After two years, the time that such an attack would take has doubled. The largest mining pool barely exceeds 15% of Bitcoin’s processing power.

An attacker would require at least 600 days to reverse the 12 years of records on the Bitcoin blockchain. That would happen even if he controlled the entire hash rate (or processing power) of the network.

Time has passed and the blockchain has grown, making an attack that reconfigures the Bitcoin network increasingly difficult. It is also not possible to reverse its history of mined blocks, processed transactions, and issued coins, according to data from bitcoin.sipa.be.

The Time that It Would Take to Rewrite the Bitcoin Blockchain

A graph on this website indicates the historical equivalent of Bitcoin’s proof of work (PoW). The mining and validation process of the chain reflects a clear increase in this difficulty. After just two years, the number of days that such an attack would require has doubled.

The calculation arises from “dividing the ratio of the entire proof of work by the estimate of the hash rate accumulated on the network during that time.” In other words, it is “the amount of time that an attacker with 100% of the hash rate would require to rewrite the blockchain.”

The factor that determines the probability of finding blocks and mining coins on the Bitcoin network is miners’ hash rate. If someone had full control of that processing power, he could extract all the coins without mining on Bitcoin. Even in that case, it would not be very easy for anyone to attack the network, given that it currently accumulates more than 678,000 blocks.

Bitcoin Mining Power Distribution and the Increase in Difficulty

The Bitcoin Code includes various mechanisms that control the relationship between the processing power and the mined blocks. This process seeks to maintain the probability of finding a block approximately every 10 minutes. Therefore, greater accumulated processing power on the network increases the difficulty of the mathematical processes that the miner must solve.

The difficulty level has reached all-time highs above 23.13 T after the most recent difficulty adjustment. With this increase, the mining difficulty exceeds last year’s all-time high. On the other hand, the mining power on the Bitcoin network is around 160 EH/s, according to data from statoshi.info.

That situation would make it difficult to attack the Bitcoin network to rewrite its history. Besides, the total processing power of the network remains distributed enough whereby a single group can control 100% of it.

AntPool is currently the largest pool (or group of miners) although it barely controls just over 15% of Bitcoin’s hash rate. Only BTC.com, Poolin, F2Pool, and Binance Pool, individually, exceed 10% of the network’s hash rate, according to data from BTC.com. This scenario shows that the decentralization of the power of the network makes it robust and secure against attacks.

By Alexander Salazar

In the last week, the price of XRP has rallied by 73% and that of Binance Coin (BNB) by 39.6%. So far this year, Bitcoin’s dominance has dropped from 70% to 55%.

For the first time since 2018, the price of XRP exceeded USD 1 with a 73% push in recent days. The rally occurs as altcoins have resurfaced and Bitcoin’s dominance has decreased by 15% since the beginning of January.

There has also been a 39.6% rally in the price of Binance Coin (BNB) in the last week. Polkadot (DOT), Litecoin (LTC), and Chainlink (LINK) follow it, showing weekly returns above 20%.

The impact of the US Securities and Exchange Commission (SEC) lawsuit against Ripple has been negative. It is important to remember that the government agency classified the sale of XRP as illegal. However, the company’s CEO Brad Garlinghouse stated that they maintain positive expectations about the course of the legal process.

The recent SEC hearing with Ripple could have influenced this noticeable appreciation of XRP. On his Twitter account, attorney Jeremy Hogan highlights that the hearing could be relevant to the case.

Binance Coin Rebounded by 40%

XRP jumped from seventh to fourth place in the rankings in the last week, according to data from CoinMarketCap. Meanwhile, Binance Coin (BNB) is in third place behind Ethereum, with a rally of almost 40% in just one week.

BNB exceeded the capitalization of USD 50 billion and is currently approaching USD 60,000. At the time of writing this article, the cryptocurrency is trading at USD 386.88.

According to data from CoinGecko, the total market capitalization of cryptocurrencies exceeded USD 2 trillion for the first time. In addition to that, it reached the all-time high of USD 2,039 trillion.

The Dominance of Bitcoin Suffered a Drop

After a slight pullback, the current market capitalization of cryptocurrencies is USD 1.983 trillion. At the same time, Bitcoin’s market capitalization is USD 1.078 trillion whereby its dominance has dropped to 54.4%.

The appreciation of altcoins continues to strengthen relative to that of the pioneering cryptocurrency. The performance of altcoins against Bitcoin’s appreciation for 90 days indicates the start of an altcoin season.

This condition only occurs when more than 75% of the first 50 cryptocurrencies have an appreciation greater than that of Bitcoin. In that sense, 92% of this group currently offers a higher return.

What May Happen to the Price of XRP after a Sharp Rise

Despite the short-term trend being bullish, it was not until recently that the bulls made their mark. For this reason, there are expectations that the price will continue to set higher all-time lows and highs in the short term.

XRP is currently experiencing fairly developed short-term momentum. The developing candlestick is showing some signs of bullish exhaustion. That may mean that there will be a small correction before the price of the cryptocurrency continues to rise.

By Alexander Salazar

NVIDIA GPU cards appeared in the market in January of this year. GPUs are graphic cards that serve as tools to mine cryptocurrencies.

Hong Kong port authorities seized a cache of more than 300 CMP 30HX graphics cards, released earlier this year by NVIDIA and with configurated capabilities of mine cryptocurrencies. According to the specialized website MyDrivers, the contraband shipment also added other items, and its worth was USD 30 million.

Local TVB News reported that the shipment also had some exotic or exclusive items on its stock, such as shark fins and even alcoholic beverages, as well as technological products, such as telephones and other electronic and specialized objects. The batch of tech gadgets, including GPUs, worths around 2 million Hong Kong dollars (HKD), which is equivalent to $ 257,000.

The contraband lot got captured in the vicinity of the Hong Kong International Airport in a fishing boat that was unloading the items towards a smaller and faster vessel in the early morning hours of April 2, 2021.

The Regulations in Some Chinese Regions are Attacking with Fierce

Upon noticing these boats’ suspicious behavior, some of the crew boarded the faster ship and escaped. One of the detainees appeared to be the very owner of the fishing boat that carried the merchandise.

Authorities are handling some theories about the cards going to China. There are currently bans on cryptocurrency mining in the Chinese region of Inner Mongolia due to the high electricity consumption that this activity generates.

In February, these cards were released by NVIDIA not to serve as a tool in video games, but for cryptocurrency mining, mainly for Ethereum, with the Proof of Work (PoW) algorithm.

NVIDIA graphics processing cards are always a target of high demand in the gaming industry, but the cryptocurrency mining industry has also massively purchased them in recent years. This situation brought friction between the two markets, but the company ultimately created products with a primary focus on mining and others that focus their features on gaming.

China is Facing More Challenges Related to Mining: Energy Consumption and Carbon Emission

According to a study that appeared in Nature Communications, energy consumption and carbon emission from Bitcoin mining will cover in the shadows every China’s climate effort.

The energy consumption of Bitcoin mining in a country like China, which accounts for more than 75% of Bitcoin blockchain operations globally in April 2020, will project its peak in 2024.

These peaks will be around 297 terawatt-hours, generating 130 million metric tons of carbon emissions, according to the study by researchers from the Academy of Sciences of the University of China, Cornell University, and the University of Surrey.

The plans to Internationalize the Digital Yuan

As part of a set of efforts to expand the yuan internationally, China has been leading digital currency tests on diverse platforms worldwide to be free to trade with other fiat currencies. Beijing is also establishing a legal field framework for central bank cryptocurrencies, or CBDCs, with extensive financial regulation.

By: Jenson Nuñez

Attorney Víctor Castillejo recently stated that the decision of the Argentine bank is an illegitimate action. The lawsuit seeks to pressure the bank to delete the data or not to link it to users.

Bitcoin traders recently filed a judicial appeal, called “habeas data”, against the Central Bank of the Argentine Republic (BCRA). The action seeks to stop the entity from collecting data on transactions related to Bitcoin and other cryptocurrencies.

Attorney Víctor Castillejo reported that information, stating that the decision of the monetary authority is an illegitimate action. According to the specialist, collecting data on all banking transactions related to Bitcoin goes against the privacy of users.

The BCRA’s Request for Personal Data Violates the Right of privacy

“Said information request violates the constitutionally protected rights of intimacy and privacy of those who buy crypto assets with their untainted money,” Castillejo explained.

They submitted file CAF 003776/2021 to the National Court in Administrative Litigation No. 10 under the jurisdiction of the National Chamber of Appeals in federal administrative litigation, according to judicial records.

Users Want the BCRA to Delete the Data or Not Link It to Them

The lawyer considers that no authority has the power to put together lists with data of people who acquire certain assets. He added that, if the BCRA had the authority, “that power would not allow it to avoid its obligations on protecting personal data.”

Those bitcoiners filed the lawsuit to pressure the bank to delete the data collected or not to link it to specific users. For example, people generally handle the amounts they trade and the number of transactions without indicating their first and last names.

The BCRA Requests Data to Regulate Bitcoin and Other Cryptocurrencies

In recent days, the BCRA requested from local Argentine banks information on those customers who conduct transactions related to Bitcoin. The measure would seek to determine whether it is necessary to implement new regulations on Argentina’s Bitcoin ecosystem.

Argentine financial institutions should send the data of those using the system to buy or sell Bitcoin, according to a leaked message. The BCRA requests that information by claiming its role of “surveillance of payment and securities systems.” People learned about the central bank’s decision on social networks and Infobae later confirmed it through official sources.

The Price of the Argentine Peso Led People to Turn to Bitcoin

Twitter user @pelonso533 questioned the measure by saying that “what the BCRA is doing is abusive. All they have to do is dedicate themselves to maintaining the value of the Argentine peso (ARS) to prevent us from turning to BTC.

Concerning “habeas data, it is a constitutional right that people have to protect themselves against the abusive use of their personal information. This violation also includes the handling of user data from computer systems of public or private institutions.

One of the main features of the pioneering cryptocurrency is precisely that of privacy. When central banks request users’ data that goes against the principles that Satoshi Nakamoto established when he created Bitcoin.

By Alexander Salazar

The nature of Bitcoin makes it impossible for states to seize it at the protocol level. When a third party handles the private keys of a Bitcoin holder, seizure becomes possible.

Since Bitcoin is an asset and protocol without intermediaries, and resistant to censorship, it is contrary to the intervening essence of the State. Each person can safeguard their money and transfer it without requesting permission from a third party, which reduces the role of arbitrator and supervisor of the State. Both the supporters of Bitcoin and those of the State will do “everything in their power to persevere in their being.”

The Financial Action Task Force (FATF) recently introduced a bill that seeks to preserve state control over money. Among other measures, the FATF intends that virtual asset service providers (VASP) will censor the receipt and withdrawal of transactions.

The New Bill Seeks that Bitcoin Is in the Hands of Intermediaries

They would seek that Bitcoin and other cryptocurrencies remain in the hands of intermediaries who identify each of their users. They would do it under the guise of fighting money laundering and terrorist financing. In that way, they would be depriving Bitcoin of characteristics that make it a cutting-edge asset and protocol, thus reducing it to a seizable promissory note.

This situation would violate the basic natural rights of privacy and property. Furthermore, it would go against the reason why Satoshi Nakamoto created Bitcoin and it became the first successful digital currency.

Rules will inevitably emerge for businesses that work with Bitcoin given the massification of this technology. Regulations are also an indication that Bitcoin is here to stay. However, a regulation like the one that the FATF proposes seeks to eliminate the decentralized and disintermediated nature of Bitcoin. With this, it seeks to perpetuate the vices of the economic system based on trusted third parties, such as those that Nakamoto stated.

Anti-money Laundering Measures Have Been Ineffective in the Centralized System

Anti-money laundering measures have caused huge costs in terms of financial exclusion, commercial friction, bureaucracy and regulatory compliance, and violation of privacy. The largest banks in the world laundered more than USD 2 trillion in 2020. That shows how ineffective these measures are even in the traditional centralized system.

The FATF is not an organization with binding decisions on its member states, but the countries that do not uphold its standards are blacklisted. This entails financial sanctions by other members and even the censorship of economic relationships.

The supra-state powers of their non-democratically elected representatives are more prominent, thus influencing the individual lives of those elected by suffrage. That happened with the FATF’s promotion of the so-called Travel Rule, which almost all services that safeguard cryptocurrencies have adopted.

Although the new bill has not yet received approval, several companies are rejecting transactions from p2p platforms. Others may follow these measures if draconian regulations put their existence at risk.

Bitcoin Is Censorship Resistant and Unseizable in Self-Custodial Wallets

The resistance to censorship and unseizability of the Bitcoin protocol has protected it from attacks, keeping its internal functioning programmed. In this way, obeying the consensus rules on which all participants are equal and preventing fraud by malicious actors. Bitcoin’s incentives have kept justice on the network invulnerable without the need for violence or intermediaries.

If the private keys are in other hands, such as those of custodians, any government can freeze accounts or simply make the holding of Bitcoin illegal. In self-safeguarded wallets, the seizure would require a systematic use of violence, not so easy to orchestrate. That could happen with the pioneering cryptocurrency if there is no continued individual custody.

This possibility would pose a great risk, not only for those who are in the movement for ideological reasons. If Bitcoin becomes a promissory note exchanged through custodians, it will lose its value as a store of value and hedge fund.

By Alexander Salazar

The device that the YouTuber proposes certainly holds the record as the world’s slowest cryptocurrency miner. Most choose to use faster and more powerful solutions to mine Bitcoin while others seek alternatives.

A 30-year-old Nintendo portable video game console serves as the basis for building a new cryptocurrency-mining device. A YouTuber, identified as Stacksmashing, managed to use an old Game Boy console to mine Bitcoin. He used a little help to be able to reuse an artifact that many have probably discarded.

Game Boy consoles, which emerged before the Internet became widespread, cannot connect to the network. They are not even capable of storing the entire chain of Bitcoin blocks.

Solving the Weaknesses of a Game Boy Console

To solve that situation, Stacksmashing couples the device to a computer running a node. To achieve this, he uses a Game Link port on the video game console to enable the multi-player mode. In the past, players were able to trade Pokemon this way.

To allow the Game Boy console to receive instructions through the computer, the YouTuber linked it to a RaspBerry Pi Pico micro PC. He uses it as an intermediate station to facilitate the reading of network protocols.

After that, Stacksmashing programmed the read-only memory (ROM) of the Game Boy console. Its development kit is open source to implement software to mine Bitcoin on GPUs. In this way, the YouTuber started the device, reaching just 0.8 H/s.

The Time that a Game Boy Console Would Take to Mine 1 BTC

A WhatsMiner M30S can reach 112 TH/s, that is, its performance is 140 billion times higher than a Game Boy console.

There is currently increasingly fierce competition in the cryptocurrency mining industry. For that reason, the possibility of mining with a Game Boy console is really negligible. “At this rate, it would take us 2 billion years to extract a complete Bitcoin,” acknowledges the YouTuber.

In any case, the Stacksmashing project is not profitable enough for the mining of Bitcoin. However, it is certainly among the top slowest cryptocurrency miners of all time, according to a Twitter user. Another person suggested creating a mining pool with a million Game Boy consoles to increase computing power.

Some others even claim that it is possible to mine Bitcoin with a cow’s methane. Last year, the owner of Upstream Data, a company that offers mobile data centers to mine Bitcoin, answered a funny question. He told bitcoiner Jameson Lopp that it would take 255,000 cows’ methane (flatulence) to mine 1 BTC. Therefore, a cow would allow getting get just 0.00000392 BTC (392 sats) per day.

The growing relevance of Bitcoin in today’s world economy has led to the most imaginative ideas to mine it. The use of video game consoles and cow’s methane are just two of the alternatives to expensive mining devices. Last year, someone even used a Tesla electric car to mine the pioneering cryptocurrency.

By Alexander Salazar