Global Crypto Currency and Cyber Currency Market 2018-2024 – Crypto-Currency Segments, Dark Web, Consumer …

The worldwide Crypto-Currency market at $1.9 billion market in 2017, and is expected to reach $84 billion by 2024.

Worldwide markets are poised to achieve continuing growth as the advantages of digital currency move away from the drug dealers and the criminals to mainstream activities like supply chain management and IoT communications. Cyber currency is useful for marketing and branding.













The value of Bitcoin is very volatile. The number of payments that can be handled is low. So why does the cyber-currency hold attractions and have a high market cap? The reason is people can use it to move money around anomalously. This has value for some people. The cyber-currencies are expected to further evolve lowering the cost of bank settlements and giving people access to inexpensive worldwide payments systems.

Bitcoin does face scaling issues that will need to be resolved for its longer-term viability – specifically, transaction processing costs, speed, and energy requirements will need to be addressed.













Key Topics Covered:













1. Cryptocurrency: Market Description and Market Dynamics
1.1 The Myth Persists













  • What Will a Stable Cyber Currency Look Like?
  • Crypto Currencies With A Fixed Supply Are Inherently Too Volatile To Be Useful
  • Crypto Currency Theft Is Irreversible
  • Crypto-Currencies Represent A New Way Of Managing Transactions Locally Or Within A Fixed System














1.2 Volatility of The Value Of Crypto-Currencies
1.3 IBM and Central Banks
1.4 Cryptographically Secure Tokens













  • IBM’s Work With Assets Issued On A Blockchain














2. Cybercurrency Market Shares and Forecasts
2.1 Using Cyber Currency













  • How Credit Cards are Different from Crypto Currency
  • Visa and American Express
  • Money Can Become Decentralized
  • Cybercurrency Thefts














2.2 Crypto-Currency Market Shares













  • In 2016, Bitcoin Doubled in Price
  • Ethereum Platform and Ether Cryptocurrency
  • Ethereum Useful In Corporate Settings
  • Dark Web Currencies
  • Dark Net Description














2.3 Crypto-Currency and Cyber-Currency Market Forecasts













  • Cyrpto-Currency Market Forecasts
  • Bitcoin
  • Blockchain Business Value
  • IBM Blockchain Platform
  • Cyber-Currency $300 Billion Token Market














2.4 Crypto-Currency Market Segments













  • NEO Provides Framework for Brands
  • IOTA Public Distributed Ledger
  • Ripple Distributed Exchange
  • Crypto-Currency Segments, Dark Web, Consumer, and Enterprise Revenue
  • Crypto-Currency Segments, Dark Web and Enterprise Market Cap Market
  • Cross-Border Payments
  • Central Banks Considering Issuing Cryptocurrency
  • Supply chain














2.5 Cyber-Currency Prices
2.6 Cyber-Currency Regional Market Analysis

3. Cybercurrency Product Description
3.1 Dangers to the Dollar













  • US Balanced Budget
  • Blockchain Is Distributed Ledger Technology














3.2 Russian Currency Put In Place To Enable The Government To Tackle The Problem Of Tax Evasion
3.3 Blockchain Technology
3.4 Vendors Accepting BitCoins













  • Bitcoin Not An Effective Form Of Payment














3.5 Coin Market Average Transaction Fee

4. Cybercurrency Research and Technology
4.1 Standards


























4.2 Blockchain Decentralized ledger













  • South Korean Justice Ministry Seeks to Regulate Cyber Currency: South Koreans Suggest Shutting Down Cryptocurrency Exchanges














4.3 Corporations Going Full Speed Ahead With Blockchain
4.4 Bitcoin Conversion to Local Currency
4.5 Current Value Of Data Center Infrastructure $10 Trillion

5. Cyber Currency Company Profiles
5.1 Amazon
5.2 Binance Coin
5.2.1 Underlying Binance Platform
5.3 BitCoin













  • BitCoin De-Facto Currency of Cyber-Crime, Darknet Markets
  • BitCoin Volatility
  • Bitcoin US Dollar Daily Chart
  • BitCoin Vulnerability to Theft
  • Bitcoin and the FBI
  • Controversies That Have Plagued BitCoin
  • Mr. Hearn Who Helped Develop BitCoin Came Out of Google
  • Cryptocurrency Transactions Blockchain
  • Why Bitcoin Will Never Be the Dominant Form of Money
  • Loans and Deposits Are an Elastic Form Of Money
  • The Main Problem with Bitcoin Is That It’s Inelastic
  • Credit Is Money
  • Banks Cannot Make Bitcoin-Denominated Loans
  • Money Serves As A Medium Of Exchange














5.4 BitCoin Cash
5.5 Cardano
5.6 Dash
5.7 Dragonchain













  • Dragonchain Privacy
  • Dragonchain Coding Flexibility














5.8 Dragon Corp
5.9 EOS
5.9.1 EOS.IO Software Blockchain Architecture
5.10 Ethereum













  • Ether Cryptocurrency
  • Ether
  • Ethereum Initial Coin Offerings
  • Ethereum Useful In Corporate Settings
  • Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin’s














5.11 Ethereum Classic
5.12 IBM













  • IBM Blockchain Activity
  • IBM’s Strategic Cybercurrency Partnerships
  • Central Banks Considering Issuing Cryptocurrency
  • Digital Economy Has Made Trust More Important
  • IBM Blockchain Platform














5.13 ICON













  • ICON A South Korean Currency
  • How does ICON work?
  • ICON DAPP (Decentralized Application)
  • ICON Vision 157














5.14 IOTA













  • IOTA Public Distributed Ledger
  • IOTA Teams with Microsoft Cryptocurrency
  • IOTA ‘Blockless’ Technology Replaces Blockchain with Tangle














5.15 KuCoin
5.16 Lisk
5.17 Litecoin













  • Litecoin Currency in the Dark Web














5.18 Monero
5.19 Maker
5.20 Nano













  • Nano Pruned Ledger Support














5.21 NEM













  • NEM Pushes Blockchain Performance














5.22 NEO
5.23 OmiseGo













  • OmiseGo & McDonalds














5.24 QTUM
5.25 R3
5.26 Ripple
5.27 Stellar













  • Stellar Lightning
  • Payment Channel Designs














5.28 Tether
5.29 TRON













  • TRONIX Is Third Generation Crypto














5.30 VeChain
5.31 Zcash
5.32 Date of Numbers Collection Note













For more information about this report visit https://www.researchandmarkets.com/research/3lp7dn/global_crypto?w=5













Media Contact:













Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Cision View original content:http://www.prnewswire.com/news-releases/global-crypto-currency-and-cyber-currency-market-2018-2024—crypto-currency-segments-dark-web-consumer-and-enterprise-revenue-300642150.html













SOURCE Research and Markets













Related Links

http://www.researchandmarkets.com


Source: https://www.prnewswire.com/news-releases/global-crypto-currency-and-cyber-currency-market-2018-2024—crypto-currency-segments-dark-web-consumer-and-enterprise-revenue-300642150.html

Advertisements

5 myths about cryptocurrency debunked

As digital assets have continued to rise in prominence, market demand and value, so have the rumours accompanying them. Let’s put to rest some of them.

Speculations often follow whenever the world is greeted with something huge and potentially disruptive. Add commercial viability into the mix and the rumour mills find enough fodder to keep churning hearsays, without fail. Such has been the case with the rise of cryptocurrencies, across the globe. As these digital assets have continued to rise in prominence, market demand and value, so have the rumours accompanying them. While the same may lead users astray, it is important that we do the proper research and separate facts from mere juicy gossip. Let’s busting some top myths clouding the rise of cryptocurrencies in India.

‘Crypto-assets don’t have any real value’

Since nobody can “see” or hold crypto assets, people often believe that it does not have any real value. However, these digital assets are truly decentralised, not backed by any government authority. Instead, the prices are determined by the dynamics of a free and open market: supply and demand. Hence, in a way, cryptocurrencies work the same way as money does, with the value being decided by the people using the same. The only difference is while money can be physically seen or stored, crypto assets are digital.

‘Crypto-assets are free giveaways’

A lot of people may tend to think that crypto assets are free giveaways for the same reason that Bitcoins are mined. However, the same also piques curiosities, for, how is something that is not physically present be mined? However, a deeper and more sophisticated knowledge of complex computing procedures involved in solving a trail of cryptographic puzzles that result in the mining of bitcoin and other digital assets will help us realise that cryptocurrencies are definitely not given away for free.

Blockchain technology is used to validate Bitcoin and other transactions. Miners who are able to process and verify these transactions are, in turn, awarded with Bitcoins. To say the least, this entire process is rather complex, requiring an extensive set of hardware. Simply mining a single Bitcoin would cost hundreds of thousands of dollars. The same also acts as a tab in the number of Bitcoins that are released every day.

Furthermore, the total numbers of Bitcoins that can be mined are limited to 21 million, beyond which only the market dynamics would govern the value of these assets.

‘Cryptoassets are illegal’

This is another example of the paranoia surrounding cryptocurrencies. While announcing the Union Budget 2018, Finance Minister continued the previous cautionary stance on cryptocurrencies. However, just because something is not legal yet, doesn’t mean it is illegal. Besides, the legality of crypto assets is subject to different geographies. For instance, while the status is being debated in India, other countries like Canada, Brazil and the US have not only accorded a legal status to the currency but are also actively regulating the same.

‘With cryptocurrencies, one can easily evade taxes’

One may argue that while cash transactions can be successfully taxed, the same does not hold true for crypto-based transactions. However, one needs to appreciate the fact that cryptocurrencies like Bitcoin are powered by the blockchain technology. As a decentralised, public ledger, blockchain keeps a record of every transaction, and since it is public, the records of these transactions can be viewed and accounted for.

‘Cryptoassets are used for money laundering’

Before dispelling this myth, let us get some of our facts right. Bitcoin, as a concept, was first introduced in 2008, in a white paper by Satoshi Nakamoto. The first Bitcoin was consequently mined in 2009. Money laundering has plagued the world long before that. Ever since the advent of crypto assets, the Silk Road drug racket has used these digital assets to launder money earned out of selling drugs. However, in the absence of cryptos, the same transaction would have happened using cash, just the way it was happening before.

On the other hand, the community of crypto assets supporters and enthusiasts are willing to join hands with the government and make the space better regulated. Instead of trying to fight away this global phenomenon, the changing times warrant collaboration between private and public sector, in better regulating the network and developing mechanisms in place to protect its misuse.

Despite all the speculations and rumours, the value of Bitcoin has been on a consistent rise, reaching $20,000. Furthermore, a number of other cryptocurrencies have been developed, and are increasingly becoming popular with the users and investors alike. The demand is expected to surge, given the huge demand in the market, the user-friendly and decentralised attributes of cryptocurrency, making it immune from the demonetisation etc. With these myths debunked, and users growing to understand and appreciate the extent of cryptocurrencies, these digital assets will become a part of our daily lives in the times to come.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

Source: https://yourstory.com/2018/04/5-myths-cryptocurrency-debunked/

Bitcoin Prices Contained by the Narrowest Trading Range in Six Months

The notoriously volatile bitcoin spot rate has exhibited rare stability over the past eight sessions, a sign that one of the world’s most volatile assets may be on the path to long-term recovery. Bitcoin traders are now asking: what’s next?

Bitcoin Shows Rare Stability

Bitcoin’s recent price movement can be described in many ways: a narrow trading range, a technical hurdle or even the long-awaited stability that many in the crypto community believe is necessary for long-term adoption. Regardless of how you describe it, bitcoin is currently experiencing its smallest price fluctuations in almost six months.

Prior to Thursday’s rally, the digital currency had traded between roughly $8,675 and $9,210 over the past week. Prices peaked above $9,800 on Thursday, the highest since early March. The digital currency was last seen trading around $9,585 for a total market capitalization of $163 billion.

Given the recent moves, prices have found support above the 50-day moving average, which Fundstrat Global Advisors has pegged at about $8,600. The firm, which has become popular among cryptocurrency traders for its insight into bitcoin, recently told Bloomberg that a break above $9,700 could propel BTC higher in the short term.

Bitcoin’s recent streak of narrow moves is both comforting and frustrating if you are a cryptocurrency investor. Although the digital currency skyrocketed in April en route to its strongest month of gains since the December peak, the fundamentals suggest many more milestones can be squeezed out of the latest rally. However, the recent slowdown in growth likely means that a repeat of April is unlikely this month. What’s more, percentage gains of the magnitude we saw in 2017 may be long over for bitcoin. Neither of these things is inherently bad, and as we will soon show, the near future is still very bright.

Why Is Bitcoin So Volatile?

Bitcoin’s reputation for being extremely volatile is well deserved, with price trends over the last few months adding further credence to the fact. The digital currency peaked near $20,000 in December before plunging below $6,000 just a few months later.

Several factors continue to underpin bitcoin’s extreme price fluctuations, chief among them being low liquidity, bad press and varying opinions about its perceived value. The debate over bitcoin’s status as a currency or commodity also makes it difficult to predict how investors will respond to the asset.

Those who hold a larger portion of bitcoin also contribute to the volatility when they decide to convert it into fiat currency. As we’ve seen repeatedly, the ‘bitcoin whales‘ have a tendency to generate oversized moves in the market.

Proponents of bitcoin and digital currency more generally believe the answer to many of these challenges lies in institutional adoption. A greater inflow of institutional cash, combined with more options to trade the digital asset, could propel the market forward. Institutions currently play a smaller role in the market but that is expected to change very soon.

America’s largest exchanges are already trading bitcoin futures contracts. The Chicago Board Options Exchange (CBOE) is also leading broader efforts to list bitcoin-based exchange-traded funds (ETFs), a move that could link crypto to a multi-trillion-dollar market, and one of the fastest growing to boot.  Recent news of Goldman Sachs entering the bitcoin market will also bolster institutional presence and possibly encourage other banks to join its ranks.

That said, extreme value swings aren’t expected to go away anytime soon. For early adopters, that could turn into a positive if the bulls are correct in their belief that bitcoin is destined for new highs this year.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Source: https://hacked.com/bitcoin-prices-contained-by-the-narrowest-trading-range-in-six-months/

Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom

Bitcoin Price Key Highlights

  • Bitcoin price appears to be gaining traction on its climb as it approaches a key resistance.
  • A break past the $10,000 barrier could complete the creation of a double bottom reversal pattern.
  • Rallying past the neckline of the formation could lead to an uptrend of the same height.

Bitcoin price is forming a double bottom on its daily time frame to signal that a longer-term uptrend is due.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff could still resume from here, possibly leading to another test of the bottoms at $6,000.

The 100 SMA appears to be holding as dynamic support, though, and a move past the 200 SMA dynamic inflection point could draw more buyers in.

Stochastic looks ready to turn lower from the overbought region to signal a pickup in selling pressure as well. But if buyers stay in control, a mov past the $12,000 area of interest and neckline could lead to a climb of around $6,000 or a rally up to the record highs.

Market Factors

Developments in the industry have been mostly positive, especially after Goldman Sachs announced plans to start a bitcoin trading operation. Execs also noted that bitcoin is not a fraud, contrary to CEO Blankfein’s statement on how it is in a bubble earlier on.

Apart from that, South Korea’s lawmakers are working on a bill to legalize ICO launches, also helping to add legitimacy to the industry. Japan has already created its regulatory body for ICOs, which means that the top markets for bitcoin are making good progress.

Dollar demand is also sinking leading up to the release of the NFP report as traders are wary that weak results could reinforce the less hawkish stance shared by the FOMC in their latest statement. Weaker than expected data could lead to even more dollar selling and bitcoin price could take advantage.

Source: https://www.newsbtc.com/2018/05/04/bitcoin-price-technical-analysis-05-04-2018-long-term-double-bottom/

Goldman Sachs to become first Wall St bank to set up bitcoin trading operation

by Nathaniel Popper

San Francisco | Most big banks have tried to stay far away from the scandal-tainted virtual currency bitcoin.

But Goldman Sachs, perhaps the most storied name in finance, is bucking the risks and moving ahead with plans to set up what appears to be the first bitcoin trading operation at a Wall Street bank.

In a step that is likely to lend legitimacy to virtual currencies — and create new concerns for Goldman — the bank is about to begin using its own money to trade with clients in a variety of contracts linked to the price of bitcoin.

While Goldman will not initially be buying and selling actual bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.

Rana Yared, one of the Goldman executives overseeing the creation of the trading operation, said the bank is clear-eyed about what it is getting itself into.

Advertisement

“I would not describe myself as a true believer who wakes up thinking bitcoin will take over the world,” Yared said. “For almost every person involved there has been personal skepticism brought to the table.”

Preposterous suggestion

Still, the suggestion that Goldman Sachs, among the most vaunted banks on Wall Street and a frequent target for criticism, would even consider trading bitcoin would have been viewed as preposterous a few years ago, when bitcoin was primarily known as a way to buy drugs online.

Bitcoin was created in 2009 by an anonymous figure going by the name Satoshi Nakamoto, who talked about replacing Wall Street banks, not giving them a new revenue line.

Over the last two years, however, a growing number of hedge funds and other large investors around the world have expressed an interest in virtual currencies. Tech companies like Square have begun offering bitcoin services to their customers, and the commodity exchanges in Chicago started allowing customers to trade bitcoin futures contracts in December.

But until now, regulated financial institutions have steered clear of bitcoin, with some going so far as to shut down the accounts of customers who traded bitcoin. Jamie Dimon, the chief executive of JPMorgan Chase, famously called it a fraud, and many other bank CEOs have said bitcoin was nothing more than a speculative bubble.

Virtual Value

Yared said Goldman concluded that bitcoin was not a fraud and that it did not have the characteristics of a currency. But a number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of bitcoin that can ever be “mined” in a complex, virtual system set up nearly a decade ago.

“It resonates with us when a client says, ‘I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'” she said.

Yared said the bank has received inquiries from hedge funds, as well as endowments and foundations that received virtual currency donations from newly minted bitcoin millionaires and didn’t know how to handle them. The ultimate decision to begin trading bitcoin contracts was approved by Goldman’s board of directors.

The step comes with plenty of uncertainties. Bitcoin prices are primarily set on unregulated exchanges in other countries where few measures are in place to prevent market manipulation.

Since the beginning of the year, the price of bitcoin has plunged — and recovered significantly — as traders have faced uncertainty about how regulators will deal with virtual currencies.

“It is not a new risk that we don’t understand,” Yared said. “It is just a heightened risk that we need to be extra aware of here.”

Keeping it hack-free

Goldman has already been doing more than most banks in the area, clearing trades for customers who wanted to buy and sell bitcoin futures on the Chicago Mercantile Exchange and the Chicago Board Options Exchange.

In the next few weeks — the exact start date has not been set — Goldman will begin using its own money to trade bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.

The bank’s first “digital asset” trader, Justin Schmidt, joined Goldman two weeks ago to handle the day-to-day operations. He will initially be placed on Goldman’s foreign currency desk because bitcoin trading has the most similarity to movements in emerging market currencies, Yared said.

Schmidt is looking at trading actual bitcoin — or physical bitcoin, as it is somewhat ironically called — if the bank can secure regulatory approval from the Federal Reserve and New York authorities.

The firm also has to find a way to confidently hold bitcoin for customers without it being stolen by hackers, as has happened to many bitcoin exchanges. Schmidt and Yared said the current options for holding bitcoin for clients did not yet meet Wall Street standards.

Goldman is known for pushing the envelope in the trading of complicated products. The firm faced significant criticism after the financial crisis for its profitable trading of synthetic derivatives tied to the subprime mortgage markets.

Since the crisis, Goldman has made a big push to position itself as the most technologically sophisticated firm on Wall Street. Among other things, it has launched an online lending service, known as Marcus, that has brought the firm into contact with retail customers for the first time. The virtual currency trading, though, will be available only to big institutional investors.

Source: http://www.afr.com/news/world/goldman-sachs-to-become-first-wall-st-bank-to-set-up-bitcoin-trading-operation-20180503-h0zmi1

The Bitcoin Rut – What’s Next and Can the Bulls Come Out on Top?

Bitcoin gained 1.87% on Wednesday, reversing Tuesday’s 1.79% fall, to end the day at $9,241.6.

A start of the day fall through the 23.6% FIB Retracement Level of $8,996 found buying appetite to reverse the early loss and see Bitcoin break out from the 23.6 FIB Retracement Level to a morning high $9,204.3 before easing back, the morning high falling short of the day’s first major resistance level of $9,275.6.

Following a range bound middle part of the day, Bitcoin found its legs in the latter part of the day to test the day’s first major resistance level, with an intraday high $9,279.9, before easing back by the day’s end to hold clear of the 23.6% FIB Retracement Level and close at $9,000 levels for a 5th consecutive day.

The gains on the day were minor relative to Bitcoin Cash’s 7.83% rally and not enough to pull Bitcoin into positive territory for the current week, Bitcoin struggling to break free from its current ranges and a make a run at late April’s swing hi $9,767.4 and $10,000 levels.

There’s been no materially negative news to hold Bitcoin back, with Bitcoin now needing to break out from its current range to continue the recover from the first quarter sell-off. Failure to break out and resultant pullback to low $8,000 levels could see Bitcoin take a near-term slide, while the longer-term trend continues to look bullish for now, sentiment towards Bitcoin and the broader market having improved through April.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was down 0.18% to $9,220, with a morning high $9,292.0 coming up short of the day’s first major resistance level of $9,358.23 to move into reverse through the middle of the morning, with Bitcoin falling to a morning low $9,161 in the last hour.

The tight ranges have continued through morning and for the day ahead, a move through to $9,300 levels will be needed to draw in buyers on the side lines and take a run at the day’s first major resistance level of $9,359.23 and bring $9,500 levels back into play.

For Bitcoin to have a look at $10,000, a move through the late April swing hi $9,767.4 would be needed, requiring a break through the 2nd major resistance level of $9,474.87, which looks unlikely for now as investors continue to lock in profits on narrower gains ahead of Bitcoin Cash’s hard fork.

Failure to test the day’s first major resistance level will likely see Bitcoin go into reverse later in the day through the first major support level of $9,046.63 to test buyer appetite at the 23.6% FIB Retracement Level of $8,996, with any deterioration in sentiment across the market bringing the day’s 2nd major support level of $8.851.67 into play, before any recovery on the dip.

Uncertainty over the impact of Bitcoin Cash‘s hard fork on Bitcoin may be playing a hand in the current moves, with the investors also mindful of new regulations that are expected to be rolled out in the coming months.

BTC/USD 03/05/18 Hourly Chart

Buy & Sell Cryptocurrency Instantly

Source: https://www.fxempire.com/news/article/bitcoin-rut-whats-next-can-bulls-come-top-497838

Op Ed: Can Solar Power Drive Bitcoin Mining in Africa?

While many in the West often overlook Africa as an emerging blockchain innovation center, a deeper look across the continent tells a very different story. The Blockchain Africa Conference came to a close last month in Johannesburg, South Africa. Around the same time, the Kenyan government set up a task force to study the impact of the technology. There are plenty of other blockchain communities growing around Africa too, in places like Nigeria, Sudan and Algeria.

Although not without difficulties, the growing connectivity and an advancing computer science field — especially at institutions like Makerere University in Uganda — show the African blockchain ecosystem is evidently building agency.

And it has the potential to make a massive impact on local economies and communities alike. During a speech, the United Nations Economic Commission for Africa, Managing Director of the IMF Christine Lagarde noted, “So [blockchain] is not just about saving money, it is also about creating more transparency, promoting stronger accountability, and in the end, delivering a better life for every citizen.”

For many, cryptocurrency mining is providing a big leap forward. Communities have sprouted up across the region. But with global bitcoin mining using more power than most African countries (only South Africa, Egypt and Algeria consume more), it’s hard to see how it’s going to be sustainable on the continent. On the flipside, solar power just might have the force to push bitcoin mining in Africa to the next level. Here’s how.

A Snapshot of the Bitcoin Mining Community in Africa

Bitcoin mining farms have begun popping up around the world to mine bitcoin in bulk. But while Egypt’s hot climate seems like an unfavorable place to do so, a community has developed to mine bitcoin in secret.

According to the Bitcoin Africa article linked above, many miners keep a low profile for fear of being charged for working with black market foreign currencies. Still, bitcoin mining farms are spreading across Cairo. One of the main reasons for the boom is that electricity is cheaper compared to other economies. With lower overheads paid out in the local currency, miners get more back in bitcoin.

Bitcoin mines are spread throughout other countries, too. IT Software company Ghana Dot Com (GDC) opened what it claims to be the country’s first bitcoin mine back in 2016, for example. (GDC is a descendant company of Network Computer Systems, which introduced internet in Ghana in 1993.) In South Africa, bitcoin mining hardware store Bitmart just opened in 2018. There’s also active communities in Nigeria, Gambia, Uganda, Ethiopia and Kenya.

One Nairobi-based miner, Eugene Mutai, has received a fair share of press for the mining facility in his apartment. He told Bloomberg that, in the global market, bitcoin mining has leveled the playing field for him. Without a college degree, he’s been able to move into the Kenyan middle class.

Solar as a Viable Mining Alternative

Certainly, parts of Africa aren’t exactly the ideal place to be mining bitcoin due to the hot climate  — the average temperature in Ethiopia, for example, is 93 °F year round. Even more significantly, about 600 million people living in Sub-Saharan Africa don’t have access to electricity. And, while nearly 1 billion people in the region might gain access to electricity by 2040, an estimated 530 million people will still not have electricity access due to population growth.

Each country in Africa has its own nuanced problems and solutions; however, in a good handful of African countries, solar power is emerging as a viable option for combatting these electricity woes  — and there are already several solar projects on the go.

In Morocco, for example, there’s the 800MW Noor Midelt solar complex. According to Reuters, the estimated $2.4 billion (€2 billion) project has been supported by the African Development Bank, the World Bank, the European Union and the European Investment Bank, among other institutions. In addition, Seychelles just announced they’re planning to install Africa’s first floating solar project, which is expected to contribute 5.8 GWh annually to the country. There are also giant solar farms in South Africa, Uganda, Kenya, Morocco and Burkina Faso. Many produce so much energy, in fact, they hope to one day export solar energy to Europe.

This investment in energy infrastructure could eventually help make bitcoin mining in Africa a more sustainable endeavor which, if implemented on a large scale, might actually help push Africa’s industry forward.

In an article on Greentech Media, author Tam Hunt writes: “It can make good financial sense to use solar power to mine bitcoin. Solar plants can provide power that is cheaper than grid power in areas with good insulation and low construction costs. The price of power is also known with some certainty over time because there are no fuel costs and thus no volatility.”

Not only can mining with solar energy drive the bitcoin industry in many African countries forward, but it will give greater parts of the population across the continent access to the global market. Instead of being held back by highly inflated currency or local tenders impacted by government turbulence, bitcoin mining is enabling many Africans to get ahead. And if solar power is brought into the mix, it can prove to be a truly sustainable leap forward for economies and individuals alike. After all, in parts of Africa there is a huge necessity for it. The power requirements to mine bitcoin are globally unsustainable. And since access to electricity in Africa is already problematic, solar power could be the answer.

This is a guest post by Nabyl Charania, Chairman and Chief Executive Officer of Rokk3r. Views expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine.