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News by Coindesk: Leigh Cuen
The Iranian government has been cracking down on cryptocurrency mining operations over the past three months, pending new legislation for formal mining licenses.
Since authorities have not officially approved a mining license process, several sources told CoinDesk that bitcoin miners are now operating in a climate of perpetual fear.
In rare cases, they can be jailed for continuing to operate. More often, they face exorbitant fines or have their equipment sealed off.
“If the government learns about my equipment, they’ll seal it and turn it off,” one small-scale bitcoin miner, operating just 15 machines in Tehran, told CoinDesk, adding:
“I’d be arrested. … After six months of waiting [for licensing regulations], they still want to make miners seem like criminals.”Another professional bitcoin miner estimated the government has confiscated 80,000 mining devices over the past four months. It’s hard to say what the real numbers are, since they are not publicized. But this second bitcoiner alone lost access to thousands of machines, as he was operating an industrial farm connected directly to a power plant. He said 30 households lost their income when the government shut down his operation.
Plus, he says he personally knows more than 15 bitcoiners who were jailed.
“We have to wait for the Ministry of Energy, and the [new] regulations, to make a protocol with tariffs for our business,” he said.
An anonymous bitcoin developer in Tehran, who often works with miners, told CoinDesk many bitcoiners surrender the deeds to their homes to get out of jail, because the fines themselves can be worth more than their annual salaries. He said the fines range from $2,000–5,000 per machine, which is several times their retail value.
“There are also fines on the price for electricity,” he added, explaining that the electricity fines are often four times the annual cost of power for the machines. For example, if the mining farm paid $5,000 for a whole year of electricity, the fine for using a subsidized electricity source could be $20,000.
In Iran, the state-controlled electricity prices vary according to use-cases and the category for bitcoin mining has yet to be formally established.
As for the second miner who lost access to his industrial-sized operation, he told CoinDesk his company has an “open case” in court over a fine. He expected to be charged twice the market value for thousands of machines. But he’s unsure how he will be able to pay.
Smuggled equipmentThese bitcoin miners face compliance hurdles from multiple agencies, related to both smuggled equipment and subsidized electricity fees.
The anonymous developer said most computer equipment and luxury goods are technically smuggled, from air conditioners to televisions sets. He said foreign grey market products are usually cheaper and higher quality than those sold through official retailers.
“If [the government] really wanted to fine all the people in the country using or selling smuggled merchandise, they’d have to fine everyone in this country,” he said, adding:
“Yet in just one area in the southern part of Tehran, a dozen [mining] farms were [recently] closed.”As reported by a Tehran-based journalist for Bitcoin Magazine, the acute focus on finding bitcoin miners is wreaking havoc on the Iranian crypto community.
A survey of 600 Iranian bitcoiners, conducted over the past two weeks by the market research firm Gate Trade, found that 40 percent of respondents said the lack of regulatory clarity was their “biggest challenge related to bitcoin.”
Another miner operating near Tehran, also tapping into an industrial power plant, said up to at least 30 people associated with his farm haven’t had income for over a month. Plus, he said people with smaller, personal miners are afraid to move their equipment these days.
“If you were caught by the police having mining equipment in your car, your equipment would be seized and you would be charged with a penalty for handling or moving illegally imported machines,” the third miner said.
Indeed, local news outlet Fars News reported in July that several unnamed individuals were arrested in the southwestern city of Saveh for transporting smuggled mining equipment.
Power battlesGiven this context, the growth of Iran’s bitcoin mining sector is screeching to a halt, with some bitcoiners taking small operations deeper into the proverbial underground and others halting completely.
Just like the second miner, the third mining farm operator’s machines are now sealed under government control, as he too has a pending court case.
Both this third miner and the developer said there is no evidence to suggest the government is mining bitcoin with confiscated equipment, and they hope it will remain that way.
To be fair, the third miner also said many people steal electricity for bitcoin mining, though he said his operation had a contract with a power plant. He personally doesn’t know anyone who went to jail over the summer. Most of his associates either lost access to their equipment or had to stop working.
“All we want, as people living in Iran, is for our government to understand the importance of this opportunity,” the third miner said, speaking to the hope that Iran will become a hub for bitcoin mining operations.
The second miner agreed. Imagining a worst-case scenario, he added:
“Otherwise, we’d have to sell [our equipment] like garbage.”Iran image via Shutterstock
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The [current] cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions= bitcoin is invented as digital cash for small casual transactions against the high-fees of the current system.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. [...] They vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism= proof of work is the only way to vote in the system = miners are to be trusted to choose the path of the network
We define an electronic coin as a chain of digital signatures.= segwit destroys the very definition of bitcoin
With computer systems typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of 1.2GB per year, storage should not be a problem even if the block headers must be kept in memory= Moore's Law ensures that we never reach a scaling limit
It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don’t have it are already obsolete.= satoshi wrote some code on how to prepare a hardfork to a bigger blocksize YEARS ago
“At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware.” [...] Bitcoin generation should end up where it’s cheapest.= satoshi envisioned asics, mining farms, and "specialized hardware" like asicboost, and that mining will end up in farms where it is cheap to mine
Bitcoin can already scale much larger than [Visa] with existing hardware for a fraction of the cost. It never really hits a scale ceiling.satoshi in 2009, can it be any more clear ?
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SegWit introduces a large amount of complexity, technical debt that will make it harder for others to contribute, locking in the "Core" devs. This is something that I see a lot in older coders who are afraid of becoming irrelevant and try to "lock in" their relevancy by becoming maintainers of a critical but obscure infrastructure.~ u/ZeroFucksG1v3n
Plus SegWit really is not a soft-fork, but a hard-fork, since you can't run an older node anymore and still even participate in validating transactions, all old nodes become obsolete.
You won't have any choice over whether you want to accept "anyonecanspend" tx without signatures included unless you literally run a full node on the old repo tag, and even then your node won't actually be participating in the network anymore except as a relay, not a validator.
It's a major technical change, introducing a large new attack surface, and I don't think it's prudent to force it through this way in a
It reeks of centralized control, and I especially don't trust would-be economists and religious zealots like GMaxwell and Luke Jr. to have that control. Nobody should, it's supposed to be peer-to-peer Satoshi consensus.
I also think that if a sidechain implementation does come out, it should be from a team that doesn't have the conflicting interest of also being the maintainers of the "Core", especially if that group is holding the blocksize down for the business interests of a large banking collaborative who pays their salary.
To me, this represents undue control and influence of the banking community on Bitcoin, and their interests are to make Bitcoin into a settlement layer only, not a payment layer or a store of value for civilians.
The bankers largely agree with the modern "helicopter money" theories of Bernanke, loosely based on Keynesian economic theory, as opposed to the Satoshi viewpoint of Austrian/Viennese economic theory.
The bankers are aligned with the governments, they want people using fiat, they are literally opposed to any safe store of value as it negates their ability to "stimulate" people into spending by devaluing the currency, which is their excuse to keep printing money and essentially enslaving everyone else via that mechanism. The bankers and governments want people using fiat, and the "Core" have even told people to use VISA instead of Bitcoin!
Finally, scaling itself. The whole scaling argument was ridiculous at first, and now it's turned sinister. Moore's law predicts a doubling of memory capacity on a given size of chip every 18 months, and Neilsen's law predicts a doubling of the fastest speeds achievable in a communication network every 12 months. Using these laws, we can extrapolate that bitcoin would be just fine with an immediate increase to 8MB max blocksize, and a 30% geometric growth curve forever, and have a decreasing storage capacity signature and network propagation delay over time, forever. Therefore, the whole debate is meaningless, it's completely political.
The bankers bought out Core, and now they are blocking scaling so they can try to force everyone to use Lightning Network instead of Bitcoin.
Core is literally trying to take all the transactions away from the miners and give it to their banking buddies, while crippling Bitcoin to only be able to do banking settlements. They are destroying Satoshi's vision. SegwitCoin is Bankcoin, not Bitcoin.
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La session montréalaise de la conférence « Scaling Bitcoin » a commencé aujourd’hui. Valkir ( @mbaril010 ) couvre l’événement pour bitcoin.fr. 12/09 à 17h (heure locale) – 23h (heure fr) : J’ai participé au deux tables rondes qui me semblaient les plus intéressantes : Network Propagation et Miner-Developer Relations. Xiang Fu, Marshall Long, Gang Wu, Wang Chun, Robin Yao, William Tang, and Mikael Wang (moderator) Miner's Panel SB2-10. play_circle_filled. Pindar Wong Scaling Scaling Bitcoin SB2-11. play_circle_filled. Zooko Wilcox-OHearn Zcash SB2-12. play_circle_filled . Cory Fields Reworking Bitcoin Core's P2P Code to be More Robust and Event-Driven SB2-13. play_circle_filled. Ryan Grant Unconstrained ... Scaling Bitcoin workshop : Montreal 2015 Blockchain testbed. Ittay Eyal. Emin Gun Sirer. A testbed for bitcoin scaling. I want to talk today about how to scale bitcoin. We want lower latency, we want higher throughput, more bandwidth and more transactions per second, and we want security. We can try to tune the parameters. In all of the plots, I have time going from left to right and these are ... In bitcoin, it's not that hard for a 25% miner to reorganize 6 confirmations of history. If they are trying, it's something like 5-10% chance that they would be able to do it, which is really high. If they hit that 90% chance that they fail, then they are going to lose however many blocks they have mined, and that's a lot of money to lose. In an inclusive blockchain, you don't lose that income ... The current Scaling Bitcoin Workshop will take place Fall 2018 in Keio University 2 Chome-15-45 Mita, Minato-ku Tōkyō-to 108-8345, Japan. We are accepting technical proposals for improving Bitcoin performance including designs, experimental results, and comparisons against other proposals. The goals are twofold: 1) to present potential solutions to scalability challenges while identifying ...
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I set up a Bitcoin cryptocurrency mining farm in my garage with GPU mining rigs and ASIC miners as well as FPGA miners in my house. I explain how to setup yo... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue On today's episode I'm joined by Taras Kulyk, Senior Vice President, Blockchain Business Development at Core Scientific. Taras previously has a ton of experi... As usual im very late with posting videos but i hope this is the start of me posting on a regular schedule. This video isn't about profitability or anything ... 2017 Bitcoin Mining at Scale - Introduction - Duration: 30:58. Block Operations 12,562 views. 30:58. Bitcoin Mining Small Space and Proof of Concept - Duration: 6:15. ...