Bitcoin News Tuesday, February 13


Bitcoin News TLDR / Table of Contents

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Hedge fund manager: I believe so strongly in bitcoin and other cryptos I put nearly all my money in them

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  • Brian Kelly, an outspoken bitcoin uberbull, told CNBC on Monday that he has nearly all of his money invested in cryptocurrencies.
  • That’s a big bet indeed, considering bitcoin and other cryptocurrencies make the recent spikes and plunges in the stock market look like child’s play.
  • Bitcoin, the world’s largest cryptocurrency, hit a record high of more than $19,000 in mid-December after soaring about 1,300 percent for all of 2017.
  • Asked whether he can tolerate letting his money ride in a market known for 10 to 20 percent gyrations any given week, Kelly said, I am comfortable with that.
  • Kelly said the bull case behind bitcoin and other cryptocurrencies is broader than thinking of them as a payment system one that is not accepted much in the real world and historically linked with illicit purchases online.

[/vc_column_text][vc_column_text el_class=”topfeed-tags”]Tags: outspoken bitcoin uberbull, big bet, BK Capital Management, BKCM Digital Asset, stock market look[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_separator][vc_column_text el_class=”topfeed-tweet”]

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Bitcoin gobbling Iceland energy supplies

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  • Image copyright – AFP – – – – – Image caption – – Nearly 100% of energy in Iceland comes from renewable sources – – – – Iceland is facing an exponential rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka…
  • ‘Exponential growth’What we’re seeing now is… you can almost call it exponential growth, I think, in the [energy] consumption of data centres, said Mr Sigurbergsson.He added that he expects Bitcoin mining operations will use around 840 gigawatt hours of electricity to supply data centre computers and cooling systems, for example.He…
  • He added that his firm was mostly interested in dealing with companies that were willing to commit to long-term contracts of a few years or more.If Iceland took on all of the proposed Bitcoin mining ventures, there simply wouldn’t be enough electricity to supply them all, he added.
  • Image copyright – HS Orka – – – – – Image caption – – Johann Snorri Sigurbergsson says there is so much demand for Bitcoin mining data centres in Iceland that the country wouldn’t have enough electricity to supply them all were they to be built – – – -…
  • Smri McCarthy (@smarimc) February 12, 2018 – – – – End of Twitter post by @smarimc – – – – It has previously been reported that the electricity demand of the world’s total combined Bitcoin mining operations may now exceed the energy use of the Republic of Ireland, though this…

[/vc_column_text][vc_column_text el_class=”topfeed-tags”]Tags: Bitcoin mining, data centres, Bitcoin mining operations, Mr Sigurbergsson, mining data centres[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_separator][vc_column_text el_class=”topfeed-tweet”]

[/vc_column_text][vc_column_text el_class=”topfeed-embedly”]Bitcoin energy use in Iceland set to overtake homes, says local firm – BBC News[/vc_column_text][/vc_column][/vc_row][vc_row el_id=”This-high-school-dropout-who-invested-in-bitcoin-at-12-is-now-a-millionaire-at-18″][vc_column width=”1/2″][vc_separator][vc_column_text]

This high school dropout who invested in bitcoin at $12 is now a millionaire at 18

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  • Thanks to his savvy investments in bitcoin and the current all-time high valuation, he won’t have to get his degree.
  • He currently owns 403 bitcoins, which at the current $2,700 a coin puts his bitcoin value at $1.09 million.
  • Bitcoin is very volatile, and the value could decline rapidly.
  • A technical analyst told CNBC he believes bitcoin will only go up to $2,800 before the value recedes, while others think it may reach $100,000 in a decade.
  • Bitcoin and the blockchain technology it is built on allow people to cut out the middleman, Finman explained.

[/vc_column_text][vc_column_text el_class=”topfeed-tags”]Tags: Finman, Erik Finman, bitcoin, all-time high valuation, blockchain ride-share platform[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_separator][vc_column_text el_class=”topfeed-tweet”]

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Iceland set to use more energy mining Bitcoin than powering homes

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  • Iceland is expected to use more energy mining bitcoins and other virtual currencies this year than it uses to power its homes.
  • With massive amounts of electricity needed to run the computers that create bitcoins, large virtual currency companies have established a base in the North Atlantic island nation blessed with an abundance of renewable energy.
  • Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government, McCarthy told The Associated Press.
  • The energy demand has developed because of the soaring cost of producing and collecting virtual currencies.
  • Computers are used to make the complex calculations that verify a running ledger of all the transactions in virtual currencies around the world.

[/vc_column_text][vc_column_text el_class=”topfeed-tags”]Tags: virtual currencies, Iceland, Pirate Party, bitcoin mining, bitcoin mining company[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_separator][vc_column_text el_class=”topfeed-tweet”]

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Turkey’s religious authority surrenders to political Islam

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  • TURKEYs directorate of religious affairs, known as the Diyanet, has a knack for odd and outrageous pronouncements.
  • A bureaucratic behemoth, the Diyanet employs all of Turkeys imams, organises Koran courses for children, issues its own, nonbinding interpretations of Islamic norms, and pens sermons to be read in the countrys 90,000 mosques.
  • For most of its history, the Diyanet has accommodated the politics of the secular establishment, embracing a version of Islam at ease with modernity, and keeping fundamentalism at bay.
  • Much of this has to do with the influx of hardline interpretations of Islam from abroad and Turkeys budding relations with foreign Islamist groups.
  • For almost a century, the Diyanet has walked a fine line to help safeguard Turkeys identity as a country that is both Muslim and secular.

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[/vc_column_text][vc_column_text el_class=”topfeed-embedly”]Turkey’s religious authority surrenders to political Islam – Checking up on the imams[/vc_column_text][/vc_column][/vc_row][vc_row el_id=”Barely-anyone-is-paying-the-taxes-they-owe-on-their-bitcoin-gains”][vc_column width=”1/2″][vc_separator][vc_column_text]

Barely anyone is paying the taxes they owe on their bitcoin gains

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  • A tiny fraction of Americans are reporting their cryptocurrency transactions to the Internal Revenue Service, according to a study from Credit Karma Tax.
  • Fewer than 100 of 250,000 federal tax returns prepared and filed so far this year through the company have filed a Form 8949 for cryptocurrency gains and losses, Credit Karma said Tuesday.
  • Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they’ll owe money, Credit Karma Tax General Manager Jagjit Chawla said in a statement.
  • However, given the popularity of Bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting.
  • The company said 52 percent of their filers this tax season are millennials, and just 14 percent are at least age 55.

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[/vc_column_text][vc_column_text el_class=”topfeed-embedly”]Barely anyone is paying the taxes they owe on their bitcoin gains[/vc_column_text][/vc_column][/vc_row]