Bitcoin News in Review: Hal Finney, Mark Karpelès, Mining Gear, and More

Journalist:
August 31, 2014

With the end of another week, it’s time for the Bitcoin News in Review, where we feature some of the top stories of the week here on CryptoCoins News. This week, (24 August – 31 August), we lost Bitcoin pioneer Hal Finney, saw Mark Karpelès launch a new company, checked out some new mining gear, and more. Check out our video and keep scrolling for this Bitcoin News in Review, after the break.

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Remembering Hal Finney

For those who didn’t know him, Hal Finney was always extremely active in the cryptology community. Finney was one of the earliest members of the PGP Corporation and ran the world’s first anonymous remailer. Through his connections, Finney “met” Satoshi Nakamoto online and became the recipient of the world’s first Bitcoin transaction. Unfortunately, in August 2009, Finney was diagnosed with ALS, and passed away earlier this week on August 28th. He will be missed by CCN and everyone in the community.

Mark Karpelès is Back

Despite being ridiculed by the Bitcoin community for supposedly “losing” over 800,000 bitcoins, Mark Karpelès is back with a new business venture. This time, he’s started a web hosting company that, interestingly, does not accept bitcoins. In an exclusive interview with CCN, Karpelès responded to his many critics in the Bitcoin community.

“I am sorry for what happened to everyone and [I am] trying to work toward making things better.

I sincerely hope that what we are doing will be able to provide even a bit of relief.”

-Mark Karpelès

Mining Gear

This week was also the week of mining for CryptoCoins News. In an exclusive interview with Josh Garza from GAW Miners, we discovered that GAW makes more in Bitcoin sales per day than Overstock. This is due to the company’s recent Hashlet announcement, which was so successful that it ended up crashing Shopify, the e-commerce platform used by GAW and many others. According to Garza,

“Hashlet has been the most successful product we’ve ever launched for a reason. With zero pool fees, depreciating hosting costs, exclusive access to the most profitable multipool on earth, and coming features like changeable algorithms and more, Hashlets are the most advanced and future-proof miners in the world.”

The Hashlet certainly has been a huge success. Whether a competitor steps up to challenge GAW any time soon remains to be seen.

CCN also recently reviewed some new mining hardware – the Rockminer T1 and BitCrane’s T-110. If you’re shopping around for some new mining gear, be sure to check out our reviews first.

The Future of Bitcoin

Bitcoin works on a Proof of Work (POW) system where the odds of mining a block depend on the amount of work done by the miner. This isn’t necessarily a bad system, although many argue that a Proof of Stake (POS) system is safer in the long run. POS systems ensure that a person can mine depending on how many coins he/she holds. As a result, a 51% attack is more expensive and less alluring with a POS system. However, hoarding can become a problem with POS, which is already somewhat of a problem with Bitcoin. No system is entirely perfect, as both have their merits and their flaws. Should Bitcoin use a mixed system in the future? Or should an entirely new system be developed?

That concludes this week’s Bitcoin News in Review. Be sure to follow CCN on Facebook and Twitter for the latest cryptocurrency news.

Images credited in their respective articles.

Last modified (UTC): September 1, 2014 00:09

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.