Daily Trending News and Market Sentiment: Dutch Fraud, Iran Miner Bounty, Pornhub Bitcoin?

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bitcoin price

Any hope that Bitcoin price would steady over the week and make a fresh attempt at USD 9,000 seemed to have been extinguished with the day’s new low at USD 8,562 (CoinDesk).

After holding firm even into noon time Japan, Bitcoin price slid several times and has since recovered in early North American time, but there is plenty of space left to slide back down if support does not hold or there is lack of upward momentum.

Altcoins finally follow Bitcoin today as well, as almost every coin in the Top 30 slid down along the same percentiles, with Litecoin and Ethereum Classic being among the biggest losers, shedding almost 3% of their value in 24 hours.

While there is very little news that could be seen as uplifting in terms of sentiment, there hasn’t been much in the way of bad news either. We could look at the arrest in Netherlands of Sam N, the founder of blockchain Komodore64, a blockchain gaming firm that supposedly raised USD 86 million through the sale of its native crypto, K64.

Local media outlet Sprout said that the arrested founder had launched the platform in June, but soon declared bankruptcy, leading to investigations that discovered the project was little more than a fraud. N had been hiding out in a hotel in fear for his life at the hands of angry investors when Dutch police took him into custody.

Towards the east, in Iran, state authorities are now giving rewards to anyone tipping them off about illegal crypto mining operations in the country. Iranian media PressTV said that an Energy Ministry official Mostafa Rajabi had announced the bounty while giving an interview to IRIB News as he revealed a new electricity pricing mechanism for Bitcoin miners.

Iran has been cracking down on the increasingly popular industry in a country where the national currency rial has been suffering from inflationary pressure. This, coupled with extreme economic sanctions from the US, preventing access to banking and foreign currency services, have led to locals seeking out money alternatives. Bitcoin has been chief among those alternatives.

The government also subsidizes electricity, making it one of the cheapest places to run a mining rig. Rajabi warned that people caught abusing subsidized electricity with unauthorized crypto mining would be fined up to 20% of the recovery of damages.

He also clarified that peak electricity consumption would now no longer be available to Bitcoin miners, citing a price of IRR 9,650 (USD 0.29) per kilowatt-hour as the average price miners would pay. Rajabi explained that this was the export price, but is likely to be halved in colder months, but go up as much as four times during warm months, due to increased consumption of power.

But today hasn’t been full of bad news for Bitcoin!

One of the world’s biggest adult entertainment website, Pornhub, has now informed in an official blog post that payment processor PayPal had stopped servicing its models. The abrupt discontinuation of service has now led to Bitcoin being proposed as the perfect solution to the payment crisis. The payment processor so far has not revealed the reason as to why it made the decision.

Pornhub employs thousands of models, who previously paid them for their work with PayPal. But now it has angrily denounced the decision as an attack on its performers, saying:

“We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods.”

For now, models must set up direct funds transfers, but Bitcoin actually won’t be the first crypto Pornhub will use, as it had actually adopted privacy crypto Verge (XVG) last year. Using PumaPay, Porbhun users can also pay in various other altcoins.

Model Shyla Jennings demonstrates a common lack of crypto awareness or even adoption in one of the biggest industries online. She already never used PayPal since they had apparently blacklisted her years ago. She explained:

“Crypto, personal portal… LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account”.

 

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