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Bitcoin mining could lead to... construction disasters

Summary:

  • Bitcoin mining is believed to be a reason behind huge fire in block of flats in Russia
  • Hedge fund CEO says Bitcoin will resume an uptrend in the next couple of weeks
  • Cryptocurrency-related jobs in India bloom despite the country’s stance on Bitcoin

Over the course of the past hours Bitcoin was remarkably calm as there were no reports which could have influenced the digital currency substantially. As a result, the price failed to break above $8500 and came back below a $8000 mark. Today we’re going to mention a really interesting story from Russia which could be viewed as a real threat to construction in some areas. Namely, the top storey of the building in Russia, Artem near Vladivostok, was completely destroyed by the fire while many of other flats were flooded in the wake of water from firefighters. It’s believed that the main cause behind the catastrophe was... Bitcoin mining, to be precise a resident who was illegally using the block’s electricity in order to mine the cryptocurrency. According to a spokesman of the local division of the Emergencies Ministry inside the flat there was something looking like mining equipment.

link do file download linkThe building burst into flames due to overheating of circuits caused by Bitcoin mining. Source: metro.co.uk

Has the Bitcoin slump been already ended?

Bitcoin has lost almost 60% since the peak reached in December till today which could encourage investors to involve in the market once again. According to Dan Morehead, CEO of Pantera Capital, a hedge fund and investment firm which works exclusively in digital currencies and blockchain technology, Bitcoin should return to peak levels over the next couple of weeks and continue climbing from there. The fund was founded in 2003 and since then it has had returns of more than 22,000%! Despite such an incredible gain Morehead stressed that they are cognizant of wild volatility Bitcoin is equipped with, being one of the most speculative market.

link do file download linkBitcoin is set to end another week with a loss extending its longest losing streak. From a technical point of view the ongoing downtrend could change once a resistance placed at $9350 is finally broken. Source: xStation5

India sees the increasing number of jobs and applicants in the crypto sector

In defiance of the current quite harsh stance presented by the Indian government the country’s cryptocurrency sector seems to be doing well. As a result, there is a growing amount of jobs and applicants for employment. Over the six months till November 2017 the number of crypto- and blockchain-related job postings increased by 290%. According to media reports India accounts for 10% of global Bitcoin transactions while people who live there deeply believe that Bitcoin and other cryptocurrencies will increase their popularity over the next 10 years.

link do file download linkAs much as 68% people in India believe Bitcoin and other digital currencies will increase their popularity among ordinary people. Source: bitcoin.com

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