Bitcoin News and Finance: What You Need to Know

An eco-friendly toilet that pays people in digital currency for using it has been installed at a university in South Korea. The toilet is connected to a laboratory that uses excrement to produce biogas, which is used as a source of energy at the university. Get Paid in Digital Currency to Use a Toilet There is now a toilet that pays you in digital currency for using it. It was designed by a South Korean professor of environmental engineering at the Ulsan National Institute of Science and Technology (UNIST) and is already in use, Reuters reported Friday. The institute is one of the four public universities in South Korea dedicated to research in science and technology. The toilet is called Beevi, a portmanteau of the words bee and vision. It is connected to a laboratory that uses excrement to produce biogas and manure. When in use, a vacuum pump sends feces into an underground tank, reducing water use, and the excrement is broken down to methane by microorganisms. This turns into a...

U.S. Senator Patrick Toomey has declared investments in Grayscale’s bitcoin and ethereum trusts. His declaration shortly followed one by fellow congressman, U.S. Representative Barry Moore, who declared that he had invested in dogecoin, ether, and cardano. Senator Pat Toomey’s Cryptocurrency Investments A growing number of U.S. lawmakers are investing in cryptocurrencies or crypto-related investments. According to a Periodic Transaction Report filed on July 7, U.S. Senator Patrick Toomey from Pennsylvania declared two personal cryptocurrency investments, each worth between $1,000 and $15,000. One was in Grayscale Bitcoin Trust (GBTC) and the other in Grayscale Ethereum Trust (ETHE). Senator Pat Toomey’s Periodic Transaction Report showing investments in Grayscale’s bitcoin and ethereum trusts. Source: US Senate. The senator’s investments have decreased in value since his purchases. He invested in Grayscale Bitcoin Trust (GBTC) on June 15 when the price was around $33.23. At the...

Bank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment. The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled “Caution on Using Digital Assets as Means of Payment for Goods and Services” on Thursday. The notice explains that some enterprises have recently begun soliciting payments for goods and services in cryptocurrencies, naming bitcoin ( BTC ) and ether ( ETH ) as examples. The Thai central bank reiterated its stance that digital assets are not legal tender and it does not support their use as a means of payment for goods and services. The bank detailed that using cryptocurrencies as a means of payment leads to risks for both buyers and sellers, “such as price volatility, cyber theft, and money laundering.” Thailand’s central bank clarified: Should the use of...

The Security Service of Ukraine (SBU) has located a massive coin minting facility that was illegally connected to the power grid in Vinnytsia. Law enforcement officials claim it’s the largest underground crypto mining farm they have found so far. Ukraine Seizes Thousands of Video Game Consoles Mining Crypto With Stolen Electricity Ukraine’s main law enforcement authority, SBU, announced this week it exposed a large-scale electricity theft in the city of Vinnytsia, in west-central Ukraine. The stolen power was used to mint digital coins in what officials described as the country’s largest illegal crypto farm uncovered to this day. Source: SBU The mining facility was set up by residents of Vinnytsia and the capital Kyiv in a former warehouse of JSC Vinnytsiaoblenerho, the agency said in a press release published on its website. They were able to conceal the theft from the distribution company using electricity meters that did not show the true energy consumption. During the sear...

During the last week, crypto enthusiasts and traders have been discussing the stock-to-flow (S2F) bitcoin price model created by the pseudonymous crypto analyst “Plan B.” Despite Plan B’s worst and best case scenario calls on June 20, a touch over a week later the analyst said the “next 6 months will be make or break for S2F.” Currently, the S2F model has seemingly run off course and resembles the levels it saw in January 2019. S2F Skepticism and the ‘Make or Break’ S2F Timespan There’s some skepticism toward Plan B’s infamous stock-to-flow (S2F) bitcoin price model ever since the closing price in June recorded below the S2F’s projected course. The model’s creator, however, would not necessarily use the terms “off course” but “just touching lower bands.” Plan B’s price model chart shared on July 1, 2021. Plan B recently explained his “worst case scenario for 2021,” where he predicts prices to end up being around “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.” Ho...

On Friday, the public interest law firm New Civil Liberties Alliance (NCLA) filed an opening brief in the cryptocurrency case of James Harper v. Charles P. Rettig. The NCLA argues that Harper’s Fourth and Fifth Amendment constitutional rights were violated by the Internal Revenue Service (IRS). The U.S. tax agency is accused of obtaining Harper’s information from crypto asset exchanges without valid subpoenas or statutory limitations. IRS Accused of Accessing American Citizens’ Private Information Without Following Statutory Limitations on Power to Issue Subpoenas The NCLA has revealed it filed an opening brief in the case James Harper v. Charles P. Rettig in the U.S. Court of Appeals for the First Circuit. The NCLA is a nonpartisan nonprofit civil rights entity and public interest law firm that aims to protect constitutional freedoms from violations by the government. The case involves a man named James Harper who has brought litigation against the IRS, the 49th commissioner of t...

Crypto startup Bullish has announced its plan to go public on the NYSE as it gets ready to launch a cryptocurrency exchange. The Bullish exchange aims to be a “revolutionary, regulated cryptocurrency exchange that offers deep, predictable liquidity for investors to generate yield from their digital assets.” Bullish to List on NYSE Bullish announced its plan to go public on the New York Stock Exchange (NYSE) Friday through a merger with Far Peak Acquisition Corporation (NYSE: FPAC). Far Peak is a special purpose acquisition company (SPAC). Bullish, which debuted in May, detailed: Bullish plans to launch a revolutionary, regulated cryptocurrency exchange that offers deep, predictable liquidity for investors to generate yield from their digital assets. Bullish exchange is operated by Bullish (GI) Ltd. and Jefferies LLC is acting as its exclusive financial advisor and capital markets advisor. Far Peak CEO Thomas W. Farley, a former NYSE president, will become the CEO of Bullish and...

The British man who accidentally threw away a computer with 7,500 bitcoins on its hard drive has come up with a new plan to retrieve his lost coins from the city landfill. “We estimate there are between 300,000 – 400,000 tons of waste to look through,” he said. Man on Mission to Retrieve 7,500 Lost Bitcoins James Howells, an IT engineer who accidentally threw away the hard drive of an old computer containing 7,500 bitcoins back in 2013, has not given up his quest to retrieve his coins. The 35-year-old from the city of Newport in the U.K. has shared with The Sun publication his 12-month plan to search the city landfill using x-ray scanning devices and AI technology. Noting that “This would be a proper search – not just somebody going in with a bucket and spade,” the British man affirmed: We have a system with multiple conveyor-belts, x-ray scanning devices and an AI scanning device that would be trained to recognise items that are a similar size and density to the hard drive. “T...

Tiktok has banned its users from promoting all financial products and services including those related to cryptocurrency. The company also prohibits ads relating to cryptocurrency. Tiktok Prohibits Users From Posting Content Promoting Cryptocurrencies Social media platform Tiktok has banned content promoting cryptocurrencies and related products and services. The company’s “Branded Content Policy” states: All financial services and products are prohibited, including but not limited to … cryptocurrency. Among the list of other prohibited products and services listed as examples are lending and management of money assets, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes, and investment services. Under Tiktok’s advertising policies, the company also prohibits ads relating to cryptocurrency. In most countries, including the U.S. and the U.K., Tiktok bans “Ads promoting virtual currencies/cryptocurrencies (e.g. bitcoin and ethereum), as we...

Riot Blockchain, a Nasdaq-listed mining company, reported Thursday on its Bitcoin production last month. The company’s numbers jumped a little more than 400% year-on-year, as a result of the increase in mining power. The recent mining crackdown in China is also helping companies like Riot to keep growing. The company plans to continue increasing its mining resources after acquiring 43,500 miners from Bitmain. Riot Blockchain Ramps Up Production Riot Blockchain, an American Bitcoin mining company, delivered its Production and Operations updates for June on Thursday. The company reported growth on the bitcoin mined of more than 400% year-on-year. It produced 243 bitcoin this June, a big increase from the 48 bitcoin mined in the same month last year. The company has produced 1,167 bitcoin this year. These numbers represent an increase of 130% compared to last year. There is a key fact that allows Riot Blockchain to achieve these results: The Chinese mining exodus . Caused by the regu...

Israel’s Defense Minister Benny Gantz has ordered the seizure of cryptocurrency funds raised by the Palestinian Islamist movement Hamas. His department has reportedly started taking control over digital wallets used by the terrorist group to collect crypto donations from abroad. Defense Ministry of Israel Targets Crypto Addresses Used by Hamas Minister Gantz approved the seizure of the wallets on June 30, the Times of Israel reported on Friday. The National Bureau for Counter Terror Financing (NBCTF) published a list of targeted addresses and wallet details used by Hamas to raise funds in bitcoin ( BTC ) and other cryptocurrencies. They were identified during a joint operation with the Ministry of Defense. Ministry of Defense, Israel. The publication adds that the stockpiles of cryptocurrency were being managed from the Gaza Strip, which is under the control of Hamas. The wallets were employed by the Palestinian organization in its efforts to collect money from foreign sources ...