Crypto Currency

China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining

bitcoin miners have long embodied a contradiction. Cryptocurrency trading is illegal in the country; initial coin offerings, used to fund new blockchain projects, are banned; and Chinese banks can hardly touch the stuff. And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to more of the computing power used to…


bitcoin miners have long embodied a contradiction. Cryptocurrency trading is illegal in the country; initial coin offerings, used to fund new blockchain projects, are banned; and Chinese banks can hardly touch the stuff. And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to more of the computing power used to mint new bitcoin than any other country.

Now the Chinese government has proposed to ban mining.

On Monday, China’s central state planner, the National Development and Reform Commission, included cryptocurrency mining in a list of 450 wasteful and hazardous activities slated for elimination. Mining is the process for validating transactions on blockchain networks, with cryptocurrency as a reward, and it has grown notorious for generating e-waste and consuming incredible amounts of electricity. The proposed ban, which was originally reported by theSouth China Morning Post, could come into force after a public comment period ending May 7.

The proposal, if enacted, could take time to have much impact, says Katherine Wu, an independent crypto industry analyst. She notes that this is different from past cryptocurrency clampdowns, which took more direct action. In 2017, for example, the government ordered exchanges, where people buy and sell coins, to dissolve their operations. By contrast, all types of industries end up on the commission’s list of wasteful activities, which began in 2005 and is updated every few years with new public nuisances

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Crypto Currency

Hollywood Tackles Blockchain—With Not-Disastrous Results

true story is that of a 30-year-old crypto CEO, (apparently) dead of complications from Crohn’s disease while volunteering at an Indian orphanage, who leaves behind a riddle of false identities, illicit side ventures, and $100 million in missing cryptocurrency. Now there's a movie I’d pay to see.Instead, Hollywood has given us Crypto, a product of…


true story is that of a 30-year-old crypto CEO, (apparently) dead of complications from Crohn’s disease while volunteering at an Indian orphanage, who leaves behind a riddle of false identities, illicit side ventures, and $100 million in missing cryptocurrency. Now there’s a movie I’d pay to see.

Instead, Hollywood has given usCrypto,a product of headier times, when the bitcoin bubble still held air. Like many bad investments of that era, the movie hitched itself to the trending topic and prayed the trend was upward.Crypto, directed by John Stalberg Jr., had the makings of a blockbuster, with an all-star-ish cast including Kurt Russell, Alexis Bledel, and that other Hemsworth brother. It was released unceremoniously last Friday, direct-to-stream.

Beau Knapp plays Morton, a bank compliance officer whose “patriotic” adherence to money-laundering laws gets him kicked out of HQ in New York. Relocated to the local branch in his upstate hometown, Morton finds the place beset by modernity. The gentrifiers have arrived; there’s an art gallery, with an opioid-abusing proprietor. A cold snap has taken out his father’s potato farm. The liquor store owner hawks initial coin offerings, letting townies steal six-packs while he mines crypto in the storage room. (He’s pulling $500 a day.)

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Yes,Cryptois full of references to cryptocurrency. Some of them, like Bledel’s grousing about a bitcoin ATM, are even charming. But the movie isn’t really about crypto. Instead, it’s preoccupied with eulogizing the loss of hometown innocence, following a set of tired themes—drugs, crime, climate change, foreigners. (As the heroin-addled gallerist, a corrupt townie herself, puts it just before betraying her Russian mobster beau: “Life’s not simple anymore,” anywhere.) Bitcoin just serves as a handy meme to thread those social ills into the semblance of a plot.

Hollywood’s take on crypto wasn’t expected to be nuanced. What’s surprising a

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Crypto Currency

Coinbase expands by opening shop in 11 new countries

Coinbase, one of the most popular cryptocurrency exchanges globally, is launching its crypto-trading service in 11 new countries, the company announced Wednesday.  The full list of countries is as follows: Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. SEE ALSO: Coinbase launches crypto Visa debit card in…


Coinbase, one of the most popular cryptocurrency exchanges globally, is launching its crypto-trading service in 11 new countries, the company announced Wednesday. 

The full list of countries is as follows: Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand.

With these latest additions, Coinbase now supports 53 countries and territories across four continents. 

The size of some of the markets involved makes this news very important for the crypto space. With the launch, Coinbase is opening up to a combined market of more than 2 billion people. 

Coinbase is one of the biggest, and most reliable, cryptocurrency exchanges that allows fiat deposits from users — a so-called fiat gateway. This makes it especially important in markets that haven’t so far had a very good way to buy cryptocurrencies with fiat.

Image: Coinbase

Customers in these new markets will be able to store, trade, send, and receive cryptocurrencies on Coinbase Pro and Coinbase.com.  It’s unclear, however, when will Coinb

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Crypto Currency

China plans to ban Bitcoin mining, report claims

China plans to put an end to cryptocurrency mining in the country, Reuters reported Tuesday citing a “draft list of industrial activities” China’s state planning agency looks to put a stop on.  The decision doesn’t appear to be final — the National Development and Reform Commission (NDRC) is seeking public opinions on a revised list…


China plans to put an end to cryptocurrency mining in the country, Reuters reported Tuesday citing a “draft list of industrial activities” China’s state planning agency looks to put a stop on. 

The decision doesn’t appear to be final — the National Development and Reform Commission (NDRC) is seeking public opinions on a revised list of industries that will either be encouraged, restricted or eliminated. Bitcoin now falls in that last category. 

According to Reuters, the NDRC didn’t give a date or any details on how, exactly, Bitcoin mining should be eliminated — but that would mean that Bitcoin mining is to cease immediately. 

Final date for public comments is May 7. CoinDesk points out, however, that the document is only a guide for future development, which may not have a real impact on Bitcoin mining in the country. 

Bitcoin mining, which is the process of creating new Bitcoin by employing computational power to solve an increasingly hard math puzzle and power Bitcoin’s payment network at the same time, is primarily done in China. A report dating October 2018 said 74% of Bitcoin mining p

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Crypto Currency

Coinbase lets UK users spend bitcoins with new Visa debit card

Cryptocurrency exchange Coinbase has launched a Visa debit card in the UK, letting users spend cryptocurrencies in retail stores and online.  The company plans to roll the card out in other European countries next month.  SEE ALSO: The trailer for ‘CRYPTO’ just dropped, and cryptocurrency is good now The card is tied to your Coinbase…


Cryptocurrency exchange Coinbase has launched a Visa debit card in the UK, letting users spend cryptocurrencies in retail stores and online. 

The company plans to roll the card out in other European countries next month. 

The card is tied to your Coinbase account balance, meaning you can directly spend the coins you hold there. The card itself is issued by payment processor Paysafe and works like any other debit card: You can make contactless, chip and PIN payments as well as withdraw cash from ATMs. 

Image: Coindesk

Bitcoin, Ethereum, Litecoin, and all other cryptocurrencies present on Coinbase are supported, the company said.

The card comes with an accompanying Coinbase Card app, which lets users choose which crypto wallet they want to spend from. It also offers instant receipts and lets users track purchases. 

When it comes to crypto cards, there are three very important questions users have to ask before plunging in: Fees, limits, and exchange rates. Starting with the latter, Coinbase automatically converts crypto to fiat currency when you

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