Is the North Korean government engaging in bitcoin mining? - page 3.

Achargeturry78

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Quote from: waqarkahloon on August 19, 2017, 02:09:10 PM

Information recently surfaced that someone in North Korea has started mining bitcoin. According to Recorded Future, a threat intelligence company, on May 17 North Korea initiated a rather large mining operation. Prior to this date, there was minimal bitcoin node activity in the country.
https://news.bitcoin.com/north-korea-begins-bitcoin-mining-operation/
Some people think that north korean governmnet engaging in bitcoin mining.
https://www.youtube.com/watch?v=VCBM51-bbc8
whats your opinion is it dangerous for Bitcoin or good as UN and USA have strong sanctions against NK.

I think it was totally fine because bitcoin mining is not racist. Everyone can mine bitcoin if they have the equipment required to mine bitcoin.

CryptoBry

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Nobody can be sure about it but if there is a government that is so freaking afraid of decentralization it must that demagogue regime right there in North Korea. However, the government can decide to make some business and invest in mining equipment since they know that many Chinese are doing it. Anyway, it does not really matter if N.Korea is into mining or not.

frowsiter

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Wow that is really unbelievable stuff to read about. If government starts the mining operation then bitcoin is going to take really different turn and Korean's might just embed bitcoin as their home currency. This will be ambiguous as whether its going to benefit rest of the world as well or juts for the Korea. If all the coins are mined by Koreans then every bit of fiat will go to their country in the form of bitcoin. But there is also question which is debatable is this news really a news or just start of rumour. No matter how official channels are, rumours can come out of the sky.

FabulousZombie

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Thats something i never thought that could happen! I will be sure to search this more .
I think it will be dangerous for the rest of the world..? If they have a good strategy to "play" with bitcoins....?

ALT67890

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If this matters only imply on its government, I would say "Yes", as the sanctions of North Korea from other county's is now affecting there way economy there is a big chance that the government of NK itself resort in such mining that might be one reason of price increases this fast few days. It is jus an opinionated comment hope be respectful.

bryant.coleman

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Quote from: Niya on August 20, 2017, 08:43:05 AM

There are lots of Chinese people in North Korea. So it is more likely that would be Chinese miners.
Pretty strange though, because, from what I know, North Korea is not so powerful country regarding electricity...

Even in the major cities such as Rason and Pyongyang, the electricity supply is very erratic, and in normal cases people don't expect the supplies for more than 4 hours every day. And another aspect is regarding the internet. Somewhere I learnt that there are less than 1,000 internet users in North Korea, and most of them are hackers working for the dictatorship.

Betwrong

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Quote from: waqarkahloon on August 19, 2017, 02:09:10 PM

Information recently surfaced that someone in North Korea has started mining bitcoin. According to Recorded Future, a threat intelligence company, on May 17 North Korea initiated a rather large mining operation. Prior to this date, there was minimal bitcoin node activity in the country.
https://news.bitcoin.com/north-korea-begins-bitcoin-mining-operation/
Some people think that north korean governmnet engaging in bitcoin mining.
https://www.youtube.com/watch?v=VCBM51-bbc8
whats your opinion is it dangerous for Bitcoin or good as UN and USA have strong sanctions against NK.

Whoever engages in bitcoin mining it is good for Bitcoin. I don't support North Korean politics and I know that by mining Bitcoin they are going to make themselves stronger, but on the other hand, who knows what is behind the other miners? I think this shouldn't bother Bitcoin community who and for what purposes mines Bitcoin. There are special departments in every country who's job to care about that.

Niya

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There are lots of Chinese people in North Korea. So it is more likely that would be Chinese miners.
Pretty strange though, because, from what I know, North Korea is not so powerful country regarding electricity...

Yakamoto

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Quote from: waqarkahloon on August 19, 2017, 02:49:09 PM

Quote from: Yakamoto on August 19, 2017, 02:42:10 PM

Quote from: waqarkahloon on August 19, 2017, 02:09:10 PM

Information recently surfaced that someone in North Korea has started mining bitcoin. According to Recorded Future, a threat intelligence company, on May 17 North Korea initiated a rather large mining operation. Prior to this date, there was minimal bitcoin node activity in the country.
https://news.bitcoin.com/north-korea-begins-bitcoin-mining-operation/
Some people think that north korean governmnet engaging in bitcoin mining.
https://www.youtube.com/watch?v=VCBM51-bbc8
whats your opinion is it dangerous for Bitcoin or good as UN and USA have strong sanctions against NK.

I wouldn't be surprised if there is some mining going on within NK since they basically have no trade beyond China and there are already tons of sanctions against their country which make it incredibly difficult to trade on the larger world stage. Having something with a lot more value than their own currency (and lack of every other currency, aside from some trade goods), such as Bitcoin, is a massive boost to their economy as soon as the first few dollars start to come through the door. My question is where they got the equipment to start mining Bitcoin, or other cryptos, and what their hashing power is. I want to believe it isn't anything huge, but they could have imported some (or lots of) GPUs or ASICs from China.

yes they can purchase it from china.. what u think cannot they design and make GPUs and ASICs in NK when they can design and make Missiles?

Making a missile is a lot different than making an efficient and cost-effective ASIC or GPU. Missiles were around during the second world war; we didn't have GPUs or ASICs under the last few decades. CPUs are easier to make, and that's the main component in a modern missile's navigation systems. Not a 1080 TI or S7. Both of those are highly specialized. But there is a chance they're making their own. Whether or not they're efficient is a different story. Plus a lot of the technology for missiles is already available through other countries, a lot of things can be made cheaply and without fancy equipment. Nuclear missiles were around when computers were the sizes of rooms; an ASIC can't be that big and mine well.

European Central Bank

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Quote from: waqarkahloon on August 19, 2017, 02:42:05 PM

you can say that but a big increase of mining from korea is seen. what u can say about that? Can not NK make these machines by their self if they can make missile ?

they imported the missile engines. the nuclear stuff probably came from pakistan. the country is a ruin.

there's no way in hell they have the skills to make an asic chip.

and it still doesn't make any economic sense. they're outright criminals and there's way more money to be made doing that.

eaLiTy

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I am not sure about the authenticity of the information but it is highly possible that they could undertake a heavy investment and start mining as Kim Jong-un is the final word and since he rules the entire country and he is in his early 30s so he understands how technology works and he could understand the profit that he could earn by investing in mining,so it is possible they are doing that.

waqarkahloon

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Quote from: Periodik on August 19, 2017, 02:43:23 PM

There was this guy which I think was a BBC staff. He went to North Korea to experience and see things. In the heart of the city condominiums also exist. What struck me is people use stairways as electricity is very unstable and they have bad experiences being stranded in elevators. Well actually it's been known even before that they don't have enough power supply and it includes Pyongyang. It is still possible that they are funding to mine cryptocurrencies but it should be outside Nokor.

i think that may be media FUD

waqarkahloon

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Quote from: Yakamoto on August 19, 2017, 02:42:10 PM

Quote from: waqarkahloon on August 19, 2017, 02:09:10 PM

Information recently surfaced that someone in North Korea has started mining bitcoin. According to Recorded Future, a threat intelligence company, on May 17 North Korea initiated a rather large mining operation. Prior to this date, there was minimal bitcoin node activity in the country.
https://news.bitcoin.com/north-korea-begins-bitcoin-mining-operation/
Some people think that north korean governmnet engaging in bitcoin mining.
https://www.youtube.com/watch?v=VCBM51-bbc8
whats your opinion is it dangerous for Bitcoin or good as UN and USA have strong sanctions against NK.

I wouldn't be surprised if there is some mining going on within NK since they basically have no trade beyond China and there are already tons of sanctions against their country which make it incredibly difficult to trade on the larger world stage. Having something with a lot more value than their own currency (and lack of every other currency, aside from some trade goods), such as Bitcoin, is a massive boost to their economy as soon as the first few dollars start to come through the door. My question is where they got the equipment to start mining Bitcoin, or other cryptos, and what their hashing power is. I want to believe it isn't anything huge, but they could have imported some (or lots of) GPUs or ASICs from China.

yes they can purchase it from china.. what u think cannot they design and make GPUs and ASICs in NK when they can design and make Missiles?

2tang

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Quote from: Yakamoto on August 19, 2017, 02:42:10 PM

Quote from: waqarkahloon on August 19, 2017, 02:09:10 PM

Information recently surfaced that someone in North Korea has started mining bitcoin. According to Recorded Future, a threat intelligence company, on May 17 North Korea initiated a rather large mining operation. Prior to this date, there was minimal bitcoin node activity in the country.
https://news.bitcoin.com/north-korea-begins-bitcoin-mining-operation/
Some people think that north korean governmnet engaging in bitcoin mining.
https://www.youtube.com/watch?v=VCBM51-bbc8
whats your opinion is it dangerous for Bitcoin or good as UN and USA have strong sanctions against NK.

I wouldn't be surprised if there is some mining going on within NK since they basically have no trade beyond China and there are already tons of sanctions against their country which make it incredibly difficult to trade on the larger world stage. Having something with a lot more value than their own currency (and lack of every other currency, aside from some trade goods), such as Bitcoin, is a massive boost to their economy as soon as the first few dollars start to come through the door. My question is where they got the equipment to start mining Bitcoin, or other cryptos, and what their hashing power is. I want to believe it isn't anything huge, but they could have imported some (or lots of) GPUs or ASICs from China.

They easily get it through the black market, no matter how much we speculate but I think it's really done by north korea, we can only guess because north korea is closing all their information and not even in search of google.

Roughly about hashrate and all the mines they use are definitely big because only their government can do all that. So far we have always asked what business they are doing so that it can produce war equipment and stabilize the country's sovereignty, bitcoin mining is a reasonable answer.

Periodik

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There was this guy which I think was a BBC staff. He went to North Korea to experience and see things. In the heart of the city condominiums also exist. What struck me is people use stairways as electricity is very unstable and they have bad experiences being stranded in elevators. Well actually it's been known even before that they don't have enough power supply and it includes Pyongyang. It is still possible that they are funding to mine cryptocurrencies but it should be outside Nokor.

Yakamoto

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Quote from: waqarkahloon on August 19, 2017, 02:09:10 PM

Information recently surfaced that someone in North Korea has started mining bitcoin. According to Recorded Future, a threat intelligence company, on May 17 North Korea initiated a rather large mining operation. Prior to this date, there was minimal bitcoin node activity in the country.
https://news.bitcoin.com/north-korea-begins-bitcoin-mining-operation/
Some people think that north korean governmnet engaging in bitcoin mining.
https://www.youtube.com/watch?v=VCBM51-bbc8
whats your opinion is it dangerous for Bitcoin or good as UN and USA have strong sanctions against NK.

I wouldn't be surprised if there is some mining going on within NK since they basically have no trade beyond China and there are already tons of sanctions against their country which make it incredibly difficult to trade on the larger world stage. Having something with a lot more value than their own currency (and lack of every other currency, aside from some trade goods), such as Bitcoin, is a massive boost to their economy as soon as the first few dollars start to come through the door. My question is where they got the equipment to start mining Bitcoin, or other cryptos, and what their hashing power is. I want to believe it isn't anything huge, but they could have imported some (or lots of) GPUs or ASICs from China.

waqarkahloon

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Quote from: European Central Bank on August 19, 2017, 02:33:03 PM

it doesn't really make any sense to me.

they'd have to spend millions in hard currency to buy the machines, allocate a load of their mediocre power structure to run it and might never get their investment back.

they forge dollars and smuggle crystal meth and heroin in diplomatic bags. that and the insurance fraud they do is way more profitable.

you can say that but a big increase of mining from korea is seen. what u can say about that? Can not NK make these machines by their self if they can make missile ?

waqarkahloon

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agree with you. They always take advantage of every growing thing even all world is against that thing. so is the BTC case as mostly countries declared it illegal but they are dong it at may be state level creating big money.

European Central Bank

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it doesn't really make any sense to me.

they'd have to spend millions in hard currency to buy the machines, allocate a load of their mediocre power structure to run it and might never get their investment back.

they forge dollars and smuggle crystal meth and heroin in diplomatic bags. that and the insurance fraud they do is way more profitable.

Slark

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If officials in North Korea decided that they want to mine bitcoin, then no one will be able to stop them.
North Korea is known for doing some crazy shit in the past, they were engaged in the creation of Superdollar, perfectly counterfeited USDollars in the past.
It is strange that they only realized Bitcoin's potential so late. I was quite sure they were secretly mining bitcoin since 2013.

Topic: Is the North Korean government engaging in bitcoin mining? - page 3. (Read 1251 times)