Bitcoin | KitGuru https://www.kitguru.net KitGuru.net - Tech News | Hardware News | Hardware Reviews | IOS | Mobile | Gaming | Graphics Cards Thu, 30 Mar 2023 13:02:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://www.kitguru.net/wp-content/uploads/2021/06/cropped-KITGURU-Light-Background-SQUARE2-32x32.png Bitcoin | KitGuru https://www.kitguru.net 32 32 Hackers stole $1.3 billion worth of Crypto in Q1 2022 https://www.kitguru.net/channel/generaltech/matthew-wilson/hackers-stole-1-3-billion-worth-of-crypto-in-q1-2022/ https://www.kitguru.net/channel/generaltech/matthew-wilson/hackers-stole-1-3-billion-worth-of-crypto-in-q1-2022/#respond Tue, 05 Apr 2022 14:59:34 +0000 https://www.kitguru.net/?p=556167 There has been a rise in crypto heists over the last few months. According to security researchers, cybercriminals have been very active over Q1, stealing nearly $1.3 billion USD worth of crypto assets. According to Atlas VPN and Slowmist Hacked, a company that collects information about disclosed attacks targeting blockchain projects, there have been 78 …

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There has been a rise in crypto heists over the last few months. According to security researchers, cybercriminals have been very active over Q1, stealing nearly $1.3 billion USD worth of crypto assets.

According to Atlas VPN and Slowmist Hacked, a company that collects information about disclosed attacks targeting blockchain projects, there have been 78 known instances of successful hacking between January and March, during which blockchain projects lost $1.3 billion. Additionally, attacks on Ethereum and Solana attributed to $1 billion USD in losses.

One of the biggest hacks of the quarter targeted Axie Infinity, a ‘play to earn' game that rewards players in cryptocurrency. The underlying blockchain that the game is based on was attacked, resulting in $610 million in crypto being stolen. Aside from the Ethereum and Solana ecosystems, cybercriminals have also been targeting others, like the Binance Smart Chain, which suffered from $100m in losses.

NFTs also make an appearance here, with the researchers estimating that $48 million was stolen in recent months. NFTs were also the most common target for hackers in Q1, followed by Ethereum, and then the Binance Smart Chain.

Cryptocurrency projects experienced only 5 blockchain-related hack events in Q1 2018. Next year, in the first quarter of 2019, hacks increased by 1140% to 62. While in Q1 2020, hacks decreased to 13, in Q1 2021, blockchain-related breaches and scams jumped up by 154% to 33. In Q1 2022, the number of hacks has increased even further to an all-time high of 78.

Discuss on our Facebook page, HERE.

KitGuru Says: Crypto has been a target for scammers and thieves for years, but it looks like cybergroups were particularly interested in loading up on crypto during recent dips. 

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Valve dropped Bitcoin from Steam due to mass fraud https://www.kitguru.net/gaming/matthew-wilson/valve-dropped-bitcoin-from-steam-due-to-mass-fraud/ https://www.kitguru.net/gaming/matthew-wilson/valve-dropped-bitcoin-from-steam-due-to-mass-fraud/#respond Mon, 28 Feb 2022 18:30:36 +0000 https://www.kitguru.net/?p=552051 Back in April 2016, Valve began accepting Bitcoin as a form of payment on the Steam Store, allowing those with cryptocurrency to purchase games. Valve eventually removed support for cryptocurrency in 2017, and now we know why – half of the transactions were fraudulent. When Valve first decided to remove Bitcoin payments from Steam, the …

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Back in April 2016, Valve began accepting Bitcoin as a form of payment on the Steam Store, allowing those with cryptocurrency to purchase games. Valve eventually removed support for cryptocurrency in 2017, and now we know why – half of the transactions were fraudulent.

When Valve first decided to remove Bitcoin payments from Steam, the company stated that an increase in fees and the overall volatility of Bitcoin as a currency led to the decision. Recently though, Gabe Newell revealed another key reason for the decision, fraud.

Speaking with PCGamer recently, Newell touched on Valve's experience with cryptocurrency, saying: “The problem is that a lot of the actors who are in that space are not people you want interacting with your customers. We had problems when we started accepting cryptocurrencies as a payment option. 50% of those transactions were fraudulent, which is a mind-boggling number. These were customers we didn't want to have.”

If there was that much fraud to sift through, you can't blame Valve for pulling the plug. Steam might be the biggest PC games platform around, but it doesn't have the biggest team of developers. In fact, Valve is notoriously lean as a company compared to other ‘Triple A' studios and publishers. Recently, Valve has also put a stop to any NFT-driven games and other crypto-based titles on Steam.

KitGuru Says: Valve isn't a company that needs to chase trends. Given that other major publishers have all recently expressed interest and support for Blockchain tech in gaming, it is nice to hear an opposing view from a key industry figure. 

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Amazon denies rumours of accepting Bitcoin payments https://www.kitguru.net/channel/generaltech/matthew-wilson/amazon-denies-rumours-of-accepting-bitcoin-payments/ https://www.kitguru.net/channel/generaltech/matthew-wilson/amazon-denies-rumours-of-accepting-bitcoin-payments/#respond Tue, 27 Jul 2021 14:41:16 +0000 https://www.kitguru.net/?p=524803 Earlier this week, reports began claiming that Amazon was in the process of enabling cryptocurrency payments on its massive store. This would have been a very big deal and we swiftly began observing cryptocurrency prices creeping up following the news. Unfortunately, the story appears to have been incorrect.  Amazon has denied reports claiming that it …

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Earlier this week, reports began claiming that Amazon was in the process of enabling cryptocurrency payments on its massive store. This would have been a very big deal and we swiftly began observing cryptocurrency prices creeping up following the news. Unfortunately, the story appears to have been incorrect. 

Amazon has denied reports claiming that it is planning to start accepting cryptocurrency payments, such as Bitcoin. Speaking with Reuters, an Amazon spokesperson set the record straight, stating that while Amazon has an interest in cryptocurrency, it does not plan to begin accepting any cryptocurrencies as a new payment method at this time.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.”

The door isn't closed completely, as Amazon seems to be keeping an open mind in regards to cryptocurrency, but you won't be paying for your Amazon orders with Bitcoin any time soon.

Discuss on our Facebook page, HERE.

KitGuru Says: There did seem to be something fishy about the rumour initially and now we know why. Perhaps one day Amazon will accept crypto payments, but there are no plans in the immediate future. 

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Amazon may allow customers to pay using cryptocurrency https://www.kitguru.net/channel/generaltech/joao-silva/amazon-may-soon-allow-customers-to-pay-using-cryptocurrency/ https://www.kitguru.net/channel/generaltech/joao-silva/amazon-may-soon-allow-customers-to-pay-using-cryptocurrency/#respond Mon, 26 Jul 2021 09:30:49 +0000 https://www.kitguru.net/?p=524476 Most eCommerce giants are taking their time to adopt cryptocurrency as a new form of payment. Besides Newegg, it looks like most companies are still studying the best course of action, although it looks like Amazon may be ready to make the jump to accepting digital currency. A new job listing, initially found by Insider, suggests …

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Most eCommerce giants are taking their time to adopt cryptocurrency as a new form of payment. Besides Newegg, it looks like most companies are still studying the best course of action, although it looks like Amazon may be ready to make the jump to accepting digital currency.

A new job listing, initially found by Insider, suggests Amazon is finally taking cryptocurrency seriously. Posted on June 22 of 2021, the listing describes the perfect match for this position as “an experienced product leader to develop Amazon's Digital Currency and Blockchain strategy and product roadmap”. The selected individual will work on the “Payments Acceptance & Experience team”.

At the moment, Amazon doesn't allow customers to pay for their orders using cryptocurrency. However, when an Amazon representative confirmed the job listing, they also confirmed that Amazon is looking to accept cryptocurrency as a payment method.

It's unclear when Amazon will start accepting cryptocurrency as payment. Once that happens, expect to see other retailers and websites following the same path, which should also lead to a significant price bump in many cryptocurrencies, specifically those accepted as payment methods.

Discuss on our Facebook page, HERE.

KitGuru says: Amazon's dimension in the web is too big to ignore, and if a company like this accepts cryptocurrency, it's one more sign that cryptocurrency is here to stay. Would you pay for your Amazon orders using cryptocurrency?

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FTC warns of cryptocurrency scams as fake Elon Musk accounts rake in millions https://www.kitguru.net/channel/generaltech/matthew-wilson/ftc-warns-of-cryptocurrency-scams-as-fake-elon-musk-accounts-rake-in-millions/ https://www.kitguru.net/channel/generaltech/matthew-wilson/ftc-warns-of-cryptocurrency-scams-as-fake-elon-musk-accounts-rake-in-millions/#respond Tue, 18 May 2021 12:48:18 +0000 https://www.kitguru.net/?p=515730 If you are a Twitter user and keep up to date with cryptocurrency news, then chances are you've seen some fake Elon Musk accounts claiming to give away thousands of dollars worth of Bitcoin or offering huge investment returns for just a little bit of cryptocurrency. This is an obvious scam to many, but some …

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If you are a Twitter user and keep up to date with cryptocurrency news, then chances are you've seen some fake Elon Musk accounts claiming to give away thousands of dollars worth of Bitcoin or offering huge investment returns for just a little bit of cryptocurrency. This is an obvious scam to many, but some still fell for it, with Elon Musk impersonators garnering over $2 million worth of cryptocurrency. 

According to The Federal Trade Commission, which has been investigating these scams, people in their 20s and 30s have lost more money on investment scams than any other type of fraud since October 2020. $35 million worth of scam losses involved cryptocurrency, with $2 million of that being attributed to imposter accounts pretending to be Elon Musk.

These scams often happen in different ways, but they usually include false promises of multiplying your money through an investment scheme with a relatively low buy-in.

Over the last six months, the FTC says that nearly 7,000 people have reported losses in cryptocurrency scams, amounting to $80 million in losses.

Discuss on our Facebook page, HERE.

KitGuru Says: The Cryptocurrency market is still a bit of a wild mess with scams all over the place. With that in mind, be careful, research and use trusted exchanges. 

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Someone modded a Commodore 64 to mine Bitcoin https://www.kitguru.net/channel/generaltech/joao-silva/someone-modded-a-commodore-64-to-mine-bitcoin/ https://www.kitguru.net/channel/generaltech/joao-silva/someone-modded-a-commodore-64-to-mine-bitcoin/#respond Mon, 26 Apr 2021 08:59:59 +0000 https://www.kitguru.net/?p=513011 Bitcoin mining fever has some severe symptoms. While some think it's a good idea to mod a Gameboy to mine Bitcoin, others prefer the more retro Commodore 64 for that purpose. It certainly won't rival any ASIC miner out there, but it still is an achievement worthy of being shared. Who thought that when the …

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Bitcoin mining fever has some severe symptoms. While some think it's a good idea to mod a Gameboy to mine Bitcoin, others prefer the more retro Commodore 64 for that purpose. It certainly won't rival any ASIC miner out there, but it still is an achievement worthy of being shared.

Who thought that when the Commodore 64 was launched in 1982, that it would eventually be used for crypto mining? For those who don't know, the Commodore 64 is an 8-bit home computer developed by CBM featuring a MOS Technology 6510 processor clocked at 0.985-1,023MHz (depending on the version). The console had 64KB of RAM and 20KB of ROM was launched with an MSRP of $595.

Back then, the specifications were quite beefy, but aren't exactly up to modern standards. Still, that doesn't make the machine any less capable of cryptomining, as we see in 8-Bit Show and Tell's video. Using YTM/Elysium's Bitcoin Miner 64 and a few other adaptations, the Commodore 64 can successfully mine Bitcoin.

Mining performance was really bad, with a hash rate of 0.3H/s, but it could easily be 10x higher if the miner was built on Commodore 64's language. The modder even used the SuperCPU 20MHz 65816 processor upgrade, which improved the C64's mining performance by about 20x.

Discuss on our Facebook page, HERE.

KitGuru says: The viability of using a retro console to mine Bitcoin is quite low, but those who can pull such things deserve some merit. Do you have a Commodore 64 lying around in your house somewhere? 

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Original Game Boy can now be used to mine Bitcoin https://www.kitguru.net/channel/generaltech/matthew-wilson/original-game-boy-can-now-be-used-to-mine-bitcoin/ https://www.kitguru.net/channel/generaltech/matthew-wilson/original-game-boy-can-now-be-used-to-mine-bitcoin/#respond Mon, 29 Mar 2021 12:20:24 +0000 https://www.kitguru.net/?p=509629 Every once in a while, we see tech used for something it was absolutely not designed for, whether it be running Doom on every device imaginable, or getting Windows running on a smart watch, it is always interesting to see. This week's big thing appears to be an original Game Boy used for crypto-mining.  The …

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Every once in a while, we see tech used for something it was absolutely not designed for, whether it be running Doom on every device imaginable, or getting Windows running on a smart watch, it is always interesting to see. This week's big thing appears to be an original Game Boy used for crypto-mining. 

The YouTube channel ‘Stacksmashing‘ posted a video recently, in which they mod an original Game Boy to run as a Bitcoin miner. As you would expect, just owning a Game Boy and downloading a ROM is not enough. The first major challenge is getting the Game Boy to connect to the Bitcoin network. Fortunately, Nintendo equipped the original Game Boy with a Link Cable port, so with a modified link cable to USB adapter and a Raspberry Pi Pico, the Game Boy is able to connect to a PC and through that, it can reach the Bitcoin network.

To get the software running on the Game Boy, a USB flash card is loaded with compiled ROMs, including a custom Bitcoin miner. Once all of the hardware and software is in place, the Game Boy successfully begins mining at 0.8 hashes per second.

As impressive as all of this is, running at that speed, you would not be able to mine a full Bitcoin in your lifetime. Of course, this was never about the final performance metrics, simply getting it all up and running was impressive enough. If you've yet to see the full video, it is well worth a watch and goes into more detail on the setup process from beginning to end.

Discuss on our Facebook page, HERE.

KitGuru Says: I'm always a fan of obscure experiments like this. Are there any other obscure uses of tech that you've found interesting over the years?

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Bitcoin continues to surge, surpasses $28,500 per coin https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-continues-to-surge-surpasses-28500-per-coin/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-continues-to-surge-surpasses-28500-per-coin/#respond Wed, 30 Dec 2020 17:15:14 +0000 https://www.kitguru.net/?p=499760 Over the course of 2020, Bitcoin has been back on the rise, emulating the massive boom the cryptocurrency had back in late 2017. In early December, Bitcoin reached a new all-time high value of $20,000 and in the weeks following, things have only been going up.  As reported by The Guardian, Bitcoin has now hit …

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Over the course of 2020, Bitcoin has been back on the rise, emulating the massive boom the cryptocurrency had back in late 2017. In early December, Bitcoin reached a new all-time high value of $20,000 and in the weeks following, things have only been going up. 

As reported by The Guardian, Bitcoin has now hit a peak value of over $28,500, a 47 percent increase from the start of December. Not only is this a new all-time high value for Bitcoin, but it is also nearly the biggest monthly gain ever. The biggest monthly jump in value for Bitcoin took place in May 2019, but December 2020 is on track to overtake it.

As we can see from CoinMarketCap, Bitcoin has had a 19.91% rise in the last week alone. As usual, when Bitcoin does well, that trickles down to other cryptocurrencies too. Ethereum for instance has seen a 21% boost this week, Litecoin has risen by just under 20% and Bitcoin Cash has risen by 22.59%.

Over the course of the pandemic this year, investors have grown increasingly interested in cryptocurrencies, with many currently touting Bitcoin as an alternative to Gold, which has declined a bit this year.

KitGuru Says: If any of you still have some Bitcoin knocking around from the years when personal mining was more feasible, then you might want to check in on how much that is worth now. Now we'll just have to wait and see if history will repeat itself with a big drop for Bitcoin in the next few months, similarly to the transition from late 2017 to early 2018. 

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Bitcoin reaches new all-time high, surpassing $20,000 https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-reaches-new-all-time-high-surpassing-20000/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-reaches-new-all-time-high-surpassing-20000/#respond Wed, 16 Dec 2020 14:02:48 +0000 https://www.kitguru.net/?p=498281 A few weeks ago, we learned that Bitcoin was booming once again, with the cryptocurrencies value approaching a new all-time high. Today, the Bitcoin market saw another boost, pushing its value to over $20,000 USD per Bitcoin.  This is a new all-time high for Bitcoin, which has risen from $19,000 value in late November. At …

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A few weeks ago, we learned that Bitcoin was booming once again, with the cryptocurrencies value approaching a new all-time high. Today, the Bitcoin market saw another boost, pushing its value to over $20,000 USD per Bitcoin. 

This is a new all-time high for Bitcoin, which has risen from $19,000 value in late November. At $20,000 per Bitcoin, the cryptocurrency is at its highest value since late 2017. The currency boomed towards the end of 2017 before sharply dropping in early 2018.

 

As Mashable points out, other cryptocurrencies are also doing well at the moment. A boom in Bitcoin usually trickles down to other forms of digital currency, with Ethereum currently valued at $600 – a 7.79 percent rise in the last seven days. Bitcoin Cash, an offshoot of Bitcoin, is currently trading at $297.67, an 11.76 percent rise in the last seven days.

At the moment, Bitcoin is still growing, with coinmarketcap showing a $20,325 value. Things won't drop straight away, so we could possibly see Bitcoin hit $21,000 before things start to dip.

KitGuru Says: If you’ve been holding onto some Bitcoin, then now might be a good time to see how much its worth. Now we'll all just have to wait and see how high Bitcoin can reach before it starts to crash down again. 

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Bitcoin is booming again, hitting $19,000 value this week https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-is-booming-again-hitting-19000-value-this-week/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-is-booming-again-hitting-19000-value-this-week/#respond Tue, 24 Nov 2020 16:04:21 +0000 https://www.kitguru.net/?p=495314 Back in late 2017, Bitcoin saw a huge boom, with the value of a single Bitcoin rising to just under $20,000. By early 2018, Bitcoin value swiftly began dropping again and has remained far off its peak value since then. That is beginning to change now, with the Bitcoin market back on the rise.  As …

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Back in late 2017, Bitcoin saw a huge boom, with the value of a single Bitcoin rising to just under $20,000. By early 2018, Bitcoin value swiftly began dropping again and has remained far off its peak value since then. That is beginning to change now, with the Bitcoin market back on the rise. 

As reported by Reuters, Bitcoin value hit $19,000 today, the closest it has gotten to its peak value in three years.

If this rise continues, then we could eventually see Bitcoin break the $20,000 mark before the end of the year, which would set a new all-time high for the cryptocurrency.

This growth has been steadily building since September, when Bitcoin rose back above the $10,000 mark after a dip following the end of Summer. As with any cryptocurrency boom though, there will eventually be another drop-off.

KitGuru Says: If you've been holding onto some Bitcoin, then now might be a good time to see how much its worth. It will be interesting to see if a new all-time high value is reached before things start to drop off again. 

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Suspect arrested following massive Bitcoin Twitter scam https://www.kitguru.net/tech-news/featured-tech-news/matthew-wilson/suspect-arrested-following-massive-bitcoin-twitter-scam/ https://www.kitguru.net/tech-news/featured-tech-news/matthew-wilson/suspect-arrested-following-massive-bitcoin-twitter-scam/#respond Mon, 03 Aug 2020 14:34:41 +0000 https://www.kitguru.net/?p=479983 Last month, a mysterious Twitter hack saw an unknown actor gaining access to verified accounts and scamming unsuspecting followers out of bitcoin. Accounts that were impacted included huge names like Elon Musk, Bill Gates and Barack Obama, as well as company accounts like Apple and Uber. Now, it appears that a suspect has been caught.  …

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Last month, a mysterious Twitter hack saw an unknown actor gaining access to verified accounts and scamming unsuspecting followers out of bitcoin. Accounts that were impacted included huge names like Elon Musk, Bill Gates and Barack Obama, as well as company accounts like Apple and Uber. Now, it appears that a suspect has been caught. 

The scam posted on verified accounts drew people in with the promise of ‘double the money back'. If fans deposited an amount, the scammer claimed that they would send back twice as much, all while disguised as some of the biggest names in tech. The scam accrued over $100,000 worth of Bitcoin in a matter of hours.

As it turns out, a teenager may have been behind the exploit and as a result, the suspect's name has not been made public. They are facing 30 felony charges in the United States, including organised fraud, communications fraud, fraudulent use of personal information and access to a computer or electronic device without authority.

While arrests have been made, the money that people have lost may not be recoverable due to the nature of cryptocurrency. The scam was reportedly pulled off by misleading employees and generating plenty of human error within the Twitter support team. Through these methods, those involved were able to phish personal details and carry out the scam.

Discuss on our Facebook page, HERE.

KitGuru Says: Did many of you see the Bitcoin Twitter scams as they were going down? Were any of you affected at all?

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Nvidia reports lower than expected Q3 earnings as mining market weakens https://www.kitguru.net/components/graphic-cards/matthew-wilson/nvidia-reports-lower-than-expected-q3-earnings-as-mining-market-weakens/ https://www.kitguru.net/components/graphic-cards/matthew-wilson/nvidia-reports-lower-than-expected-q3-earnings-as-mining-market-weakens/#respond Mon, 26 Nov 2018 09:23:38 +0000 https://www.kitguru.net/?p=396143 Nvidia takes a hit as weak crypto demand and excess GPU supply take hold.

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Over the last month, Bitcoin value has continued to decline after peaking at $20,000 in December 2017. Last week, we saw the crypto currency drop to the $4,300 mark and this week, it has dipped below $4,000, the lowest value since September last year. This is having an unfortunate effect on Nvidia, which benefited greatly from last year's crypto boom, as share prices are beginning to drop.

Most crypto currencies derive their value from how well Bitcoin is doing. If Bitcoin starts to falter, it tends to have a knock-on effect for other digital coins, like Ethereum. Crypto value also has an effect on the GPU industry. Last year, we saw pricing for both Nvidia and AMD graphics cards rise to insane levels as mining farms began buying gaming GPUs in bulk.

Now that the craze has cooled off again, we are starting to see the effects. Nvidia is still bringing in plenty of revenue, netting $3.18 billion in Q3, but this did fall short of the expected $3.24 billion revenue stream. Jensen Huang has told investors that this is a “near-term effect” brought on by excess inventory, which will be corrected over the coming months.

Once miners stopped buying up all of the GPUs, Nvidia admits that pricing reductions “took longer than expected”, which has left Nvidia with plenty of Pascal GPUs waiting to be sold. As the Financial Times reports, Nvidia shares dropped by 16 percent following the Q3 earnings report earlier this month, although share prices are already starting to bounce back.

KitGuru Says: It will be interesting to see if there is an increased focus on shifting excess GTX 1080, 1070 and 1060 supply over the holiday season. Are any of you currently in the market for an older GTX-10 series GPU? Have prices dropped as much as you expected them to since the launch of RTX? 

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Bitcoin declines again, dropping to $4,300 https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-declines-again-dropping-to-4300/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-declines-again-dropping-to-4300/#respond Wed, 21 Nov 2018 09:53:21 +0000 https://www.kitguru.net/?p=395735 Last year, we witnessed the biggest cryptocurrency boom to date, with Bitcoin peaking at a $20,000 value in December 2017. This was followed by a swift decline and by January 2018, Bitcoin was back down below the $10,000 mark. Now, the coin seems to keep falling, with another sudden decline in value. Bitcoin is essentially …

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Last year, we witnessed the biggest cryptocurrency boom to date, with Bitcoin peaking at a $20,000 value in December 2017. This was followed by a swift decline and by January 2018, Bitcoin was back down below the $10,000 mark. Now, the coin seems to keep falling, with another sudden decline in value.

Bitcoin is essentially the centre of the cryptocurrency market. When Bitcoin's value shifts, it usually has a knock-on effect on other coins, such as Ethereum. Right now, Bitcoin has fallen down to $4,300, the lowest it has been for quite some time.

This latest drop comes after Bitcoin hovering between the $6000 and $6,500 mark for the last few months. Of course, this doesn't necessarily mean that Bitcoin won't rise up again, we did see a similar drop in October last year, where the coin went down to $4,300 in value before rapidly rising up to its all-time peak.

KitGuru Says: Bitcoin remains entirely unpredictable, it might be dropping right now but things could change rather quickly. It will be interesting to see if we see a similar sharp rise in December, as we saw last year. 

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Sapphire INCA CS-14 Compute System Review – £5.5K Mining Rig https://www.kitguru.net/tech-news/featured-tech-reviews/james-morris/sapphire-inca-cs-14-compute-system-review-5-5k-mining-rig/ https://www.kitguru.net/tech-news/featured-tech-reviews/james-morris/sapphire-inca-cs-14-compute-system-review-5-5k-mining-rig/#respond Fri, 20 Jul 2018 07:46:56 +0000 https://www.kitguru.net/?p=379672 With 14 AMD RX 470 GPUs, and a £5K price tag, this is one mega mining rig

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The furore surrounding Bitcoin from the end of 2017 may have subsided along with the value of cryptocurrency in general, but the repercussions are still being felt. GPU prices have risen as a result of demand, although there are signs of this softening. There is still potentially money to be made from mining, despite the price of a Bitcoin being nowhere near its $19,783.21 peak, if you have cheap power and optimised hardware. Graphics supremo Sapphire aims to provide this with its new INCA CS-14 Compute System.

We discussed how you can get started with cryptocurrency mining a few months ago, but the INCA is aimed at a much more serious user. It doesn't look that exciting, because it's a 4U 19in rackmount chassis. In theory, you can install eight of them in a full rack. But inside it gets much more interesting – you can fit up to 14 GPUs using special dual-GPU cards. These can be either the 4GB or the 8GB versions of the AMD Radeon RX470, and we were sent seven of the latter. These are managed by an embedded AMD System-on-Chip, running Ubuntu Linux and with the Claymore mining software preloaded.

To support all seven of the PCI Express x16 slots (which actually operate in x1 mode on this rig), the onboard Gigabit Ethernet is disabled, so a USB-based Ethernet adapter is also included to provide the network functionality. With all those GPUs, the power draw is immense. To handle this, two PSUs are installed, with room for a third to provide load sharing and active redundancy.

The result is a machine capable of huge amounts of GPU-powered processing, with Sapphire claiming more than 400MH/s of ETH hashing power. This could theoretically bring in around £270 a month even at today's prices, although how much of this you keep depends on the cost of your power. So let's take a closer look at the INCA CS-14 to see whether it really is a cryptocurrency goldmine, or more of a money pit.

System Configuration:

  • 19in 4U rackmount chassis
  • AMD Embedded G-Series FP4 SoC
  • 4GB DDR4 SDRAM
  • 128GB M.2 SSD
  • 7 x Dual AMD Radeon RX470 with 8GB GDDR5 each GPU
  • 2 x 1,600W Seasonic S1M-162CGP2 power supplies
  • Option for third power supply
  • Ubuntu Linux with Claymore mining client preloaded

Price for this system (at the time of writing): £5,400 (inc. VAT) and for inquiries contact sales@sapphiretech.com

Be sure to check out our sponsors store EKWB here

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Facebook removes the ban on cryptocurrency advertisements https://www.kitguru.net/channel/generaltech/damien-cox/facebook-removes-the-ban-on-cryptocurrency-advertisements/ https://www.kitguru.net/channel/generaltech/damien-cox/facebook-removes-the-ban-on-cryptocurrency-advertisements/#respond Wed, 27 Jun 2018 12:42:15 +0000 https://www.kitguru.net/?p=377933 Facebook banned all adverts for cryptocurrencies, binary options and initial coin offerings (ICO) at the beginning of the year in an attempt to protect its users from potential scams. While binary options and ICO adverts are still being kept on ice, it looks like the social media platform will once again be allowing cryptocurrency ads …

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Facebook banned all adverts for cryptocurrencies, binary options and initial coin offerings (ICO) at the beginning of the year in an attempt to protect its users from potential scams. While binary options and ICO adverts are still being kept on ice, it looks like the social media platform will once again be allowing cryptocurrency ads on its platform.

The ban was implemented in order to protect its user base from misleading ‘get rich quick’ schemes that were rising in numbers alongside the increasing interest in cryptocurrency. It seemed like a harsh, but understandable move that prioritised the user over money. The resulting lost revenue must have been too difficult to ignore, however, as Facebook has had a change of heart, announcing it will bring cryptocurrency adverts back into the fold.

“In the last few months, we've looked at the best way to refine this policy — to allow some ads while also working to ensure that they're safe,” announced Facebook’s product management director Rob Leathern. “So starting 26 June, we'll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers.”

Facebook’s new process forces cryptocurrency advertisers to submit an application for the platform to assess their eligibility against protective criteria. This includes “licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business,” according to Leathern. “Given these restrictions, not everyone who wants to advertise will be able to do so.”

It’s early days for Facebook’s renewed advertisement policies, however, as the platform will adapt to feedback, statistics and data of the market to find a healthy balance that works for the user, the advertiser and, of course, Facebook’s wallet. For the time being, users are asked to continue flagging content that breaches its guidelines by “selecting ‘report ad' in the upper right-hand corner of any advertisement.”

KitGuru Says: Despite not personally indulging in the rise of cryptocurrency, I don’t think a market should be shunned simply because it’s new and lacks understanding. Inevitably, some bad ads are bound to get through, but these policies will hopefully protect amateur users while still offering room for the market to expand. How do you feel about Facebook’s change of heart on crypto advertisements?

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Cryptocurrencies have directly caused deaths, according to Bill Gates https://www.kitguru.net/tech-news/featured-tech-news/damien-cox/cryptocurrencies-have-directly-caused-deaths-according-to-bill-gates/ https://www.kitguru.net/tech-news/featured-tech-news/damien-cox/cryptocurrencies-have-directly-caused-deaths-according-to-bill-gates/#respond Thu, 01 Mar 2018 16:16:04 +0000 https://www.kitguru.net/?p=365541 Microsoft founder Bill Gates has opened up regarding his feelings towards cryptocurrency, and it seems the entrepreneur isn’t a fan. In one of his more extreme examples of why he has a distaste for the online currency, Gates stated that it is “a rare technology that has caused deaths in a fairly direct way.” His …

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Microsoft founder Bill Gates has opened up regarding his feelings towards cryptocurrency, and it seems the entrepreneur isn’t a fan. In one of his more extreme examples of why he has a distaste for the online currency, Gates stated that it is “a rare technology that has caused deaths in a fairly direct way.”

His response came as a part of a Reddit AMA, after user Askur1337 asked the question “Whats your opinion on Crypto Currencies?” Initially, the billionaire ruffled some feathers after stating that “the main feature of cryptocurrencies is their anonymity,” resulting in its use on the dark markets for less than legitimate purposes.

“The government's ability to find money laundering and tax evasion and terrorist funding is a good thing,” Gates explained. “Right now, cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.”

While there were many rebuttals from cryptocurrency miners and experts, Comparitech security researcher Lee Munson told Newsweek that Gates’ claims are “bold” but he “is almost certainly correct with his assertion.”

“Via the Dark Web, virtual coins have become the de facto means of payment for not only drugs, but also a wide range of weapons which can safely be assumed to have fallen into the hands of people who wouldn’t otherwise be able to source them,” clarifies Munson.

The discussion surrounding the implications of cryptocurrency in illegal activity is ongoing, with the main counterargument pertaining to the fact that the US dollar is also used in many of the same crimes.

Bitcoin is still the preferred payment method when buying fentanyl online, despite CryptoCompare CEO Charles Hayter claiming in the same Newsweek report that most business with cryptocurrency was now “legitimate” and that “the potential for a dimensionless value transfer system” provided we look past the “initial trials and tribulations.”

Discuss on our Facebook page, HERE.

KitGuru Says: Given the boom in popularity of cryptocurrency, there are very real concerns on how it is handled and what in particular it is used for. Gates seems to be directing his comments towards government control, hoping that it can be properly regulated in order to stomp out criminal activity rather than an attempt to bring down cryptocurrency entirely. What do you think of Gates’ comments?

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Russian nuclear scientists arrested after trying to use a supercomputer for crypto mining https://www.kitguru.net/channel/generaltech/matthew-wilson/russian-nuclear-scientists-arrested-after-trying-to-use-a-supercomputer-for-crypto-mining/ https://www.kitguru.net/channel/generaltech/matthew-wilson/russian-nuclear-scientists-arrested-after-trying-to-use-a-supercomputer-for-crypto-mining/#respond Mon, 12 Feb 2018 11:35:07 +0000 https://www.kitguru.net/?p=363725 As the cryptocurrency mining craze continues, people are trying to come up with new and quicker ways to get their hands on coins in hopes of getting rich. Some Russian scientists thought it would be appropriate to use a government-owned supercomputer to mine for them, and as you would expect, the news wasn't received well. …

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As the cryptocurrency mining craze continues, people are trying to come up with new and quicker ways to get their hands on coins in hopes of getting rich. Some Russian scientists thought it would be appropriate to use a government-owned supercomputer to mine for them, and as you would expect, the news wasn't received well.

Several scientists based in Sarov, Russia, were caught using a supercomputer to mine cryptocurrency and were subsequently arrested. Sarov is a top-secret and heavily guarded facility where many of Russia's nuclear operations take place. With that in mind, using the resources there to mine crypto for personal gain is very much against the law.

As reported by the BBC, the Federal Nuclear Centre in Sarov confirmed that this took place: “There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining.”

The supercomputer in question was not supposed to be connected to the internet in order to avoid potential outside intrusions. Once the scientists attempted to connect it to the web, they were almost immediately caught and handed over to the Federal Security Service. A criminal case is now being levied against them.

KitGuru Says: It should go without saying that if you work at a government agency, you shouldn't attempt to use the computers there for personal gain. This isn't the first attempt to illegally use corporate resources for mining, but given that it took place in a highly secure environment, it is perhaps the most notorious attempt so far.

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Banks in the US and UK begin restricting Bitcoin purchases with credit cards https://www.kitguru.net/channel/generaltech/matthew-wilson/banks-in-the-us-and-uk-begin-restricting-bitcoin-purchases-with-credit-cards/ https://www.kitguru.net/channel/generaltech/matthew-wilson/banks-in-the-us-and-uk-begin-restricting-bitcoin-purchases-with-credit-cards/#comments Mon, 05 Feb 2018 13:48:23 +0000 https://www.kitguru.net/?p=363059 We've heard about various governments looking to crack down on cryptocurrency this year and now it looks like banks are joining in. Banks across the US have already begun banning Bitcoin purchases with credit cards and now the same thing is happening here in the UK. This week it was announced that the Lloyds Banking …

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We've heard about various governments looking to crack down on cryptocurrency this year and now it looks like banks are joining in. Banks across the US have already begun banning Bitcoin purchases with credit cards and now the same thing is happening here in the UK.

This week it was announced that the Lloyds Banking Group, which consists of Halifax, Bank of Scotland, MBNA and Lloyds, will no longer accept credit card transactions involving the purchase of cryptocurrencies. This makes Lloyds the first banking chain to block its users from investing in cryptocurrency using credit.

With Bitcoin rising all the way up to $20,000 in value over the course of 2017, there has been a surge of interest in investing. The worry is that people will borrow money from banks to invest and then not be able to pay it back due to the constantly fluctuating values in the cryptocurrency market.

A similar move occured in the US last week, with JP Morgan Chase, Citigroup and the Bank of America all restricting Bitcoin purchases due to the risk involved. This is just the first step though, as politicians are figuring out ways to regulate cryptocurrency going forward. In particular, the UK, EU and South Korea are looking to put new laws in place, targeting cryptocurrency buyers and sellers.

KitGuru Says: Cryptocurrency values have dropped dramatically this year as fears over government regulation/oversight have mounted. Now with banks restricting customers we will likely see another dip in values.

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Facebook bans cryptocurrency ads following a surge of scams https://www.kitguru.net/channel/generaltech/matthew-wilson/facebook-bans-cryptocurrency-ads-following-a-surge-of-scams/ https://www.kitguru.net/channel/generaltech/matthew-wilson/facebook-bans-cryptocurrency-ads-following-a-surge-of-scams/#comments Wed, 31 Jan 2018 14:36:59 +0000 https://www.kitguru.net/?p=362513 Over the course of 2017, the cryptocurrency market boomed with Bitcoin reaching heights of $20,000. This has caused a surge of interest in Bitcoin and other forms of digital currency, with many more companies and a few scam artists advertising heavily across the web to lure new people in with lofty ‘get rich quick' promises. …

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Over the course of 2017, the cryptocurrency market boomed with Bitcoin reaching heights of $20,000. This has caused a surge of interest in Bitcoin and other forms of digital currency, with many more companies and a few scam artists advertising heavily across the web to lure new people in with lofty ‘get rich quick' promises. As a result, Facebook has begun banning all adverts for cryptocurrencies and initial coin offerings (ICO).

Examples of advertisements that caused Facebook to take this action include posts stating things like: “use your retirement funds to buy Bitcoin!” and “Click here to learn more about our no-risk cryptocurrency that enables instant payments to anyone in the world”.

In a blog post on the matter, Facebook wrote: “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”

The new policy against cryptocurrency adverts is left intentionally broad while Facebook works out how to “better detect deceptive and misleading advertising practices”. Facebook's algorithm may also fail to detect each ad that should be removed, so if you come across a dodgy looking cryptocurrency advert making deceptive claims, then you should report it.

KitGuru Says: Given Bitcoin's huge boom over the holiday season last year, a lot of scam artists have come out to take advantage of it. I myself have had several older relatives asking for advice on Bitcoin after seeing these sorts of adverts on Facebook. With that in mind, removing them seems like the right move as there is a lot of dishonestly floating around.

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Kolink Continuum KL-C1500PL PSU review – one for miners! https://www.kitguru.net/components/power-supplies/zardon/kolink-continuum-kl-c1500pl-psu-review-one-for-miners/ https://www.kitguru.net/components/power-supplies/zardon/kolink-continuum-kl-c1500pl-psu-review-one-for-miners/#comments Wed, 24 Jan 2018 11:37:04 +0000 https://www.kitguru.net/?p=361504 A power supply specifically designed with the mining community in mind, and its competitively priced too.

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Miners may be the bane of the gaming community but it goes without saying that companies are finding this market very lucrative. Our readers constantly complain about the lack of availability of AMD Vega graphics cards for instance – and when they become available they are often selling for up to £900! With miners specifically in mind, Kolink have launched a monstrous Platinum rated 1500w power supply with several key options to cater specifically to the miners out there.

This focus means that Kolink have opted to incorporate a fan featuring a Double Ball Bearing fan (2BB) bearing. They considered FDB, HDB and rifle bearing fans but when it comes to longevity there is no denying that 2BB fan bearings are rated highest. Noise levels are likely going to be higher, however Kolink incorporated a semi fanless mode to keep the PC noise down at idle and lower load demands.

To ensure maximum stability over many years, Kolink told us they opted for 100% Japanese electrolytics with some solid state and ceramic capacitors. This should help improve heavy load stability and long term reliability.

To fully support the mining community, Kolink have opted for a design with support for 12 PCIe connectors. In practice this means you can use six AMD 580 / 1080 graphics cards without the need for adapters. They have also included single PCI connector based cables to cater for heavily overclocked systems.

The designers decided to get rid of the mechanical power switch. This helps improve airflow and also reduces RMA issues. I was told by a Kolink representative that switches can be an RMA concern and miners don't like those switches as they like to remote control their rigs anyway.

To be fair this power supply could be easily used for a myriad of tasks – for graphics based workstations, Render systems and scientific rigs. Yes, it will power your gaming system as well, but it seems somewhat overkill – even for a rig with two GTX 1080 ti's.

Interesting to see only a 5 year warranty with this unit, Seasonic are leading the way right now with 12 years warranty. Other companies such as Cooler Master, eVGA and Corsair are offering warranty terms between 7 and 10 years. Playing Devils Advocate – this is one of the cheapest 1500W Platinum power supplies you can currently buy so its likely part of the tradeoff.

Technical Details:

  • Dimensions: 150 x 86 x 180 mm (W x H x D)
  • Fans: 135 mm (automatic control, semi-passive)
  • Colour: Black (PSU, fan)
  • Efficiency: At least 92/90/89 percent at 50/20/100 percent utilisation. Meets the requirements of 80 Plus Platinum. Efficiency in the European 230V network is up to two percentage points higher
  • Active PFC
  • Form Factor: ATX12V 2.4/EPS12V 2.92
  • Power: 1,500 W (continuous power)
    . 3.3V: 25 A
    5V: 22 A
    3,3V & +5V combined: 120 W
    12V: 1,500 W / 125 A
    12V: 3,6 W / 0,3 A
    5Vsb: 15 W / 3 A
  • Manufacturer's Warranty: 5 years

Review photography handled in house at KitGuru with a Leica S series medium format camera and S series prime lens. Please do not use any of the images within this review without express permission.

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Leo Says Ep12: Nvidia Big Gaming Display, Intel payouts, Bitcoin, Facebook News, Apple HQ2, Samsung SSDs https://www.kitguru.net/tech-news/zardon/leo-says-ep12-nvidia-big-gaming-display-intel-payouts-bitcoin-facebook-news-apple-hq2-samsung-ssds/ https://www.kitguru.net/tech-news/zardon/leo-says-ep12-nvidia-big-gaming-display-intel-payouts-bitcoin-facebook-news-apple-hq2-samsung-ssds/#respond Mon, 22 Jan 2018 16:30:56 +0000 https://www.kitguru.net/?p=361298 Its a new year, but Leo is just as grumpy as ever. He discussed many new topics in todays 'Leo Says'. But do you agree with everything he says?

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In the latest episode of ‘Leo Says' – our grumpy guru Leo ponders the payouts that Intel may have to make over Spectre and Meltdown, he discusses the current state of Bitcoin, The Facebook algorithm changes, the new Apple Headquarters and the latest Samsung SSD's.

He also weighs the Pros and Cons of the new Nvidia Gaming screen and whether people will want a 65 inch panel for gaming – he isn't interested himself. I have to disagree with Leo, the bigger the screen the better as far as I am concerned for immersion (if the quality is excellent of course), but I have been gaming on a 75 inch Sony TV now for a few years and find even the latest 34 inch super wide gaming panels just tiny by comparison. I may be in the minority.

00:18 Nvidia Big Format Game Display
02:25 How much will Intel be forced to pay out over Meltdown and Spectre?
06:22 Bitcoin crashes back to ‘only US$10k’
07:54 Facebook cutting back on its News Feed
12:25 Apple repatriating US$250 billion and building HQ2
13:56 Samsung 850 PRO and EVO SSDs
16:33 Intel due to launch a bunch of new Coffee Lake CPUs mid February

KitGuru says: Be sure to let us know your thoughts and if you agree (or disagree) with LEO. Love him, or hate him- he says it, cause he means it.

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Over the last month Bitcoin value has been cut in half https://www.kitguru.net/channel/generaltech/matthew-wilson/over-the-last-month-bitcoin-value-has-been-cut-in-half/ https://www.kitguru.net/channel/generaltech/matthew-wilson/over-the-last-month-bitcoin-value-has-been-cut-in-half/#comments Wed, 17 Jan 2018 15:18:51 +0000 https://www.kitguru.net/?p=360781 Bitcoin had a huge boom throughout 2017, creeping up above the $1000 mark in January last year and hitting as high as $20,000 in December. However, it looks like the last couple of weeks have seen a change, with Bitcoin dropping below the $10,000 mark today, a 50 percent drop following its peak just a …

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Bitcoin had a huge boom throughout 2017, creeping up above the $1000 mark in January last year and hitting as high as $20,000 in December. However, it looks like the last couple of weeks have seen a change, with Bitcoin dropping below the $10,000 mark today, a 50 percent drop following its peak just a month ago.

According to CoinDesk, Bitcoin opened trading at $11,348 in value today but has dropped down to $9,702. This has had a knock-on effect to other cryptocurrencies, with Ethereum Bitcoin Cash, Litecoin and Iota all seeing drops too.

Bitcoin has seen its share of peaks and troughs over the years but dipping from $20,000 to less than $10,000 in a matter of weeks was certainly unexpected. This all comes as more countries have begun proposing stricter rules on cryptocurrencies. Late last year, the UK and EU announced plans to introduce legislation, meanwhile South Korea has recently proposed tighter rules too.

Beyond that, Bitcoin has seen its share of bad press, with some claiming it to be a vehicle for money laundering and illicit activities. It seems that this has all piled on, pushing the overall value down by a large margin.

KitGuru Says: It looks like a lot of people have been dumping their Bitcoin over the last few weeks, leading to the 50 percent drop we have seen this month. Whether or not Bitcoin will bounce back to its peak levels remains to be seen.

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Bitcoin surpasses $15,000 value https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-surpasses-15000-value/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-surpasses-15000-value/#respond Thu, 07 Dec 2017 14:04:43 +0000 https://www.kitguru.net/?p=357088 Earlier this week, we saw Bitcoin managing to hit the $10,000 value landmark. In the days following, it has shot up well past that number, with the cryptocurrency now sitting at $15,000 in value per coin. Bitcoin crossed the $15,000 mark for the first time earlier today, marking another major milestone. Over the course of …

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Earlier this week, we saw Bitcoin managing to hit the $10,000 value landmark. In the days following, it has shot up well past that number, with the cryptocurrency now sitting at $15,000 in value per coin.

Bitcoin crossed the $15,000 mark for the first time earlier today, marking another major milestone. Over the course of 2017, Bitcoin has been breaking records on a monthly basis, with value consistently creeping up. For reference, this time last year each Bitcoin was worth $766, so value has shot up at a huge rate.

Graph via Coindesk

Bitcoin has been known to rise and drop in value over the years, the currency crossed the $1000 mark a couple of times in the past but this year has been the strongest yet. The meteoric rise hasn't gone unnoticed by government agencies though, with the UK and EU preparing plans to regulate the digital currency over fears that it is being used for illegal purposes.

The introduction of regulations and laws could cause Bitcoin to crash once again. For the time being though, it is going to make a lot of people a lot of money.

KitGuru Says: I've been following Bitcoin for years but the constant rise and fall in value kept me from ever jumping in on it. This year has certainly proven that to be a mistake. Have many of you been following Bitcoin over the years? Did you buy some early on and keep it around, or did you cash out?

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Steam will no longer take Bitcoin as a form of payment https://www.kitguru.net/gaming/damien-cox/steam-will-no-longer-take-bitcoin-as-a-form-of-payment/ https://www.kitguru.net/gaming/damien-cox/steam-will-no-longer-take-bitcoin-as-a-form-of-payment/#respond Wed, 06 Dec 2017 19:58:43 +0000 https://www.kitguru.net/?p=357014 Due to the fanfare surrounding digital currencies last year, Steam began accepting Bitcoin as an official method of payment for its games and services. Since then, the Bitcoin network has been charging more for transaction fees despite rapid changes in its valuation, causing Valve’s gaming platform to drop the method entirely. “In the past few …

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Due to the fanfare surrounding digital currencies last year, Steam began accepting Bitcoin as an official method of payment for its games and services. Since then, the Bitcoin network has been charging more for transaction fees despite rapid changes in its valuation, causing Valve’s gaming platform to drop the method entirely.

“In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin),” Valve wrote.

“These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically.”

Naturally, the cryptocurrency’s valuation is important, as this can cause problems with regards to purchasing items from the storefront. This becomes apparent with customer habits that might cause a consumer to complete a transaction outside of the original window of value, meaning that they could have paid more or less than the intended amount.

With ordinary currency, this wouldn’t be a problem as changes are often minor and span a great deal of time, but cryptocurrency is a whole different beast. Bitcoin’s value increased more than $1000 its previous value in under 24 hours, to which Valve has stated it has seen a number of customers get into the above scenario.

This has been a pain for Valve, as the company would often entertain the notion that it isn’t its customers’ fault and refund the difference that has been overpaid, or even cover the portion necessary to complete the transaction if circumstances suited.

“With the transaction fee being so high right now, it is not feasible to refund or ask the customer to transfer the missing balance (which itself runs the risk of underpayment again, depending on how much the value of Bitcoin changes while the Bitcoin network processes the additional transfer),” explained Valve.

Cryptocurrency may return at a later date if it ever stabilises, however in its current state, Valve and likely a lot of other companies feel that it is not feasible to work with. Those still affected by Bitcoin transactions gone wrong need not worry, as Valve will continue to right the wrongs made by the system.

KitGuru Says: Some cryptocurrency users might be annoyed that some ruined it for the many, however this is a very unique form of payment in comparison to standard currency that requires a lot of effort to maintain. Does this change your feelings about mining Bitcoin or other cryptocurrency?

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UK and EU prepare legislation as Bitcoin rises over $10,000 value https://www.kitguru.net/channel/generaltech/matthew-wilson/uk-and-eu-prepare-legislation-as-bitcoin-rises-over-10000-value/ https://www.kitguru.net/channel/generaltech/matthew-wilson/uk-and-eu-prepare-legislation-as-bitcoin-rises-over-10000-value/#comments Mon, 04 Dec 2017 13:44:38 +0000 https://www.kitguru.net/?p=356530 It looks like the UK and EU governments are going to start taking a closer look at Bitcoin regulation. According to reports this week, both governments are growing concerned that the digital currency is being used for tax evasion and money laundering. As a result, the Treasury is making plans to regulate cryptocurrencies. Under a …

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It looks like the UK and EU governments are going to start taking a closer look at Bitcoin regulation. According to reports this week, both governments are growing concerned that the digital currency is being used for tax evasion and money laundering. As a result, the Treasury is making plans to regulate cryptocurrencies.

Under a new EU-wide plan, online platforms where bitcoins are traded will be required to carry out due diligence on customers and report suspicious transactions. This would bring cryptocurrencies in-line with current anti-money laundering and counter-terrorism financial legislation.

As The Guardian reports, these new rules are expected to come into effect some time next year. This all comes at a time where Bitcoin is expanding rapidly, this year alone the currency has broken several records. Currently, each Bitcoin is worth $11,125, though there have been several dips over and under the $10,000 mark over the last week.

When Bitcoin is overseen by UK and EU legislation, firms and transaction activity will be overseen by national authorities.

KitGuru Says: Bitcoin wasn't going to stay under the government's radar forever, particularly after this year. Throughout 2017, Bitcoin has continued to boom, causing value to skyrocket. Whether or not legislation will have an impact on that remains to be seen, but it seems likely.

 

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Bitcoin continues to rise, hits $6,450 value https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-continues-to-rise-hits-6450-value/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-continues-to-rise-hits-6450-value/#respond Wed, 01 Nov 2017 14:08:45 +0000 https://www.kitguru.net/?p=352609 Over the course of 2017, Bitcoin has been back on the rise. In May this year, we saw the cryptocurrency hit a record value of $2400 and since then, things haven’t slowed down at all. In fact, this week Bitcoin hit a new all-time high, with a $6,450 value. It’s not just Bitcoin on the …

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Over the course of 2017, Bitcoin has been back on the rise. In May this year, we saw the cryptocurrency hit a record value of $2400 and since then, things haven’t slowed down at all. In fact, this week Bitcoin hit a new all-time high, with a $6,450 value.

It’s not just Bitcoin on the rise either. As Reuters reports, the aggregate value of all cryptocurrencies hit a record high of $184 billion today. A good chunk of that is down to Bitcoin. With the current $6,450 value in place, the number of Bitcoins in circulation today are worth almost $110 billion.

Over the last 12 months, Bitcoin value has surged by close to 800 percent. A good part of this is down to Bitcoin being seen as a more legitimate finance option by corporations.

While Bitcoin is climbing higher in value, the second most popular cryptocurrency, known as Ethereum, has dipped a bit. The currency hit an all-time high of $410 per coin in June but this has dropped to $302 today.

KitGuru Says: This time last year, it almost seemed like the Bitcoin craze had died down a bit. However, this has been proven false throughout 2017, with value consistently rising throughout the year.

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ASUS debuts two new Mining-series graphics cards https://www.kitguru.net/components/graphic-cards/matthew-wilson/asus-debuts-two-new-mining-series-graphics-cards/ https://www.kitguru.net/components/graphic-cards/matthew-wilson/asus-debuts-two-new-mining-series-graphics-cards/#comments Tue, 27 Jun 2017 15:33:31 +0000 https://www.kitguru.net/?p=339077 This year, crypto-currency mining appears to be making a bit of a resurgence, which has caused increased demand for mainstream GPUs, with popular options like the RX 570 and GTX 1060 consistently going out of stock and fluctuating in price. To help satisfy this demand for mining specific GPUs, ASUS has today launched the Mining …

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This year, crypto-currency mining appears to be making a bit of a resurgence, which has caused increased demand for mainstream GPUs, with popular options like the RX 570 and GTX 1060 consistently going out of stock and fluctuating in price. To help satisfy this demand for mining specific GPUs, ASUS has today launched the Mining RX 470 and Mining P106 graphics cards, built to be durable and efficient for digital currency mining.

These are essentially new versions of the RX 470 and GTX 1060, with tweaks to improve the maximum hash-rate at minimum cost power-wise. Given how intensive coin mining can be, these cards are also built with reduced-friction fans, IP5X dust-resistance and Super Alloy Power II components to help lengthen each card's life-span.

The reduced friction fans use a dual-ball bearing mechanism and claim to offer up to two times longer lifespan. The IP5X dust-resistance rating is also important as it means that dust is unable to enter the fans in a way that will affect the card's operation. Given that mining cards are expected to run continuously and sometimes in extreme conditions, this should help keep things running optimally for longer periods of time.

According to Asus, the Mining RX 470 and Mining P106 produced 36 percent better megahash rates, so if you are setting up a mining rig, these would be a better option compared to a mainstream graphics card. Both of these GPUs will be available from July onwards. The Mining RX 470 will be available worldwide but the P106 will only be available in China and Eastern Europe. We are still awaiting final confirmation on pricing.

While we are on the topic of mining gear, Overclockers UK has a selection of dedicated mining gear available. These Asus cards will likely join the bunch very soon.

KitGuru Says: Crypto-currency mining was actually fairly popular at Computex this year, with lots of companies exhibiting new hardware designed for this purpose. Hopefully with dedicated mining cards like this on the market, there will be less of a strain on GTX 1060 and RX 470 supply for gamers.

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Bitcoin hits all time high $2400 value https://www.kitguru.net/tech-news/matthew-wilson/bitcoin-hits-all-time-high-2400-value/ https://www.kitguru.net/tech-news/matthew-wilson/bitcoin-hits-all-time-high-2400-value/#comments Wed, 24 May 2017 18:00:08 +0000 https://www.kitguru.net/?p=335172 Update: It looks like Bitcoin is continuing its current boom as just a couple of days after the digital currency hit an all-time high of $2100 in value, the price has risen once again. Today, Bitcoins began trading for as much as $2483 per coin, marking an all time high and a significant jump over …

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Update: It looks like Bitcoin is continuing its current boom as just a couple of days after the digital currency hit an all-time high of $2100 in value, the price has risen once again. Today, Bitcoins began trading for as much as $2483 per coin, marking an all time high and a significant jump over its value at the end of 2016.

Bitcoin isn't the only digital currency currently soaring in value either. As Ars Technica points out, lesser-known currencies like Ethereum and Ripple are also currently on the rise as more companies get involved in blockchain related projects.

Original Story: Back in January, Bitcoin finally shot back up past the $1000 mark for the first time in years and since then, things appear to have only gotten better. Over the last few weeks, Bitcoin has been seeing a steady rise in value, with each coin now worth over $2000.

At the time of writing, an individual Bitcoin is now worth $2100, or £1615 here in the UK. This marks off a strong month for the digital currency, with a 65 percent boost in overall value.

This rise is reportedly linked to recent policy changes in Japan and China, making it easier to trade in bitcoins. As usual though, Bitcoin is a constantly fluctuating thing, so we have no way of telling how long the price remain this high.

KitGuru Says: Whenever these particular stories pop up, I always find myself wishing that I had been early to the Bitcoin party. Did any of you have much interest in Bitcoins back when it was easier to mine them?

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Bitcoin almost hits highest value ever amid US regulation rumours https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-almost-hits-highest-value-ever-amid-us-regulation-rumours/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-almost-hits-highest-value-ever-amid-us-regulation-rumours/#respond Fri, 24 Feb 2017 19:16:07 +0000 http://www.kitguru.net/?p=323255 Back at the start of the year, Bitcoin hit its highest peak since 2013 only to drop back down in value a week later. Now this week, Bitcoin has shot back up once again, with the digital currency almost hitting an all-time high point but coming just three dollars short. This most recent rise brought …

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Back at the start of the year, Bitcoin hit its highest peak since 2013 only to drop back down in value a week later. Now this week, Bitcoin has shot back up once again, with the digital currency almost hitting an all-time high point but coming just three dollars short.

This most recent rise brought Bitcoin value up to $1160, which is just shy of a record all-time high of $1163 back in November 2013. The timing of this rise is interesting too, as there has been speculation that the first Bitcoin exchange-traded fund is set to receive approval from a US financial regulator, according to Reuters.

Some analysts are claiming that regulatory approval of a Bitcoin ETF would make the currency more attractive to the institutional investment market. Three ETF's for Bitcoin have been filed in the past and the US Securities and Exchange Commission is now finally taking a look at the first filing from around four years ago. If approved, this would be the first bitcoin ETF regulated in the US.

KitGuru Says: Bitcoin tends to have its rise and falls but it seems that overall, value has been up since the start of 2017. Do any of you still have any bitcoin floating around? Are you thinking about cashing in, or are you holding on to them?

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Bitcoin drops again after hitting highest value in years https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-drops-again-after-hitting-highest-value-in-years/ https://www.kitguru.net/channel/generaltech/matthew-wilson/bitcoin-drops-again-after-hitting-highest-value-in-years/#comments Fri, 06 Jan 2017 17:55:32 +0000 http://www.kitguru.net/?p=316817 Just this week, we learned that Bitcoin had reached its highest value per coin since 2013, surpassing the $1000 mark. However, it seems that those who have invested in the cryptocurrency won't be able to enjoy the higher value for very long as things have already started dropping off again. After a sudden rise in …

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Just this week, we learned that Bitcoin had reached its highest value per coin since 2013, surpassing the $1000 mark. However, it seems that those who have invested in the cryptocurrency won't be able to enjoy the higher value for very long as things have already started dropping off again. After a sudden rise in the Chinese Yuan, Bitcoin value has dropped by almost 20 percent.

According to Business Insider, each Bitcoin is now worth around $820, which is 18 percent less than what it was just a few days ago. That said, those with Bitcoin may have expected the high value to be short lived, after all, Bitcoin is known to rise and dip in value quite dramatically from time to time.

bitcoin-computer-internet-money-coins-wallpaper-13

According to the report, the sudden rise in Bitcoin value may be attributed to China's national currency, the Yuan hitting a decline. This led to fresh interest in Bitcoin but then all of a sudden, the Yuan started recovering, seeing its largest two day rise since 2010 when records started being kept. This in turn led to some dumping their Bitcoins, which has led to a drop in value.

KitGuru Says: Bitcoin rarely holds steady at the same value for very long, no doubt the cryptocurrency will have another spike at some point this year, followed by another dip. Do any of you guys currently hold on to any Bitcoins? I know a few people who got involved back when they were easier to mine but I never got around to it myself

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