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Appalachian Coal Mining

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I sat there in the dark alone listening to the drip of water in the distance. Dad was ahead at the face of the mine setting the black powder charges before leaving the mine for the night. I heard a creaking sound above my head, and I moved to another waiting position a few feet away. Suddenly a huge bolder about twice my size fell on the spot that I had been setting just a moment before. Dad had told me to listen to the rocks and that they would warn you before something happened.

Black powder was used for the last shot of the day, it was cheaper and the smoke would have time to clear out before the next day. During the day we used dynamite made from nitroglycerin and sawdust that did not produce as much smoke. The miners hated the round boulders that stuck to the roof between the coal seam and the sandstone ceiling. You were always bumping your head on them or when you least expected it they would fall, blocking the road way or tracks in the mine. These boulders consisted of a very heavy rock unlike the sandstone or the fossils found in the border area of the ceiling. They are black like the coal and smooth like something left over from the past when the coal was still exposed to the surface. They could be fossils like the thousands of bamboo looking rocks that have to be picked out of the coal.

That was one of my jobs to lean over the moving belt line and pick out the rocks and fossils as the coal passed by. I was about thirteen when dad starting taking me to the mine during the summer months. He said it was to give me something to keep me busy and out of trouble while school was out. On Friday he would give me ten dollars for the week and I would spend it on the Saturday movies. Once he gave me a hundred-dollar bill by mistake and I did not realize it until I paid for my movie ticket. Of course I brought him the change back.

Being a boy, I played around the mine more than I worked. As long as I made up a good pile of dummies, paper bags about a foot long and the size of the dynamite sticks, and was around when the belt started running, I was free to roam and play on the tipple or explore the mountain side.

I must have some attachment to the coal mines of the Appalachian mountains. I was born in a small coal mining community in the eastern Kentucky coal fields. Dad was a supervisor in charge of one of the mining crews. He started mining in western Kentucky and had taken a job near Seco, Kentucky in 1941. I was born that year in a coal mining town. On December 30, 1970, I awoke after having a nightmare about a coal mine disaster and I shared the vivid dream with my wife. I had never dreamed about mines or disasters before and was quite surprised. Later that day we heard on the news about the Finley Coal Co., explosion in which 38 were killed. The location of the mine was given as eastern Kentucky near Hyden, Kentucky, only a few miles from Seco where I was born. The explosion was caused by excessive coal dust and other combustible materials, insufficient rock dust, and other violations. The coal dust explosion was so extensive that dust and other materials were expelled from all eight openings of the mine.

Thirty-four widows and 103 children were left to mourn the loss. I do not know what possible connection other than being born so close to the disaster could cause me to have that dream. I only lived there a short time and had no relatives in the area.

During the spring of 1954 we moved to Hale Town, Tennessee on the Tennessee river near the Alabama and Tennessee state line. Hale Town was no more than post office and a trailer park found up Hicks Hollow Road. A few miles north, Aetna Mountain Road winds up Aetna Mountain where dad leased coal on the side of the mountain. Claude Cain, a close friend and mining partner built the tipple and assembled the belt line that ran from the mine to the hill side for loading the coal onto trucks.

We only stayed in Hale town a few months and then moved to South Pittsburgh, Tennessee across the river and on the border with Alabama. That summer when school was out, dad started taking Larry Cain and me to the mines. Larry was Claude’s son and they lived just down the road from us in South Pittsburgh, dad always said that one boy was half a boy and two boys was no boy at all. I think that he was referring to the work that he could get out of us.

The mine on Aetna Mountain was created by cutting the side of the hill away to expose the coal seam and then just tunneling into the side of the mountain. The lease that dad had was between two other mines and no one knew where the mine operators would go once they got underground. Dad soon found out that each time they would move to the right or left then would break into the old workings of the other mines. The older mines used ponies or donkeys to move the coal out on tracks for the coal cars. The coal seams were too low for the animals so the rock had to be cut out of the ceiling for head room. This slowed the forward progress of the mines. Dad and Claude used electric mining cars and cutting equipment, with a belt line following along to quickly move the coal. They pushed ahead of the other two mines by driving strait back into the mountain to get ahead of the competition.

I recall one evening when I was alone on the outside that I decided to go into the mine and meet dad as he was coming out. All I had was a flashlight, but I knew that all I had to do was follow the belt line and the electric car tracks until I reached them. On the way I noticed one of the openings into the adjacent mine and had to take a look. I was shocked as I stepped over into the other mine. I could see the main haul line with the cut out roof and then row upon row of props for as far as I could see. I did see a wall of coal along one side and as I peered around the side it turned out to be a very thin wall with more rows of props and no pillars. The wedges at the tops of the props were pushing out from the weight of the mountain. I sure was glad when I got out of there. A common practice in taking out coal in the mountains, is to tunnel through the mountain leaving pillars as you go to support the mountain. When you reach the far side, you then start retreating removing the pillars as you go. The mountain then drops down closing off the mine. I had never seen props left in the mine to hold it up. Dad and Claude used roof pins along the main route to support the roof. Claude had even invented a wooden roof pin that work great in areas were there was water seeping in through the ceiling.

At the end of the day we would all gather below the tipple and bath in the pool created to hole water for washing the coal. When Larry was with me we would quit early and go swimming. As we were in the mountains and the road was hardly ever used we did not bother with swim suits. Larry and I were taking our usual swim one evening when two girls and a boy showed up. They must have lived somewhere on the mountain and they looked very rough. They started making fun of us and throwing rocks. We would not come out of the water as we were nude. Then one of them hit Larry in the head with a rock. Before I knew it I was all alone, Larry was out of sight chasing them down the road, naked as a jaybird. He did not catch them and I am glad he did not because he sure was mad and I had seen him in fights before.

Coal mining in the mountains is quite different from level country. You never know how high the coal seam will be. Dad told me of one mine he visited that the seam was so high that they had to use telephone poles for props. However, it did not last for long and closed back down to only inches. As long as the coal remains four too five-foot high the equipment can clear and you can make a profit. However if it gets lower and you have to take out rock to move ahead, it gets very expensive. Walking in five foot high coal can be quite interesting. Coal miners walk bent over with their hands grasped behind their backs. This saves the back from strain. I have found this to be helpful in caving also.

In the summer of 1955, the mine on top of Aetna Mountain played out, so we moved to Spring City, Tennessee where dad leased coal on the mountain just west of Spring City. Shut in Gap Road heads up the mountain then turn of onto Hard Rector Lane that runs along the top of the mountain until you reach the mine. I was traveling along this road one morning with dad on the way to the mine, when he stopped the truck and jumped out running into the woods. About ten minutes later he returned and asked me if I had seen the bobcat run across the road! Dad said that he wanted to get a better look at him and chased it through the woods.

In the place of a belt line, we used a three-wheel electric car to haul the coal out in trailers attached behind the car. Dad had two-twin brothers working for him and they were experts at driving that car. They would come out of the mine at top speed, whip around and back a string of three trailers out onto the tipple. That always amazed me the way they could keep the trailers strait backing up like that. We had a big electric generator for powering the equipment in the mine and it required a can of ether in the morning to get it started. It also charged the batteries on the electric car. The speed control for the car was a line of contacts on a lever with each contact slightly offset from the next. As you pushed the lever forward, it engaged more of the contacts to bring more of the batteries into the circuit for the motor. There were no brakes, and you just reversed the power to the motor to stop. With one front wheel you could turn on a dime, this may be why they could control the backing of the trailers so easy.

I think that dad tired of mining after opening these two Tennessee mountain mines, so he took a break and opening a gas station in Englewood, Tennessee.

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BTC Proxy Lists on AscendEX

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BTC Proxy Lists on AscendEX

AscendEX is eager to announce the listing of the BTC Proxy token (PRXY) under the trading pair USDT/PRXY on Sept. 24 at 1 p.m. UTC. To celebrate the listing, AscendEX and the PRXY team will launch a number of limited-time promotional events, taking place between 1:00 a.m. UTC, on Sept. 24, and 12:00 a.m. UTC, on Oct. 1, 2021, offering users a chance to share pooled rewards up to 60,000 USDT!

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20, utilizing a Proxy Protocol called the “Proxy Relay”. The protocol gives Bitcoin holders a decentralized bridge to stake their Bitcoins into custody and transfer that value into an ERC20 token without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss. Independent of liquidity conditions, BTC Proxy allows for the transfer of value without price slippage, directly affecting prices on exchanges. 

Improving on the design of wrapped token protocols, BTC Proxy utilizes a side-chain to “RELAY” the confirmations of Bitcoin transactions to the ETH smart contract. The Relay side-chain is significant because it allows for further transparency and the pairing of ETH and BTC transactions on the block for confirmation. This design reduces the cost of verifying BTC blocks on an ETH smart contract while speeding up minting and redemption functions to real-time settlement. No intermediaries are required to execute the transaction. 

While most of the development of DApps and Decentralized Finance (DeFi) is being built within the Ethereum ecosystem, Bitcoin continues to dominate the cryptocurrency market capitalization. The DeFi sector is burgeoning with fintech innovation with decentralized exchanges (DEXs), digital swaps, derivatives, and micro banking applications, all using smart contracts. BTC Proxy brings BTC liquidity into the Ethereum ecosystem and DeFi applications.

Most ERC20 tokens trading in centralized exchanges today are done with a BTC pair rather than with ETH. In contrast, most decentralized exchanges offer only ETH/Token but not BTC/Token trades. BTC Proxy tokens bridge this technological gap and provide more BTC-based liquidity on decentralized exchanges and pools. 

AscendEX’s listing of BTC Proxy highlights its commitment to supporting the growth of the DeFi ecosystem and DEX-related projects.

About AscendEX 

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. 

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.  AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

About BTC Proxy

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 utilizing our Proxy Protocol called the Proxy Relay. The protocol gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value into an ERC20 token without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss. 

For more information and updates, please visit:

Disclaimer: The opinion expressed in this article solely author’s. It is not interpreted as investment advice. The NewsCrypto team encourages all to do their own research before investing.

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Mining Company Offers First-Ever “Mine-to-Token” Cryptocurrency to Investors Looking for Exposure to Gold

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AABB Gold

Cryptocurrencies are highly volatile assets. Even Bitcoin, the most valuable cryptocurrency in the world by market capitalization, is still subject to 20% to 30% swings in price on any given day.

This despite the fact it is the pioneering crypto project responsible for birthing the entire blockchain technology industry beginning with the publishing of the original Bitcoin whitepaper by Satoshi Nakamoto way back in 2008.

Today, cryptocurrencies offer investors and users all kinds of benefits and built-in utility, including self-executing smart contracts, decentralized finance projects that pay out a higher annual yield than a centralized bank would ever give to a customer, non-fungible tokens that provide owners with social status and the potential for huge profits, and more.

Although each of the above benefits of cryptocurrencies stretches well beyond a basic decentralized peer-to-peer payment system like Bitcoin, they don’t necessarily fit the goals of every investor. There is an in-between investor that still wants their cryptocurrencies backed by real-world assets such as precious metals.

That’s where Asia Broadband (OTC: AABB) comes in.

Why Clients Are Choosing Asia Broadband

Asia Broadband supplies both precious and base metals mined in Mexico to clients across Asia. The company is in its 25th year of doing business. It is publicly listed in the United States and allows clients to benefit from the vertical integration of its value chain.

The company’s move into cryptocurrency marks an adventure into uncharted waters. But for clients, it marks an opportunity to benefit from the flexibility, security, and transparency offered by cryptocurrencies while giving them exposure to perhaps the most tried, tested, and true hedging instrument in all of human history; Gold.

Given gold’s history and the fact that blockchain technology is now in its 13th year of existence, tokenizing precious metals is not a new concept. There are several other competitors serving customers in the gold-backed crypto market. So why are investors choosing Asia Broadband over other options?

It’s because unlike other players in the market, Asia Broadband is not a crypto-first company.

It’s a publicly traded mining company available to investors via the over-the-counter market under the stock symbol AABB with over $100 million in assets. That means it’s one of if not the only company in the gold-backed token sector of the crypto market that gives investors access to gold in a “mine-to-token” fashion. All of this is accessible through the AABB Gold Token, which lives on the Ethereum blockchain and is ERC-20 compliant.

Why The AABB Gold Token is Both the Present and the Future of Gold-Backed Cryptocurrencies

The minimum price of the AABB Gold Token is always linked to the spot price of gold at any given moment. Investors worried about the potential of currency debasement coming to fruition because of exorbitant money printing by governments around the world in response to the coronavirus pandemic now have a way to separate themselves from that possibility.

Not only is Asia Broadband actively mining precious metals just the way it has been for the last 25 years, but it also maintains a minimum of $30 million USD worth of physical gold in its reserves at any given time.

The company is pledging to use third-party sources for gold only when it is necessary, with its own physical reserves and mining operations offering investors precious metals exposure while they hold the token and benefit from any increase in market demand.

The fact that the token is 100% backed by gold and investors will benefit from the vertical integration of Asia Broadband offers a very clear value proposition no other market participant can. The overwhelmingly positive reception of the token is a reflection of that.

Over $1 million worth of tokens were sold in the first two weeks of the token’s launch and more than 9,000 active users are currently holding over 245,000 tokens.

Asia Broadband is committing wholeheartedly to giving investors an entirely new way to balance their interest in both cryptocurrency and gold. The time to benefit from a one-of-a-kind “mine-to-token” project like AABB Gold is now.

 

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TA: Ethereum Lacking Bullish Momentum, Why ETH Holders Are Safe

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Ethereum

Ethereum started a steady increase above $3,050 against the US Dollar. ETH price could correct lower, but the bulls might remain active near $3,000 and $2,950.

  • Ethereum extended its increase above the $3,100 and $3,150 levels.
  • The price is now trading near $3,100 and near the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower towards $3,000 or even $2,950 in the near term.

Ethereum Price Is Losing Pace

Ethereum started a steady increase and settled above the $3,000 level. ETH even broke the $3,100 level and settled above the 100 hourly simple moving average.

It traded as high as $3,173 and recently corrected lower. There was a break below the $3,150 level. Besides, there was a break below a key bullish trend line with support near $3,150 on the hourly chart of ETH/USD.

Ether is now trading near $3,100 and near the 100 hourly simple moving average. It is still trading well above the 23.6% Fib retracement level of the upward move from the $2,651 swing low to $3,173 high. An immediate resistance on the upside is near the $3,150 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,180 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could start another steady increase. The next major resistance might be near the $3,320 level. Any more gains may possibly open the doors for a move towards the $3,500 level in the near term.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,150 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,050 level.

The next major support seems to be forming near the $2,950 level. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,651 swing low to $3,173 high at $2,912. A downside break below the $2,900 support zone could put a lot of pressure on the bulls.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now close to the 50 level.

Major Support Level – $3,050

Major Resistance Level – $3,200

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Will Crypto Market Aim For the Moon, After The Current Fall?

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Will Crypto Market Aim For the Moon, After The Current Fall?
  • Many cryptocurrencies hit record highs in April.
  • Few analysts believe this crash will eventually be overlooked.

With a new all-time high for Bitcoin, legislative discussions that may affect the sector, and more institutional buy-in from large businesses, the cryptocurrency market has gone through so much this year. Despite this, interest in Crypto has soared this year.

But the sector is young and growing. Long-term trends are difficult to forecast, but experts will focus on topics like regulation. Also, institutional crypto payment usage in the next months to better understand the industry.

This month’s crypto market collapse saw several major digital currencies decrease in value. Bitcoin, Ethereum, and other popular cryptocurrencies lost value in the recent market collapse.

Many cryptocurrencies hit record highs in April, with Bitcoin hitting over $50,000 before major falls during the summer.

According to Coinbase, Bitcoin’s value has increased 335.91 percent in the past year, despite the crypto collapses of May 19 and June 8. The total price is now far below the mid-April highs, but well over the same time last year.

In 2021, mainstream businesses across sectors showed interest in cryptocurrencies and blockchain. And some even invested. According to AMC, Bitcoin payments will be accepted before the end of this year. PayPal and Square, for example, are betting on Crypto by enabling consumers to purchase on their platforms.

The market wants to climb to the moon, according to Twitter Crypto Analyst and co-Founder of @PACcoinOfficial David Gokhshtein.

David’s Tweet:

Future of Crypto

Many analysts believe this crash will eventually be overlooked, and new highs will be made following the wide-adoption rate of Crypto in all sectors. 

NFT sales soared in August, according to the biggest platform for the burgeoning digital asset class, as investor’s wagered increasing interest in the arts, sports, and media. Many people, puzzled as to why so much money, spended on things that do not exist physically.

The demand and craze for the Crypto and increasing upgrades to DeFi. Along with nations starting to approve Crypto as a legal tender, shows the future of Crypto has a long way to go, and one can predict moon is not too far for the crypto market.

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TA: Bitcoin Revisits $45K, Why Dips Turn Attractive In Short-term

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Bitcoin

Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded close to $45,000 and it might correct lower in the short-term.

  • Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels.
  • The price is now trading above $44,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower towards the $43,500 support zone and the 100 hourly SMA.

Bitcoin Price Extends Increase

Bitcoin price started a decent increase above the $43,000 level. BTC remained well bid and it managed to clear the $44,000 resistance level plus the 100 hourly simple moving average.

The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the price is now correcting lower. There was a break below the $44,500 and $44,400 levels.

An immediate support is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The pair is also well above the 23.6% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next major resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance.

Dips Limited In BTC?

If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $44,300 level.

The next major support is near the $44,250 zone and the channel trend line. A downside break below the channel support could lead the price towards the $43,500 support zone or the 100 hourly simple moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Levels – $44,250, followed by $43,500.

Major Resistance Levels – $44,800, $45,000 and $46,200.

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Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC

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Bitcoin.org hacked website

Hackers took over the Bitcoin.org website and displayed the classic double your money scam for a few minutes today. Apparently, it was a DNS hack. Luckily, the Bitcoin community took notice and alerted Cobra, the pseudonymous website owner, as well as the company that hosted the domain. A few minutes later, Bitcoin.org was down. Sadly, a credulous person was faster than them and sent 0.4 BTC to the displayed address… or did he?

The transaction exists, but there’s a rumor that it might’ve been the scammers themselves, trying to make the operation look reputable. Just like a busker who put some change in his hat to encourage others to contribute. However, that’s just a rumor. Someone might’ve been scammed.

Related Reading | Old Bitcoin Miner Proves Craig Wright has No Access to 145 Tulip Trust Addresses

In any case, everybody else should thank Matt Corallo, a Bitcoin Core contributor who took it upon himself to contact the domain name registrars and managed to convince them to temporarily take down the site before some catastrophe happened. 

What Does The Bitcoin.org Owner Think About All Of This?

When Cobra announced the Bitcoin.org hack, he or she said, “Currently looking into how the hackers put up the scam modal on the site.” So far, there’s no information on that. Cobra also said that Bitcoin.org “May be down for a few days,” but luckily that wasn’t necessary.

Earlier in the day, Cobra contacted via Twitter their new hosting company Cloudflare and told them that the website has never been hacked, and now that he moved to their servers, this happened. The company responded, and eventually, the original tweet disappeared.  

BTC price chart for 09/23/2021 on Bittrex | Source: BTC/USD on TradingView.com

Does This Have Anything To Do With Craig Wright AKA Faketoshi Nakamoto?

A few months ago, both Cobra and Bitcoin.org made worldwide news. Craig Wright, Australian entrepreneur and Satoshi Nakamoto cosplay artist, got a UK court to order the website to remove the Bitcoin Whitepaper from its servers. At the time, Yahoo! finance informed:

“Cobra, the pseudonymous creator of the Bitcoin.org website, has been ordered by London’s High Court to discontinue hosting its copy of the Bitcoin white paper.

Citing copyright infringement brought forward by nChain Chief Scientist Craig Wright, the judge had no option but to rule a default judgment because Cobra chose not to make an appearance.”

Does the hack have anything to do with Craig Wright? There’s not a single clue to indicate that, but, rumors are flying. He’s the only one incentivized to attack Bitcoin.org, they say. However, 0.4 BTC is a pretty great incentive. Maybe the scammers were just interested in scamming.

Related Reading | Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper

In any case, to close all the loops, Yahoo quotes Cobra explaining why he chose not to make an appearance in court:

“Unfortunately the court rules allowed for me to be sued pseudonymously, however, I couldn’t defend myself pseudonymously. So I was put in an impossible situation of losing my privacy or losing the case in a default judgment.”

So, to sum it all up, Bitcoin.org is back up again and no one scammed you. All is well that ends well. 

Featured Image: Screenshoot from the hacked website | Charts by TradingView

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Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)

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Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)