Bitcoin nz news

Alexander Buyanov and Andrii Shvets. The US Justice Dept attempted to close down BTC-e on the 26th of July when they charged Alexander Vinnik and BTC-e in a count indictment for operating an alleged international money laundering scheme and allegedly laundering funds from the hack of Mt. By October , they supported many different currency pairs, including Litecoin to dollars, Bitcoin to rubles and RuCoin to rubles. The BTC-e website is offline since 25 July , following the arrest of BTC-e staff members and the seizure of server equipment at one of their data centres.

These events led to the suspension of the BTC-e service. BTC-e posted on 31 July that Alexander Vinnik was never the operator or employee of BTC-e and that they would be back working within a month or would put facilities in place to return funds and coins to users.

This is definitely the best exchange, I don't even know why would any exchange risk to steal people's money since bigger exchanges earn much enough to be "not worth it" to risk legal consequences. I myself was scammed from crapcoins by Cryptsy because I was too lazy to install multiple wallets.

Last time I checked my crapcoins were only worth few bucks but the uncertanity what type of coins I had there makes me anxious since I checked them 2 years ago but I hope they aren't still worth much.

Maybe some day there will be multicoin client for computers. I was not in BTC E. Come back within 2 months, great job. Best wishes for the team and investors who believe in them. That's certainly a good commitment on their own side. I believed this will raise the trust of the users. Thanks for the update. By the way, their trollbox have some great history: This is a wonderful news to hear about BTC-E and will be looking forward for more efficient performance in the future.

We would also like to thank the technical team of btc-e for their professional help of transferring digital profiles and data of users and also want to emphasize that our company did not cooperate with BTC-E Always Efficient LLP in any way and did not receive their funds. Does this mean that wex is a totally new entity and have only imported existing BTC-e customers info to their new website and not the actual funds?

I believe this is a slick move to avoid any legal troubles. They were shut down by the FBI and reopened under a different name afterall! But I wonder if its the cia or fbi that actually have control of it to monitor large transactions and money laundering. It concerned me when it happened, glad to see it's back. The US government is a bunch of criminal thugs, they took people's money. Nice information thank you please visit my page https: The most important thing is to follow and know when the vilnerabilities arise.

Someone who does the research can show you - all you gotta do now adays is look. Two incidents in only a few years isn't a great track record.

Just because BTC-e is the oldest doesn't mean it should or is the most trusted. Hi, I just upvoted this great post and hoping you could do the same to this post of mine: The OriginalWorks bot has determined this post by kingscrown to be original material and upvoted it!

To call OriginalWorks , simply reply to any post with originalworks or! For more information, Click Here! This post has been resteemed by minnowsupport courtesy of charmer from the Minnow Support Project minnowsupport.

Join us in Discord. Oldest doesn't mean it's trust able, but i guess they deserve limited trust since they keep running even with various incident. I may use this news as the basis of my next episode of Crypto Nights, a new series I have started.

These consequences were pointed out as long ago as by Australian sustainability analyst and entrepreneur Guy Lane, executive director of the Long Future Foundation. In recent months, the Bitcoin bubble has got massively bigger and the associated waste of energy is now much more widely recognised. In essence, the creation of a new Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done.

The crucial feature, as is common in cryptography, is that the calculation in question is very hard to perform but easy to verify once it's done. At present, the most widely used estimate of the energy required to "mine" Bitcoins is comparable to the electricity usage of New Zealand, but this is probably an underestimate.

If allowed to continue unchecked in our current energy-constrained, climate-threatened world, Bitcoin mining will become an environmental disaster. In the early days of Bitcoin, the necessary computations could be performed on ordinary personal computers. But now, "miners" use purpose-built machines optimised for the particular algorithms used by Bitcoin. With these machines, the primary cost of the system is the electricity used to run it.

That means, of course, that the only way to be profitable as a Bitcoin miner is to have access to the cheapest possible electricity. Most of the time that means electricity generated by burning cheap coal in old plants, where the capital costs have long been written off.

Bitcoin mining today is concentrated in China , which still relies heavily on coal. Even in a large grid, with multiple sources of electricity, Bitcoin mining effectively adds to the demand for coal-fired power.

Bitcoin computers run continuously, so they constitute a "baseload" demand, which matches the supply characteristics of coal. More generally, even in a process of transition to renewables, any increase in electricity demand at the margin may be regarded as slowing the pace at which the dirtiest coal-fired plants can be shut down. So Bitcoin mining is effectively slowing our progress towards a clean energy transition — right at the very moment we need to be accelerating.

A widely used estimate by Digiconomist suggests that the Bitcoin network currently uses around 30 terawatt hours TWh a year, or 0. If the current high price is sustained for any length of time, Lane's estimate will be closer to the mark, and perhaps even conservative.

The cost of electricity is around five cents per kilowatt hour for industrial-scale users. Miners with higher costs have mostly gone out of business. As a first approximation, Bitcoin miners will spend resources nearly all electricity equal to the price of a new Bitcoin. However, to be conservative, let's assume that only 75 per cent of the cost of Bitcoin mining arises from electricity. Under current rules, the settings for Bitcoin allow the mining of 1, Bitcoins a day, implying daily use of 24,MWh or an annual rate of nearly TWh — about 0.

Roughly speaking, each MWh of coal-fired electricity generation is associated with a tonne of carbon dioxide emissions, so a terawatt-hour corresponds to a million tonnes of CO2. Digiconomics estimated that Visa is massively more efficient in processing transactions. A supporter of Bitcoin, Carlos Domingo, hit back with a calculation suggesting that the entire global financial system uses about TWh per year, or three times as much as the Diginconomics estimate for Bitcoin.

As a defence, this is far from impressive. First, as we've seen, if the current high price is sustained, total annual energy use from Bitcoin mining is also likely to rise to TWh.

More importantly, the global financial system serves the entire world. By contrast, the number of active Bitcoin investors has been estimated at 3 million.