Nym Developers launched staking on the Finney testnet to counter spam attacks

Cryptocurrency NewsBy 21/05/2021

Nym Technologies has announced the launch of staking on the Finney public testnet. The developers believe that this will help counter the spam attacks that the network was subjected to in the past year. The developers of the Nym project are creating a Data Mixing Network, a tool for hiding metadata at the network level. Network security is ensured by a decentralized network of nodes. According to the developer, the system provides “complete” confidentiality, allowing…

In the US, firms may be required to report cryptocurrency transactions over $ 10,000

Cryptocurrency NewsBy 21/05/2021

President Joe Biden’s administration has proposed requiring cryptocurrency firms to notify the IRS of digital asset transactions over $ 10,000. The US Treasury Department released a report outlining tax compliance initiatives to close the tax gap. We are talking about the difference between the estimated amounts of taxes and those actually received. According to the US Treasury Department, in 2019 the state treasury “lost” $ 600 billion. If this problem is not dealt with, in…

Swiss digital bank Sygnum will become a custodian for storing ICP tokens

Cryptocurrency NewsBy 20/05/2021

The Swiss bank Sygnum has launched custody services for the ICP token of the DFINITY project. It is planned to connect spot trading and lending. Sygnum co-founder and board member Manuel Krieger said ICP holders can store tokens in special secure wallets of the bank. Sygnum also intends to launch ICP spot trading, and later options on this crypto asset. In the future, the bank plans to offer loans in ICP, which will allow clients…

BlockFi mistakenly credited bonuses in bitcoins instead of GUSD

Cryptocurrency NewsBy 20/05/2021

Several users of the BlockFi cryptocurrency loan service unexpectedly received gifts in bitcoins One of the users received more than $ 28 million. According to the rules of the promotion, bonuses are paid “as a lump sum in the form of GUSD”. It looks like the BlockFi programmers got it wrong and some users got Bitcoin bonuses. One of them shared a screenshot with over 700 BTC credited, which at the current exchange rate is…

Ethereum Developers disclosed information about the fixed critical vulnerability

Cryptocurrency NewsBy 20/05/2021

The Ethereum Foundation has released information on the vulnerability fixed in the Berlin hard fork. The vulnerability was discovered back in 2019 and could lead to the shutdown of the Ethereum blockchain. According to a blog post by the Ethereum Foundation, a vulnerability was discovered two years ago that posed a “serious threat to Ethereum” and was fixed after the Berlin hard fork was activated last month. The threat was a “public knowledge” and the…

China’s Inner Mongolia Province Invites Residents to Fight Illegal Mining

Cryptocurrency NewsBy 20/05/2021

The authorities in the Chinese province of Inner Mongolia are urging local residents to report illegal activities of cryptocurrency miners in order to reduce electricity consumption. Regulators in Inner Mongolia have long been trying to tighten controls over the mining industry. In March, regulators proposed to completely ban the mining of cryptocurrencies in the province to save electricity. In another attempt to “crowd out” miners, the Inner Mongolia Development and Reform Commission (DRC) has presented…

Largest Bitcoin Mining Pools Voted To Update Taproot

Cryptocurrency NewsBy 18/05/2021

The ten largest Bitcoin mining pools have signaled in favor of activating Taproot. In general, the update was supported by pools that control over 87% of the network hashrate. To activate, it remains to collect only 3%. The vote to roll out Taproot, the largest Bitcoin update in years, continues. All ten largest Bitcoin mining pools have expressed support for the upgrade. Preparations for activating Taproot began as planned on May 5th. Mining pools, representing…

Galaxy Digital: “banks spend twice as much electricity as bitcoin”

Cryptocurrency NewsBy 18/05/2021

According to Galaxy Digital researchers, the traditional banking system and the gold mining industry each separately consume twice as much electricity as the Bitcoin network. Specialists of the mining division of Galaxy Digital, owned by Michael Novogratz, published a report “On Energy Consumption by Bitcoin Miners: A Quantitative Approach to a Subjective Question.” According to their estimates, the annual electricity consumption for bitcoin mining is 113.89 TWh. This includes the energy consumed by miners, pools…

Cryptwerk: Monero is growing in popularity for payments

Cryptocurrency NewsBy 17/05/2021

More than 950 merchants around the world accept confidential cryptocurrencies to pay for goods and services, despite growing interest in XMR from regulators. According to updated data from Cryptwerk – an online directory of companies, websites, stores and services that support payments for goods and services in cryptoassets – the adoption of XMR for payments is growing. According to CoinMarketCap, Monero is one of the most famous and popular cryptocurrencies, with a market cap close…

Ethereum Developers will postpone the activation of the “complexity bomb” until December

Cryptocurrency NewsBy 17/05/2021

Ethereum developers have agreed to postpone the activation of the “difficulty bomb” scheduled for this summer until December, when the merger of ETH1 and ETH2 is to take place. At the end of last week, Ethereum developers agreed on how to delay the activation of the “difficulty bomb”, which, if left unchecked, will begin to slow down the network this summer. Difficulty Bomb is an old piece of code that makes Ethereum mining slower and…

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