Category Archives: Honeyminer

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Indonesia’s New Crypto Rules Tough on Futures Trading

Indonesia’s New Crypto Rules Tough on Futures Trading

Newly-released rules for Indonesia’s cryptocurrency sector have been met with concern by industry players, who accuse the government of limiting the industry’s effectiveness, as reported by the Jakarta Post.

New government regulations, given the green light last week, require cryptocurrency traders to maintain a deposit of IDR 80 billion (Indonesian rupiah or approximately USD 5.7 million) in order to participate in futures trading activities. Cryptocurrency traders will also be required to have a minimum paid-up capital of a further IDR 800 billion (USD 56.7 million).

The Indonesian markets regulator, the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) issued Ministerial Regulation No. 5/2019 that also requires traders to have client support personnel who have been registered as certified security practitioners in order to operate.

The industry in Indonesia has made its objections clear, arguing that the Bappebti are penalizing the cryptocurrency industry in a way that hasn’t been the case with other sectors of the economy. Traders argue that the minimum capital requirement, for example, exceeds what is demanded when launching a rural bank, and dealers in conventional futures commodities require a lower paid-up capital in order to operate.

Under the new regulations, cryptocurrency futures traders in the country will need to store transaction records for at least five years, with the proviso that at least one of their servers are located in Indonesia.

Although the use of Bitcoin and other cryptocurrencies have been banned by the Bank of Indonesia (BI) futures trading is quite legal after rules were put in place last year. The country has experienced a trading boom despite the ban on actual cryptocurrency use, with reports last year that that crypto traders were expected to outnumber stock traders with time.

In other news from Indonesia, a Jakarta man was arrested this week for operating a mining program using a college computer. The 22-year-old former student at the college has been accused of using a HoneyMiner program to mine Bitcoin and Monero on 27 college computers.

 

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Crypto Mining Still Possible on Home PC with Honeyminer, Minergate

One aspect of Proof-of-Work (PoW) cryptocurrencies like Bitcoin, Ethereum and Litecoin is that they can be generated via mining. Mining is a process where a computer solves cryptographic hashes to group transactions into blocks and add them to the blockchain. When a block is found, the miner or miners who worked together to find it receive a block reward. Mining secures the cryptocurrency network and the rewards are distributed to miners to give them an incentive to keep maintaining the network.

With powerful enough processors, some people can make a living from mining, although most individuals today usually do it for side income or as a hobby. Bitcoin has an extremely high mining difficulty and requires equipment that costs thousands of dollars to mine profitably, and even then you would only get fractions of a Bitcoin unless you have an entire farm of powerful equipment.

However, with cheaper cryptocurrencies with lower difficulties, it is possible to mine on your personal computer with a CPU or GPU and get a stream of coins flowing in every day. While the coins might not be worth much, for some, it is a fun way to earn cryptocurrency without having to do anything but leave their computer on. In the long run, these coins can add up. And if crypto appreciates over the long term, or if the market rallies like it has in the past, these mined coins could gain significant value.

One problem with mining is that it is somewhat difficult for inexperienced users. It requires fairly in-depth computer and programming knowledge to successfully mine using specialized software such as cgminer. This is where desktop mining apps like Honeyminer and MinerGate come in, which are easy ways to mine cryptocurrency without any experience. These can be installed and used to start mining with a few clicks. These programs show you which parts of your computer are mining, how fast they are mining, your earnings so far, and projected earnings. All of this information is contained in a streamlined GUI.

The ease of use comes with several downsides. These sort of miners take a cut from user earnings so miners are earning less than they should be. Also, mining can damage a personal computer via overheating, although these mining programs show a temperature gauge which makes monitoring easy. Additionally, mining on a personal computer can use so much processing power that the entire computer slows down. Finally, mining with a personal computer usually uses more electricity than the money it produces.

Regardless, mining on a personal computer can be worth it despite these downsides due to the fun aspect of learning and the possibility of future cryptocurrency price increases. Apps like Honeyminer and Minergate might be the fastest way to start mining; someone who decides to start mining can have it running within a minute even with zero experience.

 

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