Montana County to Hold Public Hearings on Zoning Rules for Crypto Miners Amid Growing Complaints

Montana County to Hold Public Hearings on Zoning Rules for Crypto Miners Amid Growing Complaints

Another U.S. county is facing troubles related to crypto mining activities within its territory. This time, the second-largest county in Montana is the protagonist of the story, who will look forward to revisiting local zoning for mining operators. Authorities to Decide on Making Current Rules Permanent According to KPAX, Missoula County authorities seek to hold a series of public hearings addressing the matter. In fact, they are targeting to make zoning rules for bitcoin (BTC) mining activities permanent in the county. The Missoula County Planning Board already held the first conversations at the start of this week, said the local media outlet. The tale of the county’s relationship with crypto mining dates back to April 2019. Hyperblock, a Canadian company, built several 20-megawatt mining warehouses at the time. In the beginning, authorities praised the fact that such a move brought several jobs and revenues to the county. However, neighbors started to complain about the mining machines, fan noise, and raising concerns about potential environmental impacts. The authorities were forced to take urgent measures to regulate mining activities in Missoula. Hyperblock didn’t have a positive stance towards the new local zoning rules, and afterward, they decided to file for bankruptcy in May 2020. Cheap Hydroelectric Prices Attracts Crypto Miners to Missoula County The ongoing interim rules are due to expire in April 2021. However, the county will decide on whether or not to make the regulation permanent after holding “multiple sessions of public comment,” said KPAX. Missoula County is an attractive hotspot for bitcoin miners due to its cheap hydroelectric power. Although there is no decision in place, miners could be looking for other crypto mining-friendly U.S. counties. A similar situation is happening in a region in the Pacific Northwest of the United States. Bitcoin’s bull-run seen at the end of 2020 put the public utility districts (PUD) in Central Washington on high alert, monitoring for suspiciously high power bills. Officials claimed crypto miners from China have come to the region to take advantage of its low hydroelectricity prices. What do you think about the public hearings on crypto mining activities in Missoula County? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.…

Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K

Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K

Bitcoin’s (BTC) tumble below $30,000 was short-lived as the top cryptocurrency found a new wave of support, including a $10 million ‘buy the dip’ moment from MicroStrategy. Data from Cointelegraph Markets and TradingView shows the strong inflows have helped lift BTC 4.92% to a daily high at $33,866. As the prospect of the Biden administration passing massive stimulus packages to help get the United States economy going again, conversations about Bitcoin becoming a reserve currency are beginning to pop up again.Although Bitcoin’s recent volatility has some analysts saying BTC is a cyclical asset rather than a hedge, the price recent movements have caught the eye of retail investors who have shown a renewed interest in cryptocurrencies in general. Daily cryptocurrency market performance. Source: Coin360Even the Bank of International Settlements has acknowledged that digital currencies may have use and the organization has outlined plans to roll out a variety of central bank digital currency trials this year.Now that the Bitcoin fear index has flipped from “Extreme Greed” to “Fear,” some investors appear to be taking Warren Buffet’s advice of “buying when there is blood on the streets”.Institutional investors are wary of future regulationAccording to Chad Steinglass, head of trading at CrossTower, Bitcoin’s correction may have initially been triggered by critical comments fromU.S. Treasury Secretary Janet Yellen.Prior to Yellen’s comments, Bitcoin was experiencing a “post-correction consolidation” and was “rangebound between $34,000 and $38,000” with traders “waiting to see which side of the range would be challenged or broken.” BTC/USDT 4-hour chart. Source: TradingViewSteinglass further explaind that Bitcoin’s next steps will be determined by the actions of institutional investors. He said: “$31,000 was a pocket of strong support, so at least not everyone is selling. We’ll have to wait and see if that wall remains, or if institutions continue to accumulate. If they do, it’s likely that the trend will re-establish itself and continue. If they move to the sidelines waiting for more regulatory guidance, then their lack of buy flows will be acutely felt.”Altcoins bounce backMany of the top altcoins also recovered nicely from this week’s correction. Polkadot (DOT) rallied 7.09% to a daily high at $18, while Chainlink (LINK) posted a double-digit gain and topped out at $22.31. Tezos (XTZ) has also seen a surge in interest…

Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network

Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network

The proof-of-work (PoW) cryptocurrency Firo announced that its protocol came under a 51% attack, notifying its holders to stop transactions. Formerly known as Zcoin, the privacy coin was reportedly subject of a blockchain reorganization attack. Firo Team Clarified the Attack Cannot Be Attributed to a ‘Coding Error’ According to a series of tweets published by Firo, the attacker breached the protocol on January 19, and they are working to restore operations. However, the Firo team clarified that the 51% mining attack is not the result of “a coding error but [the] nature of PoW.” One of the first reports about the attack came from the Binance CEO, Changpeng Zhao, who said: XZC (FIRO) 51% attack, 306 blocks rolled back, to 2021-01-18 17:24:20(UTC). Another messy situation. At the time of making the attack public, Firo posted a tweet that said: We are working with exchanges and pools currently. Chainlocks that would have prevented this were being tested on testnet and was weeks away from deployment. The Firo team’s Telegram group has been posting some updates about the incident. Some of the posts revealed that the attacker “orphaned” confirmed transactions from January 18. As a preventive measure to deal with the incident, Firo released a hotfix wallet on January 21, asking people to upgrade their wallets and masternodes. As of press time, the team said the attack has stopped. According to markets.Bitcoin.com data, Zcoin (XZC) is quoting at $4.2568, down -16.51% on January 21. However, it remains positive on a yearly basis. Recent Incidents Related to Proof-of-Work Cryptos The most recent attack on a proof-of-work cryptocurrency dates back to November 2020. Grin, another privacy coin that suffered a 51% attack on its blockchain network. The Grin team built its token on the Mimblewimble protocol. On February 17, 2020, Zcoin (now Firo) reported that a typo had let an attacker cash a profit of around $400,000 at that time. They explained how the incident happened: A typographical error on a single additional character in code allowed an attacker to create Zerocoin spend transactions without a corresponding mint. What do you think about Zcoin’s 51% mining attack? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.…

DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

Interoperability between blockchains is rapidly becoming one of the buzz phrases being thrown around when discussing decentralized finance and the coins most likely to rally during an altcoin bull run. The rapid growth of DeFi, its ever expanding total value locked and soaring ETH gas fees further highlight the sector’s need for a layer 2 option that also supports the ability to transact value across different networks. REN’s open protocol is designed specifically to fill this need by providing interoperability and liquidity between the top blockchains including Bitcoin, Ethereum and Zcash.Over the past three weeks the price of REN has increased by more than 200%, going from $0.251 on Dec. 27 to a new all-time high of $0.778 on Jan. 20 driven by a record $369 million in 24-hour volume. REN/USDT 4-hour chart. Source: TradingViewThree reasons for the recent price surge in the price of REN include the announcement of a collaboration with Google, the continued increase in total value locked on the platform and the ability to earn passive income in multiple cryptocurrencies through the operation of a darknode. Google software pivot boosts sentiment, addresses RENvm scaling issuesOn Jan.19 the REN team tweeted:Ren has been researching & building on @Asylodev, an open and flexible framework by @Google. @GCPCloud confidential computing relaxes RenVM’s economic constraints, allowing for an unbounded scaling solution. #RenVM.”Not long after the tweet, REN price began to rally to a new all-time high. As mentioned in the tweet, Asylo is an open and flexible framework from Google designed to help build portable applications that run on Secure Enclave hardware.The secure enclave hardware allows users to run general-purpose applications in a secure environment where both the data, and the application itself, cannot be compromised by anyone, including the user. This makes for a more secure experience for all parties involved and helps protect against malicious code and backdoor attacks. Asylo also makes it possible to port an application from one type of hardware to the next, meaning that developers can support multiple implementations with relative ease, including Intel implementations, AMD implementations, and any others that appear in the future. The diversity of choice this allows is an important feature to ensure decentralization on the network. Total value locked soars to a new highCommunity engagement…

Vaneck Files for Crypto ETF That Gives Investors Exposure to Equity in Digital Asset Companies

Vaneck Files for Crypto ETF That Gives Investors Exposure to Equity in Digital Asset Companies

The exchange-traded fund provider, Vaneck has filed for a Digital Asset ETF, which aims to hold equity in companies that generate revenue from cryptocurrency services. The latest ETF filing is different from the fund Vaneck applied for in mid-December, as it aims to bring investors exposure to the cryptocurrency industry. Last December, the asset manager, and ETF provider Vaneck filed for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This was after the firm launched a bitcoin exchange-traded note called the “Vaneck Vector Bitcoin ETN” on Deutsche Böerse Xetra. Following these two actions, recent filings show that Vaneck wants to produce another fund called the “Digital Asset ETF.” The Digital Asset ETF registration was sent to the SEC on Thursday, January 21, 2021. Essentially the Digital Asset ETF will allow investors to gain exposure to companies offering goods and services within the crypto industry. The fund will hold equity in companies that generate at least 50% of revenues from the cryptocurrency and blockchain economy. The New York-based fund issuer’s ETF registration form says the fund “seeks to track as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Digital Assets Equity Index.” The firm’s ETF filing also details exactly what type of companies the Digital Asset ETF may include. “Digital asset companies may include small- and medium-capitalization companies and foreign and emerging market issuers, and the fund may invest in depositary receipts and securities denominated in foreign currencies,” Vaneck’s filing notes. This particular ETF registration is aiming at retail investors in contrast to targeting a limited number of accredited investors. The latest Vaneck news about the Digital Asset ETF follows the company’s recent issues with former partner Solidx. The law newsdesk law360 reported that the blockchain startup Solidx has accused Vaneck of breach of contract. According to the report, after Vaneck severed its relationship with Solidx, it allegedly leveraged the company’s technology. The latest Digital Asset ETF registration also mentions that Vaneck’s fund can invest in firms that hold a balance of digital currencies like the firm Microstrategy. Additionally, the fund describes companies with exposure to crypto-assets can represent firms like exchanges, mining operators, crypto custodians, and more. What do you think about…

Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

Bitcoin Core lead maintainer Wladimir van der Laan has decided to take “even more” of a “background role” for the sake of further decentralizing the project, according to a new blog post. Bitcoin Core is the key software underpinning the Bitcoin network. While van der Laan’s work is mostly “janitorial” in nature, making sure the project’s code proceeds smoothly, some in the community view him as a leader of sorts. As van der Laan puts it, he’s become a sort of “centralized bottleneck.”His announcement comes after finding himself in the midst of controversy on Thursday. Some Bitcoin users didn’t like his decision to pull the white paper from bitcoincore.org, following legal threats from Craig Wright. But van der Laan maintains that this decision to pull back from Core is one he’s been thinking about for a while. “I will start by delegating my own tasks, and decreasing my involvement. I do not intend to stop contributing to Bitcoin, or even to the Bitcoin Core project, but I would like to remove myself from the critical path and take (even more) of a background role,” he wrote.He thinks this move will help to decentralize the project, a digital currency that is supposed to not have any leaders. “One thing is clear: this is a serious project now, and we need to start taking decentralization seriously,” van der Laan wrote.His decision is a part of a much larger effort to further decentralize the project. For instance, 2020 saw a wave of Bitcoin companies doling out grants to developers working on the underlying protocol full-time. Exchange OKCoin, for instance, is funding Marco Falke, who is the most active maintainer behind van der Laan in terms of commits – code changes that have been successfully added to the project. Popular exchange Coinbase is now supporting two developers as well, after receiving many requests to do so from the community. Several other companies have joined them in doling out grants over the last year. Bitcoin Core contributor John Newbery launched non-profit Brink for mentoring and funding more developers as well, in an effort to get even more contributors involved, particularly from diverse backgrounds. Indeed, van der Laan notes in his post that he’s no longer the most active Bitcoin Core maintainer, as several others have…

Bitcoin Developers Weigh the Costs of Defying White Paper Copyright Claim

Bitcoin Developers Weigh the Costs of Defying White Paper Copyright Claim

The Bitcoin community is debating the extent to which Bitcoin Core developers and maintainers should shoulder the symbolic burden of hosting its white paper, particularly when doing so could unnecessarily sap their time and finances.The question arose after the Bitcoin white paper was taken down from Bitcoincore.org, a canonical repository for the Bitcoin software and educational resources like Satoshi’s 10-page thesis, following legal threats of copyright infringement from nChain Chief Scientist Craig Wright.Wright, who has made a career of his claim that he is Satoshi Nakamoto, also helped to spawn the Bitcoin fork Bitcoin Satoshi’s Vision (BSV).The Bitcoin white paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was published by Satoshi Nakamoto under an  MIT public license in 2008 and is distributed widely in many forms around the world. Wright has filed a copyright claim and that claim has been processed, but it is still open to challenge.But whether his legal pressure has merit is not the issue: Wright is no stranger to lawsuits and has eagerly sued prominent Bitcoiners, like British podcast Peter McCormack, for challenging his claim as the inventor of Bitcoin.The issue is whether it would be best to entertain another of Wright’s enervating (but expensive) lawsuits with a show of strength, or if sidestepping the problem entirely by removing the white paper – which exists in numerous corners of the web anyway – would be a wiser path for Bitcoincore.org to follow.While Bitcoincore.org’s maintainers have scuttled the white paper from the site, Bitcoin.org, the other website in the lawsuit’s sights, has yet to remove the white paper.As to the matter of practicality vs. principal, as ever, Bitcoin’s open-source community is at odds with itself.No harm, no foulProlific Bitcoin contributor Gregory Maxwell, for instance, is in the camp that argues hosting the white paper on the Bitcoin Core website carries unneeded legal and financial risk for the Bitcoin Core developers who maintain the site.“It’s not currently needed there: The bitcoin white paper is already all over the place, it is on dozens of sites, it is in the Bitcoin blockchain and with publicity about this nonsense it’s going to get published in 1,000 more places.” The fuss is over a digital paper, Maxwell points out, not even the Bitcoin code itself, which will…

Market Wrap: Bitcoin Back Above $33K While Ether Up 65% in 2021

Market Wrap: Bitcoin Back Above $33K While Ether Up 65% in 2021

Crypto markets have reversed course across the board and are flashing green Friday. Bitcoin crossed over $32,000 and ether is rallying hard in 2021 so far.Bitcoin (BTC) trading around $33,608 as of 21:00 UTC (4 p.m. ET). Gaining 5.3% over the previous 24 hours.Bitcoin’s 24-hour range: $28,845-$33,873 (CoinDesk 20)BTC above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.Bitcoin trading on Bitstamp since Jan. 19.Source: TradingViewBitcoin’s price was on an uptrend Friday, a marked reversal from the past several days. The price per 1 BTC bottomed out at $28,845 around 01:00 UTC (8:00 p.m. ET Thursday) and since then the world’s oldest cryptocurrency has been on an upward run. It reached as high as $33,873, according to CoinDesk 20 data, an appreciation of over 17% in that time span. Price has since settled somewhat, at $33,608 as of press time. Read More: MicroStrategy Buys the Dip, Adds $10M to Bitcoin TreasuryGuy Hirsch, U.S. managing director for multi-asset brokerage eToro, says one support level, where traders scoop up bitcoin to push the price back up, seems to have taken hold, leading to the reversal Friday. “There appears to be strong support around $30,000, as prices have rebounded to trade north of $32,000,” Hirsch told CoinDesk. This consolidation is likely the result of smart money continuing to buy bitcoin at a perceived discount.Historical bitcoin price over the past year.Source: CoinDesk 20Quantitative trading firm QCP Capital echoed a similar sentiment about the $30,000 level in its most recent investor letter published Friday. “In the near term, we’re expecting a key battle at the $30,000 spot level. This battle for the $30,000 weekly close will be key.”In the derivatives market, bitcoin funding rates for swaps continue heading towards zero, particularly on venue FTX, which currently has the lowest rate, at 0.0318%. This signals leveraged demand to go long is dissipating.Bitcoin perpetual swaps funding on major venues the past week.Source: Skew“We pay close attention to weekend price action and the leveraged [perpetual] funding rates to gauge retail interest,” QCP noted Friday. Read More: Bitcoin Exchange LVL Launches Mastercard Debit CardIn the futures market, total open interest (OI) on the eight exchanges monitored by the CoinDesk 20 was at $11 billion Thursday, down from Tuesday’s record high…

Bitcoin Near ‘Extreme Bubble’ but Tesla More Vulnerable: Deutsche Bank Survey

Bitcoin Near ‘Extreme Bubble’ but Tesla More Vulnerable: Deutsche Bank Survey

Deutsche Bank has conducted a survey about financial bubbles. Eighty-nine percent of respondents see some bubbles in financial markets, with bitcoin near the “extreme bubble” territory. However, more respondents expect the cryptocurrency to double than they do Tesla’s stock. Deutsche Bank’s Bubble Survey A survey published Tuesday by Deutsche Bank asked 627 market professionals to rate on a scale of zero to 10 how they see financial bubbles in a range of assets. According to CNBC, the survey was conducted between Jan. 13 and Jan. 15. The bank found that 89% of survey respondents currently see some bubbles in financial markets. Bitcoin is the closest to the “extreme bubble” territory, followed by U.S. tech equities, and European government bonds, according to the respondents. In addition, they see less of a bubble in European equities, Asian equities, and non-tech U.S. equities. Deutsche Bank’s survey result showing how respondents see bubbles in different types of assets. Source: Deutsche Bank. The price of bitcoin has risen about 66% since the beginning of December and about 9% since the beginning of the year. Bitcoin’s price reached an all-time high above $41K on Jan. 8. It has since retreated and stands at $32,475 at the time of writing, based on data by markets.Bitcoin.com. The Deutsche Bank survey also compares bitcoin to Tesla’s stock, which has also seen huge gains over the recent months. Tesla’s stock is up 44.5% since the beginning of December and almost 16% since the beginning of January. Deutsche Bank strategist Jim Reid, along with research analysts Karthik Nagalingam and Henry Allen, explained: When asked specifically about the 12-month fate of bitcoin and Tesla — a stock emblematic of a potential tech bubble — a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers. When comparing Tesla’s stock to bitcoin, however, more respondents believe that bitcoin is more likely to double than Tesla and less likely to halve. Chart comparing bitcoin to Tesla’s stock in Deutsche Bank’s survey. Source: Deutsche Bank The Deutsche Bank survey also asked respondents about the Federal Reserve tapering its asset purchasing program as a potential factor that will pop the bubble. “71% of respondents do not believe that…

Price analysis 1/22: BTC, ETH, DOT, XRP, ADA, LTC, LINK, BCH, BNB, XLM

Price analysis 1/22: BTC, ETH, DOT, XRP, ADA, LTC, LINK, BCH, BNB, XLM

Aggressive profit-booking sent Bitcoin (BTC) spiraling below $29,000 on  Jan. 21 but was this a sign that institutional investors dumped their positions? This is one of the main questions bothering traders because large institutional inflows primarily led the run-up to $42,000.Cointelegraph contributor Marcel Pechman analyzed derivatives data from various exchanges, which showed professional traders might have purchased at lower levels. The fall seems to have particularly hurt the excessively leveraged traders, resulting in $460 million worth of liquidations at derivatives exchanges.Daily cryptocurrency market performance. Source: Coin360Data from CryptoQuant shows that Bitcoin’s biggest mining pool, F2Pool, witnessed daily outflows of 10,000 Bitcoin for three days in a row, starting Jan. 17. Although the outflows do not mean the miner has dumped the entire quantity, it shows a possible intent to reduce a portion of the inventory. This could have attracted selling from traders, fearing a sharp fall if the miners flooded the open market with BTC.Currently, Bitcoin is rallying back toward $34,000 but is the current rebound a dead cat bounce or a resumption of the uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDBitcoin held the 20-day exponential moving average ($34,146) on Jan. 20, but the bulls could not push the price back into the symmetrical triangle, which shows a lack of demand at higher levels. The bears renewed their selling on Jan. 21 and broke the 20-day EMA support decisively. This is the first indication that the bullish momentum has weakened.BTC/USDT daily chart. Source: TradingViewThe BTC/USD pair has bounced off the 50-day simple moving average ($28,103) today, but the rise could face resistance at the 20-day EMA. If the pair turns down from the 20-day EMA, it will suggest the sentiment has changed from buy on dips to sell on rallies.If the next dip breaks below the 50-day SMA, the correction could deepen to the 61.8% Fibonacci retracement level at $22,106.73. Such a move may delay the resumption of the uptrend.Contrary to this assumption, if the bulls can propel the price above the 20-day EMA, the pair could rise to the downtrend line. A breakout of this resistance could result in a retest of the all-time high at $41,959.63.ETH/USDEther (ETH) plummeted below the $1,300 support and the 20-day EMA ($1,142) on…