Understanding The 51% Attack In The Cryptocurrency Space

In cryptocurrency industry, security is a foremost concern and that’s why we will be discussing “51% Attack” today. While blockchain innovation offers a decentralized and carefully designed ledger, it’s not insusceptible to specific weaknesses. One such vulnerability is the feared “51% attack.” 🔵 Crypto Word Of The Day 🔵#51Attack pic.twitter.com/u4SAPEiPcY — CoinEcho (@mycoinecho) November 7, 2023 What Is a 51% Attack? A 51% attack, otherwise called a majority attack, happens when a malevolent entity gains control over half of the network’s mining power or computational resources. In a proof-of-work blockchain, as Bitcoin, miners approve transactions and secure the network. On

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Cryptocurrency Mining: A Comprehensive Guide for Beginners

Cryptocurrency mining is a fundamental concept that underpins the entire blockchain technology ecosystem. For beginners entering the world of digital currencies, understanding the basics of cryptocurrency mining is a crucial first step. What is Cryptocurrency Mining? At its core, cryptocurrency mining is the process of validating transactions and adding them to the public ledger or blockchain. This process is essential for the security and integrity of the cryptocurrency network. Mining is often associated with two key objectives: verifying and recording transactions and creating new digital coins as rewards for miners. Mining Essentials Mining involves solving complex mathematical puzzles, known as

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Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says

Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official SaysRussian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of […]

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Large Immersion Cooled Crypto Mining Farms to Extract Bitcoin in Middle East Desert

Large Immersion Cooled Crypto Mining Farms to Extract Bitcoin in Middle East DesertA project to build two large-scale facilities for cryptocurrency mining is underway in the United Arab Emirates (UAE). The high-tech data centers will rely on a full immersion solution to cool the power-hungry miners as the desert climate renders air-cooled mining infeasible, participants said. Advanced Crypto Mining Facilities in Abu Dhabi to Defy Cooling Challenges […]

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Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 Years

Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 YearsAuthorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says […]

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Russia May Take Up 18% of Bitcoin Hashrate in Next Big Migration of Crypto Miners, Experts Say

Russia May Take Up 18% of Bitcoin Hashrate in Next Big Migration of Miners, Experts SayIncreasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim. Russia May Attract Half […]

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Crypto Miners Pay Kazakhstan $7 Million in Taxes Amid Uncertain Future for Sector

Crypto Miners Pay Kazakhstan $7 Million in Taxes Amid Uncertain Future for SectorThe government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden. Miners Face Higher Expenses, More Challenges Under New Legislation Kazakhstan’s coffers have […]

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White House Pushes DAME Tax Proposal to Address Alleged Environmental Costs of Crypto Mining

White House Pushes DAME Tax Proposal to Address Alleged Environmental Costs of Crypto MiningOn May 2, 2023, the Biden administration unveiled a blog post outlining the Digital Asset Mining Energy (DAME) tax, featured in the president’s comprehensive 182-page budget proposal for the fiscal year 2024. The DAME tax targets “making crypto miners pay for the costs they impose on others” regarding the environmental impact of crypto mining activities. […]

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