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Twitter will allow people to tip their favorite content creators with bitcoin

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Twitter will allow people to tip their favorite content creators with bitcoin

Twitter will now allow people to tip their favorite content creators with bitcoin and will also launch a fund to pay some users who host audio chat rooms on its Spaces feature, the company said on Thursday.

The company also said it will test new ways to help users have a safer experience on Twitter, such as warning when people are entering a “heated” conversation, or letting them leave tweet threads they no longer want to be part of.

The product announcements are the latest in Twitter’s effort to compete with rival platforms like Facebook and Alphabet Inc’s YouTube for popular content creators with large followings, and turn around its image as a site where polarized discussions can fester online.

Twitter users globally on iOS devices can now send and receive digital payments, which was previously limited to a small group of testers.

“We believe we can continue to incentivize the types of conversations that people want to see,” said Esther Crawford, product lead for creator monetization at Twitter, in a briefing with reporters.

The San Francisco-based company added it is exploring how to allow users to filter out certain words they do not want to see in the replies to their tweets, which could be used to stop name-calling or abusive speech.

About Bitcoin

Created following the 2008 global financial crisis, bitcoin initially promoted a libertarian ideal and aspired to overthrow traditional monetary and financial institutions such as central banks.

The founding white paper, published on October 31, 2008, was penned by Satoshi Nakamoto, a pseudonym whose identity remains unknown.

The eight-page document included the key goal of processing online payments between two parties without passing via a financial institution.

A first block of 50 bitcoins was created in January 2009, which has risen to 18.8 million units currently in circulation.

No more than 21 million can be created, helping bitcoin’s price to trade way above its rivals.

Thousands of other cryptocurrencies have meanwhile since been created, led by the likes of ethereum, ripple and tether.

There are two ways to get hold of bitcoin. Historically, individuals have “mined” for it by using computers to solve complex mathematical puzzles.

But as bitcoin’s price soared, so did the number of miners, reducing the chances of accessing units this way.

Mining also requires huge amounts of energy, meaning the cost of accessing a bitcoin can exceed the gain, not withstanding the environmental impact amid global efforts to tackle climate change.

The alternative way is to buy a whole or fractions of bitcoin on an exchange platform using traditional currencies.

Purchased funds are held in protected virtual wallets, but with hacks still possible, some investors have decided to hold portfolios offline.

The post Twitter will allow people to tip their favorite content creators with bitcoin appeared first on ARY NEWS.

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El Salvador, the first country to mine Bitcoin using volcanoes

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El Salvador, the first country to mine Bitcoin using volcanoes

El Salvador, the first country to make bitcoin legal tender, has officially mined the first bitcoin using volcanic energy. This was revealed when President Nayib Bukele shared a screenshot of a mined bitcoin on Twitter. 

We’re still testing and installing, but this is officially the fist Bitcoin mining from the volcanode – tweeted Bukele.  Almost 22% of the country’s power market is geothermal.

El Salvador, the first country to mine Bitcoin using volcanoes 17

Following the approval by El Salvador’s congress, the Bitcoin price surged to $48,000 earlier today. This surge in prices was seen after $241 million in Bitcoin shorts were liquidated according to bybt.com

The country has mined 0.0059 BTC so far, worth $260 using geothermal energy from volcanoes. 

Further to this, El Salvador became the first country to make bitcoin legal tender last month. It has also created the Chivo wallet for citizens to access the Bitcoin network and make payments. As an incentive, the government gave out $30 to anyone who signed up.

El Salvador’s harnessing of geothermal energy could provide an answer to the hunt for a reliable clean energy source to power bitcoin mining.

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Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

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Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

What just happened? Crypto mining companies are continuing to find innovative solutions to power problems despite concerns regarding Bitcoin mining’s immense power requirements and ecological impacts. A holding company in Pennsylvania recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by 2022.

Mining the top cryptocurrencies such as Bitcoin or Ethereum requires vast amounts of power. A single Bitcoin transaction, including the resources needed to mine the coin and to verify the transaction, can total upwards of 1,700 kilowatt hours (kWh). This ever-increasing power demand has forced large crypto mining outfits to leverage any available means to produce their power at the lowest possible cost. In some cases, this leads to mining operations literally taking power production into their own hands.

Stronghold Digital Mining in Kennerdell, Pennsylvania, has joined the ranks of those mining operations that have sought to solve their power delivery challenges themselves. Unlike those companies that leverage regional hydroelectric power or others leveraging energy credits and payments from their respective states, Stronghold recently purchased the Scrubgrass power plant in Venango County, Pennsylvania. According to Stronghold, who advertises their organization as an “environmentally beneficial and vertically integrated Bitcoin miner,” the plant will burn Pennsylvania’s waste coal to power on-site mining hardware located in shipping containers next to the plant. Waste coal is the residual material left over following coal mining operations; it can be particularly harmful to the environment by leaching metals such as aluminum, iron, and manganese into the soil and surrounding water sources.

Stronghold plans to claim and burn waste coal, then deliver the previously contaminated reclaimed land back to the state via the Pennsylvania Department of Environmental Protection (DEP). Current DEP statistics claim that so far, Stronghold has helped to reclaim more than 1,000 acres of Pennsylvania land. Despite the ability to burn the waste and minimize the threat of contamination, the waste coal still produces a significant amount of carbon dioxide. These types of emissions are an ongoing concern to environmental watchdog groups monitoring Bitcoin’s energy and pollution footprint.

Unlike Ethereum mining, which utilizes traditional graphics processing units (GPUs), Bitcoin mining relies on specialized hardware known as application-specific integrated circuits (ASICs). While GPUs can be repurposed for anything from mining other algorithms to performing their intended rendering tasks, Bitcoin ASICs are purpose-built devices designed solely to provide the hash power required to mine against Bitcoin’s SHA-256 algorithm.

Image credit: Coal plant from Rice University, Scrubgrass plant from bitcoin.com

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China name-checks Bitcoin, Ethereum, TEDA in blanket crypto ban

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China name-checks Bitcoin, Ethereum, TEDA in blanket crypto ban

The People’s Bank of China just released a note that effectively outlawed cryptocurrency in China. This note was issued to “the people’s governments of all provinces, autonomous regions, and municipalities under the Central Government, and Xinjiang Production and Construction Corps. That’s basically everyone in China – every Chinese citizen, anyway. They’re targeting what they’re called “virtual currency trading hype activities” of all sorts.

Per the release today, the People’s Bank of China is concerned that virtual currency trading hype activities are “disrupting the economic and financial order.” They’ve also claimed that this virtual currency trading is “breeding illegal and criminal activities” such as:


• Fraud


• Illegal fund-raising


• Gambling


• Money laundering


• Pyramid schemes


• Endangering the safety of people’s property

China’s release points specifically to “virtual currencies such as Bitcoin, Ethereum and TEDA.”

Part of the plan to remove the threat from China includes the banning of certain phrases in the names of registered market entities. The registered names and business scope of enterprises and individual industrial and commercial houesholds “must not contain words or content” such as:

• virtual currency


• virtual assets


• encrypted currencies


• encrypted assets

The release today from the Chinese government included several new rules and clarifications for entities inside China. “Virtual currency-related business activities are illegal financial activities,” makes clear that no person or business within China can conduct business with virtual currency of any sort.

The new rule set also included “the provision of services by overseas virtual currency exchanges to Chinese residents through the Internet” as an illegal financial activity. They also made clear that any legal person, unincorporated organization, or natural person who invests in virtual currency will be subject to the loss of said currency, as “the relevant civil legal acts are invalid.”

It is not clear how Chinese officials plan on enforcing the “loss” of said data. They did suggest that the proper authorities will “promptly shut down” all “internet applications such as websites, mobile applications, and small programs that carry out virtual currency-related business activities.” That bit is aimed at crypto mining, transfer, and payments.

This is the most massive and direct action the Chinese government has taken against cryptocurrency. It’ll be interesting to see how the market reacts, given past jumps and falls of crypto value when major government actions like these have occurred.

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