HERE'S HOW THE CRYPTO INDUSTRY IS USING ARTIFICIAL INTELLIGENCE

The rise of artificial intelligence (AI) though in its early stages has found use cases in crypto through countless projects.

The use of artificial intelligence (AI) in crypto, though still in its very infant stages, has shown prospects for growth. According to statistics, the blockchain AI market is projected to grow from $220.5 million in 2020 to $973.6 million in 2027 at a CAGR of 23.6% in the 2020 - 2027 period. Countless projects are trying to put AI at the forefront of their use cases.

Despite Tesla CEO Elon Musk and other prominent tech moguls penned an open letter, asking governments to suspend large-scale AI development temporarily, the crypto industry is ripe with AI projects. Here are some examples of crypto AI projects that have recently emerged in the community :

- Blocktrace

Blocktrace is a service provider that specializes in blockchain forensics and analysis bolstered by the use of AI technology. Its AI Chatbot is designed to simplify the process of tracking blockchain transactions. Based in Austin, the startup Blocktrace aims to leverage artificial intelligence to expedite the blockchain analysis process and facilitate the identification of trends and anomalies.

The company developed an AI chatbot called Robby the Robot, named after the iconic character from the science-fiction film "Forbidden Planet," to interact with data on the Bitcoin blockchain.

- SingularityNET

SingularityNET is a decentralized AI marketplace that uses blockchain technology to provide a platform for AI developers to share and monetize their algorithms. It enables the creation of AI-powered decentralized applications (dApps) that can be used in various industries, including finance, healthcare and transportation.

- Fetch.ai

Launched via initial exchange offering (IEO) on Binance, Fetch.ai is a decentralized platform that uses AI and machine learning algorithms to create autonomous economic agents (AEAs). Through the usage of Fetch.ai tokens, users can build and deploy their own digital twins on the network.

Developers, by paying with tokens, can access machine-learning-based utilities to train autonomous digital twins and deploy collective intelligence on the network. It helps users perform various tasks, such as data analysis, prediction markets and supply chain management. It aims to create an efficient and autonomous digital economy.

- Artificial Liquid Intelligence

Artificial Liquid Intelligence is a platform that operates in a decentralized manner and employs both AI and blockchain technology to establish a data marketplace. It provides data owners with the ability to monetize their data while still retaining authority over its privacy and security. The AI Protocol functions with the aid of the Artificial Liquid Intelligence (ALI) utility token.

- iExec RLC

iExec RLC is a decentralized cloud computing platform that uses AI and blockchain technology to provide a secure platform for running dApps that require high computing power. It enables developers to monetize their computing resources and provides an alternative to traditional cloud computing services.

The mentioned projects exhibit a variety of crypto-based applications that utilize AI parameters, although they are still in their early phases. These applications range from decentralized marketplaces and data exchanges to self-governing economic agents and cloud computing platforms.

Source

https://cointelegraph.com/news/here-s-how-the-crypto-industry-is-using-artificial-intelligence

 WHAT IS AN OPERATING SYSTEM ?

Learn about software that manages computer hardware and software resources, provides a user interface and controls program execution.

An operating system is the foundation of any computing system, controlling the input and output of data and ensuring that different programs and devices work together effectively. Examples of operating systems include Windows, MacOS, Linux, Android and iOS.

Meaning and types of operating system

An operating system (OS) is a software program that manages computer hardware and software resources and provides common services for computer programs. It serves as an interface between the computer hardware and software.

An operating system’s main responsibility is to manage the computer’s resources, including memory, disc space, CPUs and input/output devices to ensure their effective and efficient use. The operating system also manages how programs are run and offers a user interface so that people may communicate with the machine.

There are numerous types of operating systems, such as:

Windows OS: Microsoft created the well-known operating system known as Windows. It is made to function on desktop and laptop computers, as well as tablets and cell phones.

MacOS: Apple Inc. created the MacOS operating system. It is made to only function on Apple devices, such as Macs, iPads and iPhones.

Linux OS: The cost-free open-source operating system is called Linux. It is made to function on a variety of hardware, including embedded systems, smartphones, servers and personal PCs.

Unix OS: Often found in servers and mainframe computers, Unix is a multi-user, multitasking operating system. It is renowned for its dependability, stability and security.

Android OS: Google created the Android smartphone operating system. It is made to function on tablets, smartphones and other portable electronics.

iOS: Apple Inc. created the iOS mobile operating system. It is made to work with iPod Touch, iPhone and iPad devices.

Chrome OS: Google created the lightweight operating system known as Chrome OS. It is made to function on Chromebooks and other hardware that makes use of the Chrome web browser.

Each type of operating system has its own unique features and characteristics, and the choice of operating system depends on the specific needs and requirements of the user.

How are operating systems used?

Here are a few examples of how operating systems are used in various contexts:

Personal computers

To control the hardware and software on their desktop or laptop, users probably use an operating system like Windows, Macintosh or Linux. With the help of the operating system’s graphical user interface (GUI), one may interact with their computer and use applications like word processors, web browsers and games.

Servers

In a data center or cloud computing environment, servers typically run a version of Linux or Unix to manage resources and provide services such as web hosting, database management and virtualization.

Mobile devices

When users use a smartphone or tablet, they are likely using an operating system such as Android or iOS to manage the hardware and software on their device. These operating systems provide a touch-based interface and a range of apps for communication, productivity, entertainment and more.

Embedded systems

A vast variety of embedded devices, including industrial machinery, automotive systems and medical equipment, also use operating systems. These operating systems frequently offer specialized functionality for the particular device and application and are made to be quick and effective.

Is a blockchain the same as an operating system?

No, a blockchain is not an operating system. Blockchain is a distributed ledger technology that is used for secure and transparent record-keeping. It is a type of database that is maintained by a network of computers, rather than a central authority.

Operating systems and applications can be used in conjunction with blockchains to increase security and transparency. One example of blockchain being used with an operating system is Microsoft’s Azure Blockchain Service, which allows developers to build and deploy blockchain applications using Microsoft’s cloud computing platform. The service integrates with Microsoft’s operating systems and other tools to provide a secure and scalable environment for blockchain development and deployment.

However, it is important to note that a blockchain does not manage computer resources or offer a user interface for interacting with a computer or device, making it ineffective as an operating system substitute.

Source

https://cointelegraph.com/news/what-is-an-operating-system

 Navigating the World of Crypto: Tips for Avoiding Scams

From "pig butchering" to phishing, 

there are myriad ways that scammers try to take advantage of crypto users.

Despite the belief of many crypto enthusiasts that centralized exchanges (CEXs) are safer, history has often shown them to be rather vulnerable to attacks.

Because these exchanges centralize the storage of users’ assets, they can be attractive targets for cybercriminals. If an exchange’s security measures are inadequate or successfully compromised, user assets may be stolen or lost.

Another risk of centralized exchanges is the potential for fraud or mismanagement by their operators. Since CEXs may have a single point of control, they may be more susceptible to insider fraud or other forms of misconduct — which can lead to the loss of funds or other negative consequences for users.

Over the last year, with the collapse of major centralized cryptocurrency platforms like FTX and Celsius, more and more users are choosing to take self-custody of their digital assets. The risky financial practices and alleged fraud committed at some of these platforms have caused many people to lose faith in them as safe places to store their cryptocurrency.

Self-custody refers to holding and managing one’s own cryptocurrency instead of entrusting it to a third party, such as an exchange. This approach offers users greater control over their assets and can potentially provide higher levels of security. However, it also comes with its own risks, particularly in the form of scams.

Types of scams and how to avoid them

To better understand the potential dangers associated with self-custody and offer guidance on how to protect oneself from scams, Cointelegraph reached out to Alice Boucher of Chainabuse, a multichain community platform for reporting fraudulent crypto transactions.

One scam aiming to take advantage of crypto users is called “pig butchering.”

“A pig butchering scam occurs when the scammer stays in constant contact to build a relationship with the victim and ‘fatten them up’ with affection over time to have them invest in fake projects,” Boucher said, adding: 

“ The scammer tries to drain as much money out of the victim as possible, often using fake investment sites showing large fake profits and using social engineering tactics, such as intimidation, to extract more money from the victim.”

Social engineering uses psychological manipulation tactics to exploit the natural tendencies of human trust and curiosity.

Cybercriminals in the cryptocurrency industry often aim to steal self-held assets by taking control of high-profile accounts. “Between May and August 2022, social media account takeovers — involving Twitter, Discord and Telegram — have wreaked havoc. Scammers post malicious NFT phishing links during those attacks, compromising high-profile social media accounts,” said Boucher

Once these attackers have gained access to a high-profile account, they typically use it to send out phishing messages or other types of malicious communications to a large number of people, attempting to trick them into giving up their private keys, login credentials or other sensitive information.

The end goal is to gain access to self-custodied assets and steal the cryptocurrency held by the individual.

Followers of these high-profile accounts may be tricked into clicking on malicious links that transfer all of the tokens out of their wallets. These scams may also be designed to have users invest on a trading platform and often result in victims losing their deposits with no way to recover them: 

“ The volume of scams, hacks, blackmails and other fraudulent activity has been growing exponentially over the last few years. Most fake platforms appear to be either Ponzi schemes or payout scams with the following characteristics: They advertise fake returns, have referral incentives that resemble pyramid schemes or impersonate existing legitimate trading platforms. ”

Scammers utilizing these phishing tactics can encourage users to sign smart contracts that drain their assets without their consent. A smart contract is a self-executing contract with the terms of the agreement between buyer and seller directly written into the code.

If the contract contains errors or is designed to take advantage of people, users may end up losing their tokens. For example, if it allows its creator to take possession of tokens to sell them, users may lose cryptocurrency by signing it.

Most of the time, users don’t know they’ve lost their tokens until it is too late.

Self-custody can be a great way to take control of one’s assets, but it’s crucial to understand the risks and to take steps to protect oneself from bad actors.

To protect oneself when using a self-custody wallet, it is important to follow the best practices, such as keeping software up to date and using unique passwords. It is also crucial to use hardware wallets such as a Ledger or Trezor to store your cryptocurrency.

Hardware wallets are physical devices that store your private keys offline, meaning a hacker also needs physical access to engage in certain interactions with the blockchain, making them less susceptible to getting hacked.

Source

https://cointelegraph.com/news/navigating-the-world-of-crypto-tips-for-avoiding-scams

OTHER SIDE #3 : BITCOIN BLOCK SIZE EXPLAINED

What are blocks?

A block comprises a file in which data pertaining to the most recent transactions on the Bitcoin (BTC) network is permanently recorded. Each block can be likened to a page of a ledger, with the blocks “chaining” together to comprise the decentralized ledger that underpins the Bitcoin network.

Those bundled transactions are confirmed by miners before they are added to the Bitcoin blockchain as new blocks. The size of a block creates a limit on the number of transactions that can be verified with each block. As such, larger blocks require greater computation power and will take longer to be mined. Blocks exceeding the limit will be rejected by the network.

During Bitcoin’s infancy, blocks were limited to carry no more than 36 megabytes of transaction data each. However, the block size was reduced to 1 MB on July 14, 2010 in order to counter both the threat of transactional spam clogging up the network and potential distributed denial-of-service (DDoS) attacks. 

However, universal consensus regarding an ideal block size was not found, and core developers predicted that the rate of transactions hosted by the network may exceed the available block space in future, arguing in favor of an increase to the 1 MB limit shortly after it was put in place. Since the introduction of the 1 MB block limit, the number of transactions processed per second by the BTC network has largely oscillated between two and seven.

Why does block size matter?

The size of a block imposes a limit on the number of transactions that the Bitcoin network is capable of processing per second and thus can be seen to inhibit the network’s ability to scale. When blocks fill, the network becomes congested, and transaction fees rise dramatically.

At the start of 2013, the average Bitcoin block size was approximately 125 kilobytes. By May 2015, increasing adoption had led to a 240% rise in block size since 2013 — from 125 KB to roughly 425 KB — however, crypto trade tool provider TradeBlock then estimated that blocks were hitting the 1 MB limit at least four times daily on average. 

By 2015, the increasing prevalence of blocks near the limit of transactional data began to pervade the mainstream cryptocurrency zeitgeist, with concerns pertaining to a significant slowdown in the processing of transactions and an increase in fees being brought to the fore.

The resulting increased fees and delays in the processing of transactions were seen to undermine the core utilities underpinning BTC, with many within the community concerned that network congestion and an increase in the cost of transfers would render Bitcoin redundant as a means of exchange. 

At the time, TradeBlock estimated that “at least some otherwise-acceptable transactions are seeing delayed confirmations due to capacity issues on the network 3% of the time since the beginning of the year.”

Why increase the block size?

Over the years, Bitcoin has seen numerous proposals advocating that an increase is needed in order to reduce fees, process more transactions per second and allow Bitcoin to scale to compete with mainstream payments technologies.  

On May 4, 2015, Gavin Andresen published an article titled “Why increasing the max block size is urgent,” further escalating the perceived gravity of the block size debate, despite the average BTC block then being only 30-40% full. Andresen warned:

“If the number of transactions waiting gets large enough, the end result will be an over-saturated network, busy doing nothing productive. I don’t think that is likely — it is more likely people just stop using Bitcoin because transaction confirmation becomes increasingly unreliable.”

Later that month, Andresen asserted that he would shift his work toward alternative client Bitcoin XT should the community fail to reach consensus regarding the implementation of a block size increase. The 0.10 version of Bitcoin XT had been launched during December 2014 by Bitcoin Core developer and prominent critic of the 1 MB block limit Mike Hearn.

On June 4, 2015, Andresen advocated that the miners and node operators should be able to autonomously decide the size of blocks, arguing that the community should either maintain the limit and “see how high transactions fees must rise until miners realize they’re ‘leaving money on the table’ and raise the -blockmaxsie themselves” or alternatively “replace the limit with a ‘go along with the crowd’ rule that means any miner that doesn’t care will create blocks that neither increase nor decrease the average block size.”

On June 12, 2015, a statement requesting the introduction 8 MB blocks that had been signed by major Chinese mining pools F2pool, BTCChina, Antpool, Huobi and BW surfaced online, indicating transnational demand for larger blocks.

On June 22, 2015, Andresen published Bitcoin Improvement Proposal (BIP) 101, which advocated “replacing the fixed one-megabyte maximum block size with a maximum size that grows over time at a predictable rate.”

What was BIP101?

BIP101 proposed that the maximum block size be raised to 8 MB as of Jan. 11, 2016, before increasing linearly to double every 730 days until January 2036. 

The 8 MB limit was estimated to be able to facilitate the processing of 24 transactions per second. The BIP101 proposal was well-received by large segments of the public, including leading Chinese mining pools.

However, the Bitcoin community remained divided on the issue of block size, with Bram Cohen, the creator of Bittorrent, publishing an article titled “Bitcoin’s Ironic Crisis” on June 23, 2015, in which Cohen argued in favor of transactions fees being determined by market forces amid the maintenance of the 1 MB block limit:

“The proposed ‘solution’ to the ‘problem’ of hitting the transaction rate limit is to raise the limit from 1 megabyte to 20 megabytes. This sort of change flies directly in the face of the ethos of Bitcoin.”

Cohen asserted that the prevalence of high fees would evidence Bitcoin to be “providing real value” and emphasized the incentive such an option would offer to miners in exchange for securing the network. Furthermore, Cohen added:

“In the long term the mining rewards for Bitcoin will go away completely (there’s a strict schedule for this) and all that’s left will be transaction fees. Attempting to ‘solve’ the problem of transaction fees would in the long run undermine the security of Bitcoin even if it were done perfectly.”

On Aug. 16, 2015, Andresen’s BIP101 was merged into the code of Bitcoin XT. Despite BIP101 receiving widespread support from the crypto community, the inclusion of BIP101 into Bitcoin XT’s protocol failed to spark widespread adoption of the alternative client. During the second half of 2015, users of Bitcoin XT alleged that they were the victims of a coordinated attack against the chain.

Which block size increase proposals garnered community support?

Bitcoin XT, Bitcoin Unlimited, Bitcoin Classic and Segwit2x were among the initiatives to increase Bitcoin block size that received the greatest community support during 2016, but none have succeeded in forcing a block size increase.

In January 2016, BIP101 was removed from Bitcoin XT’s protocol in favor of a one-time block size increase to 2 MB, which preceded the rapid collapse of support for Bitcoin XT. By January 2017, less than 30 Bitcoin XT nodes were maintained by miners — down from approximately 650 one year prior. Despite the collapse of Bitcoin XT, proposals in favor of a block size increase proliferated, such as Bitcoin Unlimited, which was launched in January 2015 and allowed users to signal block sizes.

At the time, Bitcoin Classic emerged as the means to a block size increase that appeared to garner the greatest community support following its launch on Feb. 10, 2016. The proposed fork would support a one-time 2 MB block size increase, with the Wall Street Journal’s Paul Vigna describing the proposal as having “emerged from the ashes of the XT/Core debate.” Despite appearing to quickly gain support, Bitcoin Classic failed to attract support from more than 75% of miners and, as such, failed to emerge as the dominant chain. Bitcoin Classic would eventually cease operations after the project’s developers pledged support for the Bitcoin Cash chain during 2017. 

On Feb. 20, 2016, Bitcoin Roundtable — a consortium representing many of the leading businesses, exchanges, wallets and mining pools of 2016 — outlined a plan for a hard fork of the Bitcoin blockchain that would force the introduction of the Segregated Witness (SegWit) protocol alongside a 2 MB block size increase.

What is SegWit?

Segregated Witness, or SegWit, is a process by which the data capacity of a block is increased by removing signature data from a Bitcoin transaction. When certain parts of a transaction are removed, capacity is freed up to add more transactions to a block. WIth SegWit, each byte of data only counts as one-quarter of a block, facilitating four times as many transfers to be recorded within a block.

Following a year of intensifying debate regarding the block size limit, a proposal for SegWit 2 MB was published on March 31, 2017. The proposal advocated the activation of Segregated Witness via a soft fork and then a subsequent hard fork to raise the block size to 2 MB.

During the following month, Digital Currency Group published an article titled “Bitcoin Scaling Agreement at Consensus 2017.” It outlined what became known as “The New York Agreement,” expressed a commitment to the activation of SegWit and the implementation of a 2 MB block size limit on behalf of the 58 major Bitcoin companies that then controlled 83.28% of hashing power and represented $5.1 billion in monthly on-chain transaction value. Despite attracting notable support from leading actors within the cryptocurrency industry, the “SegWit2x” fork was canceled just days from its scheduled activation.

Why did Bitcoin fork and split?

The inability of the community to find consensus regarding a proposal to increase the block size resulted in a user-activated hard fork of the Bitcoin blockchain in August 2017.

While numerous proposals advocating a change to the block size limit had failed to gather the support required to manifest change, transaction fees had skyrocketed by mid-2017. During August 2015, the average BTC transaction fee was just $0.50. However, by June 2017, median fees had increased 10x to approximate $5. With nearly half of the world’s population living on less than $5.50 per day, high fees appeared to have rendered BTC completely unusable for the world’s developing populations, driving a renewed push from within the crypto community to conduct a user-activated hard fork that would raise Bitcoin’s block size limit. 

On Aug. 1, 2018, Bitcoin Cash (BCH) successfully forked away from BTC, splitting the Bitcoin network in two. BCH introduced a block size limit of 8 MB, in addition to implementing a difficulty adjustment algorithm. The fork also rejected the implementation of the Segregated Witness soft fork, which was activated on BTC on July 21, 2017. Rather than explicitly increase the BTC block size, SegWit introduced a “block weight” of 4 MB for Segregated Witness transactions.

During May 2018, BCH underwent a hard fork to increase the block size to 32 MB. However, it then went on to undergo a hard fork once again during November in a network split that saw the emergence of rival chain Bitcoin SV. Initially supporting a block size of 128 MB, Bitcoin SV’s Quasar upgrade further lifted the maximum block size to 2 gigabytes in July 2019.

OTHER SIDE #2

Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint

Natural gas obtained as a by-product of oil extraction has become synonymous with wasted energy. In certain areas, drilling companies cannot find a profitable market for excess fuel. It is often thrown into the atmosphere. Start up now offers a system in place that uses the advantages to mine cryptocurrency. This new business is growing in areas where shale oil and gas extraction is the main industry.

Fossil Fuels Aren’t Going Anywhere

At least for the foreseeable future, traditional energy sources such as oil and gas are here to stay. Their abundance and relatively low price compared to some renewables, their utility, mobility and well developed supporting infrastructure are hard to beat. However, despite these obvious advantages, getting them out of the ground can sometimes be a wasteful process.

Electricity is the primary cost of bitcoin mining and while coin minting is often powered by renewables like hydro, energy from traditional sources is widely used as well. Cryptocurrency mining can utilize the surplus fuel that would otherwise be wasted, and the oil and gas industry is a good example of this. With the spread of alternative methods of extraction to even remote, hard-to-access places, the need for on-site consumers grows.

New shale oil wells have been popping up across North America and other parts of the world in the past few years. They are often located far from potential markets, and the transportation of certain byproducts such as methane and other compounds forming natural gas is not always economically viable, because grid prices are too low or because expensive additional infrastructure is needed to transport the fuel.


Associated gas, or flare gas, is a liability for oil companies and they have several options for dealing with it. If a well is close to a market, producers can pipe it to end consumers. Alternatively, they can flare it or vent it into the atmosphere. However, authorities in the U.S. and Canada impose restrictions on the amount of gas that can be released or burned. Exceeding these limits usually leads to costly production stoppages.

Crypto Mining Makes Excess Gas Profitable

Installing bitcoin mining equipment at oil production sites provides a solution to these problems. Some companies are already offering this type of service. Gas engines are used to generate electricity and power mining rigs. Oil producers remain compliant with venting quotas and receive additional income, while ensuring uninterrupted oil extraction. Mining rewards can be significantly higher than the price most companies get when they sell gas to the grid. At the same time, nature is spared from a very potent greenhouse gas – methane gas is 25 times more harmful than CO2.


Upstream Data is a Canadian company offering mobile mining datacenters that can be bought or rented by oil companies and installed at facilities which need to vent associated gas. They can bring in over 15 times more revenue than the market price of the fuel, while limiting carbon footprint. The datacenters come in different configurations depending on their equipment and power rating. The all-in-one Ohmm Combo can be ordered with up to 125 kW of ASICs and a natural gas genset, all housed in a modified shipping container. The midrange version starts at 28,000 Canadian dollars ($21,400). A new product called Ohmm Mini, a 50 kW stackable datacenter, is also on sale, and Ohmm Mega, a 1,000 kW datacenter, is currently under development.

Upstream Data founder and CEO Stephen Barbour, who is a mechanical engineer with eight years of experience in the oil industry, told news.Bitcoin.com that his business continues to pick up. Earlier this month, he tweeted about the commissioning of a new Ohmm datacenter in Texas. The entrepreneur noted that media reports on his solutions have brought more legitimacy to crypto mining as a means of utilizing stranded gas. His company continues to get new orders and is conducting trials with small and large groups. “A lot of great things are happening for us so we’re pretty excited to expand our services,” Barbour said and added:

" Aside from the oil industry, our datacenters can also be used in traditional mining applications. However, I believe the future of bitcoin mining is in the oil and gas industry due to the enormity of the energy produced and wasted. "

Huge Amounts of Stranded Gas Flared Each Year

Various studies have shown that oil companies vent or flare enormous quantities of natural gas year after year. According to the World Bank, 5.3 trillion cubic feet (150 billion cubic meters) of natural gas is flared annually, which amounts to 25% of the total consumption in the United States. An analysis conducted by General Electric claims that 5% of the global gas production is flared annually. It has been estimated that the stranded natural gas accounts for up to 60% of the planet’s reserves.


EZ Blockchain is another company expanding its operations in the sector. It has designed a mobile flare mitigation system which can be deployed on oil well pads and mine digital coins using energy from the flared gas. Its EZ Smartbox portable mining units are powered by gas-electric generators to convert associated gas into electricity used in data processing including crypto mining. The Chicago-based company has already delivered 13 mobile units to three locations, with 6 MWs under operation and 64 PH/s of hash power. To find out more about these operations and get further insights about the industry, news.Bitcoin.com contacted Sergii Gerasymovych, founder of EZ Blockchain.

“ Our primary area of operation and target market is the Bakken region in North Dakota, which has very rich gas being flared, with over 1,500 BTU/ft3. Raw gas is dirty, it consists of methane, butane, hexane, pentane, ethane, and other gases. NGL companies are required by law to clean it before it can be burned and producers spend money to do that, ” the entrepreneur explained.

In the smallest configuration of the EZ Smartgrid solution, a 350 kW datacenter can be equipped with 250 S9 miners and utilize up to 100 MCF of gas daily with a gas-electric generator. “This is a drop in the ocean for oil producers, but we worked hard to solve the scaling problem. We strategically partnered with a distributor of generators from Jenbacher with a power range of 200 kW to 10 MW and flexibility to run either on natural gas or a number of other gases,” Gerasymovych noted. He thinks this is a game changer as the average small well in North Dakota produces around 350 MCF of gas daily, and an oil pad can have five or more wells.


The company is currently working with one oil producer in the Bakken region and is about to start operations with another. Its team is also evaluating a 10 MW location in the Appalachian Basin. EZ Blockchain’s founder believes there’s huge opportunity for the expansion of this type of crypto mining, particularly in North America where due to the shale boom, there are many wells where gas is flared. This fuel isn’t going anywhere and building pipes is not economically feasible.

" There is enough wasted gas in North Dakota alone to power a third of Bitcoin’s whole network. Bitcoin mining can be done completely off-grid, solving an environmental problem. "

Sergii Gerasymovych expects more drilling companies to install and operate on-site mining equipment to utilize the excess gas that would otherwise be wasted. However, this will not happen quickly as the oil and gas industry is very conservative. It’s going to take time for small to midsize companies to look for a new, innovative approach. “They are in the business of pumping oil, not mining bitcoin. That’s why EZ Blockchain usually runs the mining operations,” he remarked.


Gerasymovych emphasized that these operations generally require a lot of investment into gas generation equipment upfront. “This is another obstacle we face with oil producers. Small companies can operate tens of wells and midsize companies – hundreds or even thousands. That means very big mining operations have to be built and funded in order for the flaring problem to go away completely,” he explained. Oil and gas companies are a bit hesitant to invest money in an industry which they do not know well and it may take more time before the technology becomes a mainstream solution.

The expansion of the shale oil industry in North America and the scale of gas wastage have created ideal conditions for services such as those offered by Upstream Data and EZ Blockchain, and they are not the only companies that are working to utilize the abundant byproduct in crypto mining applications. The U.S.-based Crusoe Energy Systems is developing its own solutions in the niche, helping oil and gas producers to reduce gas flaring while making a profit by verifying crypto transactions. This spring, the startup raised $4.5 million in a seed funding round led by Bain Capital Ventures and Founders Fund Pathfinder, bringing its total funding to $5.1 million.


The capital will be used to finance the production of Crusoe’s mobile datacenters designed to mine digital coins at oil drilling sites. The goal is to provide a large-scale flare mitigation service for oil and gas extraction companies across North America. Crusoe’s modular datacenter units are installed in shipping containers and can be quickly deployed on any oil well site in the U.S. and Canada to start mining within days. The systems not only reduce flaring but also eliminate most of the smog-forming emissions of volatile compounds such as nitrogen oxide (NOx) and carbon monoxide (CO).

Decentralizing Power Consumption in Bitcoin Mining

While cryptocurrency mining has become more and more centralized over the years, there’s a strong case that the generation of power used in the process will be gradually decentralizing, thanks to solutions like these. Datacenters running on stranded gas do mine on pools, but they are mobile units that can be installed anywhere. As the hunt for cheap energy intensifies, with electricity being the main expense in bitcoin mining, more and more businesses are likely to develop products allowing for the use of energy close to its source.


Companies specializing in flare gas utilization have some challenges to overcome. Datacenters require maintenance, rigs need to be restarted sometimes, fuel pipes can freeze, and it can be hard to establish a reliable internet connection in remote places. Add to that the low efficiency of gas engines used to power the mining modules – it’s less than 30% and most of the energy is still lost as heat and through the exhaust pipe. Bans imposed on shale oil and gas extraction and fracking also pose a threat to the business.

Nevertheless, bitcoin mining remains a viable option for energy companies operating far from potential markets and under strict regulations on venting and flaring. Mining containers can also be installed at ordinary natural gas fields and exploited whenever coin minting is more profitable than selling the fuel to other consumers. Along with Canada and the U.S., Russia, China, Iran, and Saudi Arabia are among the largest natural gas producers in the world. Global proven reserves have been estimated at 6.95 quadrillion cubic feet.

OTHER SIDE #1 : BITCOIN GAMBLING PART 1

ONEHASH

" WIN ,, ONLY MATTER OF A TIME "

In the world of Bitcoin and sports betting, there are a lot of different types of platforms in existence. Not all of these offerings have to be incredibly complicated, which is what makes OneHash so attractive. No one is calling the platform simple by any means, but its elegant design and no-frills approach make it stand out among the competition.Ever since the platform was introduced in 2014, mutual betting on sports with Bitcoin has become more popular.

Sports betting platforms in the Bitcoin world have to be approachable by all types of players, and OneHash is doing a good job at providing exactly that. Registration on the platform is not required, as all session data is stored in the browser itself. Small things like these can make a big difference when trying to make a name for oneself, and people are not too keen on creating different accounts for various platforms.

Rather than acting as a traditional bookmaker, OneHash should be looked at as a broker between users seeking to play mutual bets. Players bet directly against each other, rather than against the platform itself. This creates an interesting dynamic with the multiplier for every bet placed, as it will change depending on how much funds is wagered on that particular sporting event.

Another benefit from this approach is how OneHash manages to unify Bitcoin sports betting with friendly wagers among friends, family, and co-workers. A bit of fair competition in the Bitcoin sports betting market can go a long way, and with the ever-changing odds, things get even more attractive.

Among the sports covered by OneHash are traditional offerings such as Football, Hockey, Basketball and the NFL. But there is also the e-sport category, which is something people won’t often see in the Bitcoin gambling world. The only event listed right now is the CS: GO Dreamhack Leipzig 2016 tournament, which was held in January of this year.

Last but not least, there is the OneHash affiliate program, which does not require users to sign up either. All it takes is entering a valid Bitcoin address to generate the referral link. Affiliates will earn 50% of commission for the first ten bets made that are equal to or above the value of 0.01BTC each.

All in all, the OneHash platforms look nice, although more sports and events should be added to make it a bit more appealing. There is no company information on the website or in the WHOIS records, though. However, the company has a pretty solid reputation on Bitcointalk since February of 2015.

" JOIN ONE HASH AND WIN WITH FAVORITE TEAM "

GO AND SPEND BITCOIN FOR EVERYDAY NEEDS

Bitcoin is an electronic form of payment, which is one of the many reasons so many people are attracted to this virtual currency. Over the past few years, more and more places have started accepting bitcoin payments as an alternative form of payment due to lower costs, instantaneous transactions, and no risk of fraud or chargebacks.

As a result, bitcoin is becoming a viable form of payment, both online and in store at various locations throughout the world. The bitcoin system is mostly used for sending funds around the world, which also means that commerce is a major factor in keeping the ecosystem alive

With so many different merchants to choose from some of which can even be used for everyday goods and services bitcoin is slowly becoming a mainstream form of payment.

One interesting option to spend bitcoin comes in the form of services and companies that deliver food to your doorstep. Or, if you are huge Starbucks fan, why not use bitcoin to buy your next coffee? The possibilities are endless

A quick internet search shows you more ways of spending bitcoin than you ever thought possible at this stage. If you're searching online for info on spending bitcoin.