BT Daily News: Can crypto mining at home be advantageous for you?
1. Can crypto mining at home be advantageous for you?
Mining- The processThe process of mining seems to be similar to a physical mining process. Whereas in the physical world the important elements are mined from the mother earth’s core and used thereafter, in a similar pattern digital mining includes the generation of digital coins of cryptocurrency that can be used thereafter in any economic and monetary transaction. The persons responsible for undertaking this process are called miners and their job is to solve the complex algorithms available on the blockchain to generate the coin at the end. These miners charge some sort of nominal fee in return that is in the form of some share of the similar coin mined or any other asset in return. This is the way the whole process takes place in a complete cycle. This cycle is continuous and takes up the form of part-time or full-time employment means.
Mining at home
The pandemic of Covid-19 introduced the tradition of working from home in almost every part of the world. Working from home helped every sphere of life to keep up the pace with each other and similarly the subject of mining is not untouched in this regard too. Many people started mining from the premises of their houses and made a livelihood when every door of employment was shut down during the dark phases of several lockdowns. As a result, the professional miners along with the new entries that made their entry in the lockdown helped to maintain the blockchain and decentralized platforms.
Home-grown facilities for mining
The mining process is a completely soft job and requires a thorough knowledge of software and knowledge of programming languages. A trained programmer can easily solve the algorithm and generate the resources of cryptocurrencies. The arrangement for mining at home requires a continuous supply of electricity to the mining plant so that a complete cycle of mining can be performed continuously without any hindrance. Secondly, the space should be well ventilated as the machines required to mine generate a lot of heat so there should be enough ventilation in the room. The investment in mining rigs and gears is large in the beginning but if you are a very talented and knowledgeable person you can easily make up for the price of the equipment.
2. Bitcoin-mining helps bring business to the city's ‘front porch’
Fort Worth, Texas, turned heads earlier this year when it became the first city in the United States to mine bitcoin, an effort that has earned the city more than $1,000 since August.The six-month mining pilot generated $1,019.31 for the city, after electricity costs, and initially ran on three bitcoin mining computers donated by the Texas Blockchain Center and housed at the city’s data center. The city quickly exchanged those three machines for a single model, which city officials said at the time was more energy efficient.
Carlo Capua, the city’s chief of strategy and innovation, said during the recent GovExec SLG Tech Summit that given the data center already had ventilation, and that the mining machines run by themselves, there was very little cost for the initiative beyond electricity. He estimated that the bitcoin mining machines used “about the same amount of electricity as a household vacuum cleaner.”
Bitcoin miners continuously compete against each other to validate transactions based on complex mathematical algorithms, with the first one to do so earning itself a bitcoin that enters circulation on the cryptocurrency’s blockchain ledger.
3. EU Lawmakers Vote for Stronger Cyber Protection for Crypto, Other Finance
European Union lawmakers Thursday showed support for strict cybersecurity rules on crypto providers and other financial firms in a 556-18 vote.The European Commission proposed the bill in 2020 given fears that banks were outsourcing data to the same handful of major, unsupervised cloud computing companies – but the impact it will have on a crypto sector that is plagued by cyberattacks and other exploits remains disputed.
The Digital Operational Resilience Act (Dora) is “a cornerstone of our work on digital finance in the European Union, making sure that we support innovation and do it in a safe way,” European Commissioner Mairead McGuinness said in a Wednesday night debate on the law. “Protecting the financial system from cyber attacks and cyber fraud is vital.”
Financial institutions will have to monitor and report major cyber incidents and test defenses, and the big tech firms offering them services must submit to supervisory oversight, McGuinness said.
4. Biggest Movers: LUNC 13% Higher, as US CPI Boosts Crypto Markets
Terra classic has been one of Thursday’s biggest gainers, as crypto markets found light in the form of the latest U.S. inflation (CPI) report, which came in at 7.7%. The token was up by nearly 14% in today’s session, as founder Do Kwon ironically gave his best wishes to FTX chief Sam Bankman-Fried. Polygon was another big mover, also rising by as much as 14%.Terra classic (LUNC) was one of today’s notable gainers, as the token rose by as much as 14% on Thursday.Following a low of $0.0001667 on Wednesday, LUNC/USD raced to an intraday high of $0.0002144 earlier in the day.
The move came as prices snapped a four-day losing streak, rebounding from a key support point in the process.
5. Breaking: Bahamas securities regulator freezes FTX assets
The Securities Commission of The Bahamas (SCB) — the country's securities regulator — froze the assets of FTX Digital Markets (FDM) and "related parties" on Nov. 10 and suspended FTX's registration in the country.In a statement the SCB said it was aware of "public statements suggesting that clients' assets were mishandled, mismanaged and/or transferred to Alameda Research."
Alameda is a trading firm founded by FTX CEO Sam Bankman-Fried, a leaked balance sheet from the firm showed it held large amounts of the FTX exchanges' native token, FTX Token, and rumors it was funding trades using FTX user funds led to a "bank-run" on FTX causing a liquidity crisis for the exchange.
The SCB has now stripped powers from the directors of FTX and said it determined the "prudent course of action" was to put FTX into a provisional liquidation "to preserve assets and stabilize the company."