Category: Cryptocurrency News

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The tax authority made three arrests in connection with a suspected tax evasion using shell companies and false identification.

MineXMR is reaching too high of a hashrate and is approaching 50% hashrate. This would be bad and would give too much power to the pool to make soft forks and change code. It may not be the end of monero but it can lead to it. Right now google appears to put mine XMR…
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Nothing has shaped modern human life on this planet more than electricity. It powers our homes, our appliances, our heating and cooling systems, our electronics, our computers, our phones and the internet. It powers industry, science, research, hospitals, agriculture, manufacturing, construction, and public transportation. Electricity is so essential that we only realize how dependent we are on it when it is no longer available. As recent historic events have shown, including fires, floods, hurricanes and other severe weather events, our power grids are vulnerable to failure. They are built on aging and inadequate infrastructure. Whether these systems rely on the legacy electrical power generating systems or they are increasingly dependent on solar and wind, there are issues that we need to face in order to meet higher and higher demand. Global Power Outages In recent years, significant power outages caused by various events have affected countries all over the world. Natural disasters have shut down power grids and cut millions of people off for hours, days and sometimes even weeks. It is projected that violent weather and natural disasters will increase in frequency and severity due to climate change. Power outages caused by these events are inevitable. Just look at the recent past. Hurricane Ida tore a path of destruction through Lousiana in 2021, leaving over a million Americans in darkness for several days. A severe winter storm caused an outage in Texas, precipitating a major breakdown of the grid that cut power to over four million households, the largest and longest such outage recorded in U.S history. In Australia, the mega fire of the 2020 wildfire season created significant power outages, affecting millions. Many other nations have faced outages caused by unnatural factors, including regional unrest, terrorist activities and technical issues. Usually, power supply to a region requires complex mapping and transfers over transmission lines to regional substations. If one or more parts of this complex structure break down, an outage potent enough to shut down the entire grid may arise. Solutions through Blockchain Technology In recent years, many tech startups have tried to apply blockchain technology to the power sector in various ways. For some companies, the plan is to develop projects that enhance existing markets for electricity trading. For others, creating a blockchain-powered system that bypasses a central utility provider and enables peer-to-peer transactions is paramount. In addition, other startups track the production and distribution of clean energy using blockchain technology. Avatu is a new kind of company, one that seeks to revolutionize power distribution through blockchain technology and address issues around the reliability and dependability of energy distribution. As increased demand for electricity continues to spike and the current grid is unable to handle the pressure, Avatu has a solution that will democratize the distribution of energy and create an entirely new market within the electrical distribution ecosystem. The company has a solution that will allow users to transmit stored power on demand, managing the entire storage and transmission process through a decentralized blockchain system for reliability and transparency. Avatu will use a Proof of Power (PoP) consensus algorithm to ensure that readings are reliable and ready for deployment. Decarbonization Through Decentralization Avatu is a tech startup that focuses on delivering energy-related solutions and services. The company will address the issues of fragile and unreliable power utility grids, the rigidity of renewable power, and high costs of power consumption through a democratized power system run by its native token economy. The Avatu ecosystem accommodates ever-growing global energy demand by providing services anywhere there is power generation and consumption. Avatu facilitates seamless and instantaneous demand-based power generation and supply while rewarding users through its AVATU token. The main component of the Avatu system is The Magic Box which is designed for individual, residential use. It is a lithium-ion-based 1kWh battery that connects to the internet with a battery that discharges 250Wh for four hours. The Magic Box only requires a standard power outlet and a connection to an available wireless network. The link connects the Magic Box to the AVATUChain and allows users to track it on a mobile app or desktop dashboard, enabling real-time power generation and supply monitoring. The Magic Box also allows its users to perform energy mining to earn its native token. Solving Real-World Problems As the global population increases, demand for power will continue to surge. Avatu is seeking to prevent shortages and/or complete outages via the blockchain and change the face of power storage and distribution as we know it. Regions susceptible to power outages can rely on The Magic Box for a decentralized, user-powered network to access needed energy bringing more utility to crypto while solving problems that individuals might not otherwise be able to participate in.

The U.S. Treasury affirmed that crypto miners and wallet operators are exempt from the IRS reporting rules, preparing appropriate regulations.

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Ethereum (ETH) is trading at USD2,932.45, with a trading volume of USD9,666,018,686 in the last 24 hours. Ethereum price posted a gain of 1.23%, a 24-hour low of $2,870.18, and a high of $2,980.08. It is currently at the No. 2 spot on the Coin Market Cap chart, with a current market cap of USD350,616,744,281. Tokens in circulation now total 119,564,241 ETH. Three months ago, ETH – the second-biggest cryptocurrency – was trading at $4,809; on Jan. 11, 2022, it dropped to $3,251, and on Feb. 4, it was at $3,026. Other currencies, including Tether, BNB, USD Coin, XRP, Cardano, Solana, and Terra, are also seeing significant drops, hurting the market. These recent significant dips in Ethereum and Bitcoin are also driven by sustained increasing inflation, a dismal December employment report, and persistent hints by the Federal Reserve that the central bank may begin slowing down steps to prop up the economy as it improves. Ethereum Price Forecast Based on current data, Ethereum’s price will average $2,822.07 and reach a high of USD3,174.82. After reaching a high of $4,100 on Dec. 27, Ethereum has fluctuated between $2,100 and $4,000 in the days afterward. Despite the poor start to 2022, many analysts remain optimistic, forecasting that Ethereum would reach and exceed $12,000 this year. ETH/USD at $2886.5 in the daily chart | Source: TradingView.com  Related Reading | Ethereum Faces Rejection, Why ETH Could Nosedive Below $3K Meanwhile, after a robust November, Bitcoin has also paused over the previous month. Bitcoin achieved a new all-time high when it crossed $68,000. There is little doubt that Bitcoin and Ethereum will continue to fluctuate in the future, and experts advise investors to remain cautious. Experts say to overlook the ups and downs while making a long-term investment. That doesn’t imply that the recent slide in price has extinguished Ethereum’s volatility. Crypto Expert Advises On ETH The real issue is whether or not these currencies will continue to increase after they are owned, Jeremy Schneider, the Personal Finance Club’s investment guru, said. “No more than 5% of your whole portfolio should be held as Ethereum due to the lack of assurance that its value will rise,” Schneider said. The investment expert added that people should not invest at the risk of not accomplishing their other financial objectives, such as paying off high-interest debt or preparing for future retirement. Like Bitcoin, Ethereum has its blockchain, maintained by a global network of over 2.4 million computers known as “nodes.” Anyone with the required hardware, skills, and time may run an Ethereum node and contribute to network validation. Miners are in charge of finding new blocks on the Ethereum network. These are analogous to digital boxes that store transaction and other data. Miners compete by utilizing specialized computer equipment to be the next person to add a block to the chain and collect transaction fees (from the transactions they add to the block) as well as “block rewards.” Related Reading | Ethereum Prints Bearish Technical Pattern, Why It Could Revisit $2.5K Featured image from CoinSpeaker, chart from TradingView.com

We keep forgetting one big component in all of this: luck. Let me illustrate this, using some of my own life experiences as examples. Here we go: – Me and 2 friends discover something called bitcoin when it was $40 a pop and litecoin at $2. Poor as church mice we collect all our money…
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Record hash rate and difficulty provide a positive overture to some uninspiring price moves, with Bitcoin now offering network security never seen before in its history.

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