You are here

Bitcoin energy use in Iceland set to overtake homes, says local firm

Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said. This year, electricity use at Bitcoin mining data centres is likely to exceed that of all Iceland’s homes, according to Johann Snorri Sigurbergsson. He said many potential customers were keen to get in on the act. “If all these projects are realised, we won’t have enough energy for it,” he told the BBC. Mr Sigurbergsson’s calculations were first reported by the Associated Press. Iceland has…

Read More

Bitcoin falls below $6,000

The value of Bitcoin has fallen to below $ 6,000 – its lowest price since November 2017. The price fell to $ 5,947.40 (£4,256.44) on Tuesday, according to a price index run by news website Coindesk. Bitcoin reached its peak in November, when it hit $ 19,000, and then began to fall steadily from mid-December. The latest fall comes a day after several major US and UK banks banned customers from using credit cards to purchase the digital currency. Tightening legislation in several countries appears to have shaken confidence in…

Read More

Bitcoin puzzle worth $50,000 solved after nearly three years

A secret code hidden in a painting that gave access to an online wallet containing Bitcoin worth $ 50,000 (£35,500) has been cracked after nearly three years. The artwork, by Rob Myers and @coin_artist, who uses a pseudonym, was first published online in early 2015. A code contained within it revealed a private key that granted its discoverer access to the wallet full of bitcoins. And the bitcoins were finally removed from the wallet last week. Technology website Motherboard reported that a 30-year-old programmer had claimed the funds after searching…

Read More

Lloyds Bank bans Bitcoin purchases on its credit cards

Lloyds Banking Group has banned its customers from buying Bitcoin on their credit cards following a sharp fall in the value of the digital currency. The ban, starting Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not apply to debit cards, only to the banking group’s eight million credit card customers. Lloyds fears people are buying Bitcoin to make a profit if its value rises but face debts if it falls. It is concerned it could end up footing the bill for unpaid debts…

Read More

Bitcoin set for worst week since 2013

Digital currency Bitcoin has fallen 30% this week, leaving it on track for its worst week since April 2013. In Friday it dipped below $ 7,910 on the Luxembourg-based Bitstamp exchange, a fall of 12% from the day before. But although it is far short of the $ 19,000 it reached in November 2017, it is still way above the $ 1,000 level at which it started trading last year. The fall comes amid a number of recent incidents that appear to have shaken faith in cryptocurrencies. On Friday, Japan’s…

Read More

50 Cent becomes Bitcoin millionaire (accidentally)

50 Cent has discovered that he is a Bitcoin millionaire, thanks to some long-forgotten album sales. In 2014, he released the album Animal Ambition and became the first artist to accept Bitcoin as payment. The rapper received more than 700 Bitcoins under the deal, but then forgot about the cryptocurrency, according to celebrity newsite TMZ. The hoard is worth $ 7-$ 8m, although the currency’s price volatility means that could change fast. In 2014, one Bitcoin was equivalent to about $ 662, but was worth about $ 11,200 on Thursday…

Read More

Stripe to ditch Bitcoin payment support

Stripe, the firm which helps more than 100,000 businesses do financial transactions online, is to scrap support for Bitcoin payments. It said Bitcoin was now seen more as an “asset” to be traded, rather than something to make payments with, as was originally intended. Fewer online merchants wanted to accept the cryptocurrency, it added. Rising fees and longer transaction times as a result of price fluctuations also lessened its appeal, Stripe said. ‘Expensive’ Customers of the US-based payments firm pay a fee to Stripe each time it processes a payment….

Read More
Scroll Up