Greece set to allow medical cannabis use

Greece’s parliament is expected to approve the medical use of cannabis in the coming weeks, a deputy minister said Sunday, adding that the change would attract investment to the country. “In a few weeks’ time, an amendment will be brought to parliament to define the legislative framework for the cultivation and manufacturing of pharmaceutical products […]
Source: worldnewsoffice
Greece set to allow medical cannabis use

These Digital Coins Soar (or Fall) With Bitcoin – Bloomberg

BloombergThese Digital Coins Soar (or Fall) With BitcoinBloombergThe four biggest, by market capitalization, are ether (or ethereum, as it’s often called), ripple (aka XRP), bitcoin cash and cardano. One of these, or another from the long list of up-and-comers, could potentially grab leadership away from bitcoin and …and more »
Source: worldnewsoffice
These Digital Coins Soar (or Fall) With Bitcoin – Bloomberg

Pay Up or Else! Indiana Hospital Latest Victim of Ransomware Attack

Hancock Regional Hospital in Indiana is the latest victim of a ransomware attack by hackers who are demanding a payment in bitcoins. Technology is definitely a two-edged blade. The lightning-fast speed offered by the internet allows for people to connect instantly with each other from all over the world. Movies can be streamed, video conferences… View Article
Source: worldnewsoffice
Pay Up or Else! Indiana Hospital Latest Victim of Ransomware Attack

Bitcoin Mining Hardware Firm Posts Massive 2017 Profits

According to their co-chairman Kong Jianping, a company making Bitcoin mining hardware has posted sales of over 1.2 billion yuan (US$ 185.2 million) during 2017. This translates in a profit of a staggering 300 million yuan (US$ 46.6 million). Kong told Chinese media outlet Yicai Global that he anticipates Canaan Creative’s profits to reach 5 billion yuan. This would mean they’d made sales of 10 billion yaun. However, the mining hardware chairperson did not specify a time frame for such a prediction.

Ejinsight, a domestic technology resource claims that Canaan Creative plan to list its shares on the National Equities Exchange and Quotations stock exchange – an over-the-counter way of selling shares in public limited companies in China.

Canaan Creative are one of the planet’s largest manufacturers of ASIC (application-specific integrated circuit) chips. Such components have been tailored towards solving the complex algorithms required to “unlock” the remaining Bitcoin of the total supply of 21 million. The company filed their interest in listing shares on the NEEQ in August of last year.

Canaan Creative itself was founded in 2013 and according to Ejinsight, units they’d sold up until last April accounted for 22% of the global mining hash power on the Bitcoin network. Sales have been steadily increasing inline with surging interest in cryptocurrency since they began selling hardware chips designed for the purpose of mining. The local technology news source claims that of the 400 unique customers Canaan Creative have served, 97% of them are based in China.

However, with news of Chinese hostility towards the cryptocurrency mining industry and so many of Canaan Creative’s clients being located within the country, it seems hard to believe the projections of Kong. Recently the Chinese government have made efforts to squeeze Bitcoin miners out of their nation. Whilst the Beijing government has not expressly banned the practice, certain clampdowns on allowed electricity and land usage, as well as environmental regulation and tax collection, targets those engaging in the highly profitable and hugely power consuming activity.

According to the Financial Times, as part of their agenda against Bitcoin miners, a multi-agency task force has been set up to aid companies from exiting the mining industry.

The clampdown on mining is not the only hostility the Chinese government have shown towards the cryptocurrency space. During September of last year, legislators there banned the innovative fund raising practice known as initial coin offerings (ICOs). On top of this, several key exchanges also ceasing doing business in the second half of 2017. Evidently, Bitcoin and cryptocurrencies are not currently seen as being inline with Chinese economic interests.

The post Bitcoin Mining Hardware Firm Posts Massive 2017 Profits appeared first on NewsBTC.


Source: newsbtc
Bitcoin Mining Hardware Firm Posts Massive 2017 Profits

Terab Project Allows Bitcoin Cash to Scale to one Terabyte Blocks

Forcing cryptocurrencies to scale will always remain a very troublesome topic by the look of things. Bitcoin shows such issues can effectively cripple a network with relative ease. Project Terab, an open source initiative, wants to make sure Bitcoin Cash goes in a different direction. Right now, the network can accommodate blocks of up to 8MB in size. With Terab, the goal is to ensure one terabyte blocks become a possibility for the future. An interesting concept, but the bandwidth requirements shouldn’t be underestimated either.

Looking to the future is always important in the world of cryptocurrecy development. It is always better to prepare for potential issues rather than patch things up later on. The Bitcoin network has learned this lesson the hard way. After many years of bickering, the network now has a scaling solution few service providers are willing to use. Moreover, there is the Bitcoin Cash altcoin which seemingly has no scaling issues as of right now. Several initiatives are underway to further increase the BCH block size in the coming years.

Project Terab and one Terabyte Blocks

One of these scaling initiatives is known as project Terab. It’s an open source initiative focusing mainly on Bitcoin Cash‘s technical issues. More specifically, the team aims to introduce BCH blocks of one terabyte in the future. It is an astonishingly high number, but an interesting prospect nonetheless. Bringing such blocks to the network will be a rather big challenge, though. With such blocks, Terab would also allow Bitcoin Cash to process 7 million transactions per second.

It is evident these goals are very ambitious. Achieving such major milestones may not even be feasible in the long run. At the same time, in theory, nothing prevents a blockchain from scaling to such levels. The main problem is the terabyte blocks. Very few people have the infrastructure and bandwidth to process such blocks on a regular basis. Surprisingly, it seems unlikely such block sizes would be feasible for the regular Bitcoin blockchain. It seems the introduction of SegWit has made on-chain scaling a lot more difficult in terms of sheer block size increases.

Whether or not Terab will become a success, remains to be determined. The open source initiative certainly introduces some new opportunities and challenges. It will take a few years until such a block size could effectively be introduced to the network, though. Right now, the maximum size is 8MB, which isn’t even sued by most service providers and mining pools. Before we get to one terabyte, we need to experiment with 1 GB and 10 GB blocks. All of these developments are well worth keeping an eye on. It shows there are many ways to make bitcoin stronger and better in the future.

The post Terab Project Allows Bitcoin Cash to Scale to one Terabyte Blocks appeared first on NewsBTC.


Source: newsbtc
Terab Project Allows Bitcoin Cash to Scale to one Terabyte Blocks