Category: #bitcoin

Intel to Discontinue Blockscale Bitcoin Mining Chips in Efforts to Cut Costs

Intel, a major US-based technology company, is reportedly set to discontinue its line of Blockscale Bitcoin mining chips in a move aimed at reducing costs. According to a Reuters report, Intel will stop taking orders for the Blockscale 1000 Series ASICs by Oct. 20 and end shipping roughly in April 2024. This decision is part of Intel’s strategy to prioritize the manufacturing of certain chips to outside customers, cutting overall costs.

The Blockscale mining chips were launched in April 2022, with each chip capable of a hash rate of up to 580 gigahash per second, and could be combined and merged into a single mining unit. The technology was integrated into the operations of mining firms like Argo Blockchain, Block, Hive Blockchain Technologies, and GRIID Infrastructure.

This move by Intel will have implications on the Bitcoin mining industry, as the company was one of the largest players in the space. The decision to discontinue the Blockscale mining chips is a clear indication of Intel’s strategy to focus on certain areas of its business and streamline its operations.

April 19, 2023
Curve Launches New Crypto Rewards Transfer Feature to Enhance Digital Asset Flexibility

Curve, a leading fintech company that allows users to combine their existing debit, credit, and rewards cards into one all-in-one payment card, has announced the launch of a new feature that enables its customers to transfer their crypto rewards from merchant transactions to their own digital wallets. This move recognizes the growing importance of providing customers and the crypto-curious with even more flexibility over digital assets.

The new feature allows Curve users to “supercharge” their money by earning rewards with the Curve app or card and then converting those rewards into one of 10 different cryptocurrencies, including Bitcoin and Ethereum. This latest offering enhances the flexibility of digital assets and enables users to take greater control over their financial transactions.

With the continued growth of the cryptocurrency market, many consumers are looking for more ways to invest and manage their digital assets. Curve’s new feature addresses this demand by allowing users to easily and securely transfer their crypto rewards to their own digital wallets, providing them with greater control and flexibility over their digital assets.

To use this new feature, Curve customers simply need to earn rewards with the Curve app or card and then select the option to convert those rewards into cryptocurrency. The rewards can then be transferred to the user’s digital wallet of choice, giving them the freedom to manage and invest in their digital assets as they see fit.

Curve’s new crypto rewards transfer feature is a significant step forward in providing customers with more flexibility and control over their digital assets. By combining the convenience of an all-in-one payment card with the flexibility of cryptocurrencies, Curve is leading the way in the fintech industry and empowering consumers to take greater control over their financial future.

April 18, 2023
James Zhong Sentenced to One Year and One Day in Prison for Stealing 50,000 BTC

The Silk Road marketplace was one of the largest online marketplaces for buying and selling illegal drugs and other contraband. In 2014, it was shut down by the authorities and its founder, Ross Ulbricht, was sentenced to life in prison. But before it was shut down, the marketplace had attracted a lot of attention from the media and the public, and it was also a target for hackers.

One of those hackers was James Zhong, who managed to steal 50,000 BTC from the marketplace in 2012. Zhong successfully concealed the stolen Bitcoin for almost nine years, but he was finally caught and charged with one count of wire fraud last year.

Now, Zhong has been sentenced to one year and one day in prison for his crime. This sentence may seem light given the magnitude of the theft, but it is important to note that Zhong pleaded guilty to the charge and cooperated with the authorities. Additionally, he has already spent almost $16 million of the stolen assets on real estate investments, luxury hotels, nightclubs and Lamborghinis, so he has already suffered a significant financial loss.

This case is a reminder that even though cryptocurrencies like Bitcoin can be anonymous and difficult to trace, they are not completely immune to law enforcement. The authorities have become increasingly adept at tracking down and prosecuting those who use cryptocurrencies for illegal activities, and this case is just one example of their success.

It is also a reminder that there are risks involved in investing in cryptocurrencies, especially if you do not take proper precautions to secure your assets. While the blockchain technology behind Bitcoin is secure, the exchanges and wallets used to buy, sell and store cryptocurrencies are vulnerable to hacking and theft.

James Zhong’s sentencing is a reminder that crime doesn’t pay, especially in the world of cryptocurrencies. While Bitcoin and other cryptocurrencies offer many benefits, they also come with risks that investors need to be aware of. It is important to take precautions to protect your assets and to only use cryptocurrencies for legal activities.

April 16, 2023
Bank of America Strategists Suggest Bitcoin Rally Has Room to Run

Bitcoin’s impressive 2023 rally may have some legs left, according to strategists at Bank of America Corp, who believe that cryptocurrency exchange flows and personal digital wallets suggest further gains. The week ending April 4 saw a net $368 million of Bitcoin transferred to personal wallets, marking the second-largest net outflow of Bitcoin from crypto exchanges this year, the strategists wrote in a note.

According to the strategists, when investors transfer tokens from exchange wallets to their personal wallets, it indicates that they intend to hold onto the assets, which may lead to a potential decrease in sell pressure. This suggests that investors believe in the long-term potential of Bitcoin, which has seen year-to-date growth surpassing some major asset alternatives.

While Bitcoin’s growth has been remarkable this year, it’s worth noting that the cryptocurrency experienced a difficult 2022. However, Bitcoin’s resilience to regulatory pressure could be another reason why it’s bouncing back. With regulators scrutinizing the industry, it seems that investors may be holding onto their digital assets, hoping that regulators will eventually become more favorable towards cryptocurrencies.

Bank of America strategists’ note highlights how Bitcoin’s resilience and continued growth in 2023 may be a result of investors’ confidence in the long-term potential of the digital asset. Additionally, the note suggests that regulatory pressure may have been a significant factor in the wider holding of Bitcoin among investors.

April 14, 2023
Buying bitcoin or other cryptocurrency in Malaysia

So I wanted to break into cryptocurrency investing. On my quest of discovery in the digital space, I’ve found few potential crypto exchange/wallets to buy coins using credit card / debit card.

crypto.com was my first place to experiment purchasing crypto. It is an exchange/wallet app which is a perfect fit for new joiners in the crypto world. Recently the 3.5% credit card fee is waived for cryptocurrency purchases for 3 months, sadly withdrawal of tokens to your external wallet comes with a small percentage fee.

(P.S. using my referral link and we both get $50 USD)

Luno.com was my second research purely acting has a wallet which only hodl ETH & BTC only. Currently they only accepts bank transfer and the rate of exchange is so low, you kinda making a lost during the exchange. It was my least favorite method because of the waiting on reloading via bank transfer.

(P.S. you get extra RM25 worth of BTC coins when you topup RM250 and buy BTC with my referral link)

I’ve also tried Binance.com since its also a daily exchange/p2p platform. However there is a withdrawal fee too on their platform if you want to move your tokens onto your external wallets.

(P.S. register with my referral link now and you will receive 10% commission when we both do daily trading on binance)

Lastly a hidden crypto wallet gem called Mercuryo.io. I’ve been using this for multiple purchase and its has the best exchange rate and also its acceptable fees. The best part is moving your tokens in and out from this wallet where the default option of having them paying the gas(ERC-20 transaction fee) for you.

Do note that all the above purchase with your local bank credit card will charge RM20 for Cash advance/withdrawal fee. However to a nifty trick I’ve found to by pass this I would recommend loading up your debit card like BigPay to buy crypto without any additional payment fees.

(P.S. using my referral code QVYZNCDM8E will get each of us RM10 when signed up)

July 16, 2020