Bitcoin Magazine’sWeek in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.
Large-scale miners in Iran have begun to move abroad as a result of strict cryptomining regulations imposed by the government in early August 2019. After over a year of back and forth, the Iranian government finally recognized cryptomining as an industry, but it comes at a steep price for miners. The price of electricity offered to miners is equivalent to the average price at which Iran exports electricity to other countries. Many miners have decided to move to other countries, including Russia, Georgia, Kazakhstan and even Iraq as a result of prices they deemed to be uneconomical and noncompetitive.
PwC, the world’s second-largest professional services firm, will begin to accept bitcoin payments from clients on October 1, 2019. The company announced in early September 2019 that the accepting bitcoin payments is a response to growing market demand. Despite Bitcoin’s historical reputation as a symbol of rebellion and a contributor to cyber crime, the company said that Bitcoin continues to serve as a reliable payment system that cannot be compromised. With the new bitcoin payments, clients are granted a more secure payment alternative to traditional assets.
Adoption and Community
Jeremy Gardner, a 27-year-old cryptocurrency millionaire, has announced a new reality show called The Crypto Castle Chronicles. Produced by Adrian Baschik, a former producer for Vice, the show will be available on YouTube in the coming weeks. The 12 episode series will mix Gardner’s day-to-day lifestyle with insight into the world of startups, entrepreneurship and investments.
Adoption and Community
Crypto focused gaming company Blockade Games has released a new game called “The Legend of Szabo,” an overt homage to the flagship game “The Legend of Zelda.” The style and vibe of the game is a replication of Zelda, but one geared toward the Bitcoin community. The main difference between the two games is the selection of weapons, as “The Legend of Szabo” features weapons that serve as metaphors for the bitcoin market. Plus, players of “Szabo” are offered actual monetary rewards, something “Zelda” does not currently offer.
Privacy and Security
Hardware wallets have been the most reliable technology when it comes to securely storing bitcoin, but what happens if you lose your backup seed, or the hardware breaks, gets lost or is stolen? SatoshiLabs, the company behind the Trezor hardware wallet, has come up with a solution to ensure that users are still able to access their wallets, despite any unfortunate events. Based on the Secret Sharing cryptographic algorithm, the new Shamir Backups allow users to split their back up seeds into several word lists or shares, and private keys can be recovered by combining a predetermined subset of the shares.