Bitcoin Guru

Huobi Japan, the Japanese subsidiary of Singaporean crypto giant Huobi Group, is set to raise $4.6 million in January 2020. The exchange will raise the funding from Japanese financial services firm Tokai Tokyo Financial Holdings. The new funding comes just two months after the exchange raised another $4.6 million from FPG Corporation. Tokai Tokyo signed a business alliance agreement with Huobi Japan which will see the two firms strengthen cooperation in the digital assets business. The financial services giant, which mainly deals in brokerage services, believes that blockchain and cryptos are about to explode in the Japanese market and it doesn't want to miss out. In its press release, the company stated, "Here in Japan, the relevant ministerial ordinances are expected in force next spring. Therefore, we believe that the business dealing with crypto assets and blockchain will accelerate further." Tokai Tokyo will promote new businesses in areas such as initial exchange of...

According to one researcher, quantum computing faces more hurdles than many realize when it comes to achieving viability in breaking encryption. In a recent report Dr. Subhash Kak, Regents Professor of Electrical and Computer Engineering at Oklahoma State University, notes that there are issues such as "noise" and error correction that render the buzz about quantum supremacy when it comes to Bitcoin, still largely theoretical. Where Quantum Supremacy Falls Short In essence "quantum supremacy" refers to the demonstration that a quantum computer can solve some problem classical computers can't. There's no doubt this has been done, but the important question for those in the crypto space centers on what kind of problem is being solved. While the development of quantum supremacy is a haunting specter indeed for hodlers worried about their private keys, there's yet little evidence the problems being solved by this technology have much utility in cracking encr...

When it comes to stopping illicit activity, law enforcement departments have an easy task assigning values of confiscated items and cash. Confiscate euros or yen, and there is an established conversion rate that can be used to determine the value in dollars, for example. However, seizing cryptocurrency assets is a different story, as there is no one standard on the conversion rate. Different exchanges provide different rates, although many are fairly closely aligned. To create a standardized form of value assignment to crypto, the U.S. Department of Justice (DOJ) is turning to a familiar source for its data. The DOJ's Office of Inspector General acknowledges that CoinMarketCap is its go-to destination when it wants to know how much 20 BTC is worth in dollars. According to a report (in pdf) just released by the OIG, "Audit of the Assets Forfeiture Fund and Seized Asset Deposit Fund Annual Financial Statements Fiscal Year 2019," it describes forfeited property as that for w...

Cryptocurrency-focused banking startup SEBA Crypto AG has expanded into nine new jurisdictions, just months after it received a Swiss banking license. With its latest expansion, the startup aims to bridge the gap between digital currencies and the legacy banking system. Based in the Zug crypto valley in Switzerland, SEBA aims to offer the crypto industry with the banking services that it has lacked for so long. It obtained a Swiss banking license in August and became fully operational a month ago. In a statement shared with media houses, the company revealed that it had expanded into nine new jurisdictions. These are Hong Kong, Italy, Singapore, France, Germany, Austria, the Netherlands, the U.K and Portugal. For SEBA, it's all about bridging the gap between the traditional financial system and the new era of digital currencies. As CoinGeek has reported severally, crypto companies have struggled to access even the most basic banking services. For banks, it doesn't matter how bi...

The founder of now-defunct crypto exchange Quadrigacx may still be alive, even though he supposedly died in India about a year ago. A court-appointed law firm is seeking an answer on behalf of affected users. The firm has requested an exhumation and post-mortem autopsy in Canada of the body of Gerald Cotten, as some 76,000 users are still out millions of dollars. Exhumation and Post-Mortem Autopsy Law firm Miller Thomson has sent a letter to the Royal Canadian Mounted Police regarding Gerald Cotten, the late founder and CEO of bankrupt Quadrigacx crypto exchange. The firm was appointed by the Supreme Court of Nova Scotia as representative counsel on behalf of users affected by the shutdown of the exchange. In its letter dated Dec. 13, the law firm wrote: The purpose of this letter is to request, on behalf of the affected users, that the Royal Canadian Mounted Police (the 'RCMP'), conduct an exhumation and post-mortem autopsy on the body of Gerald Cotten. The letter explains tha...

Georgia is currently ranked fourth in digital currency production from crypto mining, and they are home to Bitfury, one of the biggest Bitcoin mining companies in the world. However, despite being among the largest producers of cryptocurrencies, Georgia's income from cryptocurrency-related activities such as mining and trading are not reflected in their trade balance reports. To address this, the International Monetary Fund (IMF) has reportedly suggested that Georgia include the income from cryptocurrency-related activities in their annual foreign trade balance reports since a significant percentage of their economy consists of crypto mining and trading. The IMF recommends Georgia to be more transparent when accounting for crypto mining. Georgia's income from cryptocurrency production despite being among the highest in the world is still unknown. The IMF had already met with large crypto mining companies and advised them to take records of their sales of cryptocurrencies to for...

Cryptocurrency mining has shifted over the years as miners seek the regions with the best conditions and the least costs. Ilya Bruman has managed to find one: Siberia, a vast region in Russia and Northern Asia. During the Baikal Blockchain Summit, he spoke to CoinGeek's Becky Liggero and explained why Siberia is the ideal location for miners and how his company has managed to find great success in crypto mining. Minery is a cryptocurrency mining company based in Siberia, an extensive province that spans most of Northern Asia. It allows its clients to engage in crypto mining without the hassle of buying and maintaining the equipment. Siberia is an ideal location for crypto mining, Bruman stated. One of the reasons for this is the low cost of electricity. The average cost of electricity in the region is $0.0032 per kWh, way lower than other regions globally. Minery relies on hydroelectric power generated by the Bratsk Electric Grid Company, JSC (BEGC). The second reason is the temper...