Happy Sunday, and welcome back to another Bitcoin News in Review, where we feature some of the biggest stories of the week here on CryptoCoins News. This week, (30 November – 7 December) MasterCard attacked bitcoin in Australia, the bitcoin mining difficulty actually decreased, the second Silk Road bitcoin auction ended, and more. Keep scrolling for this week’s biggest news.
“Any regulation adopted in Australia should address the anonymity that digital currency provides to each party in a transaction,” the company’s submission (PDF) states. “Contrary to transactions made with a MasterCard product, the anonymity of digital currency transactions enables any party to facilitate the purchase of illegal goods or services; to launder money or finance terrorism; and to pursue other activity that introduces consumer and social harm without detection by regulatory or police authority.”
For the first time since December 2012, bitcoin mining difficulty actually decreased 0.62%. Mining difficulty exists to maintain a block time of ten minutes. As more hash power is added to the network, the difficulty increases to compensate. Conversely, if hash power is removed, then mining difficulty decreases. It seems as if a lot of hash power may have been moved towards mining more profitable altcoins. According to the MineForeman blog,
“This is a nascent industry. Along with 3-D printers and nanotubes, cryptocurrency is the future. We need to encourage it, not discourage it. There is risk associated with every budding industry in America.” -Steve Stockman
https://www.cryptocoinsnews.com/bitcoin-news-review-mastercard-mining-difficulty-silk-road/
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