Administartion of Chinese Secondary School Was Mining Ethereum: Details of Crime

School seems to be the very place where the laws must be strictly observed, especially in China, a totalitarian country with strict rules, including those related to cryptocurrency and mining. Unfortunately, it is not that simple.

A funny story happened in one of the middle schools in the city of Chenzhou, Hunan. According to local Chinese news outlet HK01, the Principal and Vice Principal were caught mining Ethereum using school assets.

According to the Principal’s words, he first installed the equipment at home, but the electricity bills were too high, so he decided to relocate it to the school dorm, but there was not enough space. He had no choice but to transfer all the servers and equipment to the school.


Source: HK01.com


After some time, namely several months, the teachers of this school began to complain that computers emit a lot of noise and often “slow down”. The teachers decided to find the answer to this issue and found mining rigs.

Principal Lei Hua and Vice Principal Wang Zhipeng have already received their punishment, in the form of dismissal and warning, respectively. Meanwhile, we want to remind you that mining in China is growing and flourishing, thereby threatening the security of the world’s most famous cryptocurrency, Bitcoin.

Bitcoin Is in Danger: Chinese Hegemony Over the Industry

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North Korean Cheollima Civil Defense Sells Visas in Crypto To Take On Kim Jong-un

A revolutionary North Korean organization that calls oneself Cheollima Civil Defense is currently working on ousting nation leader Kim Jong-un and the government of the country. Free Joseon, another name of the group, announced that they are going to sell visas to the new country starting from Sunday.

The supporters of Free Joseon can purchase visas in Ethereum, one ETH is the price for the first 1000 visas, which will be issued on the blockchain technology using ERC-721. The official site of the organization stated that visas can be traded and sold. If a customer wants to have business activity in the new free country, they have to contact the group to get an advanced visa.

Source: CCN

The visa allows a person to enter “Free Joseon” just for 45 days at a time. Such visas are called “G-Visas,” you can see the example in the left. And the letter “G” means “Genesis”.

The contract address is 0x9044c1f34f29d19558c11662cb2de79f858347d9. About seven visas were already bought.

Cheollima Civil Defense took all responsibility for action against North Korea, including graffiti slogans on the fence of the North Korean embassy in Malasia. They are also responsible for saving the son of the assassinated Kim Jong-Nam – a half-brother of Kim Jong-un.

Source: Chosun

The organization is doing everything secretly as they are afraid of having their identity revealed. There is a note on the official site, which states:

“The identification of even a single member could lead to the identities of others. Several of us have already escaped their attempts on our lives and that of our families. Many of our compatriots and their relatives have not been as fortunate. And any left surviving in concentration camps would surely face execution if the identities of their family members were dissidents were made known.”

We remind you:

North Korean Hackers Got Hold of More $500 Million in Crypto

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Will Ethereum Be Able To Increase By 250% By December 2019? Price Analysis

The price of second famous cryptocurrency – Ethereum – has always been a hot topic in the crypto world, therefore let us look at future prospects of its price and the potential to fly up by 250% by the end of the year.

Constantinople & St. Petersburg

The Ethereum network had two major “maintenance and optimization upgrade” upgrades in February 2019, the blockchain was divided into Constantinople and St. Petersburg. The former is a so-called preparation of changing the structure of the blockchain, it allows a high number of TPS with low energy consumption. Moreover, it encourages savings with the help of increasing the value of token in circulation.

While St. Petersburg was meant to delete the Ethereum Improvement Proposal (EIP) 1283 – a former Ethereum upgrade. During 2017-2018 the main weakness of Ethereum was handling only 20-25 transactions per second. Due to these upgrades, it is slowly vanishing giving hope for the coin to get higher in price and productivity.

A 250% Increase is Real or Not

If we talk about a 250% increase, we should understand that the coin has to reach the $500 level, which was in July 2018.

Source: Invest In Blockchain

To reach such a high price the bull market will have to overcome several resistances, which makes such an increase unlikely to happen.

Source: Invest In Blockchain

As we can see from above, the market will come across bearish .618 and .886 Fibonacci Retracement levels at $170 and $208. These two short-term bearish retracements are enumerated from the highest price in November and the lowest price in December.

Furthermore, the crypto market will meet resistance at bearish .382 and .5 Fibonacci Retracement levels (red color) priced at $247 and $298. These digits were measured from the July 2018 high to the December 2018 low.

The market will definitely have to overcome resistance around $350 level, and then go higher at $357, $349, $400, $420, and $465. From today’s bearish market, it is clear that Ethereum is not able to have a 250% increase.

Ethereum Price Now

According to the CoinMarketCap, Ethereum takes the second place in the list of Top 100 cryptocurrencies with the market capitalization of more than $14 billion. In a 1-month period, the coin did not show any significant fall or increase in price. The price at the time of writing accounts for $139.

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FUBT: Empowering Digital Assets and Boosting the Token Economy

In the recent couple of years, Asia has become the region that is ahead of everybody when it comes to technologies. Anything that is new, unique and has potential is quickly being implemented in the East, while the rest of the world is just thinking it over. Certainly, blockchain and digital assets are no exception to the rule. Dozens if not hundreds of businesses, companies and projects in China, Japan, South Korea etc. are creating new concepts, ideas and solutions using cutting edge technologies, like blockchain and distributed ledger technology, in many different spheres, especially fintech.

What is FUBT?

FUBT Exchange is a Hong Kong-based project, the main focus of which is maintaining a blockchain platform for trading digital assets. The exchange evolved from the FUBT Station. In July of 2017, first transaction were conducted through the upgraded platform. Afterwards the developers launched their own token – BXB, which skyrocketed by almost 25 times on the market. FUBT kept growing and expanding. At the beginning of 2018, it opened up departments in other regions of Asia, namely Seoul, Cambodia, Tokyo, Taiwan, Phnom Penh and even one in New York. Now FUBT is considered one of the leading blockchain platforms for trading digital assets in Asia.

Strong sides and interesting facts about FUBT:

  • In June of 2018, the platform already had around 650 thousand active users which serves as perfect evidence of the project’s trustworthiness;
  • FUBT’s daily capital turnover equals to around 400 million dollars;
  • The platform is expanding globally and provides multi-language support for better understanding of users from different parts of the world;
  • The transactions within FUBT are conducted in a fast and simple manner, moreover, they are protected against security breaches;
  • The exchange provides a variety of digital assets, overall about 100 kinds;
  • Four crypto trading areas (BTC, ETH, FBT) are available on the platform;
  • FUBT has a mobile app both for iOS and Android;
  • The team of the project consists of real professionals from the fields of banking, fintech, blockchain, investment etc.
  • Core values of FUBT are “Integrity, Innovation, Inclusiveness, and Win-Win”;
  • The project has ambitious goals of expanding further and establishing itself firmly on the market;
  • FUBT team is constantly looking for new clients, partnerships, opinion leaders and pays a lot of attention to user feedback in order to improve and prosper.

More details on this promising and innovative platform can be found here.

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Ethereum’s Constantinople Hard Fork: What Should You Know About It?

The Ethereum blockchain update is long-awaited change which was constantly postponed due to the technical reasons, yet, according to the Ethereum News, it went live on February 28. Let us look at the details.

Constantinople Protocol

The Constantinople is the hard fork that must have been released at the beginning of 2019, yet, the date was changed due to the bugs, which were discovered in the protocol’s code. The developer team wanted to present the best blockchain for users, thus, postponed the rolling out.

The Constantinople protocol is a preparation for a change in the structure of the blockchain itself. The update will allow a high number of TPS with low energy consumption. This will be a so-called economic model, which encourages savings with the help of increasing the value of token in circulation. You can see below the detailed structure and its functions.

The upgraded protocol is going to increase the network efficiency in times; it also optimize the gas usage for Smart contracts execution. In addition, it will reduce the block reward from 3 to 2 ETH, as Byzantium did before.

Constantinople Going Live

The upgrade, implemented as “hard fork”, was expected to take place at the same block #7,280,000 on 19:30 UTC on February 28, however, the split happened only at 19:57 UTC. According to the Fork Monitor, website which monitors the blockchain forks, there is no evidence that the Ethereum blockchain splitted so far, as a lot of users still run the old software. The upgrade will bring new rules and regulations to the software, thus, it is incompatible with past versions.

The hard fork did not influence ETH trading. The price of Ethereum remains relatively stable at the time of writing – $137.

Source: CoinMarketCap

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Bitcoin Miners Are Fooling Around While Earning Tens of Millions of Dollars

According to the recent research made by Diar: Bitcoin, Ethereum, Litecoin, and Dash miners made more than $18 billion without any transaction.

Let us start with the two most famous cryptocurrency – Bitcoin and Ethereum. These two coins were the most popular proof-of-work blockchains, however, they processed the fewest amount of empty blocks, the report shows that Ethereum paid out $65 million in rewards for such blocks in 2017.

Bitcoin Cash, in his turn, has created more than 3300 empty blocks since the end of summer of 2017. It means that monthly about $5 million was gained across all networks. Moreover, Bitcoin Cash miners have earned more than $1 billion since its for on November 15, 2018.

Litecoin is a fast cryptocurrency, and due to its network underutilization, the coin has the most empty blocks. Litecoin miners are mostly hunting for lite blocks, thus its block time is considered to be about 2 minutes. Indeed, the time varies from the difficulty of mining, but in overall every 2 mins, the block is created.

The report suggests miners “fooling around”, because a lack of transactions rises up their reward by far less than gaining the block reward. Let us look on the example.

Block 1586699 which was processed on Tuesday has only transaction less than 1 LTC, nonetheless, the block paid out the mining reward of 25 LTC. It means that the miner has made over $1000 to process less than $50. There is another example, block 1586709, the miner has earned more than $1000 for processing $0 in transactions. Unfortunately, there is no such a thing in the fiat world.

We remind you

How to Get Bitcoin And How Profitable is Mining in 2019

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Bitmain Launches A New Chip For Miners While Jihan Wu Is Leaving His Post: What Is Real Here?

Bitmain is a Chinese-based mining giant which produces equipment for all types of mining activity. There have recently been rumours that Jihan Wu, the CEO of Bitmain, leaves the company to create its own a BCH-focused crypto mining firm while the company is launching a new updated product. So what is true here?

A new efficient crypto mining chip

According to the official press release, Bitmain launches the BM1397. This chip is supposed to be much more powerful than its predecessor, the efficiency difference accounts for 38%. This is a breakthrough in mining industry, the product uses just 30 joules per terrahash. It means that this chip replace the existing hashpower as 33 terrahash can be powered by just 1 kilowatt of power.

Source: blog.bitmain.com

In terms of terrahash capability, the model will be more powerful than existing ones, as a result, a user will have to pay more for electricity. A new generation of mining chips is already real.

Jihan Wu and rumours of his quitting

The person who started the rumours is Dovey Wan, founding partner of Primitive Ventures. She wrote in his Twitter that Jihan Wu will probably leave his position to build a new company which is a spin of Bitmain focusing on BCH.

https://twitter.com/DoveyWan/status/1100002158261428225

The company has not released any statements yet. Though we understand that Bitmain has been suffering a lot since the beginning of bearish market, not to mention U.S.-China trading war which has a great influence on the company. The company has also closed its two offices in Israel and the Netherlands.

We remind you

Is Bitmain Really Dying, or How Much Money Was Lost in 2018?

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