Cryptocurrency

Indian court lifts cryptocurrency ban

A range of cryptocurrencies
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India's Supreme Court has lifted a ban that barred banks from being involved in cryptocurrency trading.

Financial services firms were banned from trading in virtual currency and cryptocurrency in April 2018 by the Reserve Bank of India (RBI). It gave entities it regulated three months to snap all banking relationships with individuals or businesses dealing in virtual currency.

The ruling is seen as a boost for virtual currency investors and businesses in India.

The Indian central bank has been looking to create its own sovereign-backed digital currency.

What do Iranian Mosques and South Korean Chicken farms have in common?

Researcher Michel Rauchs explains how bitcoin mining operations pop up in unlikely places

Oops!

Aleks Krotoski explores an example of unintended consequences in the digital world.
The Digital World is full of unintended consequences. Aleks finds out what happened when an influx of bitcoin miners descended like electricity devouring locusts on the snowy little town of Plattsburgh NY.

Depending what day it is maintaining the bitcoin network can take the same amount of energy as consumed by the whole country of Switzerland. These crypto currencies quite literally turn electricity into money but electricity costs, so all over the globe there are itinerant bitcoin miners like the prospectors of old in search deep veins of cheap power to refine into digital gold

And so when it became known that the little town of Plattsburgh on the US/Canadian border had just about the cheapest electricity on the continent the miners flocked there from as far away Puerto Rico. At its height you couldn’t walk down the street without feeling the heat and the din of servers churning away in hastily converted strip malls. 

But it was it a bonanza for the locals? Aleks finds out.