Pirate Bay’s Bitcoin Conundrum: The Real Truth You Should Be Aware Of

    Why pay hundreds of thousands of dollars for a digital image that you can have for free?

    That’s the message behind a new website that has made thousands of non-fungible tokens (NFTs) accessible for free download. 

    In addition, in a nod to the pirate site The Pirate Bay, the NFT Bay has compiled a massive collection of photographs of NFTs in an attempt to demonstrate the silliness of the digital art fad.

    Proponents of NFTs, which are one-of-a-kind, verifiable digital assets sold on blockchain technology, argue that they offer novel methods to trade digital photographs and let artists profit from their work.

    If you want to know more about them, click https://ipiratebay.org/ for further details. 

    Pirate Bay’s Bitcoin Conundrum

    It was discovered that The Pirate Bay had inserted coin-hive JavaScript code on search pages to mine the thriving Monero cryptocurrency.

    What was the site’s reaction to the complaints? First, they adjusted the miner such that the CPU time drops from the stated 80-100% to 20-30%. 

    The fascinating question is if The Pirate Bay, which is inaccessible from many jurisdictions but accessible via unique proxies, a VPN, or Tor, has unwittingly landed on this concept? Well, even if the answer is YES, it might help other sites move away from adverts, and cash mining emerge from the shadows.

    Unauthorized online bitcoin mining has been known for a long time, although it is usually found in malware. 

    The economics are straightforward: mining requires a lot of processing power and electricity, thus using someone else’s computer to do the task cuts the fixed expenses to zero. Moreover, the pirate bay just installed mining malware on a large number of machines, and the potential revenues grew enticingly.

    Only last week, a new study revealed that mining malware increased sixfold in 2017, with Monero, which utilizes the CryptoNight algorithm, accounting for nearly all of the increases.

    Aside from the convoluted ethics of stealing CPU from users to a site suspected of offering illicit content, mining is also a good match for The Pirate Bay. This is because users spend more time on Torrent sites than they would on a simple content site, giving the miner extra time to work.

    However, it did not sit well with Pirate Bay users. To begin with, the borrowing CPU time may still be better than the intrusive ad monitoring approach that supports many mainstream sites for specific individuals.

    How Viable Is The Idea?

    One issue in this million-dollar idea of the pirate bay is that anyone can stop the production of this browser-oriented cryptocurrency mining. 

    Yes, you heard us right. People can simply disable JavaScript and use a different plugin or an ad-blocker to remove undesirable code. 

    Finally, the success of the browser mining concept will be determined by permission and the stability and image of cryptocurrencies themselves. These are still in their infancy, and they have many detractors. 

    Consenting bitcoin mining is possible, but don’t expect big-name websites to remove their monitoring advertisements just soon.

    According to the coin desk, the pirate bay website has received at least 17.96 terabytes of NFT picture copies and has received 1.2 million hits in just two days. Surprisingly, the site shares the same style and logo as The Pirate Bay, an online index of illegal digital entertainment items and software. 

    The NFT Bay creator defined the website as an educational art project in a statement so that people will understand and rethink purchasing NFT art. The creator hopes that by launching this initiative, people would think twice before investing in NFTs.

    Is NFT The New Craze?

    Right now, NFT art is little more than instructions on viewing or downloading a picture. Furthermore, the image is not saved on the blockchain, and the bulk of photos one can see are housed on web2.0 storage, which is likely to end up as 404, implying that the NFT has even less value. 

    Although people acknowledge that the notion of Web 3.0 is very spectacular, they also note that the underlying technology in pirate bay’s bitcoin mining is not that impressive.

    According to Geoffrey Huntley, the freelance programmer of GitPod, some of the most expensive NFT collections sold include singer Grimes’ 50-second video for $390,000, Jack Dorsey’s autographed tweet for $3 million, and graphic designer Beeple’s distinctive video for $6.6 million.

    Closing Thoughts

    Are you still with us?

    It means the cryptocurrency mining idea of the pirate bay has also left you stunned, right?

    Well, of course, it has.

    And, if you are one of the many loyal users of this website, you must be taking a little pride in this website because even after all these years, it still can surprise its audience.

    Henceforth, if you want to know more about them, ping us in the comment section below. We will get back to you with an answer ASAP.