Crypto TLDR News: Russia Mining Boom, Cryptocurrency ATM’s, Bitcoin Mining TV, Coinbase Expands Reach 1085

crypto mining atm

Russia’s Cryptocurrency Mining Boom Shows No Signs of Slowing

The Russian Association of Cryptocurrencies and Blockchain (RACIB) have released a report which shows a noticeable spike in cryptocurrency mining operations in recent months.

russia crypto mining

Continuing Growth

While China still accounts for the vast majority of global cryptocurrency mining, Russia has been gradually increasing its market share. This rise hasn’t gone unnoticed by the Russian authorities, who have taken steps to introduce regulations for cryptocurrency mining that would see them regulated, and taxed, according to Russia’s Internal Revenue Code.

According to the RACIB report, the number of cryptocurrency mining operations within the Russian Federation has increased by 15% this year alone. In addition, the last 7 months have seen a dramatic increase in the adoption of cryptocurrencies, as measured by the number of people holding cryptocurrency, and the number of businesses who are now accepting them as payment.

Digital Financial Assets

Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, suggested that the bill to regulate digital financial assets, the legal term for cryptocurrencies in Russia, would be passed during the autumn session. Speaking to the Russian media,  he revealed that there will be no separate taxation schemes for cryptocurrencies.

In practice, this means that the circulation of cryptocurrencies between users will be taxed in the same way that any other assets are. Those who circulate cryptocurrencies will be treated and taxed the same way as those who move fiat currencies through the Russian system. Businesses, meanwhile, will be taxed according to the type of business they operate.

In May, the State Duma’s Committee for Legislative Work gave its backing to a first reading of the bill. At the time, it emphasized the importance of normalizing Russia’s burgeoning digital economy, while “minimizing the existing risks of using digital objects for transferring assets into an unregulated digital environment for the legalization of criminal incomes, bankruptcy fraud or for sponsoring terrorist groups.”

With nations around the world waking up to the need for sensible and workable regulations around cryptocurrency and associated activities, we can expect to see similar initiative in the future.

Cryptocurrency ATMs Arrive in Prague

crypto atm Prague

The appearance of a cryptocurrency ATM in a Prague subway station is the latest sign of crypto’s growing influence and appeal.

There are a number of barriers that are still impeding the widespread adoption of cryptocurrencies in people’s every day lives. One of the biggest barriers is usability. There are a limited number of brick and mortar stores, and a larger but still relatively low number of online stores, that will accept cryptocurrencies as payment.

However, for the average cryptocurrency user, aside from these relatively small number of applications, there is little to be done with their cryptocurrencies, other than wait. But that waiting is starting to pay off.

ATMs At The Moment

The first cryptocurrency ATM appeared in 2013 as Waves Coffee Shop in Vancouver. 5 years on, and there are now around 3,000 cryptocurrency ATMs located around the world. These ATMs work just like normal ATMs, except that they allow users to withdraw their cryptocurrencies as fiat cash, subject to the exchange rate at the time of withdrawal.

General Bytes, the Czech company behind the machines in Prague, boasts of selling 1700 cryptocurrency ATMs across 53 countries just in the last 4 years. Another early mover in the market, EasyBit, who introduced the very first cryptocurrency ATM, has four different models of its own machine, which now appear on four continents.

ATMs In The Future

Both of the aforementioned firms have been able to spread their reach far and wide, owing largely to their being the first on the scene. However, newer entrants into the market are eyeing up the potential for improvement upon the concept. So-called smart ATMs, which will allow users to buy and sell cryptocurrencies from the terminal, and which can run third-party apps, are the next innovation.

With interest in cryptocurrencies growing, and more people eager for new ways to actually use the crypto they hold, there is clearly plenty of room for growth here. These ATM’s solve one of the biggest problems; converting cryptocurrency into fiat money.

Canaan Creative Release Bitcoin-Mining TV Set

crypto mining tv

The world’s second largest Bitcoin mining hardware manufacturer, Canaan Creative, has broken new ground, launching what it claims is the “first-ever” TV set that also mines Bitcoin.

AvalonMiner Inside

The device has a purported hash rate of 2.8 trillion hashes every second and is underpinned by sophisticated AI, which enables it to respond to voice commands. By comparison, the most powerful mining rig that Canaan offer can process hashes at a rate of 11 trillion per second.

The fluctuating price of Bitcoin is constantly changing the definition of “economic mining”, the device calculates the profitability of mining in real time and, as reported by CoinTelegraph, allows users to purchase entertainment content directly using the cryptocurrency they have mined on the device.

Blockchain in the Home

The Canaan TV is the first in what is sure to be a new trend towards blockchain-related home appliances. Such devices would allow their owners to generate cryptocurrency in their own home, perhaps by just going about their daily lives.

However, some in the cryptocurrency world have expressed skepticism regarding the device and its merits. Xioa Lei, a Beijing-based Bitcoin analyst, remarked that would represent a more meaningful step forward if the technology could instead be incorporated into the television sets of existing big-name brands.

Competition

Needless to say, there is a great deal of competition for cryptocurrency mining hardware in the Chinese market. China is by far the biggest and most lucrative cryptocurrency mining market in the world. Bitmain, Canaan’s chief rival, reported profits of between $3 and $4 billion for the year 2017. This is even higher than the US-based GPU manufacturing giant Nvidia, whose graphics cards are often used in Bitcoin mining rigs.

Bitcoin was reported to have earned somewhere in the region of $1 billion in profits for the first quarter of 2018. Rumors continue to circulate that the company is gearing up for an overseas IPO. If so, this new approach to hardware could be crucial for winning investors over.

Websites Can Now Accept Crypto Payments Through Coinbase

coinbase news

Coinbase has been in the news a lot recently. Not only have they added the ability to trade directly using GBP, but they have now released a plugin that could prove game-changing for cryptocurrency’s future.

WooCommerce

WooCommerce websites are built on WordPress and have proven to be just as popular. WordPress themselves claim that 28% of online stores use the WooCommerce platform, but independent analysts put the figure at closer to 40%.

Coinbase’s new plugin will make it easy for any website built on WooCommerce to accept cryptocurrency payments. Predictably enough, this is currently limited to “major” coins. Which at the moment means Bitcoin and Litecoin. However, there are plans to add Ethereum and Bitcoin Cash in the near future. After that, expect to see the other usual suspects as payment options on a number of sites in the near future.

Open Financial System

Coinbase has designated the plugin as part of its “open financial system” initiative, their vision for a peer-to-peer payment network that utilizes cryptocurrencies. In their vision, the internet ecosystem will embrace the peer-to-peer nature of cryptocurrencies, thereby leaving no room for additional fees to be levied.

As quoted by thenextweb.com, the press release states “This means merchants never have to pay transaction fees to accept payments and always remain in complete control over their funds.”

In order to add this functionality to existing websites, their owners simply need to add a small button to their WordPress-based website page.

There is no doubt that if cryptocurrency payments are to become to standard option, there is going to need to be a major drive towards making it easy for both customers to pay using crypto, and for websites to process those payments. Just another small step towards cryptocurrency adoption.

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ICON (ICX) – Whatever Happened to The Korean Ethereum? 6733

icon icx

Bitcoiner since $59BittBurger, gives us his take on the current status of the South Korean ICON project. This post is primarily about a solid uptick in community involvement, decentralized marketing, and the token side of things. For the last year and a half we had a pretty uninvolved community, while the company continued to work under the hood to build something huge.

A lot is happening right now. I feel like nobody knows about it.

It’s Happening

A lot is happening right now. I feel like nobody knows about it. It just started. Most of it. So your patience will be appreciated. But I’ve never seen so much proactivity in this project on the token-side of things before.

new larger office

  • AMBASSADOR PROGRAM: Over the last handful of weeks, the Ambassador program has begun. This program incentivizes the creation of content to promote ICON across social media and the internet. Several Ambassadors have already put out multiple articles that are getting ranked across Google and Medium, bringing attention to the project.

  • ICONSENSUS P-REPS: The number of ICONSENSUS P-REP candidates has surpassed 40 (there will only be 22 voted in) and ICON is beginning a strong marketing push to attract more teams this month, with the goal of reaching 100. Check out the candidate interviews here.

  • EXPOSURE: Some of these P-REP teams which including RHIZOMEICONation, and Ubik have already begun cranking out content, started YouTube video channels, and scrambling to get ICON on podcasts.

  • PODCASTS: Speaking of Podcasts, several investors have begun reaching out to their contacts at several different podcast and YouTube influencers. The goal is to get ICON team members on for an interview, to talk about the project and get the ICON name in front of tens of thousands of faces (or ears). Ricky and others at ICON have been excited to make themselves available for this, which makes all of us extremely grateful. I will be working to get someone on my friend Chico Crypto‘s YouTube channel soon, and a handful of podcasts are already underway for scheduling.

  • EXCHANGES: This past week, a group formed within the Telegram channel to focus entirely on reaching out to as many new exchanges as possible, and getting ICON listed on them. A Trello has been set up, and we’ve already begun making headway on this incredibly important goal.

  • BINANCE USA LISTING: With the advent of Binance USA, both the ICON team and everyone involved are aggressively pursuing assurance that ICX will be listed on the new exchange for US investors.

  • COINBASE LISTING: The same is being done for ICX being in the next couple rounds of newly added coins on Coinbase. I’ve spoken to team members at ICON who have assured me they’ve been following up on this regularly. Please download their app > Sign in > Click “View all Assets” > Then scroll down and click “Follow” on ICON. This is an important metric for Coinbase to decide what gets added next.

  • HIRING PR COMPANY: Two days ago I managed to connect Ricky Dodds (ICONS Head of Institutional Markets in their San Francisco office) to a close friend of mine who runs the PR company which took Genesis mining from nothing to a $2 Billion valuation, and got them on that 60 minutes episode a few weeks ago about Bitcoin. The mining segment in Iceland was thanks to him. Intro email was sent and the two of them have been connected to see if they’re a good fit.

  • HIRING PR COMPANY: Today, I connected Ricky to another company who runs a significantly larger Crypto-focused PR and marketing company. These guys were responsible for some of the biggest successes in Crypto, including Ethereum, NEO, Maidsafe, Qtum, Bancor, Lisk, and Augur. They also managed scaling campaigns for DASH, Ripple, Bittrex, and Kraken. They were excited as they personally know 4 of the 8 advisors listed on the ICON website, and they have an office in Seoul, South Korea in addition to Santa Monica, NYC, Las Vegas, Toronto, and San Francisco. To say I am excited to see the emails flying around today between Ricky and their team would be an understatement.

  • STAKING! 15% Staking is coming in 43 days. The ramifications of this can not be overstated. Aside from the completely speculative “claim” from some that their whale groups will stop suppressing the price at that time (which would be great, if it’s true), I expect nearly everyone to be staking their coins, completely drying up the order book and causing massive upward price pressure come September.

  • INCENTIVE PROGRAMS: I was happy to hear from a team member that several very specific plans are being put in place, after observing countless incentive programs by other projects that have resulted in price gains. The ICON team has realized the importance of creating incentive, interest, anticipation, and excitement for this token, and they’re taking steps to make it a reality for ICX.

icon partnerships

My point in writing this: A LOT is coming in the next 8 to 12 weeks. All of this is centered around recovering and catapulting the price as high as it can possibly go. ICON is seeking out the all-stars in this industry with incredibly resumes, and asking the experts for direction and input.

All of the marketing and promotion has just barely begun. Everything is at ground zero. But its finally happening. All the things we’ve been hoping for, for a year and a half.

XRP (XRP/USD) Price Is Telling: Moment of Truth Close By 6381

xrpusd

The recent cryptocurrency price swings have certainly involved the whole market, granted that Ripple (XRP) has seen an admirable uptrend for its price. With a 13%, the coin has managed to jump to $0.37.

xrpusd chart

At press time, the XRP/USD pair is trading at a $0.36. It is important to note that despite the growth trend, XRP also took on a bearish market correction wave that initially affected its price. As such, over the last few hours, XRP hit a low of $0.32, yet a massive increase in trading volume for XRP pairs, helped consolidate yet another growth trend.

As always, it is important to take a look at the main probable factors, responsible for the recent price volatility, apart from the price influence brought on by the bitcoin price increase.

Ripple (XRPUSD) Price and News Today

With this in mind, XRP’s parent company, Ripple, went through several positive business developments. As such, the European Commission recently decided to pick Ripple as one of the main associates for the EU’s newest blockchain initiative. Additionally, a German exchange added XRP-based trading to its line of trading products, whereas the RippleNet payment tool is now being used by RationalFX, an English fintech firm.

XRP Price Heading Towards $0.40?

However, numerous market analysts believe that the positive move had little to do with XRP’s bullish price trend. Rather, they think it was overall market excitement and increased trading volumes that encouraged the price increase.

xrp

A possible event that may serve as discouragement to further price increases, is a rumour that the United States Securities and Exchange Commission (SEC) may issue a no-action letter to Ripple, since it has already set precedence with a similar act.

Despite these aspects, it will certainly be interesting to see whether XRP will continue increasing in value, and if it will end up reaching its previous all-time high anytime soon.

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