South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic

South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic

The coronavirus pandemic has significantly hit several entertainment routines of the people worldwide, and South Korea is not an exception. PC gaming rooms had to shut down in the country, but their owners found a way to make profits during the lockdown by participating in crypto mining. A PC Bang Owner Made Over $3,000 Worth of Ethereum in Two Weeks According to Chosun, operators of the “PC bangs,” a common term used for the PC gaming rooms in South Korea, leverages their computers to take advantage of the pandemic-driven restrictions. In fact, owners don’t have certainties on whether or not they can re-open their businesses, and that’s why crypto mining is now an alternative to deal with right now. Some PC bang owners in Seoul are mining ether (ETH) by relying on highly-equipped computers with top-notch graphic cards. A 34-years-old man named Kim stated that the number of customers reduced significantly due to the pandemic, and his PC bang couldn’t be sustainable with such a situation. He’s now mining ETH with almost 36 computers. In just two weeks, Kim claimed he earned over 3.5 million won ($3,153), given in the context in the coldest month of the year because of the winter’s peak. PC bang operator praised the current weather conditions, as he saves heating costs by mining cryptos at the same time. Mining Remains Alive as PC Bang Owners Await a Green Light to Re-Open Moreover, in South Korea, Chosun states that a PC gaming room’s electricity service is not charged for home use but with regular prices. But the report states that the crypto mining fever across PC bangs might not last too long, as graphic card prices keep increasing. However, some of the operators are confident in the current crypto bull-run, as there’s no deadline set to re-open doors for businesses like theirs. Recently, Prime Minister Chung Sye-kyun stated that although vaccinations have been slower, the government expects to achieve herd immunity by the autumn. What do you think about this maneuver made by the PC gaming room owners? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer…

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts

Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts. Ruenvadee Suwanmongkol, the secretary general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers. She added: It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk. Moreover, the general secretary said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC. The watchdog is set to unveil its new rules on crypto trading over the week, ahead of a public hearing scheduled for March. Officials involved in the meetings are expected to evaluate recommendations from local exchanges and brokerages. Although it’s not confirmed, the general secretary suggested that investors have to prove some knowledge of the market before being allowed to open crypto accounts for trading. Six Licensed Crypto Exchanges Operating in Thailand so far The rhetoric from the Thai SEC is now shifting to a cautious one towards the cryptocurrencies’ risks. However, they keep granting licenses to crypto businesses in the nation. So far, in terms of digital asset exchanges approved, there are only six operating legally in Thailand. They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed crypto exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter. The SEC distinguishes cryptocurrencies as “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights.” On the other hand, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or business, or to acquire…

India’s largest crypto exchange adopts decentralized Unstoppable Domains

India’s largest crypto exchange adopts decentralized Unstoppable Domains

India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users. Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees. The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies. Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin campaign. Despite regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being in line with the maturation of the crypto industry in India. Vishwanath said:“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.” Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian government to allow the spread of cryptocurrency within its borders:“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.” On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.As…

Bitcoin Futures Open Interest Hits $19 Billion, Harsh Intraday Swings, Analyst Says ‘Fresh Rally’ Expected

Bitcoin Futures Open Interest Hits $19 Billion, Harsh Intraday Swings, Analyst Says ‘Fresh Rally’ Expected

The start of the week saw digital currency markets drop significantly in value, as billions of dollars were shaved off the entire crypto economy’s capitalization. A weekly report from Luno and Arcane Research shows February 23 captured the third-largest bitcoin daily trade volume in crypto history, as spot market volume saw $18 billion change hands. Moreover, crypto derivatives are surging as bitcoin futures open interest commandeered $19.1 billion on Tuesday. Volatile Bitcoin Price Fluctuations Sees Intraday Swings Close to 20% for Two Days In a Row After bitcoin (BTC) touched an all-time price high on Sunday, hitting $58,354 per unit, bitcoin’s value slipped below the $50k handle touching bottom at $44,846 per coin. The loss between these two price ranges saw over 23% shaved off BTC’s market valuation. While heavy losses were seen across the board throughout the entire crypto-economy, a report from Luno and Arcane Research shows that Tuesday’s trade volume was the third-largest ever seen. The digital asset’s intraday moves had shown the crypto asset’s price fluctuations have been more erratic. In fact, Luno’s report shows intraday moves of close to 20% happened two days in a row. “The beginning of the week has been more volatile than usual, with both Monday and Tuesday seeing intraday moves of 18%,” the study notes. “Bitcoin dropped from $57k to $46k yesterday before recovering to $54k. This volatility continued this morning, as BTC dropped from the opening around $54k and all the way down to $45k. This is not reflected in the daily volatility metrics yet, as they’re based on daily close prices,” the report adds. Luno’s report says that traders should be “very careful with leveraged positions, both longs and shorts.” It also said that bitcoin derivatives have been “snowballing in the bitcoin market” and had “peaked at $19.1 billion this Sunday.” “Yesterday’s sell-off pulled out some steam from the leveraged futures market, but the climate is still hot,” Luno’s study emphasizes. Bull Market Could See a ‘Stronger Rally,’ Cooling Down the Feverish Derivatives Markets Pankaj Balani, CEO of Delta Exchange, a digital asset derivatives trading platform says the recent bitcoin (BTC) correction was healthy. “Despite the correction,” Balani said in a note to investors. “The bull market and the case for a stronger rally…

Bitcoin whale from 2010 moves 100 BTC for first time in 11 years

Bitcoin whale from 2010 moves 100 BTC for first time in 11 years

A veteran miner has cracked open their 2010 stash of Bitcoin, with crypto analysts spotting 100 BTC being transferred from two wallets that had laid dormant for more than a decade.Prior to today’s transaction, the addresses had not seen any activity since receiving a 50 BTC Coinbase reward each nearly 11 years ago, except for two incoming transactions worth just 0.00000547 BTC each that were sent to the wallets in the last six months. The Feb. 25 transaction combined the two mining address outputs, indicating both addresses belong to the same owner. The two blocks were mined only a couple of hours apart on Jun. 10, 2010. Bitcoin is currently trading for $49,800, giving the coins a combined value of nearly $5 million. With BTC trading for $0.08 when the coins were mined, the whale’s holdings have increased in value by 622,500 times.Some old coins moved today (100 BTC from June 2010).It’s very rare to see pre-GPU era bitcoins move, it only happened dozens of times in the past few years.And no, it’s probably not Satoshi. pic.twitter.com/0jZXnmWUes— Antoine Le Calvez (@khannib) February 24, 2021 About half of the coins were moved to a wallet belonging to German peer-to-peer exchange Bitcoin.de, which has been in operation since 2011. For now, the remaining coins are sitting in a newly created legacy address. Forked altcoins such as Bitcoin Cash (BCH) and Bitcoin SV (BSV) have not yet been peeled from the BTC.The coins, mined in blocks 60365 and 60385, are unlikely to belong to Satoshi Nakamoto, who is suggested to have mined at least 1.1 million BTC.The movement of 2010 era coins is an uncommon occurrence, with researchers identifying just 18 transactions involving BTC with inputs from July 2010 or before in 2021 so far.In May 2020, 50 Bitcoin moved from a 2009 mining address, triggering excited speculation the BTC may have belonged to Satoshi.

Cross-chain bridges and DeFi integration are pushing these 3 altcoins higher

Cross-chain bridges and DeFi integration are pushing these 3 altcoins higher

The cryptocurrency market is showing signs of progress following a multiday sell-off that saw the total market capitalization drop by more than $400 billion as Bitcoin’s (BTC) price briefly fell below $46,000. While the majority of altcoins have entered a consolidation phase that includes a retest of underlying support levels, several projects have started to regain lost ground after new developments reignited investors’ optimism. ADA/USDTCardano’s ADA started the year with a bullish spark that saw its price increase 624% from $0.165 on Jan. 2 to a high of $1.20 on Feb. 20. This week’s sharp correction pulled the price to a swing low at $0.80, but it is clear that traders bought the dip.ADA/USDT 4-hour chart. Source: TradingViewSince hitting a swing low at $0.80, ADA’s price rallied 30% to $1.05 following the news that community members at Venus Protocol had approved a proposal to bring ADA to the Venus mainnet. VIP-9 has passed and will be executed soon! @Cardano will become an available digital asset on #Venus! Get started: https://t.co/cAsPHdzOlQ https://t.co/KCgHWRPlfB— Venus (@VenusProtocol) February 23, 2021 VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ADA on Feb. 14, prior to the recent price rise. The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.Cointelegraph Markets Pro – VORTECS™ Score (green) vs. ADA priceAs the chart above shows, Binance introduced staking on Feb 10., and the VORTECS™ score for ADA rose to a high at 88 on Feb. 14MATIC/USDTOn Feb. 9 the Matic network rebranded to become “Polygon” as part of a strategic change to become a layer-two aggregator. The move was done in response to the growing momentum of Polkadot and a desire to build an interoperability protocol on top of Ethereum.High gas fees on the Ethereum network have increased the need for layer-two solutions, and Polygon has emerged as one of the top solutions with projects like Aavegochi and Golem already operating on the protocol. The rebrand helped lift the price of MATIC from $0.07 on Feb. 9 to an all-time high of $0.197 on Feb. 20 before the market downturn pushed it back down to $0.111 on…

Bitcoin Has No Intrinsic Value, Asset Is Too Volatile, Says Bank of Korea Governor

Bitcoin Has No Intrinsic Value, Asset Is Too Volatile, Says Bank of Korea Governor

Bank of Korea Governor Lee Ju-yeol has said that crypto assets like bitcoin have no intrinsic value – put simply, a measure of what an asset is actually worth. ● Speaking in the National Assembly on Feb. 23, Lee forecast that bitcoin (BTC) will see increased price swings going forward, the local news agency Yonhap reported. ● “It is very difficult to predict the price, but its price will be extremely volatile,” said the bank chief in response to a question from a lawmaker who wanted to know whether bitcoin’s recent bull run, where its price reached a record high above $58,000, was temporary. ● Lee also spoke about the possible reasons supporting bitcoin’s recent rally. He believes that rising corporate interest in BTC, as well as concerns over looming excessive inflation due to too much fiat money printing by world governments, has given the crypto a leg up. ● “These assets saw a steep rise in the shortest period of time. I would say institutional investors’ assessment of using bitcoins as a hedge could be interpreted as another factor,” he explained. ● The central bank governor also revealed that the “bank is close to completing our review of designs and relevant technologies regarding bank-controlled digital currencies,” according to a separate report by The Korea Times. ● Bitcoin slumped more than 17% to under $48,000 on Feb. 22 after U.S. Treasury Secretary Janet Yellen criticized the top cryptocurrency as an “extremely inefficient way of conducting transactions.” What do you think about the Bank of Korea governor’s bitcoin comment? Share your thoughts in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons

Coinbase offers corporations a trusted solution for adding crypto to their corporate treasury

Coinbase offers corporations a trusted solution for adding crypto to their corporate treasury

Why do I have to complete a CAPTCHA? Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. What can I do to prevent this in the future? If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Another way to prevent getting this page in the future is to use Privacy Pass. You may need to download version 2.0 now from the Chrome Web Store.

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months, and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap’s UNI and AAVE. The fast-moving prices and 1,000% annual percentage yield on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin’s (BTC) price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains. Daily cryptocurrency market performance. Source: Coin360On Feb. 22, Bitcoin’s price entered a sharp corrective phase that saw the top digital asset pull back by more than 20% from its all-time high of $58,274. As this occurred, the majority of altcoins also saw double-digit corrections, and DeFi tokens like PancakeSwap’s CAKE fell as much as 55%. Total value locked in DeFi shows resilienceThe total value locked (TVL) in DeFi platforms also took a hit as Bitcoin and altcoins corrected. Data from DeFi Llama shows the combined TVL of all DeFi platforms fell from $64.89 billion to $54.22 billion on Feb. 24. Cointelegraph also reported that this week’s correction led to the second-largest day of DeFi loan liquidations in history. Total value locked in DeFi. Source: DeFi LlamaThe decline in TVL is a result of decreasing token values rather than protocol outflows, indicating that tokenholders remain committed to the continued expansion of decentralized finance and that the current yields are still incentivizing investors to remain engaged. Market analysis indicates that despite the recent $5.8-billion Bitcoin and altcoin liquidation, bulls remain optimistic and see this price pullback as a sign of a healthy market. The same goes for the DeFi sector, which has been in a strong uptrend since the start of the year. Increasing DEX volume and as a rising TVL show that DeFi is still in the early stages of growth, and while pullbacks are to be expected, the overall trend is positive as institutional and retail investors increasingly gain exposure to this emerging asset class.

US Judge Dismisses Motion Against Bancor After Finding Allegations Inadequate to Give It Jurisdiction

US Judge Dismisses Motion Against Bancor After Finding Allegations Inadequate to Give It Jurisdiction

A Manhattan federal judge has dismissed a securities fraud class action against Bancor after ruling that the plaintiff’s allegations were not enough to give the court jurisdiction. According to a report, the dismissal of the case against represents the first such ruling “in a suite of similar cases filed by crypto investors represented by Selendy & Gay and Roche Cyrulnik.” US Courts Have no Jurisdiction In their motion against Bancor, which has offices in Switzerland and Israel, the plaintiffs led by Timothy Holsworth, had argued that the protocol’s “BNT token is a security and thus falls under U.S Securities law.” In addition, the plaintiffs also alleged that Bancor had “made numerous false statements and omissions that led reasonable investors to conclude that the BNT tokens were not securities.” However, in their defense, Bancor countered by arguing that a U.S. trial would be “inappropriate due to the company’s international and geographical nature.” According to a report, Bprotocol Foundation is incorporated under Swiss law and the organization has offices in Zug, Switzerland, and Tel Aviv, Israel. Additionally, the four founders of Bancor live in Israel. US Investors Versus Non-US Token Issuers Meanwhile, in their submission, the plaintiffs had insisted the 587 BNT tokens purchased on 4 September 2019 by one Wisconsin resident, William Zhang gave U.S. courts jurisdiction. Zhang, who initially filed the lawsuit, bought the tokens valued at $212.50 on Coss, a digital exchange based in Singapore. However, in dismissing the case, the US judge Alvin Hellerstein said: Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation. In addition to the lawsuit against Bancor, the plaintiffs have filed motions against issuers of EOS, TRX, KNC, and OMG. Centralized exchanges based outside the U.S. like Binance and Kucoin are also included in the lawsuit. What are your thoughts on this ruling by a U.S. judge? You can share your views in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither…