Israel Government Considering National Cryptocurrency

Following in the footsteps of Russia and Dubai, Israel is considering offering a national cryptocurrency - a digital shekel - which would correspond in value to physical shekels.

According to the sources close to the Finance Ministry, Israel’s black market is approximately 22 percent of the country’s gross domestic product. A digital currency, registered with the government of Israel, would make black market transactions less possible.

Additionally, per the news source, the government is considering legislation that would substantially reduce the amount of physical cash in the economy. For example, one suggestion would be a law against paying wages in cash.

The process for the creation of the digital shekel is just getting underway, however. The government has offered the ‘Economic Arrangements Bill,’ which, if passed would create a separate panel for the Bank of Israel to consider creating the digital shekel.

The addition of the physical cash laws is the result of a failure by the Knesset to pass legislation of the same ilk two years ago. The pressure for digital currency adoption is high, as recent comments from the Israeli Prime Minister indicate.

Colu, an Israel-based Blockchain wallet application, has been part of the conversation with the Israeli government in pursuing a digital currency. Mark Smargon, VP Blockchain Colu told Cointelegraph:

"The Israeli regulators have been looking into digital currencies for a while, we were even part of this conversation. If this initiative becomes a reality, Colu will be happy to collaborate...as we believe digital currencies are the future of money."

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Aab hoga human body se cryptocurrency ka mining / Mining With Energy From Humans-Is it Really possible /

Aab hoga human body se cryptocurrency ka mining.
Mining With Energy From Humans-Is it Really possibleIs.

 it truly possible to harness energy from the human body to power cryptocurrency mining rigs?

A Netherlands-based technology company, Speculative.Capital has pioneered a project that explores the possibility of harnessing energy from idle human subjects.

To do so, the company created body suits that turn body heat into electricity from human subjects to power computers that are mining cryptocurrency.

According to their website, 37 people were involved in the project. The concept is pretty simple, a subject lies down for a few hours while the body suit harnesses energy from their body heat.

The technology is pretty nifty, as small thermoelectric generators harvest the temperature differential between the subject’s body temperature and the surrounding ambient temperature of the room. The electricity generated is then used to power mining rigs, that mined recently created cryptocurrencies that promised to create good future growth in value.

In total, the subjects provided enough power for the computers to mine for 212 hours, that’s just over eight days, and they claim to have unlocked 16,594 coins during that time.

The chosen cryptocurrencies were Vertcoin, StartCOIN, Dash, Lisk, Litecoin and Ethereum. Vertcoin and StartCOIN accounted for the majority of coins unlocked, while comparative crypto heavyweights Litecoin and Ethereum were the least mined coins - given the now-scaled difficulty to mine them.

During that 212 hour period, the 37 subjects produced 127,210 milliwatts of power.

Let’s make some assumptions here
If you have a Nvidia 1060 six GB graphics card in your computer, you can expect to get a hashrate of 19 MH/s at 80 watts when mining Ethereum - going with data from 1stminingrig.com.

Going with CryptoCompare’s current calculations - you would only be able to mine 0.002487 of Ethereum a day and that is using all 127,210 milliwatts, which equals 127 watts, of the power harnessed by the bodysuits.

While the idea is admirable, quirky and exciting, it seems like far too much effort for too little reward.

However, projects such as these push the boundaries of technology and expand the limits of what the human body is capable of, and how we view and explore the way we harness and produce energy in the future.

Whenever projects like these are undertaken and results are published, people are quick to debunk and belittle the work that has been done. While the project may not have produced nearly enough energy to mine extraordinary amounts of cryptocurrency, it is an alternative and green way of looking to power the miners needed to maintain the Blockchain.



Why not use the sun?
Speculative.Capital does make one wonder what other alternatives there are to power up mining rigs - especially for hobby miners at home.

The easiest, and probably most accessible option is solar power - if you live somewhere sunny.

Solar panels are easy to obtain and setup, although you will need an inverter and batteries to store their power. But given a steady a supply of sunlight, and you could easily produce enough energy to power a home-built mining rig.

Going by these calculations on solarpowerrocks.com, an average solar panel will produce 250 watts in an hour. If you get four hours of full sun, your panel will generate 1,000 watts of energy - eight times as much produced by our friends in the Netherlands.

At the end of the day, the efficiency of their chosen method matters not. What is imperative is that we look for cheaper and cleaner energy sources to power the power-hungry mining industry that continually verifies the Blockchain of cryptocurrencies.

As it stands, the cumulative power consumption of mining operations worldwide use more power than a number of individual African countries,

Blockchain and cryptocurrencies promise decentralized and anonymous transactional services to the common man - but we need to be conscious of the effect it has on power grids worldwide. If we can find better solutions - we should be using them.

The likes of Speculative.Capital and other technology companies are blazing a new trail for the cryptocurrency space, and it will be a massive triumph if more miners look to alternative power sources in the future.

At the time of publishing, Cointelegraph had not received a reply for an interview from Speculative.Capital.

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Bitcoin breaking News | Tesla S Owner Uses Their #Car to Mine #Bitcoin | #UBP Smart Gurukul |

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Just when Bitcoin miners thought mining on the phone and hydro mining were revolutionary, an owner of a Tesla S electric car model is using the free power from the supercharger of his vehicle to mine the leading cryptocurrency Bitcoin. To do this, the owner installed a Bitcoin mining computer in the trunk of the car. The mining rig is then charged by the car’s supercharger while it mines Bitcoin.

This is an interesting way to mine cryptocurrencies, but it could be very lucrative for the owner as his operating cost while mining the digital currencies is virtually zero. His only major investment is the cost of the mining rig itself, as well as the associated equipment and accessories.

Some issues on the innovative Bitcoin mining strategy
The exploration of innovative and creative methods of mining Bitcoin and other virtual currencies is always a very interesting endeavor because of the continuous increase in the price of the digital currencies, particularly Bitcoin.

The use of the superchargers of electric vehicles like the Tesla model could be a good idea, but some issues may arise. Among these concerns is the possibility that the mining rig could produce lots of heat that could damage the car’s internal parts over time. The car’s battery pack could also be easily damaged when used continuously for Bitcoin mining.

Despite its great potential and possibly good profits, Tesla or other electric car owners should decide carefully if they want to use this approach to mine cryptocurrencies due to its potential adverse effects on the performance of their cars.

Those who want to mine digital currencies may also want to explore other approaches in mining like the use of renewable energies like solar panels.

However, because they are still in the early phase of developments, these new technologies require a hefty upfront investment. Miners should be prepared to spend a large amount of money if they decide to mine Bitcoin using these methods.


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