Hello, everyone! Let’s start the work week with recent news and traditional digest!
Ohio ‘plants a flag’ for Bitcoin adoption, accepting it for taxes
State Treasurer Josh Mandel pioneered the idea in Ohio and starting this coming week the state’s companies will be able to make Bitcoin tax payments at OhioCrypto.com. The payments will be processed by U.S company BitPay who make the conversion to U.S dollars for the Ohio government.
The state official believes the initiative is an opportunity for “planting a flag” for Ohio in the much anticipated wider adoption of Bitcoin.
Bitmain is sued for cryptojacking customers using their own ASIC devices
The giant crypto mining company, Bitmain received a class action lawsuit in the Northern California district, that is initiated by a Bitcoin miner, named Gor Gevorkyan.
Bitmain’s ASIC devices are preconfigured to use its customers’ electricity to generate crypotocurrency for the benefit of Bitmain rather that its customers…and lay the substantial costs of operating the ASIC devices at the feet of its customers….(resulting in) out of pocket losses.
Blockchain is all about “trust”
Edward Snowden gave a brief description of the blockchain and says that the main reason for implementing it into governments and businesses is trust.
The reality is that blockchains can theoretically be applied in many ways, but it’s important to understand that mechanically, we’re discussing a very, very simple concept, and therefore the applications are all variations on a single theme: verifiable accounting.
600K Bitcoin miners shut down in last 2 weeks, F2Pool founder estimates
Between 600,000 and 800,000 bitcoin miners have shut down since mid-November amid declines in price and hashrate across the network. Mao Shixing, founder of F2pool, said his firm’s estimate takes into account the total network hashrate drop and the average hash power of older mining machines that are having a hard time generating profits.
According to data from, the bitcoin network’s entire hashrate, which captures the aggregated computing power on the world’s first blockchain, has dropped from around 47 million tera hashes per second (TH/s) on Nov. 10 to 41 million on Nov. 24 – an almost 13 percent decline.
Ripple is making it easier for customers to integrate XRP
Ripple is rolling out a new version of its most popular product, xCurrent. Positioned as a rival to SWIFT – the 45-year-old messaging network at the center of the global payments infrastructure – version 4.0 of xCurrent is being more closely integrated with Ripple’s other major offering, xRapid. xRapid uses the cryptocurrency XRP to provide what the company calls “on-demand liquidity” in cross-border transactions: the ability to use XRP as a bridge currency in the middle of a cross-border payment corridor, which Ripple says eliminates payment processors’ need to pre-fund bank accounts in destination countries.
What this release enables you to do is that in countries where you think it’s appropriate and xRapid’s available, using your xCurrent software, you can now plug into on-demand liquidity using xRapid.
Thank you for attention! Have a productive day!