Bitcoin to Pound BTC GBP - CEX.IO

Launching xsats - the UK and Europe's answer to CashApp!

Launching xsats - the UK and Europe's answer to CashApp!

Learn more and sign up at!
Hey bitcoiners!
We're excited to launch a new UK based web app, which enables you to instantly buy bitcoin with pounds, sent directly to a wallet of your choice!
To celebrate our launch, we’d also like to announce that the first 100 users to buy £100 or more bitcoin through xsats will each receive 10000sats back! *
Xsats scours the major sources of bitcoin liquidity in real time to get you the most sats for your fiat. The price displayed on our website is the price you will pay at that instant in time.
Set up a recurring order via your bank to automatically buy bitcoin at regular intervals of your choice.
Submit multiple addresses to avoid address reuse and protect your privacy.
We also support euro payments!
Check out to learn more and register an account!
Take care and continue #StackingSats!
xsats team
OG SatsBack Bonus Terms
* We reserve the full right to deny users the OG SatsBack if we suspect any malpractice or otherwise abuse of the offer or xsats platform. We will add your OG SatsBack Bonus to the next purchase you make after meeting or exceeding the £100 threshold, or any subsequent purchase you make after meeting the threshold up to 1month after meeting the threshold.
Follow us on twitter @xsatoshis for updates
Stay in the loop on our telegram chat, which you can find here:
submitted by embcrypt to Bitcoin [link] [comments]

A few sign ups for people in the UK. Most of these work for outside of UK too.

A list of a few popular referrals and discounts i have used recently, check and see if you have done them all!
hey everyone, just want to say that all of these signups will be available in the UK. I have done all of these myself so if you are having any problems, just ask:)
for anyone who uses any of these at all, thank you!

Football index ref:
non ref:
Difficulty: Easy
Reward: £10
instructions: join through the ref link and deposit £10, you will instantly receive £10 which you can do what you like with:)
Disclaimer: Someone on beermoneyuk has a code that will give you £50 instead of £10 since he has been using them longer. Feel free to use his link :)

ping it: i must send you an invite via text :)
Difficulty: ezpz
Reward: £5
instructions: message me your mobile number and ill send you an invite. all you need to do is create the account and send a payment of only £1 top anyone. if you send to me, i will send right back.

Curve: Promocode: D4KAXYAE
Curve non referral:
Difficulty: Easy
Reward: £5
instructions: simply sign up and you will receive £5 credit. to use this credit you can either go to the shop and make a purchase, or link to your paypal and just send the £5 to yourself/friend.
I honestly use this app all the time for the 1% cashback.

bnc10: referral:
bnc10: non referral:
Difficulty: Easy
Reward: 5 EURO
instructions: Just create your account and deposit 25 EURO. you will then receive 5 euro :)
bnc10 is a spanish banking app which will provide you with youre own spanish IBAN. very useful for completing some money transfer offers.

Verse: referral: I must invite you via text message. reward: £10
verse: non referral: N/A
Difficulty: Medium
Reward: £10
instructions: After creating the account you must deposit AND move £20 in the app. If you dont have a family member or a friend to help, we can send £5 back and forth until you get the reward.

Monese ref: TAYLO105
non ref: N/A
difficulty: Easy/difficult.
reward: £5 or £20
instructions: for the £5 reward, simply create an account and make your first purchase. (you can create a virtual card and just connect to google play and this should release the funds) for the £20 reward you must spend £500 with the card.

Xoom referral:
Xoom non referral:
Difficulty: Medium
reward: £25
instructions: create your xoom account and link it to your verified paypal account. you must send £50 not including fees to a different currency e.g. pounds > euro or euro > pounds. you will receive an email around 4 days after the transaction has been completed stating that your paypal account has been topped up.

Transfergo: or use sCBAS2
non ref:
Difficulty: Easy
Reward: £15
instructions: The same as xoom, you must send £50 to a different currency, once completd you can open the app/website and claim your £15. it will get sent to your bank account.

westernunion ref:
non ref: ----
Difficulty: Medium
Reward: £10 amazon/google/itunes/nike/starbucks gift card.
instructions: All of these money transfers are pretty similar, although this one doesn't require sending to a different currency. You just need to send £50.

Coinbase ref:
non ref:
Difficulty: Easy
Reward: £7.49 - £100(bonus)
instructions: Open an account today, and if you buy or sell £74 or more of crypto, you'll receive £7 worth of free Bitcoin. you can then cashout and withdraw if you like.
BONUS: for these you can already have a coin base account. pimply put in your email and keep an eye out over the next couple days. You can then watch a couple very short videos and answers short quiz. you will be rewarded instantly and it doesn't matter if you answer all the questions wrong, you get as many tries as you like.

CLEO ref:
non ref:
Difficulty: Easy
reward: £5
instructions: follow the link and create your account. All you need to do next is create a wallet and link your bank account, if youre having trouble or are unsure if you've connected your bank successfully, just let me know and i should be able to check it out for you. you will receive £5 usually withing a couple hours which you can withdraw straight away.
submitted by unholie2 to referralcodes [link] [comments]

Where to buy Reddcoin

Below is a list of websites/services that can be used to buy RDDs (Reddcoin). It's mostly intended for newcomers and for those that want to buy RDDs but don't know where or how.
If you are missing information or have an addition or correction, please post in this thread. I'll try to keep this post updated. Also, post any questions you have!

Fiat currency - direct

Examples of fiat currency: USD (United States dollar), EUR (euro), GBP (pound sterling). This section covers buying Reddcoin directly with fiat currency, so (for example) without buying BTC (Bitcoin) first.

Fiat currency - indirect

This section covers buying Reddcoin indirectly with fiat currency. This means buying a major cryptocurrency first (like BTC (Bitcoin) or ETH (Ethereum)) with fiat currency, and then buying Reddcoin with that major cryptocurrency. So, for example: USD -> BTC; BTC -> RDD. Use the exchanges at the bottom to buy RDDs (Reddcoin) with a major cryptocurrency (like BTC (Bitcoin)).



Reddcoin Wiki page about exchanges:
An exchange is traditionally an online market where a various cryptocurrencies are bought and sold. Exchanges bring together a groups of sellers and buyers to facilitate the trading of currencies. Exchanges offer different tools to help the traders, (both the buyers and the sellers).
Most markets offer cryptocurrencies to cryptocurrencies trading with some markets offering Fiat to cryptocurrencies and vice-versa.
All of the exchanges above support trading from/to RDD (Reddcoin).
Instant exchanges These are exchanges you can use without creating an account; can be used when anonimity is needed. These exchanges do not have a wallet, they merely convert one currency to another.
Exchanges above support exchanging from/to RDD (Reddcoin).
Exchange aggregators These are websites that do not trade directly in cryptocoins themselves, but rather compare rates across exchanges and find the best exchange rate for you.
submitted by Yavuz_Selim to reddCoin [link] [comments]

Bitcoin Mining & The Beauty Of Capitalism

Authored by Valentin Schmid via The Epoch Times,
While the price of bitcoin drops, miners get more creative... and some flourish.
The bitcoin price is crashing; naysayers and doomsayers are having a field day. The demise of the dominant cryptocurrency is finally happening — or is it?
Bitcoin has been buried hundreds of times, most notably during the brutal 90 percent decline from 2013 to 2015. And yet it has always made a comeback.
Where the skeptics are correct: The second bitcoin bubble burst in December of last year and the price is down roughly 80 percent from its high of $20,000. Nobody knows whether and when it will see these lofty heights again.
As a result, millions of speculators have been burned, and big institutions haven’t showed up to bridge the gap.
This also happened on a smaller scale in 2013 after a similar 100x run-up, and it was necessary.

Time to Catch Up

What most speculators and even some serious proponents of the independent and decentralized monetary system don’t understand: Bitcoin needs these pauses to make improvements in its infrastructure.
Exchanges, which could not handle the trading volumes at the height of the frenzy and did not return customer service inquiries, can take a breather and upgrade their systems and hire capable people.
The technology itself needs to make progress and this needs time. Projects like the lightning network, a system which delivers instant bitcoin payments at very little cost and at virtually unlimited scale is now only available to expert programmers.
A higher valuation is only justified if these improvements reach the mass market.
And since we live in a world where everything financial is tightly regulated, for better or worse, this area also needs to catch up, since regulators are chronically behind the curve of technological progress.
And of course, there is bitcoin mining. The vital infrastructure behind securing the bitcoin network and processing its transactions has been concentrated in too few hands and in too few places, most notably China, which still hosts about 70 percent of the mining capacity.

The Case For Mining

Critics have always complained that bitcoin mining consumes “too much” electricity, right now about as much as the Czech Republic. In energy terms this is around 65 terawatt hours or 230,000,000 gigajoules, costing $3.3 billion dollars according to estimates by Digiconomist.
For the non-physicists among us, this is around as much as consumed by six million energy-guzzling U.S. households per year.
All those estimates are imprecise because the aggregate cannot know how much energy each of the different bitcoin miners consumes and how much that electricity costs. But they are a reasonable rough estimate.
So it’s worth exploring why mining is necessary to begin with and whether the electricity consumption is justified.
Anything and everything humans do consumes resources. The question then is always: Is it worth it? And: Who decides?
This question then leads to the next question: Is it worth having and using money? Most people would argue yes, because using money instead of barter in fact makes economic transactions faster and cheaper and thus saves resources, natural and human.

_Merchants exchange goods with the inhabitants of Tidore, Indonesia, circa 1550. Barter was supplanted by using money because it is more efficient. (Archive/Getty Images)_If we are generously inclined, we will grant bitcoin the status of a type of money or at least currency as it meets the general requirements of being recognizable, divisible, portable, durable, is accepted in exchange for other goods and services, and in this case it is even limited in supply.
So having any type of money has a price, whether it’s gold, dollar bills, or numbers on the screen of your online banking system. In the case of bitcoin, it’s the electricity and the capital for the computing equipment, as well as the human resources to run these operations.
If we think having money in general is a good idea and some people value the decentralized and independent nature of bitcoin then it would be worth paying for verifying transactions on the bitcoin network as well as keeping the network secure and sound: Up until the point where the resources consumed would outweigh the efficiency benefits. Just like most people don’t think it’s a bad idea to use credit cards and banks, which consume electricity too.
However, bitcoin is a newcomer and this is why it’s being scrutinized even more so than the old established players.

Different Money, Different Costs

How many people know how much electricity, human lives, and other resources gold mining consumes or has consumed in the course of history? What about the banking system? Branches, servers, air-conditioning, staff? What about printing dollar notes and driving them around in armored trucks?
What about the social effects of monetary mismanagement of bank and government money like inflation as well as credit deflations? Gold gets a pass here.
Most people haven’t asked that question, which is why it’s worth pointing out the only comprehensive study done on the topic in 2014. In “An Order of Magnitude” the engineer Hass McCook analyzes the different money systems and reaches mind-boggling conclusions.
The study is a bit dated and of course the aggregations are also very rough estimates, but the ball park numbers are reasonable and the methodology sound.
In fact, according to the study, bitcoin is the most economic of all the different forms of money.
Gold mining in 2014 used 475 million GJ, compared to bitcoin’s 230 million in 2018. The banking system in 2014 used 2.3 billion gigajoules.
Over 100 people per year die trying to mine gold. But mining costs more than electricity. It consumes around 300,000 liters of water per kilogram of gold mined as well as 150 kilogram (330 pounds) of cyanide and 1500 tons of waste and rubble.
The international banking system has been used in all kinds of fraudulent activity throughout history: terrorist financing, money laundering, and every other criminal activity under the sun at a cost of trillions of dollars and at an order of magnitude higher than the same transactions done with cryptocurrency and bitcoin.
And of course, while gold has a relatively stable value over time, our bank and government issued money lost about 90 percent of its purchasing power over the last century, because it can be created out of thin air. This leads to inflation and a waste of physical and human resources because it distorts the process of capital allocation.

_The dollar has lost more than 90 percent of its value since the creation of the Federal Reserve in 1913. (Source: St. Louis Fed)_This is on top of the hundreds of thousands of bank branches, millions of ATMs and employees which all consume electricity and other resources, 10 times as much electricity alone as the bitcoin network.
According to monetary philosopher Saifedean Ammous, author of “The Bitcoin Standard,” the social benefit of hard money, i.e. money that can’t be printed by government decree, cannot even be fathomed; conversely, the true costs of easy money—created by government fiat and bank credit—are difficult to calculate.
According to Ammous, bitcoin is the hardest money around, even harder than gold because its total supply is capped, whereas the gold supply keeps increasing at about 1-2 percent every year.
“Look at the era of the classical gold standard, from 1871, the end of the Franco–Prussian War, until the beginning of World War I. There’s a reason why this is known as the Golden Era, the Gilded Age, and La Belle Epoque. It was a time of unrivaled human flourishing all over the world. Economic growth was everywhere. Technology was being spread all over the world. Peace and prosperity were increasing everywhere around the world. Technological innovations were advancing.
“I think this is no coincidence. What the gold standard allowed people to do is to have a store of value that would maintain its value in the future. And that gave people a low time preference, that gave people the incentive to think of the long term, and that made people want to invest in things that would pay off over the long term … bitcoin is far closer to gold. It is a digital equivalent of gold,” he said in an interview with The Epoch Times.
Of course, contrary to the gold standard that Ammous talks about, bitcoin doesn’t have a track record of being sound money in practice. In theory it meets all the criteria, but in the real world it hasn’t been adopted widely and has been so volatile as to be unusable as a reliable store of value or as the underlying currency of a productive lending market.
The proponents argue that over time, these problems will be solved the same way gold spread itself throughout the monetary sphere replacing copper and seashells, but even Ammous concedes the process may take decades and the outcome is far from certain. Gold is the safe bet for sound money, bitcoin has potential.
There is another measure where bitcoin loses out, according to a recent study by researchers from the Oak Ridge Institute in Cincinnati, Ohio.
It is the amount of energy expended per dollar for different monetary instruments. One dollar worth of bitcoin costs 17 megajoules to mine versus five for gold and seven for platinum. But the study omits the use of cyanide, water, and other physical resources in mining physical metals.
In general, the comparisons in dollar terms go against bitcoin because it is worth relatively less, only $73 billion in total at the time of writing. An issue that could be easily fixed at a higher price, but a higher price is only justified if the infrastructure improves, adoption increases, volatility declines, and the network proves its resilience to attacks over time.
In the meantime, market participants still value the fact they can own a currency independent of the government, completely digital, easily fungible, and limited in supply, and relatively decentralized. And the market as a whole is willing to pay a premium for these factors reflected in the higher per dollar prices for mining bitcoin.

The Creativity of Bitcoin Mining

But where bitcoin mining lacks in scale, it makes up for it in creativity.
In theory—and in practice—bitcoin mining can be done anywhere where there is cheap electricity. So bitcoin mining operations can be conducted not where people are (banking) or where government is (fiat cash) or where gold is (gold mining)—it can be done everywhere where there is cheap electricity
Some miners are flocking to the heat of the Texan desert where gas is virtually available for free, thanks to another oil revolution.
Other miners go to places where there is cheap wind, water, or other renewable energy.
This is because they don’t have to build bank branches, printing presses, and government buildings, or need to put up excavators and conveyor belts to dig gold out of the ground.
All they need is internet access and a home for the computers that look like a shipping container, each one of which has around 200 specialized bitcoin mining computers in them.
“The good thing about bitcoin mining is that it doesn’t matter where on earth a transaction happens, we can verify it in our data center here. The miners are part of the decentralized philosophy of bitcoin, it’s completely independent of your location as well,” said Moritz Jäger, chief technology officer at bitcoin Mining company Northern Bitcoin AG.

Centralized Mining

But so far, this decentralization hasn’t worked out as well as it sounds in theory.
Because Chinese local governments had access to subsidized electricity, it was profitable for officials to cut deals with bitcoin mining companies and supply them with cheap electricity in exchange for jobs and cutbacks. Sometimes the prices were as low as 2 dollar cents to 4 dollar cents per kilowatt hour.
This is why the majority of bitcoin mining is still concentrated in China (around 70 percent) where it was the most profitable, but only because the Chinese central planners subsidized the price of electricity.
This set up led to the by and large unwanted result that the biggest miner of bitcoin, a company called Bitmain, is also the biggest manufacturer of specialized computing equipment for bitcoin mining. The company reported revenues of $2.8 billion for the first half of 2018.

Tourists walk on the dunes near a power plant in Xiangshawan Desert in Ordos of Inner Mongolia, in this file photo. bitcoin miners have enjoyed favorable electricity rates in places like Ordos for a long time. (Feng Li/Getty Images)Centralized mining is a problem because whenever there is one player or a conglomerate of players who control more than 50 percent of the network computing power, they could theoretically crash the network by spending the same bitcoin twice, the so called “double spending problem.“
They don’t have an incentive to do so because it would probably ruin the bitcoin price and their business, but it’s better not to have to rely on one group of people controlling an entire money system. After all, we have that exact same system with central banking and bitcoin was set up as a decentralized alternative.
So far, no player or conglomerate ever reached that 51 percent threshold, at least not since bitcoin’s very early days, but many market participants always thought Bitmain’s corner of the market is a bit too close for comfort.
This favorable environment for Chinese bitcoin mining has been changing with a crack down on local government electricity largess as well as a crackdown on cryptocurrency.
Bitcoin itself and mining bitcoin remain legal in China but cryptocurrency exchanges have been banned since late 2017.
But more needs to be done for bitcoin to become independent of the caprice of a centralized oppressive regime and local government bureaucrats.

Northern Bitcoin Case Study

Enter Northern Bitcoin AG. The company isn’t the only one which is exploring mining opportunities with renewable energies in locations other than China.
But it is special because of the extraordinary set up it has for its operations, the fact that it is listed on the stock exchange in Germany, and the opportunities for scaling it discovered.
The operations of Northern Bitcoin combine the beauties of bitcoin and capitalism in one.
Like Texas has a lot of oil and free gas and it makes sense to use the gas rather than burn it, Norway has a lot of water, especially water moving down the mountains due to rainfall and melting snow.
And it makes sense to use the power of the movement of the water, channel it through pipes into generators to create very cheap and almost unlimited electricity. Norway generates north of 95 percent of its total electricity from hydropower.

A waterfall next to a hydropowerplant near Sandane, Norway, Oct. 25, 2018. (Valentin Schmid/The Epoch Times)Capitalism does not distinguish between renewable and fossil. It uses what is the most expedient. In this case, it is clearly water in Norway, and gas in Texas.
As a side note on the beauties of real capital and the fact that capital and the environment need not be enemies, the water in one of the hydropowerplants close to the Northern Bitcoin facility is piped through a generator made in 1920 by J.M. Voith AG, a company from Heidenheim Germany.
The company was established in 1867 and is still around today. The generator was produced in 1920 and is still producing electricity today.

Excess Power

In the remote regions of Northern Norway, there aren’t that many people or industry who would use the electricity. And rather than transport it over hundreds of miles to the industrial centers of Europe, the industries of the future are moving to Norway to the source of the cheap electricity.
Of course, it is not just bitcoin mining, but other data and computing heavy operations like server farms for cloud computing that can be neatly packaged into one of those containers and shipped up north.
“The containers are beautiful. They are produced in the middle of Germany where the hardware is enabled and tested. Then we put it on a truck and send it up here. When the truck arrives on the outside we lift it on the container vehicle. Two hours after the container arrives, it’s in the container rack. And 40 hours later we enable the cooling, network, power, other systems, and it’s online,” said Mats Andersson, a spokesman for the Lefdal Mine data center in Måløy, Norway, where Northern Bitcoin has its operations. Plug and play.

A Northern Bitcoin data container inside the Lefdal Mine data center, in Måløy, Norway. (Northern Bitcoin)If the cheap electricity wasn’t enough—around 5 cents per kilowatt hour compared to 17 cents in Germany—Norway also provides the perfect storage for these data containers, which are normally racked up in open air parks above the ground.
Also here, the resource allocation is beautiful. Instead of occupying otherwise useful and beautiful parcels of land and nature, the Northern Bitcoin containers and others are stored in the old Lefdal olivine mine.
Olivine is a mineral used for steel production and looks green. Very fitting. Hence also the name of the data center: Lefdal Mine.
“We take the green mineral out and we take the green IT in,” said Andersson.

Efficiency, Efficiency

Using the old mine as storage for the data center makes the whole process even more resource efficient.
Why? So far, we’ve only been talking about bitcoin mining using a lot of energy. But what for? Before you have actually seen the process in action—and it is similar for other computing operations—you cannot imagine how bizarre it is.
Most of the electricity is used to prevent the computers from overheating. So it’s not even the processors themselves; it’s the fans which cool the computer that use the most juice.
This is where the mine helps, because it’s rather cool 160 meters (525 feet) below sea level; certainly cooler than in the Texas desert.
But it gets even better. On top of the air blow-cooling the computer, the Lefdal data center uses a fresh water system to pump through the containers in pipes.
The fans can then circulate air over the cool pipes which transfer the heat to the water. One can feel the difference when touching the different pipes.
The fresh water closed circle loop then completes the “green” or resource efficiency cycle by transferring its heat to ice cold water from the nearby Fjord.
The water is sucked in through a pipe from the Fjord, the heat gets transferred without the water being mixed, and the water flows back to the Fjord, without any impact on the environment.
To top it all off, the mine has natural physical security far better than open air data centers and is even protected from an electromagnetic pulse blast because it’s underground.

_The Nordfjord near Måløy, Norway. The Lefdal data center takes the cold water from the fjord and uses it to cool the computer inside the mine. (Valentin Schmid/The Epoch Times)_Company Dynamics

Given this superlative set up, Northern Bitcoin wants to ramp up production as fast as possible at the Lefdal mine and other similar places in Norway, which have more mountains where data centers can be housed.
At the moment, Northern Bitcoin has 15 containers with 210 mining machines each. The 15 containers produce around 5 bitcoin per day at a total cost of around $2,500 dollars at the end of November 2018 and after the difficulty of solving the math problems went down by ~17 percent.
Most of it is for electricity; the rest is for leasing the containers, renting the mine space, buying and writing off the mining computers, personnel, overhead, etc.
Even at the current relatively depressed prices of around $4000, that’s a profit of $1500 per bitcoin or $7,500 per day.
But the goal is to ramp it up to 280 containers until 2019, producing 100 bitcoin per day. Again, the company is in the sweet spot to do this.
As opposed to the beginning of the year when one could not procure a mining computer from Bitmain even if one’s life depended on it, the current bear market has made them cheap and relatively available both new and second had from miners who had to cease operations because they can’t produce at low bitcoin prices.

Northern Bitcoin containers inside the Lefdal Mine data center in Måløy, Norway. (Northern Bitcoin)What about the data shipping containers? They are manufactured by a company called Rittal who is the world market leader. So it helps that the owner of Rittal also owns 30 percent of the Lefdal mine, providing preferential access to the containers.
Northern Bitcoin said it has enough capital available for the intermediate goal of ramping up to 50 containers until the end of year but may tap the capital markets again for the next step.
The company can also take advantage of the lower German corporate tax rate because revenue is only recorded when the bitcoin are sold in Germany, not when they are mined in Norway.
Of course, every small-cap stock—especially bitcoin companies—have their peculiarities and very high risks. As an example, Northern Bitcoin’s financial statements, although public, aren’t audited.
The equipment in the Lefdal mine in Norway is real and the operations are controlled by the Lefdal personnel, but one has to rely on exclusive information from the company for financials and cost figures, so buyer beware.

Norway Powerhouse?

Northern Bitcoin wants to have 280 containers, representing around 5 percent of the network’s computing power.
But the Lefdal mine alone has a capacity to power and cool 1,500 containers in a 200 megawatt facility, once it is fully built out.
“Here you have all the space, power, and cooling that you need. … Here you can grow,” said Lefdal’s Andersson.

A mine shaft in the Lefdal Mine data center in Måløy, Norway. The whole mine will have a capacity for 1500 containers once fully built out. (Valentin Schmid/The Epoch Times)The Norwegian government was behind an initiative to bring computing power to Norway and make it one of the prime destinations for data centers at the beginning of this decade.
To that effect, the local governments own part of the utility companies which operate the power plants and own part of the Lefdal Mine and other locations. But even without notable subsidies (i.e. cash payments to companies), market players were able to figure it out, for everybody’s benefit.
The utilities win because they can sell their cheap electricity close to home. The computing companies like IBM and Northern Bitcoin win because they can get cheap electricity, storage, and security. Data center operators like Lefdal win because they can charge rent for otherwise unused and unneeded space.
However, in a recent about face, the central government in Oslo has decided to remove cryptocurrency miners from the list of companies which pay a preferential tax rate on electricity consumption.
Normally, energy intensive companies, including data centers, pay a preferential tax on electricity consumed of 0.48 øre ($0.00056 ). According to a report by Norwegian media Aftenposten, this tax will rise to 16.58 øre ($0.019) in 2019 for cryptocurrency miners exclusively.
The argument by left wing politician Lars Haltbrekken who sponsored the initiative: “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”
Since Norway generates its electricity using hydro, precisely the opposite is true: No greenhouse gas emissions, or any emissions for that matter would be produced, if all cryptomining was done in Norway. As opposed to China, where mining is done with coal and with emissions.
But not only in Norway is the share of renewable and emission free energy high. According to research by Coinshares, Bitcoin’s consumes about 77.6 percent of its energy in the form of renewables globally.
However self-defeating the arguments against bitcoin mining in Norway, the political initiative is moving forward. What it means for Northern Bitcoin is not clear, as they house their containers in Lefdal’s mixed data center, which also has other clients, like IBM.
“It’s not really decided yet; there are still big efforts from IT sectors and parties who are trying to change it. If the decision is taken it might apply for pure crypto sites rather than mixed data centers, like ours,” said Lefdal’s Andersson.
Even in the worst-case scenario, it would mean an increase from ~5 cents to ~6.9 cents per kilowatt hour, or 30 percent more paid on the electricity by Northern Bitcoin, which at ~$3250 would still rank it among the most competitive producers in the world.
Coinshares estimates the average production price at $6,800 per Bitcoin at $0,05 per kilowatt hour of electricity and an 18-months depreciation schedule, but concedes that a profitable miner could “[depreciate] mining gear over 24-30 months, or [pay] less for mining gear than our estimates.”
Jäger says Northern Bitcoin depreciates the equipment over three years and has obtained very favorable prices from Bitmain, making its production much more competitive than the average despite the same cost of electricity. In addition, the natural cooling in the mine also reduces electricity costs overall.

Cheap Producer Advantage

At the moment, however, the tax could be the least of any miners worry, as the bitcoin price is in free-fall.
But what happens when the price crashes further? Suffice it to say that there was bitcoin mining when the dollar price was less than 1 cent and there will be bitcoin mining at lower prices thanks to the design of the network.
Mao Shixing, the founder of mining pool F2pool estimated 600,000 miners have shut down since the November crash in price, according to a report by Coindesk.
As it should be in a competitive system, the most energy intensive and obsolete machines are shut down first.
As with every other commodity, when the price drops, some miners will leave the market, leaving space for cheaper competitors to capture a bigger share. But with bitcoin this is a bit simpler than with copper or gold for example.
When a big copper player goes bankrupt, its competitors have to ramp up production and increase cost to increase their market share. With bitcoin, if 3,000 computers get taken off the total mining pool, they won’t be able to mine the approximately 5 bitcoin any longer.
However, because the difficulty of solving the computationally intensive cryptographic tasks of bitcoin decreases automatically when there are fewer computers engaged in the task, the other players just have to leave their machines running at the same rate for the same cost and they will split the 5 bitcoin among them.
“The moment the price goes down, our production price will go down as well,” said Jäger, a process that already happened from November to December when the difficulty decreased twice in November and the beginning of December.
This naturally favors players like Northern Bitcoin, which are producing at the lower end of the cost spectrum. They will be the ones who shut down last.
And this is a good thing. The more companies like Northern Bitcoin, and countries like Norway—even with the extra tax—the more decentralized the bitcoin system.
The more computers there are in different hands mining bitcoin, the more secure the system becomes, because it will be ever more difficult for one player to reach the 50 percent threshold to crash the system. It is this decentralized philosophy which has kept the bitcoin system running for 10 years. Whether at $1 or $20,000.
submitted by rotoreuters to zerohedge [link] [comments]

Crypto: Eating the World One Asset at a Time

2017 is the year of blockchain and cryptocurrency. The movement might have begun in 2009, with the launch of Bitcoin, but it takes time for anything to gain momentum, and in this case, it seems that eight is the golden number. In a year that has seen Bitcoin reach a massive high – US$10,000 as of 28/11/17 – Ethereum and Litecoin making gains in the thousands of percents, and ICOs appearing at an incredible rate of knots, crypto investing has finally reached its maturity, and it is eating the World, one asset at a time. Some people say that this is a worrying thing; others that you can’t – and shouldn’t try to – halt progress and that this is the future in the making. Whichever turns out to be the case, crypto and blockchain are here and you can no longer ignore them.
Blockchain and Bitcoin – The Chicken and the Egg
In 2009 Satoshi Nakamoto grew tired of the awkward process and sometimes lengthy delays involved in transacting digital payments. He wanted a system that could be instant, regardless of where you were in the world and the currency that your country used. No exchange rates to work out, no international transfer fees; his would be a universal currency for the tech community. And thus, Bitcoin was born.
You can’t just create a packet of data and say, ‘here you go, have this instead of cash’, however. What’s to stop other people from doing the same and endlessly copying and recreating your data packets until they’re so numerous that they have no value at all? No, the new digital currency needed an encryption system which ensured that no two data packets – or Bitcoins – could be the same, or be copied. And that’s where blockchain came in.
A digitised, decentralised, public ledger of all cryptocurrency transactions, blockchain is a continuously growing list of records – blocks – securely interconnected using cryptography; the closest you’ll get to an unbreakable code. Although it is now used in other areas of business, it was originally developed and is still used primarily for verifying crypto transactions. Without blockchain there would be no Bitcoin, but without Bitcoin there would be no blockchain, and without either there would be no other cryptocurrencies.
From Evolution to Revolution
With the exception of a few long-sighted investors, who took a punt on the fact that Nakamoto was actually a bit of a genius, it took some time for Bitcoin to become established, and it wasn’t until 2011 that the currency’s open source was used to create a crypto competitor. Since that time, we’ve not just seen the creation of literally countless new cryptocurrencies – the current estimate is in excess of 1,300, but no one really knows the exact figure for certain – but countless variations on the cryptocurrency theme.
Many currencies have taken the Bitcoin model and tweaked it; Litecoin, for example, is kind of like Bitcoin’s younger, faster, less-popular sibling. However, others have branched out, finding new USPs and creating their own ecosystems. Monero and Zcash have created enhanced privacy protocols, which allow for the anonymous buying, selling and using of the currencies. Ripple’s focus is transaction utility and the improvement of international purchasing. Ethereum’s progression has been towards the technical aspects of blockchain development, such as decentralised applications and smart contracts. Each new development is aimed at a slightly different market and offers a slightly different proposition for buyers, users, businesses, and investors, and it is this that has opened people's eyes to the potential of crypto assets. This is the reason for the sudden surge in the adoption of cryptocurrencies by businesses and the increase in ICOs. And it's all of these developments working in concert that has led to the recent and rapid increases in value that have occurred across the crypto frontier – what is becoming known as the Crypto Revolution.
Progress in the Making
A revolution as defined by WordWeb is ‘a drastic and far-reaching change in the ways of thinking and behaving’. While cryptocurrencies are certainly something new in the history of finance, what will cause the revolution is the ways in which we use them. Bitcoins are now accepted by many online retail outlets, and have even found their way onto the high street. Litecoin is some way behind, but making similar forays into the real world. And companies – including Fast Invest – are developing crypto payment cards to facilitate the use of crypto everywhere, to be used just as a fiat credit or debit card currently is; one swipe and you’re done.
Once crypto payment becomes a fully integrated means of conducting transactions, it’s believed that the truly cashless society won’t be too far behind, as GB Pounds, US Dollars and the full gamut of Euros convert their physical coins and notes into digital. In October 2017, The Telegraph posited that this state may not be very far off.
Crypto Assets Right Now
As cryptocurrencies continue to boom, they have birthed in their turn a new form of crypto asset: the crypto token. Used as a form of virtual share, crypto tokens are sold by businesses as a means to raise funds in a process called an ICO (initial coin offering).
Although associated with tech startups trying to get off the ground and struggling to find capital elsewhere – it’s become notoriously difficult to gain a small business loan in the decade since the global financial crisis – a growing number of established businesses are turning to the ICO as a means to further develop their products and plans. While investing in the first option can bring tremendous gains if the company takes off – the value of Ethereum has increased by 60,000% since it began life as an ICO in 2013; just imagine if you’d put in £1,000 back then – it does come with that big, risky, IF. Even the best ideas are vulnerable to failure due to either extraneous conditions or poor management, so an ICO for an established company presents a more comfortable investment proposition for the risk-averse.
ICOs normally last for a short period of time, offering interested parties the opportunity to buy tokens for a specified cryptocurrency. At the end of the ICO, those investors can then sell on their tokens to other interested parties, although they generally wait a year or more – unless the market rockets – to make a solid return.
As an example, the FastInvest ICO launches on December 4th, 2017. The company has been comfortably trading since 2015, serving more than 8,500 P2P lending investment customers on a regular basis, and the ICO has been devised to add to the company’s products – with a P2P lending app and cryptocurrency payment card – and extending its reach with the opening of the first FastInvest American office. The ICO will last just short of two months, finishing on January 31st, 2018, and the company expects FIT (Fast Invest Tokens) to reach the open market by September 2018. A strictly limited number of FIT will be generated during the ICO period – 777 000 000 – with half being reserved for Fast Invest’s 50 employees, and the other half being open to crowd sale. The tokens will be valued at a rate of 1,000 FIT for 1ETH (Ethereum), and for simplicity, only Ethereum will be accepted within the ICO period – what investors later sell their tokens for is up to them.
The information that potential investors use to decide upon which ICO to put their crypto assets into is all available in each company’s white paper. It should detail the business as it is, its plans and projections, the current market space, the team behind the project, and a comprehensive breakdown of what the invested funds will be used for. This allows investors to thoroughly research the proposition, making sure that both project and team are genuine – easier to ascertain with an established company – and take a closer look at the financials.
Change, the Future, and the ICO
ICOs have grown in popularity in direct correlation with the slowing of traditional financial markets. As it has become progressively more difficult for SMBs, SMEs, and startups to access the funding they need through established routes, it has become imperative that they find capital elsewhere. Seeing how successful crowdfunding has been in other theatres of finance – including P2P lending – it was only a matter of time before business turned to the clear advantages of the new financial movement. And now that it has begun, it is unlikely to stop. Indeed, many experts are now warning venture capitalists that it’s time to ‘wake up’ to ICOs, with Forbes suggesting that the ICO will soon replace the IPO (initial public offering).
The doubters still mutter that the crypto movement is a bubble, and that all bubbles eventually burst. But what happens if a bubble is coated in graphene? It becomes flexible; it shifts with the weight and momentum of the moment; it might show signs of stress and pressure, but then it rebounds and reforms its original shape. Crypto assets aren’t quite ubiquitous, but as more and more people are finding more and more uses for them, they are slowly becoming that way, and with each new function comes a new layer of graphene to the ever-growing bubble. And that makes crypto mighty.
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July 28, 2014: Flagons Den Live Blog

Going to live blog, the flagons den pitch 10 event tonight.
7pm pitch event starts around 70 people here. Some technical difficulties but with 30 seconds for each pitch and 60s Q&A no one is that phased :-), too much focus on hitting their lines.
7:04pm first pitch, Flagons Den pitch their co-working and mentorship workspace that is an actual bus. The mentorship program lasts for 3 months. Sponsored by KPMG, rackspace other big names. Taking applications now for September set. They focus on a personalized coaching path rather than a standard class-room setting like other incubators.
7:07pm A european network consultant running Tech City Coffee tuesday AM as a meetup providing mentorship.
Man I just realized how hard this is to listen and type reasonable notes
7:08pm Crowd-funding for university graduates, business or research or cancer research. Called EquitySpark
7:10pm DatingApp where you set up your friends. Linked with Facebook. Anonymous chat between those two people. The person who sets up the couple only sees the number of messages. App is called "Hitch" like the movie.
7:12pm Style Compare fashion compares across different stores creating a wishlist. Keeping track of prices and sending alerts. 25,000 users per month. UK Stores only but 1/3 of visitors are international. 1 pound to acquire a customer. revenue per user 4.50 per year.
7:14pm Matches up founders to form startups. Working a lot with universities. Freemium model, pro feature allows you to watch video pitches. Called Nucleus.
7:15pm London Breakthrough contestant comes to London with 100 pounds with the challenge to make 1m pounds in 12 months. Gets a good laugh; got to love the challenge
7:18pm SwagEasy from SV expanding into Europe gets you a store on your website in 30s. 4 Engineers from Cambridge and Stanford, 40,000 stores in 8 months. Imports from Etsy and others, or you can upload yourself. The presenter takes up the 30s challenge.Everyone watching intensely. Proves himself right. Automatic reading of styles within your website. Proving himself true. The entire room is stunned. Then he throws it is free!! (they plan to put apps onto your stores later) OK I must have mis-heard because when I went to check out the product here it clearly says "SwagEasy charges a 4% fee on sales from your store. This is exclusive of the payment processing charge that Stripe will levy on the sale." My bad.
7:22pm London accommodation manager taking over warehouses and building physical places for intl tourists. Called HideOut. Youth Hostels in particular. They have funding but still looking for sites. Include modular infrastructure. 30 pound per night is target price.
7:24pm PositionDark aligns you with things you care about but shows you the two sides of the story. Business model is a Big Data play through Social Media. Insight for political parties to see where the masses are going.
7:26pm Sorry missed one pitch...
7:27pm Audi listening, an audio platform that powers smart headphones that distributes content based on location. Think Google glass for eyes. Lots of PR. Called Audio Wings. Think of a guy going into a gym and rocky comes on. Phones don't work because lots of people don't want mobiles with them. Looking at putting the tech into current headphones manufacturers.
7:29pm pinterest for events. 50,000 pages views.
7:31pm App with one user the founder. BI for Social media. Analyze facebook against google maps, he is a fan of himself. Looking for ideas on how to create a business model. No plans for releasing maybe in the next two months.
7:32pm Gift2View works for fund raising customers Save the Rhino, Amnesty International, based on putting an ad in the middle of a video. They take 5% of donations
7:34pm CityZenik local travel guide to provide tourists with travel advice. Paid service based on how much guiding you take. Started in Serbia looking to get more guides in London.
7:35pm cooking classes using distributed method i.e. p2p cooking classes the AirBnB for hobbies. Will offer any kind of training
7:37pm real assets onto BitCoin gold batch crytpocurrencies. Thing Gold training for the masses. Built on top of Gold Trading Platform. 2-3 exchanges looking to join. "The real asset company"
7:39pm BookADrone commercial market place for drone operators 26 operators out of 300 in the UK. Think of Aero Photography or chimney inspections. In essence, a camera connected to a flying drone. Regulated with the CCA. Prices for 500 for a day. Autonomy for construction companies.
7:41pm EnergyDoneWell crowd funding to group together to buy solar energy infrastructure for schools. Equity share for investors 4-7% acquiring customers through word of mouth. Need help finding people who need infrastructure. Community shares doesn't need regulation. Average project needs 50k. Large scale 1.5m
7:43pm OpenPlayer music player open source and hardware to make music without restrictions. In prototype. Non-commercial open source license. Part of a university program. 20-25 pounds to make these products.
7:45pm TankTopTV [edit:oops sorry] find good programs across TV streaming. Personalize and customize which gets licensed to operators. 2 full time one part time. Mostly technology licenses because affiliate revenue isn't enough.
7:57pm Applyed a standardized format and processing platform for independent schools.
7:58pm A creative agency got up and went with a pitch which was in essence "We do all your marketing for you". The discussion moved to how much of the fee was performance based especially in the direction of gross adds. The rest of this is my POV only: I think the pitcher handled this badly stating that they didn't do that kind of thing because if the startup doesn't get the expected customers, the startup is doing something wrong. What wasn't explained well was that acquiring a customer is a holistic thing based on knowing about the company (consideration), evaluation of options, and then the actual purchase. Marketing is only really involved with the first component and to a much lesser extent the second (goodwill towards the brand). In a startup environment without a regular run rate it is very hard to commit to the exponential growth that most startups aim for, because the product is constantly changing and the business model is evolving as well as the underlying services. In short, a marketing agency at the startup phase should accept responsibility only for brand and product recognition. The rest is too subjective. In any case I am strongly against startups outsourcing sales or marketing. You're in a search for product market fit, you need to be as close to the customer as possible. /end of rant
8:00pm /LondonStartUp had it's go. Some people hadn't heard of reddit, others thought there was enough spaces to discuss the community, but some were enthused. For the first time pitching this place in real life I'm ok with the few people who came up and thanked me and especially for the one instant subscriber.
End of Pitches networking from 8-9pm
EDIT After the meeting: Explained the IncuBusLdn from the organizers because I think they deserved a bit more than my initial effort. Expanded my little pitch component. Then went on a rant about the creative agency discussion.
EDIT 2 Adjustment to Swag Easy notes
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