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Bitcoin News Summary – December 3, 2018

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Here’s what happened this week in Bitcoin in 99 seconds.

 

Crypto markets hit a fresh low for the year early this week, with Bitcoin falling as low as $3,600. It was reported that Google search interest for Bitcoin is at a 6 month high. As searches tend to correlate with price activity, this could be a sign that public interest in Bitcoin is rising as its price becomes more affordable.

The US state of Ohio became the first in the nation to officially accept Bitcoin for tax payments. Businesses within the state will be able to pay their taxes in Bitcoin and plans are in place to expand this payment method to individuals too.

A class action lawsuit was filed against Bitmain, the major Chinese mining firm. The plaintiffs allege that Bitmain’s ASIC miners are set to automatically mine for the company’s benefit during initialization. The suit is seeking $5 million in damages from Bitmain.

Paraguay revealed plans to create the world’s biggest Bitcoin mining farm. The country has a massive amount of renewable hydroelectric power, much of which it exports to nearby countries. By using the power for mining, Paraguay can greatly increase the profitability of its abundant energy.

The US government announced “sanctions” on two Bitcoin addresses which it says belong to Iranian hackers. It’s unclear how the ban could be practically enforced.

Finally, Asus announced that their new graphic card will allow gamers to automatically mine crypto when not otherwise in use.

That’s what happened this week in Bitcoin. See you next week.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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1 comments on “Bitcoin News Summary – December 3, 2018”

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