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Intel Wins New Patent For Energy-Efficient Bitcoin Mining

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The global technology giant Intel is in the latest news centered around blockchain on our DC Forecasts crypto news site – this time for winning a patent linked to its work in the area of Bitcoin mining.

The US Patent and Trademark Office this Tuesday awarded the company a patent which outlines a processor which is supposedly able to “conduct energy efficient high performance Bitcoin mining” named as the SHA-256 algorithm used by the world’s largest cryptocurrency by market cap.

According to the reports, Intel has previously tried to get patents related to its work in the area of crypto mining. Also, it was Intel’s foundry that produced the chips for the mining operation run by 21Inc, a company which later rebranded as Earn.com and was ultimately acquired by Coinbase.

As the patent outlines, Bitcoin miners may be rewarded for their efforts by receiving a block reward and transaction fees. Still, the mining machines for the Bitcoin network require hardware accelerators such as ASIC chips and therefore require a large amount of energy.

The patent explains:

“Dedicated Bitcoin mining ASICs are used to implement multiple SHA-256 engines that may deliver a performance of thousands of hashes per second while consuming power of greater than 200 [watts]. Embodiments of the present disclosure employ micro-architectural optimizations including selective hardwiring certain parameters in Bitcoin mining computation.”

The patent also hints that changing the 32-bit nonce is compared for validity and therefore could further lower the power requirements.

“Instead of comparing the final hashing result with the target value, [the] bitcoin mining application may determine whether the hash out has a minimum number of leading zeros,” the patent sums up.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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John McAfee Goes After Bitcoin Saying It’s The True S**tcoin

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John McAfee goes after bitcoin again years after he made the bold prediction that Bitcoin will reach $1 million by the end of 2020 so let’s see what he had to say further in the bitcoin news now.The founder of the most popular antivirus software company said that Bitcoin is the true shitcoin and that the future of cryptocurrencies is only with the alternative coins. After comparing the largest digital asset with the oldest model of Ford T card because of its ‘’ancient technology’’, John McAfee goes after bitcoin again. He believes that Bitcoin is an ancient technology that cannot provide the capabilities that other cryptocurrencies and networks can do.If we reconsider, bitcoin is slower compared to some of the other networks and is facing the scalability issues as well. There are solutions for that and a lot of people are working hard on handling it. The lightning network is one of the best ideas as Bitcoin’s off-chain scaling solutions but there’s still a lot to be done. However, Bitcoin is not lacking security. The network is the most secure among the other coins and now with the hashrate charting new all-time highs on a regular basis, the blockchain becomes harder to attack and to take control over.The data shows that there’s no mining organization that is coming close to controlling 51% of the hash rate which only suggests that mining is currently decentralized. He outlined that Bitcoin is ancient technology a few months ago and he noted that ‘’as a store of value and cryptocurrency, it’s the standard and it’s still going to be worth a fortune.’’ John McAfee has been controversial and has a weird relationship with the cryptocurrency space, mainly with bitcoin.He was most famous in the community with the $1 million prediction to which he stood firmly many times. It may have all been a show for him as he later clarified that his words were only ‘’ a ruse to onboard new users.’’ His belief in crypto was outlined when he launched his own ‘’no-restrictions’’ decentralized exchange which runs on the Ethereum blockchain but the platform still doesn't support Bitcoin.
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City Of Zermatt (Switzerland) Officially Accepts BTC For Tax Payments

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The city of Zermatt, known for the ski resort and the wonderful Matterhorn is now the second location in Switzerland where taxpayers can use Bitcoin (BTC) to pay their taxes. The Bitcoin news now also show that in order to unlock the new tax payment option, the authorities of Zermatt have partnered with Switzerland's major crypto financial services company, Bitcoin Suisse.An official announcement by Bitcoin Suisse shows that Zermatt started accepting Bitcoin as a means of payment for local taxes and transactions starting from January 28, 2020. By partnering with BTC Suisse, the authorities in Zermatt will now be able to convert taxpayers' Bitcoin into Swiss francs through the intermediary - which will then transfer the amount in fiat currency to the bank account of the municipality.Local taxpayers in the city of Zermatt, Switzerland will now be able to pay their taxes in Bitcoin through a point-of-sale tool which is installed in the Zermatt town hall or an online payment portal. In order to pay taxes with Bitcoin online, however, the taxpayers will have to apply directly to the Zermatt Tax Office for a payment solution as the announcement notes.According to the mayor of Zermatt, Romy Biner-Hauser, the new tax payment option aims to meet increased demand for Bitcoin based tax payments.
“An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require,” he noted.
As you may know from our crypto news before, the city of Zug became the first city in Switzerland to accept Bitcoin payments in 2016 as Bitcoin Suisse announced. The capital of the "Crypto Valley" in Switzerland started accepting Bitcoin payments for certain city services such as public utilities in May 2016. The payment was reportedly signed at 200 CHF worth of BTC.The city of Zermatt is now next in the news, as one of the most innovative cities which expand their crypto financial services industry in terms of Bitcoin powered tax payments. In the rest of the world, we can see that many global authorities deem such an option too risky due to Bitcoin's high volatility.
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If BTC Breaks Through $9,500, This Q1 Will Be The Best Since 2013

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A lot of Bitcoin analysts are featured in the latest cryptocurrencies news now for following the recent price action and the latest Bitcoin surge which took the cryptocurrency to new heights of $9,300. As findings from one statistic resource named Skew Markets show, if BTC breaks through $9,500, this quarter (Q1 2020) will be the best one in the past six years.Moreover, Q1 tends to be an underwhelming period for Bitcoiners from what we saw so far. In 2014, there were 39% losses, while 2015 and 2016 saw BTC/USD drop by 24% and 3%, respectively.Only 2017 and 2019 managed to produce some positive moves. However, at around 11%, neither performance comes close to this year's. In 2011 and 2013, we saw that the Q1 returns were strongest at 165% and 570% accordingly, as the BitInfoCharts price index shows.All of these impressive stats show that Bitcoin has a long-term potential and many analysts expect the Bitcoin price news this year to again go viral in the mainstream world, proving that the cryptocurrency is not dead and can again visit its all-time highs.The aggregate open interest across futures products is also impressive - and if BTC breaks through new levels, it is expected to be much higher. What Skew Markets recorded so far is a total of around $3.7 billion as of January 28 which is the volume across futures products.
"Volume tells all,” says the trader Scott Melker as he expects more progress for the dominant coin versus the volume in 2020.
In contrast to this, a lot of regular consumers appear only a little interested in Bitcoin and its recent price rise over $9,000. According to what we see in the latest Google search results, the search requests for "Bitcoin" remain flat now.However, we can see many good news on the horizon. The higher price is also subject to a lot of speculation from commentators. An analysis shared on Tuesday showed the trader Tone Vays demanding the $9,000 level hold for at least several days before he considered a bull market in effect.Another indicator called the Bitcoin Fear & Greed Index which charts Bitcoin and its likely price trajectory based on investor sentiment, which is flashing bearish. Currently, with a score of 57, this metric is slanted towards suggesting that the market is "due for a correction."
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Bakkt BTC Options Volumes Are Dull One Month After Their Launch

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A little more than a month after their launch, we can see that the Bakkt BTC options are lackluster and the contracts on the Intercontinental Exchange's platform appear to be receiving sluggish uptakes. The latest reports in the cryptocurrency news today from January 24 and January 27 shows that 11 days have elapsed since the last trade.As we previously reported, Bakkt launched the new BTC options contract in early December - a short while after it rolled out the cash-settled Bitcoin (BTC) futures offering in November.For those of you who don't know, the Bakkt BTC options are basically derivatives which are designed to provide traders with more flexibility hedge against the price swings of an asset in both directions. Therefore, an options contract gives users the chance to purchase either a right to buy (a call option) or sell (a put option) the given asset at a specified "strike price" which is determined on or before the contract's expiration date.Both of the new options contract and the cash-settled futures followed after Bakkt's existing physically delivered Bakkt Bitcoin (USD) Monthly Futures contract - which is basically a pioneering product that was the first in the industry to give futures traders direct exposure to the underlying cryptocurrency.As we reported before, the physically-settled futures contract had met with many underwhelming volumes in its early days. This was a fact that was unfavorably compared with the BTC futures on CME which first went to the market in December 2017.However, the uptake for the product eventually rose which came in correlation with a period of volatility in the Bitcoin price and the spot market valuation at the time (during October and November 2019).Aside from the Bakkt BTC options, there are other market participants including the Malta-based cryptocurrency exchange OKEx and CME which have both launched or plan to launch the Bitcoin options contracts this year.Meanwhile, the Bitcoin and altcoin news today show that the price action is solid as Bitcoin rises to new highs at $9,292 and Ether follows, now stable at $176 with a 2% surge. The only loser in the top 10 today is Bitcoin SV (BSV) which lost 4.44% of its value and is now sitting at $288.
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