresh off a 20 percent rally fueled by the launch of CBOE’s regulated bitcoin futures contracts.

bitcoin price

Source: CoinMarketCap

The bears chalk this movement up to a speculative frenzy, and Chapman concedes that he is a bit concerned about the market’s current “heat”. However, he denies that bitcoin’s value is derived purely from speculation.

“Bitcoin allows the immediate transfer of value from one individual in the world to any other individual in the world, and it does that without a middle man. That’s its value,” he said. “If you look at bitcoin and its impact on finance, it’s really not that crazy to think that bitcoin could be an extremely huge disruptor to finance as we know it today.”

Chapman said that the launch of bitcoin derivatives is a sign that cryptocurrency is “growing up,” and he added that he would not be surprised if the bitcoin price reaches $100,000 before the end of 2018. Nevertheless, he cautioned that becoming too fixated on cryptocurrency prices will cause people to lose sight of the truly revolutionary aspects of the technology.

“The price to me is probably the most uninteresting component about bitcoin. I’m more excited in the applications and more excited about what this means for people who don’t have access to financial inclusion,” Chapman concluded. “If we focus on the price, we’re losing track of the big picture.”

Posted by Josiah Wilmoth

Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at josiah.wilmoth@cryptocoinsnews.com

Coinbase ordered to report 14,355 users to the IRS

Anyone moving more than $20,000 on the platform is subject to the new order

Illustration by Alex Castro / The Verge

Today, Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government’s requirements. The full order is embedded below.

For each account, the company has been asked to provide the IRS with the user’s name, birth date, address, and taxpayer ID, along with records of all account activity and any associated account statements. The result is both a definitive link to the user’s identity and a comprehensive record of everything they’ve done with their Coinbase account, including other accounts to which they’ve sent money.

The order is significantly narrower than the IRS’s initial request, which asked for records on every single Coinbase account over the same period. That request would also have required all communications between Coinbase and the user, a measure the judge found unnecessarily comprehensive.

The government made no claim of suspicion against individual users, but instead argued that the order was justified based on the discrepancy between Coinbase users and US citizens reporting Bitcoin gains to the IRS. Coinbase boasts nearly 6 million customers, but according to a government filing, fewer than 1,000 US citizens have reported cryptocurrency holdings on their taxes.

The ruling has already proven controversial in the Bitcoin world. “We remain deeply unsatisfied with the lack of justification provided by the IRS,” Coin Center’s Peter Van Valkenburgh told The Verge. “Without better rationale for why these specific transactions were suspect, a similarly sweeping request could be made for customer data from any financial institution. It sets a bad precedent for financial privacy.”

Coinbase had vigorously opposed the order on similar grounds, but cast the final ruling as a partial victory. “Although we are disappointed not to be able to entirely defeat the summons,” Coinbase’s David Farmer wrote in a post after the ruling, “we are proud to fight for our customers and in the result we were able to achieve as a small company against a large government agency.”

The company is currently reviewing the order, and intends to notify any affected users before any documents are produced.

Update 11/30, 1:33PM ET: Updated with Coinbase statement.