Cryptocurrency News for 27 Aug 2017

 

Lightning Network Launches Third Release Featuring Bitcoin and Litecoin Atomic Swaps

 

Following the activation of Segregated Witness (Segwit) on the Bitcoin network, the developers from Lightning Labs released the 0.3 alpha version of the team’s Lightning Network Daemon. Lightning Labs developer, Laolu “Roasbeef” Osuntokun, details the release provides a vast array of new features including litecoin atomic swaps.

Right after the Segwit protocol was activated, Lightning Labs developer Laolu Osuntokun revealed the third major release for the Lightning Network Daemon (LND). The LND development team says they are thrilled that Segwit is finally available and “they are extremely excited to see Lightning integrated into the ecosystem, and to see all the novel applications that developers will build out.”     

“This release marks the third major release for LND,” explains Osuntokun via the team’s Github repo. “With this release, LND is now has gained a considerable feature set, a new automatic channel management operating mode, RPC authentication, additional persistence logic, and further major strides towards complete spec compliance.”

Lightning Labs explains individuals who test the software should still use testnet coins, and wait until the team is closer to mainnet usage. The next release will provide safety measures before applying the protocol to the mainnet mode. Further, Osuntokun explains that the new LND framework contains “several breaking changes,” which means users need to upgrade to a fresh installation, or remove their existing ‘channel.db’ database.

Full story at http://bit.ly/2wvAqvb

Source: Bitcoin News

 

Large Korean Conglomerate Gets Into Bitcoin Remittances Post Legalization

 

A large South Korean conglomerate is entering the Bitcoin remittance market. Dongbu Group is partnering with Bitcoin remittance service provider Sentbe via its savings bank subsidiary. The move follows the legalization of “micro” Bitcoin remittances by the Korean government.

Established in 1969, Dongbu Group is a large global conglomerate in South Korea. The group produces industry, chemical, shipping, insurance and financial products.

One of its many subsidiaries, founded in 1972, is Dongbu Savings Bank. The bank announced this week that it has signed a Memorandum of Understanding (MOU) with the Bitcoin remittance company Sentbe. An official from the bank said:

"We have been working on this business alliance to prepare for the fourth industrial revolution era under the traditional savings bank business."

Full story at http://bit.ly/2wvJbVU

Source: Bitcoin News

 

No SegWit Bump? Bitcoin Price Shrugs Off Upgrade with Sideways Trading

 

"SegWit is old news for the market."

So says crypto analyst Petar Zivkovski, and there's evidence to suggest traders largely agree. Despite just completing perhaps its most significant technical upgrade ever, the price of bitcoin is down just under 1% over the last 24 hours of trading.

To Zivkovski, this shows that bitcoin's upgrade, no matter how impactful, was for traders a classic "buy the rumor" event. He speculates much of the price activity in recent months was due to the upgrade – prior to it being clear SegWit would be activated (thereby increasing and redefining network capacity), he notes bitcoin was trading below $2,000.

But before the network adopts the top-level payment networks and other next-generation features enabled by SegWit, Zivkovski expects a run of profit-taking.

Full story at http://bit.ly/2wvz6s5

Source: CoinDesk

 

Bitcoin miners are making a killing in transaction fees

 

Bitcoin miners are making money hand-over-fist.

According to data from blockchain.info.com, the value of transaction fees paid to miners has reached an all-time high of $2.3 million.

Miners are basically the hamsters in the wheel that keep bitcoin's network going. They use rigs of computers to unlock the blocks (underpinning bitcoin's network) on which transactions are made. Every time a miner unlocks a bitcoin block, vis-a-vis mining, all the transactions on that block are processed. The miner, in return for his hard work, is rewarded with 12.5 bitcoins for unlocking the block. They also get to keep the transaction fees bitcoin holders pay when they transact with the cryptocurrency.

In the early days, miners would only get a couple bucks in transaction fees. On Wednesday, however, miners received a whopping $2.3 million.

Full story at http://read.bi/2wvjrZR

Source: Business Insider Nordic

 

Manufacturing Giant Midea Wants to Put Bitcoin Miners in Household Appliances

 

Midea Group, a major manufacturer of electrical appliances in China, is seeking to patent a method for mining bitcoin with household items, public records show.

The previously unreported application was submitted last November and published earlier this year by the State Intellectual Property Office (SIPO) of the People's Republic of China.

The company's application calls for appliances ranging from air conditioners, dehumidifiers and TVs to be built with specialized mining chips embedded inside. Once programmed, the products would connect to a cloud-based service and contribute their hashing power in the background.

As the patent application's abstract explains:

"The method comprises the following steps: controlling network access of the household appliance, and logging in a bitcoin account via the household appliance, wherein the bitcoin account is an account preregistered in a bitcoin [mining] website; driving a controller of the household appliance to [mine] coins in the bitcoin [mining] website, and storing the ... bitcoins into a bitcoin wallet corresponding to the bitcoin account."

Full story at http://bit.ly/2wvz5o1

Source: CoinDesk

 

The Bitcoin Sovereign Wealth Fund

 

The crypto-currency boom is in full swing. The explosion in price and quantity of new digital tokens is so bonkers even its evangelists are calling the market a ticking time-bomb.

It's also tempting the establishment to get in on the act. For the Republic of Estonia, it's being touted as a way to raise a sovereign wealth fund -- an imaginative leap for a country with a population one-sixth the size of New York City's and one of the highest levels of mobile broadband penetration in the world.

A proposal by Estonia's agency in charge of "e-residency"applications (more on this later) has suggested raising money by selling "estcoins" to the public.

The wealth could then be managed via a public-private partnership; a chunk might be poured into venture capital to support domestic start-ups. Holders of estcoins would have a stake in the fund and a say in how it is run. The tokens might then become a viable currency, so the thinking goes, paying for goods and services in a euro-zone country.

Full story at https://bloom.bg/2wv6rn0

Source: Bloomberg

Cryptocurrency News for 26 Aug 2017

 

Segregated Witness Has Officially Activated on the Bitcoin Network

 

Segregated Witness (Segwit) was an idea that was introduced by the software developer, Peter Wuille, in 2015 at the Hong Kong Scaling Workshop. The protocol is meant to relocate witness inputs from the transaction hash, which will theoretically help malleability and create more block size space. The concept was at first well received by the bitcoin ‘community, ’ but some had hoped a block size increase would also follow. The community and developers couldn’t come to terms with increasing the block size, and lots of infighting began. Further, this meant the Segwit protocol sat on the shelf for quite some time as some miners would not approve of the upgrade unless a block size increase was included.

After more than a year and a half of arguing and failed roundtable proposals, another meeting called the New York Agreement (NYA) took place this year and pushed things further. The ‘agreement’ said Segwit would be activated by the mining majority and followed by a 2MB hard fork. This brought about the birth of the Segwit2x working group led by early bitcoin adopter and developer Jeff Garzik. The Segwit2x development team and the majority of miners had managed to lock-in Segwit on August 8 on block 479707. Following this, on August 23 the mining pool BTC.com processed block 481822 and Segregated Witness was officially activated on the network.  Two days ago Segwit2x developer Jeff Garzik was thrilled about Segwit activating on the network, stating;

"Would not have happened without Segwit2x moving past the gridlock — Getting Things Done."

Full story at http://bit.ly/2wvCd39

Source: Bitcoin News

 

$150 Billion: Total Cryptocurrency Market Cap Hits New All-Time High

 

The combined value of all publicly traded cryptocurrencies has set a new record, surpassing $150 billion for the first time today.

At press time, the value of ether, bitcoin and more than 800 other blockchain-based assets had reached a high of around $154 billion, according to CoinMarketCap.

Overall, the figure indicates that the cryptocurrency market continues to grow at a steady pace. At $154 billion, the market is up 13 percent over the last seven days, 67 percent over the last month and an astounding 1,240 percent year-over-year.

What might be most notable, however, is that the new high came during a trading session in which there were no individual all-time highs for major cryptocurrencies.

Full story at http://bit.ly/2wvCfYP

Source: CoinDesk

 

Bitcoin Nears All-Time High As $5,000 Target ‘Back in Play’

 

Bitcoin (BTC) has once again exited above $4,000 in a move Tone Vays says puts $5,000 levels “back in play.”

Having dipped as low as $3,674, Bitcoin has rebounded in recent days to circle all-time highs from earlier this month.

Cross-exchange data from Coinmarketcap shows BTC trading around $4,360, having peaked at $4,390 earlier Friday.

Compiling the latest of his price chart analyses, Vays concluded current data “screams buy,” adding that $5,000 for BTC was once again a potential scenario.

Full story at http://bit.ly/2xiWrek

Source: CoinTelegraph

 

Estonia wants to launch its own government-backed cryptocurrency called 'estcoin'

 

Estonia wants to issue its own virtual currency with the help of Ethereum founder Vitalik Buterin.

The cryptocurrency, called "estcoin," could be launched via the digital coin community's version of crowdfunding – an initial coin offering (ICO).

ICOs enable start-ups to raise funds by selling off cryptocoins, such as bitcoin and ether, in return for cash. They are similar to initial public offerings (IPOs), but differ in that they deal with supporters of a project, making the investment more personal.

The small eastern European country is no stranger to digital innovation. It was the first country to offer citizens of the world "e-residency," a digital ID for non-Estonians that offers access to services like banking, payment processing and taxation.

Full story at http://cnb.cx/2wvvXIE

Source: CNBC

 

Nvidia's boost from cryptocurrencies is slowing down

 

Nvidia is among the companies seeing a boost from the cryptocurrency craze, but, that boost has been slowing down recently.

In its second quarter earnings report, Nvidia said it saw a $150 million boost from miners buying its chips to help mine cryptocurrencies, like Ethereum. During that quarter, the speed of the network increased by about 55 terahashes per second, according to Mitch Steves, an analyst at RBC Capital Markets.

Steves says the network is not growing as fast this quarter, which would mean fewer miners are buying cards and the boost from cryptocurrency mining will not be as large for the company in the current quarter.

So far, in the third quarter, the network has only increased about 15 terahashes per second, which implies a boost of about $40 to $45 million for Nvidia. The network speed increases as more cards from Nvidia and other companies are added to the network. Miners have been scrambling to grab as many cards as possible in order to speed up the network, and win a bigger share of the reward given for payment verifications. The rapid demand means Nvidia's cards have been sold out in a lot of retailers recently.

Full story at http://read.bi/2wvlTzB

Source: Business Insider Nordic

 

Bitcoin Price Might Exceed $1 Million, More Millionaires in World Than Bitcoins

 

While sources differ on the number of millionaires in the world, Credit Suisse estimates the number at about 35 million. This figure accounts for all “financial and nonfinancial wealth,” including assets, collectibles, and homes.

This is a remarkable number when compared to the total number of Bitcoins that will ever exist. While there are roughly 35 million millionaires in the world, there will only ever be a maximum of 21 million Bitcoins. That’s right--there will never be enough Bitcoins in existence for every millionaire in the world to own even a single one.

While you let that thought sink in, let’s consider what gives Bitcoin its value. Granted that there are numerous features we could cite, including a global network, an immutable Blockchain and a means to transfer wealth from one person to another without ever involving a middleman.

These are all fine features, to be sure. But what really makes Bitcoin valuable are two properties: scarcity and authenticity.

Full story at http://bit.ly/2xiBMH3

Source: CoinTelegraph

Cryptocurrency News for 25 Aug 2017

 

Bitcoin Prices Bounce Back Above $4,400

 

Bitcoin prices have once more climbed past $4,400 following days of generally sideways movement within the $4,100–$4,200 range.

Starting to pick up from around 22:00 UTC yesterday, prices across global exchanges opened the session at $4,362, and had reached a high of $4,420. Prices were again at that level at press time, a rise of 1.33 percent, according to the CoinDesk Bitcoin Price Index.

Those figures put prices around $85 short of the all-time high achieved on August 17, when bitcoin topped $4,500 for the first time ever.

Elsewhere in the markets, ethereum is up 3.49 percent for the day at $332.65, according to CoinMarketCap. New cryptocurrency bitcoin cash is down 2 percent, however, with prices at $642.95 at press time.

Full story at http://bit.ly/2xiSwhv

Source: CoinDesk

 

Is Cryptocurrency Real Money? Brief Discussion on Major Issues Surrounding Debate

 

Ever since the inception of cryptocurrency, the question: "Is cryptocurrency real money?" can stir up more heated debate and confusion than all the rest of its internal operations, consensus mechanisms, and technical applications put together.

Many arguments have been submitted to support or to discredit cryptocurrency's validity as a bona fide form of modern money. The awareness of both sides of the coin will help each of us come up with their own answer to the question: "Do I believe cryptocurrency is real money?"

From the general public and institutional investors to the established members of Bank Royalty and Hedge Fund managers, the debate rages on.

The Cointelegraph discusses a few of the major issues surrounding the debate.

Full story at http://bit.ly/2xiZ7IC

Source: CoinTelegraph

 

Are Failing Currencies Boosting Crypto Interest? Investing.com Suggests Yes

 

Bitcoin has long been touted as a digital currency that would gain traction where government-issued monies have failed – but is it really doing so?

Though some have written off the notion as the cryptocurrency has become more accepted as a store of value, new data actually supports the correlation. The new finding comes from Investing.com, and is based on traffic from its global user base.

The study, released this week, shows that users from five of the nations with the worst-performing currencies so far in 2017 (as determined by NomadCapitalist), visited its cryptocurrency pages more often than others.

Countries with a disproportionately high viewership included Venezuela, Argentina, Belarus, the U.K. and Egypt – all countries the entrepreneur platform views as having conditions favorable for capital flight.

Full story at http://bit.ly/2xiVAtV

Source: CoinDesk

 

The Battle Continues Between Bitcoin and Bitcoin Cash

 

The less than one-month-old digital currency Bitcoin Cash recently experienced a significant reduction in its mining difficulty following a difficulty adjustment. The code specifies that if not enough blocks are found in a certain period of time, a difficulty adjustment will occur.

As a result of this 60% reduction in difficulty, the cryptocurrency temporarily became more profitable than Bitcoin to mine. Bitcoin Cash, for a time, attracted nearly 40% of Bitcoin’s miners.

Because of the huge surge in hash power and the low difficulty, Bitcoin Cash’s network produced the requisite 2016 blocks very quickly, and now another difficulty adjustment has occurred. Bitcoin Cash is now much harder to mine and is less profitable than mining Bitcoin. Miners have now abandoned Bitcoin Cash in droves, causing block times on the network to exceed six hours.

Bitcoin Cash, was created in early August by developers who were unhappy with Bitcoin’s adoption of SegWit and its shunning of larger block sizes. Since both Bitcoin Cash and Bitcoin use the same proof-of-work to safeguard their transaction histories, both networks  are now effectively competing for hash power as miners continue to mine the more profitable chain.

Full story at http://bit.ly/2xiOyFB

Source: CoinTelegraph

 

Bitcoin's Lightning Network Moves Closer to Compatibility

 

Nearly a year after bitcoin's scattered group of Lightning Network developers first gathered to unite their different implementations, the rules they could one day use to connect their technologies are almost complete.

In interviews, those involved with the open-source project (viewed as one of the best ways to bring additional capacity to the nearly $70 billion network), spoke to the new sense of direction provided by bitcoin's recent SegWit upgrade. Still, they also cautioned that, while SegWit lays the foundation for Lightning, standards are needed to connect work that's already been done.

"The specification is mostly complete, with minor amendments and inconsistencies that we are figuring out," said Blockstream engineer Christian Decker, co-author of an early Lightning research paper at ETH Zurich.

Put another way, if each Lightning implementation used different technologies, then the networks wouldn't be able to "talk" with one another, and thus wouldn't be useful for sending payments across the network. (Alice would not be able to send to a payment to Bob if he were using another, incompatible network.)

Full story at http://bit.ly/2xiMVYF

Source: CoinDesk

 

Why Bitcoin Continues to be on The Top of Its Game

 

Despite scaling issues with Bitcoin, it is still considered the leading cryptocurrency in the world. It continues to surge and expand as investors get enticed by the possibility of massive gains in a short period of time. Even more promising are Bitcoin’s long-term prospects.

Investors love Bitcoin because it has been providing a significant and fast return on investment. They have been scrambling to get their hands on Bitcoin, or to gain exposure to it through the Bitcoin Investment Trust. The Bitcoin Investment Trust trades publicly under the GBTC symbol and offers investors exposure to Bitcoin without the challenges of acquiring and storing the currency.

Bitcoin is currently trading in the $4,000 range. According to a recent presentation made by the Bitcoin Investment Trust, as of July 31 each share of GBTC represented 0.09258535 Bitcoin. GBTC is currently trading at about $684 per share, equalling about a 41.5% premium..

Even if there is a high premium, investors are willingly paying it along with the annual 2% fee. In the July 14th filing of Registration Statement No. 333-215627, GBTC explains the reason its shares are in such high demand. The filing states:

“[GBTC is the] only publicly-quoted investment vehicle that seeks to provide passive exposure to Bitcoin."

Full story at http://bit.ly/2xiRrGg

Source: CoinTelegraph

Cryptocurrency News for 24 Aug 2017

 

Everything you need to know about the cryptocurrency universe

 

In The Hitchhiker’s Guide to the Galaxy the characters visit the planet Magrathea which is home to the planet building industry.  Bitcoin is much like Magrathea and the Alt-coins in the cryptocurrency universe are like the planets that get built.

Altcoins are cryptocurrencies other than Bitcoin. Altcoin is a combination of two words: “alt” and “coin”; alt is short for alternative and coin as to do with currency; together they imply a category of cryptocurrency that is alternative to Bitcoin itself.

The majority of altcoins are forks of Bitcoin and are slight changes to the underlying Blockchain. Altcoins are the later alternative cryptocurrencies launched after the immense success Bitcoin had after its release in 2009. After the Bitcoin became a success, many other peer-to-peer digital currencies have emerged in an attempt to imitate it.

In General, altcoins are alternatives to bitcoin because they tend to improve and solve the Bitcoin protocol’s limitations and features. Alternative currencies aim to be better substitutes to Bitcoin, or serve different niche markets.

Full story at http://read.bi/2fNGb0h

Source: Business Insider

 

Bitcoin Cash Is Now More Profitable to Mine Than Bitcoin

 

Bitcoin cash's surge above $500 today is changing more than just the the net worth of its investors and users.

The rising price is also creating the incentive for miners to dedicate computing power to the bitcoin cashblockchain, one that could find them moving away from bitcoin. With the new push, bitcoin cash miners are making around 2% more mining on bitcoin than they do on bitcoin cash.

And that spread could further increase with an upcoming adjustment on bitcoin cash that will make it even easier to mine.

Block 479,808 (set for this weekend) will likely trigger a difficulty adjustment downwards 50%, and if the prices of bitcoin and bitcoin cash stay the same, this means miners will make almost double on bitcoin cash what they would on bitcoin.

Full story at http://bit.ly/2wbbwkc

Source: CoinDesk

 

The Brief History of Bubbles

 

Digital currencies have experienced incredible price growth since the beginning of 2017, leading many to wonder if their market value is exceeding their intrinsic value.

When this happens, speculators drive the price of an asset to lofty and unsustainable heights, creating a financial bubble.

These bubbles inevitably pop, bringing potential ruin to those who bought near the top.

Severe speculative bubbles can also discredit an entire market sector, leading to a prolonged bear market as traditional investors stay away.

Full story at http://bit.ly/2uzQXxk

Source: CoinTelegraph

 

10 Reasons Why Central Banks Will Miss the Cryptocurrency Renaissance

 

It's a familiar trend, one that happened in communications (internet), and that is now playing out in energy (solar), manufacturing (3D printing) and finance (cryptocurrency) – power and control are moving into the hands of the individual and away from nation states.

This has huge implications for central banks, which today enable nation states to maintain their monopolies over the issuance of notes, coins and sovereign bonds. While communications and manufacturing are not their focus, cryptocurrencies and initial coin offerings (ICOs) fall predominantly in the realm of central banks.

In these systems, central banks don't issue legal tender. Rather, miners and algorithms now control the issuance of tokens – effectively, the money supply. Whereas previously banks were licensed to store, send and spend currency, now wallet providers and exchanges allow the same features.

The currency renaissance has arrived and central banks are studying cryptocurrencies, though some central banks are more open to change than others.

Full story at http://bit.ly/2x4Zczw

Source: CoinDesk

 

How to Develop White Paper for ICO: Do’s and Don’ts

 

It can sometimes be tough to stay up to date for those of us who like to keep a keen eye on new currencies entering the market. Initial Coin Offering's (ICO's) seem to be almost a daily occurrence.

With cryptocurrencies hitting such a boom period in both practicality and media attention, it's hardly surprising that there is a rush to develop and deploy new offerings as soon as possible.

If it is done right, an ICO can be a complicated and lengthy processes to structure. Aside from the actual technological development of the coin itself (including any exchanges, wallets or other extras being deployed), there are a huge number of additional commercial and business factors to consider during the process.

Having been fortunate enough to assist with six ICO's over the last few months (including some of the markets biggest movers) it has become apparent that there is one, often overlooked, pivotal element in the entire process – the White Paper.

Full story at http://bit.ly/2v7tIY5

Source: CoinTelegraph

 

Making Sense of Cryptoeconomics

 

A few months ago Parker Thompson, a well known Silicon Valley VC, tweeted that "the concept of crypto-economics is stupid. It's economics. Inventing your own word is just an excuse to ignore well-understood concepts."

The term "cryptoeconomics" causes a lot of confusion and people are often unclear on what it is supposed to mean. The word itself can be misleading, as it suggests that there is a parallel "crypto" version of the whole of economics. This is wrong, and Parker is right to mock such a generalization.

In simple terms, cryptoeconomics is the use of incentives and cryptography to design new kinds of systems, applications, and networks. Cryptoeconomics is specifically about building things, and has most in common with mechanism design – an area of mathematics and economic theory.

Cryptoeconomics is not a subfield of economics, but rather an area of applied cryptography that takes economic incentives and economic theory into account. Bitcoin, ethereum, zcash and all other public blockchains are products of cryptoeconomics.

Full story at http://bit.ly/2wbJEwx

Source: CoinDesk

Cryptocurrency News for 22 Aug 2017

This 18-year-old digital-currency millionaire thinks bitcoin could hit $10,000 a coin

 

Erik Finman may be only 18, but he's a millionaire, thanks to a very shrewd and early investment in bitcoin.

And despite the recent tumult in the world of digital currency and a huge run-up in the value of bitcoin, Finman is still a bitcoin believer. By his reckoning, the cyber currency still has a ton of upside.

Indeed, Finman said recently that buying bitcoin now would be a "very smart financial decision."

The teen mogul is putting his money where his mouth is. He owns 403 bitcoins, which give him a net worth of around $1.7 million. He's not going to college, and he doesn't have a steady job. He's just focusing on his bitcoin investments. Well, that and launching a satellite stocked with a signed Taylor Swift CD into low-earth orbit. 

Full story at http://read.bi/2wz4TrS

Source: Business Insider

 

Monero Price Jumps Over 40 Percent on Rumors It Will Soon Debut on Bithumb Exchange

 

Monero (XMR) is leading an altcoin resurgence Monday as the anonymity-focused asset explodes 37 percent in hours.

Data from cross-exchange monitoring resource Coinmarketcap shows XMR, which had traded around $52 over the weekend, suddenly hit $71 today.

The uptick appears to be a result of rumors that the South Korean exchange Bithumb will add the coin to its books.

Bithumb remains the biggest volume exchange in the world despite a recent hack, with South Korean appetites for trading coming to the fore in recent months.

Full story at http://bit.ly/2v7j6sg

Source: CoinTelegraph

 

Bitcoin Cash Mining Difficulty Drops Significantly – Speeding Up The Chain

 

The game theory for miners begins to get more interesting as the BCH network has become 115 percent more profitable to mine than the Bitcoin blockchain. This is due to the digital currency’s price which is hovering between the $760-790 range and because of the difficulty drop down to 7 percent of the Bitcoin network’s difficulty. Blocks are being processed rapidly now on the BCH chain as each block is being found every 3-7 minutes. BCH average hashrateper day has spiked significantly over the past four days to roughly 10 percent of the Bitcoin network’s seven exahash.

The mystery miner is now capturing fewer blocks over the past few days as other mining pools have picked up the pace. Mining pools like pool.Bitcoin.com, Bitclub, and Viabtc especially have been processing a lot more blocks recently, spreading out hashrate distribution. Viabtc has mined over 27 percent of the last 144 BCH blocks found, and the mystery miner now has only 68 percent. So far since the fork 1507 blocks have been mined and the fork is currently 1349 blocks behind the BTC chain. However, at the current speed of processing blocks and with the BCH network difficulty so low the chain should start to catch up.

In addition to the network difficulty changes, another mining pool has joined in on processing BCH blocks. The mining pool BTC.com mined its first block, 480002, on August 20, being the first pool to join since Bitclub last week. Additionally, accordingto Trustnodes the large mining pool BTC.top will begin mining BCH on Monday, August 21. Jiang Zhuo’er, BTC.TOP’s founder told the publication that there would be an option for miners to choose between BTC or BCH from the pool’s settings.

Full story at http://bit.ly/2wzxn4N

Source: Bitcoin News

 

Bitcoin In Space: Blockchain Satellite Receives First Transaction

 

Blockstream’s Blockchain Satellite has forwarded its first transaction, the company’s CEO Adam Back has confirmed on Twitter.

Back was quoting BitcoinVPS creator Grubles, whose satellite node successfully received Blockchain transactions on a computer with networking disabled.

Last week Blockstream announced it would use leased satellites to beam the Bitcoin Blockchain all over the world.

Africa, Europe, South America and North America are first regions where users of the company’s beta can download a fully functional Bitcoin node.

Full story at http://bit.ly/2wzjDqL

Source: CoinTelegraph

 

Media Granted Access to Bitmain’s Mongolian Bitcoin Mines

 

Bitcoin mining is a very competitive industry and China’s biggest data centers are leading the way. Most mining centers around the world keep operations private and are usually found in very remote regions. Reporters were allowed to record and photograph the Bitmain mine in the SanShangLiang industrial park located in the heart of Inner Mongolia. Both Bloomberg journalist Tom Mackenzie and Quartzphotographer Aurelien Foucault were granted access to Bitmain’s mine filled with 25,000 machines humming away processing millions of dollars worth of bitcoin.

This particular Bitmain mine employs about fifty people and generates about a quarter of a million dollars a day worth of bitcoin. Most of the employees are local residents of the region called, Ordos, which used to be a coal mining town located just outside the Yellow River of Hukou Falls. Most of the staff live in a dormitory located in one of the warehouses, because machines are operating 24-7 and need constant monitoring and maintenance. Further, as well as mining bitcoin, one of the warehouses at Bitmain’s site is filled with mining rigs dedicated solely to mining litecoin. According to Bitmain, the mine spends about $39,000 daily on electrical costs and mining revenue brings in roughly $250,000 worth of bitcoins a day.   

While walking around the Bitmain warehouse, Mackenzie says many of the fresh new bitcoins derived from the mine ends up being traded on one of China’s cryptocurrency exchanges. Bitmain tells Bloomberg it has over 20,000 customers. The company’s valuation is in the billions and the company is preparing for a possible IPO. The company explains it’s also spending over 200 million to expand operations in the U.S. Creating a mine in China is relatively inexpensive Bitmain’s CEO Jihan Wu tells Mackenzie.

Full story at http://bit.ly/2wzaka1

Source: Bitcoin News

 

Bitcoin Price to Reach $5,000 This Year, Predicts Gatecoin CEO

 

Gatecoin, a Hong Kong based cryptocurrency exchange, expects bitcoin’s priceto reach $5,000 by the end of the year, according to Bloomberg. The price prediction was headlined on “Bloomberg Daybreak: Asia,” which featured an interview with Aurelien Menant, Gatecoin’s CEO and founder, about the causes of bitcoin’s recent price surge and his expectations for continued growth. He said the markets are driving increasing interest in bitcoin.

“Another factor that is very important is the arrival of more and more institutional investors in bitcoin,” Menant said. “Historically we used to have a few hatch funds trading bitcoin in Europe and the U.S. Now we have around 60 or 70 of them that are starting to trade bitcoin.”

Some funds are now dedicated to digital currencies. “So this is definitely driving a surge in the price,” he said.

Full story at http://bit.ly/2wz8JBc

Source: CryptoCoinsNews