GET Protocol announces new user for its blockchain-based ticketing solution

 

GET Protocol, the leading blockchain-based ticketing solution, is expanding in usage and adoption with the integration of a second ticketing company:

ITIX. Smart tickets issued by ticketing companies who make use of GET Protocol are digitally programmable and registered on the blockchain, bringing transparency and accountability to the ticketing industry. The protocol has issued over 200.000 tickets to date, none of which have been re-sold by scalpers.

For each issued ticket, the GET crypto token is needed as a fuel within the protocol. This GET is then bought up from the open market. To read more about GET Protocol or the GET token, read up on the GET Medium blog. Currently, ITIX handles ticketing for 23 theaters throughout the Netherlands and sells more than 2 million tickets per year. Their ambition is to continuously grow and offer innovative services to their clients, of which honest tickets are a notable example.

From GET Protocol CEO, Maarten Bloemers:

Our partnership with Dutch ticketing company ITIX is very exciting in various ways. Not only will we learn how to make the technical onboarding for ticketing companies as easy as possible with a committed local partner, also the opportunity costs for choosing not to service theaters directly but through an established brand are virtually non-existent. GET Protocol is extremely committed in helping ITIX grow in market share with our unique features, to both our benefit.

The integration of these honest tickets issue by GET Protocol for the clients of ITIX will be done in phases. Starting later this quarter, ITIX will offer their clients the possibility to provide consumers the comfort and benefits of GET Protocol’s digital tickets.

Article Produced By
The Editorial Staff

https://www.investinblockchain.com/get-protocol-announces-new-user-for-its-blockchain-based-ticketing-solution/

Heiko Closhen, Entrepreneur

How to get tons of traffic and signups in Markethive

How to get tons of traffic and signups in Markethive  

Everybody wants traffic and signups but the problem most people face is how or where to start. I was that person. I started advertising my Markethive Profile Page on Jan 15 2019.  I started putting Banners up on web sites, some I  paid for others I had to earn credits and use these to get my Banners to run. The results were not very good maybe one or two signups a week. A lot of work for such a small return, I knew there had to be a better way.
But before I get into that I will tell you what I did before, that helped me a lot. About two years ago I got involved with an ICO (infinity Economics XIN). The coin never did anything but what it did do, was it got me into learning about the crypto coin industry. I got a bitcoin wallet, got on an exchange (Gemini), went through the KYC process, funded my account, brought some bitcoin and transferred it to my wallet. It is absolutly important that you do the same and you do it NOW . So if you have not done this you must start immediately to get yourself verified on an good reputable exchange, fund your exchange account,  buy some bitcoin and transfer it to your bitcoin wallet.  This may take a few weeks to complete but you need to get this out of the way as soon as possible before you start advertising as most of the sites that you are going to advertise on only take bitcoin and you gotta know how to get and use it.
Back to my story, Markethive CEO, Tom Prendergast, started two advertising groups, bitter.io and trafficily.io for those wanting to advertise the markethive opportunity on these sites. He also recommended that we also look for other  CPC (Cost Per Click) web sites stating there are thousands of them out there. He also showed us how to turn our profile page into a capture page and how to make  individual capture pages. Now every member has a profile page aready made with all the links to your account already inserted, ready to use. There are also great videos on how to make a capture page. You can also just click on the social site buttons  (Home/referral program) snd that profile page is sent there. 
My first  month advertising I was getting 15 -20 signups a week on each site but then as time went on it slowly started to go down to 1-2 a day as everyone in markethive was advertising  using the same capture page with the similiar Page Titles.  I started to look for and research other CPC sites to advertise on. I did a google seach on best CPC sites. I checked their alexa ranking. The Alexa page will list three similar sites, check them out.  I targeted people interested in Crypto and limited it only to those using BTC Faucet sites as I  did not want to get involved in multiple wallets or figuring out CPC with different coins. I made a number of different capture pages each with their own capture widget so I could track them. Once I got my list together I prioritized it by alexa ranking and cost per click.I limited my views to 15 seconds and my cost between 0.00000008 (8 Satoshis) and 0.00000016. then I ran a test ad in the ones I was interested in. I only used the Surf Ad feature to advertise. I advertised in those that produced. My associates have cost me approx $1.00 ea.  I got lucky, one site produced 650 associates in July and 490 in August. It is still producing but at a reduced rate. 
Well that's it.  At the end of the contest I will publish a list of the sites that I researched and the results I got.  https://claimfreecoins.io has a list of Faucet sites and CPC Sites to get you started.
Happy marketing.

Heiko Closhen, Entrepreneur

2019 China Mining Industry Summit – Recap And Summary

 

Recap And Summary

BEIJING, June 5, 2019 – BitDeer.com’s premier industry event wrapped up successfully in Beijing. 2019 China Mining Industry Summit has brought together the biggest names of the Chinese mining ecosystem. Prominent Chinese blockchain and tech media attended the event and reported on the significant industry announcements. With the leaders of the Chinese blockchain mining group in one conference, they began to discuss the potential of computing power sharing platforms such as Bitdeer.com, and new trends and emerging patterns in the mining industry.

The conference saw the likes of the following crypto mining industry leaders:

  • Celine Lu – Founder & CEO, BitDeer.com
  • Zhuoer Jiang – CEO, BTC.TOP
  • Xiaojun Fan – Head of APAC Sales, Bitmain
  • Zhong Zhuang – CEO, BTC.com
  • Xin Tian – Co-Founder, AntPool
  • Fa Zhu – COO, Poolin.com
  • Jiazhi Jiang – Senior Blockchain Developer
  • Baoqing Liang – CTO, Bitmain Data Center
  • Yao Li – Vice President, Cobo Wallet
  • Qingfei Li – CMO, F2Pool
  • Xiao Su – Chief Representative for China, Bitcoin.com
  • Yang Tong – Partner, Jinse
  • Qiuwei Gao – CMO, RiskHash
  • Feifan Li – Co-Founder, ChainDD
  • Lei Chen – Founder & CEO, BitWhale

As the world’s leading computing power sharing platform, BitDeer.com has achieved great success with 80% repurchase rate contributed by over one million monthly active users in 223 regions since entering the market six months ago. The platform also witnessed a 300% revenue growth within three months. Its market share ranks among the top 3 in the computing power sharing industry, and will continue to be the fastest growing platform.

Empowering Win-Win Relationships

In retrospect, cryptocurrencies had lost 80% of market value from the highs of 2017 to lows of 2018. Coming into 2019, the market is giving positive signals: Hashrates have hit historic highs; and the numbers of active Bitcoin addresses is rebounding rapidly with the number of Bitcoin wallet users beginning to surge.

As an innovative creation in fintech, Bitcoin is becoming increasingly accepted by users and merchants worldwide. In addition, traditional finance and internet giants such as JP Morgan, Goldman Sachs, Microsoft, Google and Facebook are beginning to enter the nascent cryptocurrency industry. Celine Lu, CEO of BitDeer.com, sees this as a must-take opportunity. In her keynote speech “Computing Power Sharing: Ecological Synergy Accelerator”, Lu mentioned since 2018, computing power sharing no longer relied on bubble prices in the bear market. Instead, it focuses on providing the best service to users by leveraging global resources in the areas of technology, operations, and management. At present, the computing power sharing industry is at a new starting point where BitDeer stands in the core of resource aggregation. Teamed with respectable industry business partners, BitDeer.com will bring higher value to its global users and build a well-developed ecosystem to fuel the whole industry.

Lu shared valuable statistics from BitDeer for the first time at the conference. The net profit of BTC mining for BitDeer’s users exceeds RMBï¿¥6 million (USD $0.87 million) per day, with 4 orders placed monthly on average. The platform’s biggest spender who invested a total of RMBï¿¥50 million (USD $7.24 million) is expecting a profit of the same amount. Eight of BitDeer’s partner mining pools have achieved a hash rate of over 3,000P and ten of BitDeer’s partner mining facilities have achieved a total sales revenue of over RMBï¿¥300 million (USD $43.39 million). More than 20 of BitDeer’s global sales partners have received tens of millions in profit sharing. As the competition in the market turns white-hot, building a diversified, healthy and stable business ecosystem is an irresistible trend. “BitDeer has initially established a partnership mechanism,” said Celine, while presenting BitDeer’s latest partnership plans to attendees.

Lu also introduced BitDeer’s computing power partnership models with various industry members:

  • Mining pools can join BitDeer’s global users to obtain computing power, and receive additional services to promote their brands and share user traffic.
  • A lower entry barrier is now available for mining facilities and rigs, who can now start mining with only hundreds of mining machines. BitDeer will sell their computing power on consignment to achieve a better cash flow and thus maximize the value of their assets.
  • For sales partners, BitDeer provides three different collaboration models: traffic, affiliate sales and agent. With BitDeer.com, sales partners are able to share millions of active traffic and profits.
  • Partnering with third parties, BitDeer.com is working on building cryptocurrency payment and “coin to coin” exchange system.

Standing at year one of BitDeer.com, Lu believes an open mind is essential to connect partners from mining facilities, mining pools, sales, technology, traffic and service providers. BitDeer is building a computing power ecosystem community by leveraging its resources and utilizing its competitive advantages. In his speech, Bitmain’s Head of APAC Sales Xiaojun Fan shared his thoughts and experience of working together with BitDeer.com. He was impressed with the computing power possessed by BitDeer and its strategic vision. In addition, the latest firmware for Antminer S9 miners made its debut at the summit. Alongside representatives from eight strategic partners, BitDeer.com’s founder & CEO Celine Lu kicked off the mining ecosystem launching ceremony, signaling a new era for China’s crypto mining industry.

Computing Power Sharing Industry Standard

Since its 2014 birth, the Computing Power Sharing industry has been chaotic. As the leading platform, BitDeer will guide the industry in compliance with business development and environment. To begin the second half of the conference, Celine Lu read out content of the first ever ‘Computing Power Sharing Industry Standard Draft’ issued by BitDeer. She stated that she would love to invite all partners to join a discussion of the Draft and the formation of an effective mechanism to help users and practitioners. The Draft regulated three key indexes: transparent computing-power; open and fair modes; and reasonable fluctuations. It also unified the access standard of mining pools, facilities and rigs.

On the one hand, from the three dimensions of traceable, controllable and hash-rate mining pool, we can determine whether the hash rate is true and transparent, which is very crucial, according to Celine. On the other hand, the model needs to be open and transparent. Users can independently choose the mining pool, switch the mining pool, check the hash rate of their orders in the mining pool. While mining pools can regularly remit to users directly, which can be inquired from the information chain of the payment transaction. In addition, the fluctuating value should be up to the standard. In terms of fluctuating standard-reaching rate for hash rate of POW currency, the fluctuation of hash rate within 3% should account for more than 98%, and the fluctuation of hash rate within 1% should account for more than 85%. Based on the research and calculation of BitDeer, should the hash rare be not within the standard range, users will suffer from the loss of the mining earnings.

Last but not least, the criteria for access to mines are mainly reflected in three dimensions: it is a must to ensure that there is sufficient power to maintain 98% mining machinery and equipment under normal operation and normal network communication at least 98% of the time. There are strict network firewall settings, perfect fire prevention and disaster prevention facilities and the positive response from operation and maintenance personnel. And in terms of the access criteria of mining machine, the fluctuation of its hash rate is not more than or less than 5%. The equipment can operate normally under severe environmental conditions, such as high temperature, low temperature, humidity, dryness and sand. At least two spare mining pools should be set up to actively support the exploration of mining pools. Should there be something wrong with the current connected mining pools, they can be switched quickly. The life cycle of mining pools can be maintained for more than six months.

According to Celine Lu, data in the draft were extracted from key indicators in the operation and maintenance process of BitDeer.com, which has teamed up with four of the major mining pools in the world: ViaBTC, BTC.com, AntPool and F2PooL. The partnered mining pools account for more than half the worldwide the computing power which provides up-to-date accurate data for BitDeer. Not only does it provide valuable reference in standardizing industry data, improving the operation systems, regulating market, and establishing industry benchmarks, but also it proposes a perfect direction guiding the crypto industry to develop in a healthy and orderly way.

New Challenges and Opportunities

It is agreed by all panelists that, in the age of Blockchain 2.0, members of the mining ecosystem are expected to strengthen the capabilities to integrate resources in order to better serve and bring more value to the users. As a pioneer of the industry, BitDeer is believed to have provided a white-glove service to global individual miners, significantly reduced mining costs and thus lowered the barrier to entry. BitDeer.com has enlisted an army of talents and professionals, and leveraged global resources so that constrained parties could be better prepared and contribute to the mining ecosystem in the next bull market.

Miners, the most essential party in the mining ecosystem, are driven by profitability. In order to maximize mining profits and solve the operations management problems faced by mining facilities, Bitmain is soon launching a cloud monitor platform with joint efforts from BitDeer.com. Baoqing Liang, CTO of Bitmain Data Center, believes that the intelligent connectivity of cloud will ensure a stable output of computing power. The new cloud monitor platform will connect mining pools, profits and the management and operations. According to Qiuwei Gao, CMO of RiskHash, mining profitability is directly affected by the price and mining difficulty, and sense of risk control cannot be overemphasized in

the mining process.

“By partnering with BitDeer.com, the platform connecting computing power providers and individual miners, costs beared by mining pools are relatively more stable. Individuals miners are able to increase their risk resistance capabilities as well.”

Cobo Wallet VP Yao Li stated that as one of the top three wallet service providers, Cobo Wallet is looking forward to collaborating with BitDeer.com to connect the underlying payment system and support instant transfers. He believes the partnership will speech up the growth of crypto mining economy. In terms of the influence brought to the mining ecosystem by the halved Bitcoin price, panelists believe mining will continue to be a sound investment strategy. However, individual miners are still faced w th costs to run professional facilities. BitDeer’s computing power sharing model will provide an easier solution. The 2019 China Mining Industry Summit has shed light on the new mining ecosystem led by BitDeer and brought the leading computing power sharing platform’s competitive advantages as well as its potentialities to the crypto mining community.

Article Produced By
The Editorial Staff

https://www.investinblockchain.com/2019-china-mining-industry-summit-recap-and-summary/

Heiko Closhen, Entrepreneur

DeFi is too ‘noisy’ MyEtherWallet CEO says

Hype can be hectic and unorganized.

The crypto space's decentralized finance niche has reached frenzied status within the crypto industry, signaled by exuberant price highs and rampant speculation.

"DeFi is the new overhyped concept in Ethereum," MyEtherWallet, or MEW, CEO and founder Kosala Hemachandra told Cointelegraph in an interview. "The noise is too much, so everyone is just like running around trying to figure out what the next big thing is and then putting a ton of money inside without doing enough research," he said.

Back in 2019, DeFi likely brought to mind different concepts than what we see today. DeFi, at its core, existed as a way for people to borrow, loan and store funds based on their crypto holdings. Over the course of 2020, however, DeFi has ballooned, spurring projects created out of nowhere, gaining significant attention while speculators move their funds around in search of the best profit on coin price speculation and interest-bearing vehicles. Hemachandra's comments refer to this newer hype movement.

The MEW founder explained that DeFi boasts losers and winners, with the winners adding further hype to the movement. As a byproduct of the hype, Ethereum network transaction fees have skyrocketed in recent weeks, at times costing users between $40 and $80 per transaction.

"That's the main cause of the Ethereum gas price issue, as of right now," said Hemachandra. He noted, however, that the present situation is an opportunity for the industry to scale up to the challenge and improve solutions around Ethereum, explaining that tension can spur growth.

Others have noted that another potential problem with DeFi stems from Ethereum's low transaction-per-second numbers.

 

written by Benjamin Pirus

https://cointelegraph.com/news/defi-is-too-noisy-myetherwallet-ceo-says

Heiko Closhen, Entrepreneur

Christie’s to sell its first non-fungible-token as part of epic Bitcoin artwork

Christie’s to sell its first non-fungible-token as part of epic Bitcoin artwork

Christie's to sell its first non-fungible-token as part of epic Bitcoin artwork

By MARIE HUILLET

Art historian-turned-blockchain artist Gentilli believes that the Bitcoin codebase is a culturally and politically significant piece of 21-century history.

Christie’s is set to sell its first nonfungible token in an upcoming auction of what has been characterized as “the largest artwork” in the history of Bitcoin (BTC).

Art historian turned blockchain artist Benjamin Gentilli, as part of the Robert Alice art collective, has created "Portrait of a Mind" — a monumental series of 40 paintings stretching over 50 meters in length.

Drawing on the history of 20th-century conceptualism as well as the founding myth of Bitcoin’s creation, "Portrait of a Mind" is a complete hand-painted transcription of the 12.3 million digits of the code that launched the cryptocurrency.

By scattering the codebase into 40 globally distributed fragments, the project will “draw up a global network of 40 collectors where no one individual will hold all the code,” Gentilli said. He explained:

“In each work, an algorithm has found a set of hex digits that together are highlighted in gold. These read a set of coordinates that are unique to each painting. 40 locations across 40 paintings – each location is of particular significance to the history of Bitcoin.”

ecosystem for entrepreneurs

Speaking to Cointelegraph, Gentilli said he remains curious as to why much of the commemoration of Bitcoin emphasizes the publication of the whitepaper over and above the codebase itself, which, for him, is “the real historical document.” 

Christie’s will sell one painting from the series, “Block 21 (42.36433° N, -71.26189° E),” as part of its “Post-War and Contemporary Day Auction” on Oct. 7, at the end of a week-long exhibition of auctioned works in New York. 

The piece includes a unique fungible token as an integral part of the work and will be offered at an estimated price of $12–18,000.

Early collectors of paintings from "Portrait of a Mind" include Binance founder Changpeng Zhao and Bloq chairman Matthew Rozsak. Gentilli has said that by showcasing and selling an NFT at Christie’s, he hoped to spur other contemporary artists to take a look at the NFT space. 

Aside from the creative inspiration artists can draw from cryptocurrencies’ complex cultural, technical and politically dynamic history, NFTs can also give artists “more control and a better stake in their practice over the long term,” he said.

Just last week, Cointelegraph reported on the auction of a digital art piece based upon Bitcoin's fluctuating price action, which sold for over $100,000. Like “Portrait of a Mind,” the artwork integrated an NFT to vest its collector with tokenized ownership rights.

Article produced by MARIE HUILLET

https://cointelegraph.com/news/christies-to-sell-its-first-non-fungible-token-as-part-of-epic-bitcoin-artwork

 

ecosystem for entrepreneurs

 

Heiko Closhen, Entrepreneur

US Lawmakers Just Passed a Crypto Bill Here’s What’s in It

US Lawmakers Just Passed a Crypto Bill. Here's What's in It

US Lawmakers Just Passed a Crypto Bill. Here's What's in It

By Jeff Benson

The Digital Taxonomy Act and Blockchain Innovation Act snuck through the House as part of the Consumer Safety Technology Act.

In brief

  • The Digital Taxonomy Act and Blockchain Innovation Act were rolled into a third bill, the Consumer Safety Technology Act.
  • That bill was approved by the House of Representatives today.
  • The bill focuses on consumer protection, both in protecting the public against token scams and harnessing blockchain to stop fraud.

The Digital Taxonomy Act and Blockchain Innovation Act, both introduced by Representative Darren Soto, have been approved by voice vote in the House of Representatives.

The acts were rolled up into the Consumer Safety Technology Act (H.R. 8128), a bill directing the Consumer Product Safety Commission to explore applications for AI, earlier this month. If passed, the bill would take steps toward protecting the public against scammy projects while using blockchain to fight fraud.

The Digital Taxonomy Act directs the Federal Trade Commission, a consumer protection agency, to train up staff and allocate resources to identify and guard against “deceptive acts or practices involving digital tokens.”

It further mandates the agency to produce a report for the House Committee on Energy and Commerce as well as its Senate counterpart, the Committee on Commerce, Science, and Transportation, detailing its efforts to fight such deception and outlining actions it has taken.

The act frames digital tokens and blockchain as important for American innovation, and it asks the FTC for recommendations to ensure the US remains competitive while limiting abuse.

“As lawmakers, it’s our duty to ensure the United States continues to lead in blockchain technology,” said Rep. Soto in a press release.

“The Digital Taxonomy Act adds greater jurisdictional clarity for a strong digital asset market in the United States.”

ecosystem for entrepreneurs

The Blockchain Innovation Act, also rolled into H.R. 8128, has a similar consumer protection approach. It requires the Secretary of Commerce to consult with the FTC and other agencies to produce a report on the benefits of using blockchain technology to combat fraud.

It asks the secretary to determine “best practices in facilitating public-private partnerships in blockchain technology” and ways in which “greater [regulatory] clarity would encourage domestic innovation.”

“Blockchain technology has an incredible amount of potential for innovation and economic growth,” said Soto.

“I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud and enable its appropriate use for government, business and consumers.”

Blockchain and cryptocurrency bills have had a tough time getting through Congress. Darren Soto, a co-chair of the Congressional Blockchain Caucus, has introduced or co-sponsored multiple bills pertaining to digital assets. He co-sponsored two bills last week, the Digital Commodity Exchange Act and the Securities Clarity Act.

Both those bills would have major regulatory implications, but the congressman indicated he’s fine with small steps. 

“The study mandated by the Blockchain Innovation Act is a starting point meant to give government agencies a chance to make recommendations before any bills pass with a regulatory effect,” he said.

“These recommendations will perform an educational function to Members of Congress and will pave the way for more actionable blockchain-focused legislation.”

H.R. 8128 will now make its way to the Senate.

Article produced by Jeff Benson

https://decrypt.co/43312/us-lawmakers-just-passed-crypto-bill-heres-whats-in-it

 

ecosystem for entrepreneurs

 

Heiko Closhen, Entrepreneur

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

With some of its highest hash rates ever, the Bitcoin mining industry has weathered a harsh 2020 and increasingly moved away from China.
Bitcoin miners have successfully survived the 2020 Halving and COVID-19, and the network is now seeing some of its highest hash rates ever as these operations power up new equipment and reach new levels of decentralization going into the second decade of bitcoin mining.

Bitcoin Mining Is Decentralizing

China still dominates the bitcoin mining space, although the percentage of the hash rate coming from the country has dropped recently, from around 65 percent in early 2020 to about 50 percent more recently as Chinese mining farms are weathering a particularly difficult monsoon season and the government is sending mixed signals that Bitcoin may be under attack as part of a campaign to promote the new digital yuan.

Meanwhile, the U.S., Russia, Iceland, Central Asia and South America, among other regions, are all seeing continued growth in mining as miners benefit from plentiful, cheap, stranded energy in these regions — principally hydroelectric power, wind power or oil and gas, depending on the location. In addition, Kazakhstan has been in the news lately as its government partnered with miners through a $715 million investment fund. The following graph from a report prepared by BitOoda for Fidelity Digital shows an estimated breakdown of hash power around the world, indicating that China contributes 50 percent of the world’s hash power, while the U.S. is in second place with 14 percent.  It should be noted though that other analyses have placed China’s share as high as 65 percent of the total hash rate, with the U.S. at 7.2 percent and Russia at 6.9 percent.

Chinese Operations Are Looking Westward

The U.S. and Canada make up 21 percent of the global hash rate, at least in BitOoda’s analysis, second only to China. And that share is expected to go up by many in the industry. In a recent live stream hosted by Bitcoin Magazine, Elsa Zhao, the marketing manager for Chinese mining giant Whatsminer, confirmed that her company is focusing its expansion plans outside of China. In an announcement officially coming soon, the company, second only to Bitmain in its singular ability to influence bitcoin mining, will offer details about its new mining equipment manufacturing plant planned for the U.S..Bitmain, a Chinese operation that is still the largest mining equipment manufacturer in the world, is weathering its own storm: a company feud between co-founders Micree Zhan and Jihan Wu that may split the company in half. Bitmain has two manufacturing locations — one in China for the Chinese market and one in Malaysia for international sales. As far as it’s mining operations, Bitmain seems poised to continue its expansion into the U.S.

In a recent interview with Bitcoin Magazine’s John Riggins, Bitmain’s head of operations for North America, Raymond Walintukan, said that he sees more decentralization out of China in Bitmain’s future, with the company building on its current operations in North America. Walintukan works from a mining farm in interior Washington State, where stranded hydroelectric power is plentiful and cheap. Bitmain also has mining farms in Texas and Tennessee. He stressed that Bitmain is now an international company, as much as it is a Chinese company. Ryan Porter, head of business development for mining consultants BitOoda, told Bitcoin Magazine in an interview that more investors, including some from China, are inquiring about new mining opportunities in North America.

“We certainly see a reason to believe that a significant portion of hash power will migrate to North America,” said Porter. “The existing infrastructure, cost of power and regulatory stability here is competitive globally.” And the decentralization of hardware manufacturing could become a major factor for continued migration in the near future. “China has been a real industry innovator in producing the leading ASIC manufacturers,” Porter added. “However, with TSMC (Taiwan Semiconductor Manufacturing Company) planning to build a plant in Arizona, there could be domestic hardware manufacturers that emerge, which would also be a catalyst for hash to migrate outside of China.”So, despite more expensive power pricing — averaging from 3.5 to 4 cents per kWh, which is higher than in places like Central Asia and South America — North America is still considered a desirable hub for bitcoin mining because of the relative stability of the political environment and the ability to lock in multi-year power contracts (China averages just under 1 cent per kWh).

The Importance (And Ongoing Challenge) Of Bitcoin Mining Decentralization

In a recently released Coinmetrics report, researchers noted that the distribution of mining and hash rate is the most important factor in “sustaining a secure, censorship-resistant payments and savings system.”It noted that mining is the anchor and the “effective decentralization” that provides security for the Bitcoin network. The report uses a metric it called the “Nakamoto coefficient,” which measures the number of pools that would need to collaborate to launch a 51 percent attack on the network. For instance, iIn 2014, mining pool GHash.io controlled over half of the network’s hash power for about a day, giving Bitcoin a Nakamoto coefficient of 1.

The researchers concluded that bitcoin mining has become increasingly decentralized, with a Nakamoto coefficient of four. Like most profitable enterprises within the legacy financial system, the natural pull of bitcoin mining is toward more control and organization by one or a relatively small number of controlling bodies. At this point in the early history of Bitcoin, it is inevitable that a small and informed group of early adopters, like Bitcoin Core developers, will move the system forward in an organized fashion. But, as Coinmetrics’ researchers argue, it’s important to have significant bitcoin mining take place in different parts of the world.

And even though there are some signs that Bitcoin mining is becoming more decentralized, especially with Chinese operations moving some of their has power to North America, there is still a long way to go before this industry can be considered truly international. Coinmetrics noted that, even as hash power migrates from China, Bitcoin mining is still at risk of centralization through possible state level coercion and vertical and horizontal integration. “While Bitcoin mining is distributed, it’s still at risk of centralization through state-level coercion and vertical and horizontal integration. Several exchanges, including Binance, OKEx, and Huobi, operate mining pools. BitMAIN, a hardware manufacturer, owns both BTC.com and AntPool, and is the only investor in ViaBTC,” noted the report.

And, in China, mining pools continue to grow despite a particularly difficult year. As long as there is cheap power, the incentive to build economies of scale in China will grow. New China-based mining pool Lubion, which has China and Iran as its principal sources of hash power, only came onto the scene in March 2020 but is already in the top-ten of pools by hash, rivalling longer-standing pools like F2Pool (also based in China).

Still, there is reason for mining decentralization advocates to remain optimistic.Samson Mow, CSO for Blockstream, which has mining farms in Quebec, Canada and Adel, Georgia, sees continuing growth and sophistication as hash derivatives come on the market, making ownership more diverse and therefore more decentralized. Noting that Kazakhstan could be on track to become one of the world’s largest Bitcoin mining hubs as the country sets up a $715 million development fund, Mow said: “Bitcoin mining will become a strategic investment sector for many nation states. Slowly at first, and then all at once.”

Article Produced By
Jessie Willms

Jessie Willms is a planet earth based former government and political researcher and communications officer helping to document the FinTech revolution and its impact on traditional institutions and governments.

https://bitcoinmagazine.com/articles/the-sun-never-sets-on-bitcoin-mining-decentralization-continues-as-china-flounders

Heiko Closhen, Entrepreneur

How To Calculate Taxes on Crypto Best Crypto Tax Software

How To Calculate Taxes on Crypto (Best Crypto Tax Software)

 How To Calculate Taxes on Crypto (Best Crypto Tax Software)

Crypto tax

Cryptocurrencies brought four main groups together: investors, traders, miners, and thieves.

As the cryptosphere gained more traction, revenue authorities came knocking and started talking about the need for crypto traders and investors to pay tax.

  Crypto Tax software compared  
Crypto tax tool Tax loss harvesting Notes
TokenTax Yes TurboTax Integration
Koinly NA Supports all major exchanges
Cryptotrader.tax Yes Supports USA & Australia
Zenledger Yes TurboTax partner
Cointracker (Recommended) Yes US, UK, Canada, Australia
Blox NA  
Beartax NA  
 

Then I realized: Ah, so Benjamin Franklin was right when he said nothing is certain in this world except death and taxes. As a crypto trader & investor, you need to pay taxes on your crypto income. If not, the tax collectors will come out looking for you. The question is, where do you start? Just like you, I had the same headache when I realized I had to start reporting my crypto activities for taxation. As a guide, I created this simple yet resource-packed piece to help you navigate the crypto taxation space.

So what’s inside this guide? 

  • Why should you worry about crypto taxation?.
  • Understand the crypto trading and investment activities that attract taxes and those that don’t. 
  • You will know the nuances of how to report your crypto revenue for taxation (no CPA needed). 
  • Above all, I’ll present you with the right tools and platforms to help you calculate and report your taxes hassle-free. Some tools we’ll explore together include: 
    • TokenTax
    • Zenledger 
    • CoinTracking
    • Bitcoin Taxes
    • Coin Tracker 
    • Koinly

Ready? Let’s get started.

Why should you be worried about taxes in crypto?

Whether you are obliged to pay tax on your crypto activities or not depends on where you find yourself. Crypto taxation is a serious topic when you live in the US, Australia, UK, Japan, and France. These countries have clear-cut regulations on the taxes crypto traders are supposed to pay. The table below shows countries with crypto tax rules, how they classify cryptocurrencies, and the type of tax you’re obliged to pay as a trader. 

Crypto tax regulation

Which of your crypto activities are taxable

Living in any of the countries mentioned above doesn’t mean you will pay tax on every crypto engagement under the sun. These are the cryptocurrency trading and investment activities that require you to pay tax. These activities cut across almost all countries. 

  • When you sell your cryptocurrency for fiat (USD, GBP, AUD, JPY, EUR…)
  • Exchanging your cryptocurrency for another cryptocurrency
  • Using your crypto assets to pay for goods or services
  • When you receive cryptocurrency as earnings (either through mining or as payment for services offered to a third party)

Non-taxable crypto activities. 

Not all cryptocurrency engagements attract taxes. Here are the activities you need to pay taxes on: 

  • When you move your cryptocurrency from one wallet to another or between crypto exchanges. 
  • Donating cryptocurrency to a non-taxable charity organization
  • When you buy crypto with fiat 
  • When you give cryptocurrency as a gift to a friend or family. 

How to determine the amount of tax you owe from your crypto earnings

Calculate tax on crypto earnings.The amount of tax you pay on your crypto engagements depends on the activity you undertake. (This is largely based on the tax regulations by the IRS in the US).

Capital Gains Tax

Buying and holding a crypto asset and then selling it at a future date attracts a capital gains tax. For example, if you buy bitcoin at $10,000 and sell it at a later date for $13,000, you’re required to pay a capital gains tax on the gains realized, which in this case is $3000. The percentage you pay as crypto capital gains tax, however, depends on whether you held your crypto assets for less than a year or over a year. This brings us to the two types of taxes in this category: Short-term and long-term capital gains tax (this part focuses on capital gains tax because crypto activities are currently, largely dominated by buying and selling). Remember, however, that there are other activities that attract tax like making a purchase with crypto or when you get paid in crypto for providing services and more).

For short-term capital gains tax

You’re obliged to pay a short-term capital gains tax when you make gains from the sale of your crypto assets after holding it for less than a year. In the United States, the percentage you pay on short-term capital gains taxes largely depends on whether you’re single, married or head of a household. The table below summarizes tax rates and the different percentages that apply to each group. 

For crypto traders in the US, the IRS has a full list of the tax rate that applies to short-term traders and investors.

For long-term capital gains 

You’re obliged to pay a long-term capital gains tax when you make gains from the sale of your cryptocurrency after holding it for over a year. The table below illustrates the tax rate for a long-term holder.

Essentially, the rates for long-term capital gains tax are lower and favorable to traders and investors compared to short-term capital gains tax rates. Thus, the tax system rewards those who hold their assets for a long time. hodl on for dear life.

Crypto taxation in the UK

If you’re a crypto trader in the UK,  you are obliged to pay capital gains tax or income tax depending on the crypto activities you undertake. Buying and selling crypto attracts a capital gains tax and receiving crypto as payment for services offered or as earnings from mining activities attracts an income tax. 

If you earn between £0 and £12,500 on your crypto activities annually, you’re exempted from paying tax. For traders earning between £12,501 and £50,000, you will pay 20% on your crypto earnings. Her Majesty’s Revenue and Customs’ (HMRC) policy paper, describes in detail the nature of crypto activities and taxes in the UK. 

6 Crypto taxation Tools & Apps

By now, you have an idea about crypto taxation in your country, how to determine the income taxable from your trading and investment, and the tax rates that apply to your activities. 

  • But do you have to go looking for a tax expert or a CPA to determine your tax and report it on your behalf?
  • Can you afford the fees that come with consulting with a third party?

If your answer to these questions is a big NO, then read on. This part of the post will take you through 5 cryptocurrency tax software that you can use to import and manage your trading data from crypto exchanges, calculate and report taxes on your crypto activities, all by yourself. Plus some bonus tools. 

Here are the tools you’ll discover: 

  • TokenTax
  • Koinly
  • Cointracking
  • Zenledger
  • CoinTracker
  • Bitcoin Taxes. 

Let’s see what each software can offer you in terms of calculating and reporting on your tax obligations.

Best Crypto tax reporting and calculation software:

1. TokenTax

TokenTax is one of the most extensive tax calculation and reporting software out there for any crypto trader. The platform has made the entire process hassle-free by integrating with almost every crypto exchange out there. It also works with thousands of cryptocurrencies, so you don’t have to worry about your altcoin not being part of the TokenTax calculation and reporting dashboard.  If you’re a crypto trader bent on minimizing your losses and maximizing your gains, you’ll be amazed by the minimization algorithm provided by TokenTax. This feature will recommend the coins that you should sell in order to minimize the tax you pay your crypto activities and helps you make optimum use of both your portfolio and the tax system. 

Notable features of TokenTax

  • Support for many file types, including Schedule C, 8938, FBAR, and 8949, among others. 
  • TokenTax is globally accessible. No matter your location, you can use it for tax reporting. 
  • It provides support for margin trading from Bitmex, Poloniex, and many other platforms. 
  • As a trader, TokenTax allows you to import data from your wallet or exchange automatically.
  • You can also integrate your tax reports with standard accounting tools such as CCH, Drake Accounting, and TurboTax among others.

2. Koinly

Koinly is another great tool for crypto traders and miners looking to do their taxes. It provides support for traders, investors, and miners in over 100 countries. If you’re looking for a modern portfolio tracker and crypto tax calculator, Koinly is a tool to check out. In calculating taxes, Koinly considers the accounting system of all supported countries.  This makes reporting and tax calculation simple no matter the country you’re. Even if your country is not listed, Koinly is ready to support you when you need help calculating your taxes. The best thing about Koinly is that it can generate country-specific tax forms such as the Form 8949 and Schedule D if you are in the USA or the K4 in Sweden or Capital gains summary if you are in the UK and so on. This means you can simply print out the report and send it to your tax authority instead of having to copy/paste figures onto a form by hand.

When it comes to exchanges, traders have many options to choose from. It also makes integrating with an exchange or wallet simple for any trader using secure read-only API connections. In total, Koinly supports 68 wallets such as Exodus, Trezor, Ledgers etc, over 300 exchanges, and more than 6000 cryptocurrencies. If you can’t find your exchange among the hundreds supported by Koinly you can simply download and import CSV or Excel files instead. Koinly can import such files without having to make manual changes to them. Tracking your trades and calculating taxes on Koinly is really very simple and easy.

Key features of Koinly

  • Modern and user-friendly UI that makes it really simple to use even for beginners.
  • Integrates with more than 300 exchanges and wallets via API or CSV files.
  • It allows you to track trades and transactions in real-time with profit/loss graphs and complete portfolio overview.
  • Supports Average Cost, FIFO, LIFO, and Specific Identification (Multiple Depot) accounting methods
  • Traders can generate tax reports based on the accounting system of their countries. 
  • Traders can export their crypto reports to general tax tools such as Xero and TurboTax. 
  • Generates legal tax documents for traders, including Form 8949 for US customers and K4 for Swedish traders. There’s also Rf1159 for Norwegian traders and many other country-specific documents.

3. CoinTracking

CoinTracking is another great and long-standing tool for all your crypto tax calculation and reporting. It is a crypto portfolio management platform that also provides great tax tools, giving you access to a comprehensive set of data in one dashboard. It tracks your crypto balances and trading milestones to help you make better decisions. 

Notable features of CoinTracking

  • CoinTracking provides support for many exchanges, including legacy support for closed exchanges like Mt. Gox.
  • It gives you access to real-time reports on profits, losses, and asset value. 
  • CoinTracking has support for over 6000 crypto assets, so even your shitcoin that just launched last 2 months might be there. 
  • Allows you to import data from exchanges and wallets with support for JSON, PDF, CSV, Excel, and XML file formats.

Also read: CoinTracking Review: How To Use CoinTracking App (+ Expert Tips)

4. Zenledger

If you’re a professional crypto investor in need of a reliable tax calculator, Zenledger might be a perfect fit. It supports many exchanges, crypto assets, and fiat currencies. Zenledger’s dashboard is simple, making it easy for a non-technical person to navigate the platform and calculate their tax without any trouble.

Features to look out for in Zenledger 

  • Zenledger takes every minute detail into account, so you don’t have to worry about overpaying your taxes. 
  • It comes with great CPA tools to help accountants who are into the crypto taxation ecosystem. 
  • It can automatically generate different tax reports using the data you provided in minutes. 

CoinTracker is another great tool for any crypto trader looking for simple and intuitive crypto tax software. Its user-friendly dashboard makes it easy for you to calculate and report tax even if you’re a beginner. Apart from its tax tools, CoinTracker also has great crypto investment analysis tools to help you make better trading decisions. 

Great features of CoinTracker

  • CoinTracker has partnered with Coinbase and TurboTax to streamline the tax reporting process for you. 
  • The platform has support for margin trading on major crypto exchanges 
  • It allows you to seamlessly connect your wallets to your exchanges, which gives you access to tax calculation and reporting tools and a portfolio management section, all in a single dashboard.

Blox is a comprehensive crypto tool for any trader or investor looking to organize their daily activities. As an all-in-one tool, Blox comes with almost everything you’ll need as a trader, from a tax calculator to a bookkeeping platform. Blox’s crypto management tool allows you to track your portfolio and manage your daily activities. It also has a bookkeeping tool for accounting purposes and helps you classify your transaction and earnings.  Essentially, the platform is built for exchanges, accounting firms that are into crypto, cryptocurrency financial advisors, individual traders, and institutional investors.

Some great features of Blox

  • You have a complete dashboard to track all your transactions and automatically synchronize them with your preferred crypto wallet or exchange.
  • Allows you to generate all the financial reports you’ll need, including accounts and transaction details, asset classification, and mining income, among others.
  • Blox also comes with an API to help developers seamlessly integrate the crypto portfolio management tool with wallets and exchanges.

Additional great crypto tax tools

  • BearTax – Supports referral affiliate calculation for crypto taxation.
  • Koinly

Do you need a CPA after you have calculated your crypto taxes?Crypto taxation is not that complicated. After you’ve compiled your crypto activities, your next step is to list your trades on the resource provided by your country’s revenue authorities (if you’re in the US, that’s the IRS form 8949). After this, you need to transfer your total gains to your 1040 Schedule D form (same procedure for stocks). Luckily, all the crypto tax resources listed in this guide make the entire process simple.

 

How are you calculating Cryptocurrency taxes?

As the cryptocurrencies are becoming mainstream and governments have started classifying Bitcoin and crypto earnings for tax purposes, it is important to become mindful of your crypto earnings.

TThe questions that I have for you:

  • Are you calculating taxes on crypto?
  • How are you doing tax calculations on crypto trading and investing?
  • What crypto tax software are you using?

Also, if you are aware of crypto tax rules for your country, do share that as well in the comment section below.

Article Produced By
Harsh Agrawal

About Harsh Agrawal:

An award-winning blogger with a track record of 10+ years.  He has a background in both finance and technology and holds professional qualifications in Information technology. An international speaker and author who loves blockchain and crypto world.

https://coinsutra.com/

Heiko Closhen, Entrepreneur

Hacker steals 15M after degens pile into unreleased Yearn Finance project

Eminence, an unreleased project being built by Yearn’s Andre Cronje has been drained of $15 million.

The decentralized finance (DeFi) community's insatiable appetite for unaudited code has once again ended in tears and the loss of millions.

Eminence, an unfinished “economy for a gaming multiverse” being built by Yearn Finance's Andre ‘I test in production’ Cronje, was discovered by DeFi sleuths after the developer posted art teasers for the project to Twitter. He then headed to bed on September 28.

Excitement for the upcoming project quickly reached a fever pitch, with the community FOMOing roughly $15 million into the EMN protocol. However, the protocol was quickly exploited and drained … before the hacker bizarrely opted to transfer $8 million of the funds back to Cronje’s yearn deployer account by the time the developer had woken up:

Noting that he has received “a fair amount of threats” Cronje announced that the Yearn treasury will assist in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances prior to the hack.

Cronje emphasized that neither Eminence’s contracts nor ecosystem are final, highlighting that he wasn’t planning on releasing the project for at least another three weeks.

Cointelegraph will follow the story as it unfolds and update this article accordingly.

 

written by Samuel Haig

https://cointelegraph.com/news/hacker-steals-15m-after-degens-pile-into-unreleased-yearn-finance-project

 

Heiko Closhen, Entrepreneur

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