Bitcoin This Week: Eminem Raps About Bitcoin, California Blockchain Bills In The Pipeline And More


Today on Bitcoin This Week crypto-mining energy consumption takes a twist, Firefox to takcle cryptojacking and much more.

Firefox To Tackle Cryptojacking With Further Security Updates

Cryptojacking is a rising threat faced by internet users worldwide. Having your machine surreptitiously hijacked by an online assailant and turned into a crypto mining client is a very real possibility nowadays. And the threat is on the rise; Cryptojacking rates rose by a massive 85% in the last quarter of 2017. A cryptojacking attack usually starts with hackers either enticing users to click on an email link, or by using JavaScript code to infect a website or online advert. The crypto mining code auto-executes and works away in the background, often without the user’s knowledge.

According to Alex Vaystikh, co-founder of online security firm SecBI, cybercriminals see cryptojacking as a cheaper and more profitable alternative to ransomware, as this practice offers a continuous revenue stream and carries significantly less risk of being detected. Mozilla’s move to tackle cryptojacking is part of a broader anti-tracking upgrade, expected to be rolled out over the next few months.

Rap Star Eminem Refers To Bitcoin In His Latest Album ‘Kamikaze’

Cryptocurrencies and hip-hop music are not two concepts that you’d normally associate with one another. In fact, the music world appears to remain largely oblivious to the existence of cryptocurrencies with some notable exceptions. Rap star Eminem has included a reference to the original cryptocurrency in his latest album.

Remember everybody used to bite nickel, now everybody doing Bitcoin,” goes the line uttered by guest rapper Royce da 5’9.

While the average listener may miss the reference altogether due to the nature of rap songs, such a mention is likely to go some lengths towards raising Bitcoin awareness among the music community. Rappers appear to be particularly keen on Bitcoin. Earlier this year, musician and businessman Akon launched ‘Akoin’, whose profits he said would be entirely invested in building a 100% crypto-based city in his native country of Senegal.

Online News Outlet Puts A Positive Spin On The Concept Of Crypto-Mining Energy Consumption 

Mining cryptocurrencies is a notoriously costly process in terms of energy consumption. A piece recently published in the Digiconomist site revealed some pretty startling statistics. A whole year of Ethereum mining consumes 5.01 Terawatts of electricity, which almost equals the entire 12-month power usage by a country like Moldova. Broken down further, a single Ethereum transaction consumes 39.00 kWh. To put this into perspective, a dishwasher consumes an average of 288 kWh per year. These are pretty sobering statistics, more of which you can read here.

But this vast consumption is not necessarily a bad thing, according to online technology news outlet The Next Web. A piece recently published on their site postulates that crypto-mining actually aids the concept of renewable energy, as surplus resources are turned into valuable (and tradeable) commodities. Current technology somewhat limits how energy consumption is managed, and while there are some novel uses of hydroelectric power, there’s a lot of ground to cover still.

California Announces Upcoming Legislation To Support Blockchain 

The legal status of the blockchain is unclear at best, and non-existent at worst. Though the technology has been around for some time, it is only now that Governments are beginning to take notice, and in many cases, they simply don’t know what to do with it. Looking at the Golden State of California, several blockchain-related legislative Bills are on the cards.

The first Bill centers around the formation and establishment within 8 months of a working blockchain group. This Bill, which legislators hope to have passed by September 30th this year, will have deep implications for both local State bodies and the larger community, as the new group would be tasked with researching ‘blockchain’s benefits, risks, and legal implications’.

A second Bill, named SB 383, would authorize California-based corporations to issue and transfer stock on to a blockchain, resulting in an alternative to issuing traditional share certificate. Legislators hope that both bills will be passed by California Governor Jerry Brown in the near future.

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