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AI may already use more power than Bitcoin — and it threatens Bitcoin mining

AI may already consume more power than Bitcoin mining, and its deep pockets mean miners face stiff competition for equipment and electricity.

The energy required to run artificial intelligence systems may already be higher than the amount of power used to mine Bitcoin, according to new research.

While that may sound like good news for the Bitcoin mining industry, which is regularly attacked over power consumption, the sting in the tail of the report from the Bitcoin Policy Institute is that AI is shaping up as a fierce competitor to Bitcoin for electricity and equipment.

The sectors deep pockets mean AI companies can afford to outbid miners for the same electricity. With AI offering up to 25 times more revenue than Bitcoin per kilowatt hour (kWh), some miners are adding AI processing to their data centers or even switching entirely from Bitcoin to AI.

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How Chinese traders and miners get around China’s crypto ban

Chinese crypto traders, miners and airdrop farmers aren’t letting an almost total ban on crypto in China stop them from joining the fun.

Chinese investors are finding innovative ways to tap into the digital assets markets and participate in some of the years most profitable trends despite Beijings ban on cryptocurrency trading.

The government has banned crypto amid a blaze of publicity numerous times, including a 2013 ban on banks dealing in crypto, a 2017 ban on initial coin offerings and exchanges, followed by a trading and mining ban in 2021.

Despite this, accessing cryptocurrencies in the mainland isnt that difficult, pseudonymous investor Lowell tells Magazine.

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Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide

While crypto may still operate in a gray space in Saudi Arabia, the country’s talent pool and burgeoning gaming sector hold promise for Web3.


City: Riyadh
Country: Saudi Arabia
Population: 7.82 million (metro)
Established: 1737
Language: Arabic

In the center of the an-Nafud desert rises Riyadh, Arabic for the meadows, the third most populous city in the Middle East. But its likely not the first place that comes to mind when you think about crypto and gaming.

Cryptocurrency is a gray area, neither banned outright nor endorsed, and it can be tricky to access.

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Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K

This week’s cybersecurity news from around the crypto space covers bug fixes, phishing scams, crypto exchange hacks and more.

Crypto-Sec is our bi-weekly round-up of crypto and cybersecurity stories and tips.

Memecoin collector and X user Tech on Ivan lost over 1 million TURBO, worth over $3,600 at the time, when he became the victim of a phishing attack, according to a post he made on July 11. Im completely devastated, Ivan stated.

He lost the tokens after receiving a phishing email containing a link he subsequently clicked on. Ivan did not explain what happened after clicking the link, but he was most likely sent to a malicious web app connected to a drainer protocol.

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Decade after Ethereum ICO: Blockchain forensics end double-spending debate

Magazine and Gray Wolf’s investigation concluded that Bitcoin was not double spent in Ethereum’s 2014 ICO, but illicit actors may have laundered their dirty crypto.

A decade after Ethereums initial coin offering, which raised $18.5 million in Bitcoin by selling roughly 60 million Ether, debates about whether different forms of manipulation tactics were involved still swirl in social media.

One theory questions whether the Ethereum founders double-spent investors funds to artificially inflate the success of the ICO while allowing them to close the sale with a larger share of Ether under their control.

Magazine conducted a joint investigation with Canada-based blockchain forensics experts at Gray Wolf Analytics to determine whether the ICO included double-spending of Bitcoin, an activity deemed fraudulent by the presales terms and conditions. The investigation specifically looked for any Bitcoin that entered the presale wallet, was withdrawn and then looped back in.

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Polkadot’s Indy 500 driver Conor Daly: ‘My dad holds DOT, how mad is that?’

Has Polkadot got bang for buck from a foray into motorsport? 13M watched DOT-sponsored driver Conor Daly as he led the Indy 500 for 22 laps.

Conor Dalys name is synonymous with speed. A legacy of agility and adrenaline courses through his veins, inherited from his father, the legendary Irish Formula One driver Derek Daly. 

Hes also become part of the Polkadot family, so members of the community and staff from its developers, Parity Technologies, headed down to the 108th Indy 500 event on May 26 to watch him race. Daly surged from his 29th-place start out of 33 cars to the front of the pack and remarkably led for 22 laps.

Given that he was driving a pink Polkadot-branded DRR-Cusick Motorsports Chevrolet, he helped get the DOT brand out to a total TV audience of 13.3 million and many more around the world for around 10% of the 200-lap race.

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Become a Bali crypto digital nomad like me: Here’s how

Since the start of the year, I’ve been living in a cheap island paradise as a Bali crypto digital nomad. Here’s how you can too.


If you rocked up to most workplaces in a bikini, thongs, or a singlet, HR would probably give you a tap on the shoulder. But here in Bali, that kind of casual attire is the norm at the Tribal co-working space in Canggu.

It is a bright sunny day and Ive just jumped off the back of a GoJek moped think Uber but with motorcycles right at the entrance of Tribal. I feel overdressed in socks and shoes.

The pool and the bar are buzzing, and people genuinely look happy to be working, walking around casually sipping from coconuts.

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Crypto voters have already influenced the 2024 presidential election

Crypto voters have become a new battleground for the 2024 presidential election, in a bipartisan shift that has taken Washington by surprise.

In May, the United States Congress voted in favor of two pieces of pro-crypto legislation for the first time, after years of political deadlock. Observers were struck by the support from leading Democrats who acted in opposition to direction from the White House.

Combined with last weeks approval of Ether ETFs, and pressure from the suddenly pro-crypto Donald Trump, pundits are now wondering if crypto voters not only have enough power to affect Novembers presidential election but if they already have. 

The Democrats’ sudden position shift with the White House now saying its willing to negotiate on legislation suggests they could be trying to stem any loss of votes on the issue.

The issue came to the fore in the Senate on May 16, when a bipartisan coalition of 60 senators, including Democratic Majority Leader Chuck Schumer, voted to overturn a Securities and Exchange Commission rule known as SAB-121, which made it prohibitive for banks to hold cryptocurrencies on behalf of their customers.

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Caitlyn Jenner meme coin ‘mastermind’s’ celebrity price list leaked

From Eminem to Snoop Dogg, Drake and Tom Holland — a leaked price list suggests JENNER token ‘scammer’ claimed to provide access to them all.

A former teenage business prodigy from India has been named as the man behind a recent series of celebrity meme coin launches with both Caitlyn Jenner and rapper Rich the Kid alleging they have been scammed by the man, Sahil Arora.

More recently, Iggy Azaleas X account appeared to distance the Australian artist from a project bearing her name that was being promoted by Arora as a presale. The token presale raised more than $300,000, while the JENNER token reached more than a $40 million market capitalization amid social media interest in claims and counter-claims of deep fakes and double-dealing.

Arora rejects accusations that he’s a scammer, telling Magazine that many people have made a lot of money from his tokens and that historical allegations against him are from disgruntled investors who lost money trading.

One of his alt accounts also appears to have retweeted other accounts this week claiming that the very celebrities accusing him of scams are still working with him to drum up media interest in meme coin sales.

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Meme coins: Betrayal of crypto’s ideals… or its true purpose?

Meme coin fans think “serious” crypto investors are mid-curving it. Serious crypto investors think meme coin fans are idiots.

When Satoshi Nakamoto invented Bitcoin (BTC), the anonymous cryptographer envisioned a world where people would free themselves from the iron shackles of banks and tyrannical governments. 

What he probably didnt expect, though, was a crypto industry teeming with badly drawn frog, cat and dog tokens, along with a sprinkling of racist memes.

With coverage of the fourth Bitcoin halving overshadowed by a speculative mania in meme coins including on the Bitcoin network itself its not surprising to see a very vocal debate over the value of meme coins to the crypto industry. 

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