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Showing posts from June, 2020

Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital Raise

Hut 8 Mining Corp. has raised $8.3 million from the sale of 6% of its shares to investors. The Canadian bitcoin miner originally intended to raise $7.5 million from the sale, but it was oversubscribed. Totonto Stock Exchange-listed Hut 8 issued about 5.8 million “units” at a price of $1.45 each. Each unit is comprised of one common share. From this, investors have the option to buy another share for $1.80 between now and December 2021. The Alberta-based miner said funds from the offering will be used to upgrade its range of mining hardware including Application-Specific Integrated Circuit (ASIC) miners. The upgrade will add up to 275 petahash per second (PH/s) to Hut 8’s existing mining capacity of 952 PH/s. Once installed, the new machines, which include “more efficient processing chips from Microbt” will also add 12.6 megawatts (MW) of power to the company’s current 107 MW maximum operating capacity. “Hut 8 has been testing the Microbt equipment for the past three months in prep...
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Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs

During the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June 24, to a low of $8,965 on June 27. Since then the price has increased and the price per bitcoin is back above the $9k zone but much lower than before. The lower price has affected the profits of miners hashing away to find blocks on the network. Ever since they lost 50% of the block reward on May 11, gathering profits have been tough on miners with bitcoin prices at these levels. Mining bitcoin is an extremely competitive industry and after the BTC reward halving on May 11, 2020, it has been much harder to mine the rare digital currency. At the time of publication, the price of a single BTC has been hovering between $9,050 to $9,250 during the last few days. This has given the crypto asset an overall market valuation of between $165 billion to $170 billion during the course of the week. The price is over 4.8% lower than it was on June 24, when BTC prices were hovering around $9,700 las...
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Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey

The crypto industry in India is experiencing massive growth, according to a new survey of crypto banks and exchanges. Despite the country’s deepening coronavirus crisis, crypto exchanges say trading volumes and the number of signups continue to grow substantially. India’s Cryptocurrency Trading 2020 Indian media agency Bit2buzz has conducted a survey of local crypto banks and exchanges on the demographics and trading behaviors of India’s crypto industry. The survey aims to understand “trading behaviors of Indians, women representations, and participation, the effect of covid-19 on Indian crypto blockchain entities, and how these crypto and blockchain companies are making waves in India,” the media outlet described. Participating crypto exchanges included Wazirx, Unocoin, Coindcx, Pocketbits, and Bitbns. Cashaa, Bank of Hodlers, and Oropocket were also surveyed. Most of the respondents “reported major youth [ages 18-35] population using their platforms,” Bit2buzz wrote, adding that...
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US Contract Miner Core Scientific Buys 17,600 Bitcoin Miners From Bitmain

U.S. contract mining firm Core Scientific has agreed on a deal to buy 17,600 mining rigs from Chinese bitcoin hardware maker Bitmain Technologies Inc. The company is buying Bitmain’s next-generation bitcoin ( BTC ) miner, the Antminer S19, it said in a statement on June 29. The miners will be fully installed at data centers operated by Core Scientific in the U.S. over the next four months, it added. Washington-based Core Scientific did not provide details about cost, but the deal might come to a total of between $30 million and $42 million. Each S19 machine is currently selling at $1,785 while the newer S19 Pro is going for $2,407, according to the Bitmain shop. Core Scientific said that the purchase is on behalf of its institutional customers and for its own use. It also claims the deal to be the largest acquisition of S19 BTC miners by a single blockchain hosting company. Company president and chief executive officer Kevin Turner commented: Core Scientific has received and b...
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Gifts and Remittances: Bitcoin.com’s New Tools Allow People to Send BCH via Email

This month Bitcoin.com launched two services that help facilitate bitcoin cash adoption and crypto remittance via email. In a recent video on June 5, Bitcoin.com’s Roger Ver showcased gifts.bitcoin.com , a new feature that allows individuals to send BCH gift cards via email. Additionally, Bitcoin.com also launched send.bitcoin.com , a tool that provides users with the ability to send money in a number of local currencies by leveraging bitcoin cash. Bitcoin.com is excited to launch two new features this month that provide more cryptocurrency accessibility on a global scale. Both new features work with email and they both make sending gifts and remittances easy by using the Bitcoin Cash ( BCH ) network. On June 5, 2020, Bitcoin.com’s Roger Ver introduced gifts.bitcoin.com which gives any individual the ability to send BCH to anyone, anywhere in the world via email. The basics of using gifts.bitcoin.com are relatively intuitive and you simply press the “go” tab to create some new g...
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Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled

The financial crisis in Lebanon has seen its currency, the Lebanese pound, fall 80%. The International Monetary Fund (IMF) has estimated that the country’s central bank has accumulated losses as much as 170 trillion pounds. The disagreement between the Lebanese government and the central bank has stalled bailout discussions. The economic and financial crisis in Lebanon has deepened as the local currency has been in a free-fall. The Lebanese pound sold at a rate of 8,000 to the U.S. dollar on Sunday at local exchanges, losing about 80% of its value over the past 10 months. The IMF has warned Lebanon that its central bank, Banque du Liban, has accumulated losses of up to 170 trillion pounds, the Financial Times reported on Thursday. The publication explained that the central bank has used “a series of sovereign debt and currency swaps with local lenders … to shore up the banking sector, attract foreign currency and stabilize the Lebanese pound.” Citing people familiar with the matter,...
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Bolstering Separation of Money and State Following the 244th Independence Day

With the fourth of July approaching, many Americans will have to contemplate whether or not the holiday is an empty affair. After the last thirteen weeks of Covid-19 lockdowns, business shutdowns, and police brutality, the lack of liberty and freedoms in the U.S. has never been more apparent. With ideas like bitcoin and concepts that bolster secession, the day is coming when money is completely removed from the state, just as the state was separated from the church centuries ago. Roughly six days prior to the empty holiday, as I read the letters of Independence pronouncement adopted in Philadelphia, Pennsylvania, on July 4, 1776, I say to myself “Americans are not free.” The majority in the United States have surrendered their freedoms and civil liberties to the collective mob. Many individualists are quite certain that most Americans don’t believe in those declarations of independence, and the 27 grievances against tyranny written hundreds of years ago. One reason that validates t...
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Skeptics Concerned Plustoken Scammers Plan to Dump $187M Worth of Ethereum

Crypto market skeptics and speculators are concerned about 789,000 ETH that started moving four days ago last Wednesday. The transaction was recorded by Whale Alert, and the $187 million worth of ether stems from the Plustoken scammers. On Wednesday, June 24, 2020, at approximately 9:46 a.m. (ET) the Plustoken scammers who have yet to be arrested, moved 789,534 ETH worth $187,847,550 USD at today’s exchange rates. Cryptocurrency traders are concerned that this stash of ETH will be dumped on numerous digital currency spot markets. Additionally, the Plustoken scammers moved $67 million worth of EOS tokens two days before the 789,000 ETH transaction. A number of crypto traders and organizations like Chainalysis and Cyphertrace have reported on the Plustoken scammers’ transactions. Speculators have assumed that Plustoken coins that were dumped on spot markets caused the price of BTC to slide at the end of 2019 . Plustoken scammers have been accused of fueling the March 12, 202...
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Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action ‘Violates Liquid’s Security Model’

Liquid, the sidechain network developed by the company Blockstream, saw 870 bitcoins ($8 million) frozen in moderation queue due to a seizure from a number of the network’s functionaries. The founder of the Summa project, James Prestwich, explained on Twitter that the emergency 2-of-3 controlled 870 bitcoin “violates Liquid’s security model.” During the last year, the crypto firm Blockstream has been promoting its Liquid sidechain as “trustless,” even though many cryptocurrency proponents have criticized the federation of exchanges who call the network’s shots. For instance, the infamous Cobra, owner of bitcoin.org tweeted back in February: “Blockstream is busy pumping “trustless” centralized Liquid because ‘Lightning doesn’t scale;’ who even takes these ‘influencers’ seriously anymore?” “Liquid is a sidechain, it’s just not a trustless (or, more precisely, trust-minimized) sidechain,” another critic tweeted in January. Taking it further, a number of individuals have said that Li...
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Jim Rogers, Mark Cuban, Peter Schiff Will ‘Go All-In’ on Bitcoin — Max Keiser

Max Keiser believes that bitcoin naysayers like Jim Rogers, Mark Cuban, and Peter Schiff will go all-in and invest big in bitcoin when they understand it. He guarantees this to be the case, having predicted that the price of bitcoin will reach $400,000. Max Keiser and the Bitcoin Naysayers Popular television personality Max Keiser firmly believes that bitcoin skeptics will go all in big on bitcoin when they finally understand it. The host of Keiser Report, a financial program broadcast on the media channel RT, recently singled out three bitcoin naysayers in particular. He tweeted Friday: Peter Schiff, Jim Rogers, Mark Cuban, and other pre-coiners represent huge pent-up bitcoin buying demand. When they finally understand it, they’ll go all-in with huge buys. I 100% guarantee this to be the case. Keiser talked about Jim Rogers because the famed investor said last week that he thinks the value of bitcoin will fall to zero because governments will not let cryptocurrency flourish. “...
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Popular Analyst Reveals New Bitcoin Pricing Model: Prediction Suggests ‘Bullish Run a Month Away’

The popular bitcoin analyst Willy Woo told his 132,000 Twitter followers that he’s working on a new pricing model that suggests a bull run is imminent. In fact, Woo says the model suggests bitcoin is close to “another bullish run” with “maybe another month to go.” The price of bitcoin ( BTC ) has been declining during the last seven days, as BTC has lost 2% overall this past week. The value has been bouncing back and forth between $8,800 to a touch over $10k per BTC . At the time of writing on Sunday, June 27, 2020, the price has been fluctuating between $9,010 to $9,150 during the last 24 hours. The $165 billion market valuation, still makes up 63% of the entire market valuation of all 5,000+ crypto assets. Despite the downturn, a number of analysts expect a bullish run to come to fruition in the near future. On Sunday, Willy Woo ( @woonomic ), the well known bitcoin chart analyst and the cofounder of Hypersheet tweeted that he’s been developing a new pricing model for BTC . “Th...
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