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Why not to mine coins on your laptop – a €600 lesson

May 2018 update – This article was originally written in 2015, and remains valid when discussing bitcoin/BTC mining. However, in the meantime a variety of altcoins and forks of bitcoin can use GPU mining, although the risks outlined in the article below still remain. So last year (2014), well before I invested in my own ASIC hardware for this site, I dabbled in bitcoin mining on my own personal laptop. It was a good one for gaming, being an Alienware m14 r2, and cost me about €1,200. I had first mined a few kilohashes on an older laptop, but Mechwarrior Online was

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May 2018 update – This article was originally written in 2015, and remains valid when discussing bitcoin/BTC mining. However, in the meantime a variety of altcoins and forks of bitcoin can use GPU mining, although the risks outlined in the article below still remain.

So last year (2014), well before I invested in my own ASIC hardware for this site, I dabbled in bitcoin mining on my own personal laptop. It was a good one for gaming, being an Alienware m14 r2, and cost me about €1,200. I had first mined a few kilohashes on an older laptop, but Mechwarrior Online was launching, and it was the game that would make me upgrade my laptop. So I did, getting the best machine I could afford at the time.

Once I had it though, I quickly realised that nVidia GPU’s were terrible for mining bitcoin, and at the time I began to mine litecoin instead on a mining pool, which taught me about configuring wallets, mining software, and getting the settings right. However running my machine for long stretches at full pelt when I wasn’t using it, I generated about 2.5 litecoin, which I then sold for about $80 on btc-e. I got my first meaningful bitcoin this way, making some by trading small amounts, and then losing it all regularly 🙂

However, in order to earn this, I was not only paying fairly high electricity costs with my laptop running full pelt, but the mining caused considerable damage to my machine, which will hopefully be a warning for others thinking of using their laptop.

Laptop + bitcoin mining = heat, warping, cracking and worse!

Laptop + bitcoin mining = heat, warping, cracking and worse!

So my GPU is behind the top left side of my keyboard, and running hot as it was, the heat then caused further damage. Not only did it warm the solder on my left USB ports to the point where they disconnected after being plugged in while warm, but the heat transferred through the frame of my computer into the hinge between the keyboard and screen. This warmed up, and warped, but then cooled later and froze solid while it was closed.

Not knowing this, I then opened up my laptop case, hearing an almighty crunch as the hinge locked in place, and part of the LCD frame stayed with it, shattering and locking solid. Shortly thereafter, started showing on the screen, as the cabling continued to be damaged, and ultimately the left 1/3 of the screen rainbowed.

So cue a visit to my local computer repair shop, who looked at the damage, and between all the parts that needed to be sourced, and the labour to get it back in a usable state, €600 later I got my laptop back. And uninstalled mining software straight away. After this, I then got some small cloud mining contracts, firstly with a Dutch company called minerlease, and then a six month contract from March to Septemeber with someone I found on ebay. The latter was very helpful, letting me move around my hashing between some different pools, and ultimately led me to decide that I wanted to buy the four Antminer S1’s that we use to review mining pools, and then spend the coins doing our reviews.

So what’s the lesson from this? Definitely don’t try to mine cryptocurrencies on a laptop, and if you’re thinking of it for a GPU on a desktop, all you’re going to do is run up an electricity bill and shorten your hardware’s life, or do a load of damage like I did. You can get started with second hand mining equipment thousands of times more powerful than graphics cards for about €200, and if you’re still into it after you’ve done that for a while, then you know you’re a lifer!

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Source: https://bitcoinsinireland.com/why-not-to-mine-bitcoin-on-your-laptop-a-e600-lesson/

Blockchain

Consob Blocks 6 New Illegal FX Websites

The Italian regulator has blocked a total of 360 unauthorized Forex domains since July 2019.

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Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has shut down 6 new websites offering unauthorized financial services in the country.

According to the official announcement, the authority has ordered internet service providers to block the websites of Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx, and Universe citizens limited. The Italian regulator has the power to block illegal websites offering financial services under the Growth Decree (Law no. 58 of 28 June 2019).

Consob started blocking unauthorized websites in July 2019 and the recent initiative means that the total number of blocked websites has risen to 360. The authority mentioned that for technical reasons, the blockage may take several days to come into effect after the order.

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“The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization,” the official announcement states.

Financial Protection

Consob requested Italian investors to adopt the greatest diligence before making an investment decision. The authority also asked citizens to report fraudulent and unauthorized companies. “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” Consob mentioned.

Finance Magnates reported in December about the accelerated efforts of the Italian watchdog to block illegal domains operating in the country. The regulator has made it difficult for unauthorized operators to target Italian citizens. Before the recent block, Consob asked internet companies to block access to Investoomatic Limited, Kiqiwk Holdings Intl Limited, and ADV-Investment.

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Blockchain

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

TL;DR Breakdown Ripple has entered into a partnership with Malaysia’s Mobile Money. The UK and Japan financial authorities say XRP is not a security. San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting […]

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TL;DR Breakdown

  • Ripple has entered into a partnership with Malaysia’s Mobile Money.
  • The UK and Japan financial authorities say XRP is not a security.

San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting payments between wallets in Malaysia and Bangladesh while also serving as a remittance intermediary between the two Asian countries.

The firms would be connected via RippleNet. bKash currently provides the largest mobile financial services in Bangladesh. The firm serves more than 40 million users in the country.

The local banking partner in Bangladesh would be Mutual Trust Bank (MTB), and Bangladesh Bank would supervise it. The firm would act as the link between the two firms, Mobile Money and bKash.

The CEO of bKash, Kamal Quadir, hailed the partnership between both firms. According to him, foreign remittance would be further encouraged as it would bring lots of convenience to parties involved in each transaction.

In Asia, Bangladesh holds one of the highest remittance inflows in South Asia; it is also ranked eleventh globally. Malaysia also ranks as one of its top sources of remittance. So, this partnership is most likely going to help bolster the remittance rate between both countries.

The partnership is expected to help increase the Mobile Money user base in Bangladesh. The firm also believes it would enable them to serve those users better.

Ripple is recognized as a crypto token outside the United States.

In Japan, financial authorities have released a statement in which they said they do not classify Ripple’s native token, XRP, as security. This was made known via a report by The Block.

This also mirrors the authorities’ view in the United Kingdom, who say XRP and other crypto assets are classified as unregulated tokens, so they are not recognized to be e-money or security.

The view of these authorities serves as a defense for Ripple. The firm has vehemently denied any wrongdoings and has also vowed to stand up against the US financial regulator.

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Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

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Source: https://cryptopotato.com/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know/

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