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Alert: Unknown BTC Miners taking over the Bitcoin Mining Network

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Unknown miners are gaining a significant percentage of the total hash rate of the bitcoin mining network as it is right now.

Unknown miners or miners that are not affiliated with any particular bitcoin mining pools are gaining a significant percentage of the total hash rate of the bitcoin mining network as it is right now. However, it is good to see the bitcoin mining network becoming increasingly decentralized because we are far too long Bitmain has had far too much influence. To see Antpool or other Bitmain owned or affiliated pools decreasing in power is a good thing.

A report from JP Morgan as well says that the production cost to mine 1 bitcoin averaged around $4000 worldwide in Q4 2018 that makes it really difficult for many miners globally. We see for example in China, it is much more profitable if you have a contract directly with the electricity generators as then you can do bitcoin mining for as low as $2400 per bitcoin. For anyone who has to stick with the global average, the price of bitcoin right now is not $4000 so they are either mining at a loss or turning off their machines. Many people are turning off their bitcoin mining machines, but others are finding ways to get cheaper bitcoin. So even though the price goes down, it’s not the end of bitcoin or the bitcoin network, it just means that miners innovate more.

 

Bloqlabs Titan:

Bloqlabs has launched the Beta version of Titan which is new software for cryptocurrency miners. The company says that they can maximize the hashrate on any given mining machine by up to double digits. While they are giving this program away for free, they do expect a percentage of the profits to come back to them. The main goal here is to lengthen the shelf life of mining machines. What Bloqlabs is doing with miners is not just for bitcoin mining but it can also be applied to lots of different mining algorithms such as litecoin mining and ethereum mining.

 

The Middle East become home for bitcoin mining:

The middle east is fast becoming a new home for crypto miners from China. Now in order to do this, miners are moving from China over to Iran but it is not easy to do that because Iran has banned the import of bitcoin mining rigs. So they are either turned away at the border or confiscated. But this shows the dedication and the innovation of miners. Interestingly, the Iranian customs officials are currently holding around 40,000 bitcoin mining rigs. What if Iran is one of the mystery miners? They could be considering the fact that they are holding 40,000 mining rigs although there is no evidence to back up this statement.

 

The Competition Continues:

It’s not just Iran but a lot of countries are being very competitive when it comes to bitcoin mining. For example, Georgia is continuing to put money in bitcoin mining even if the price of bitcoin is falling down. In total 200,000 regular Georgian people are mining bitcoin. That’s quite impressive for a country of 3.7 million people. In total 10% of Georgia’s electricity supply is being used to mine cryptocurrency. Bitfury remains a very relevant player when it comes to bitcoin mining in Georgia. Even though they had to scale back some of their operations as well, their Georgian operations remain quite strong. They are currently experimenting with 160 hermetically sealed stainless steel tanks filled with power-efficient chips and special cooling liquid. This is an experiment to help keep energy cost down and to make bitcoin mining cost effective.

In Georgia overall, they are being very pro crypto and blockchain. Bitfury has helped them migrate their whole land registry on to the blockchain. They are looking at different ways to do tax incentives and they do have some tax free zones right now in Georgia for cryptocurrencies.

 

Mongolia also wants to be in on the party. Mongolia has cheap power rates and is famously cold throughout the year. A company Ginco from Japan are tripling their total bitcoin mining capacity in Mongolia this year. So overall we see a lot of innovation happening in order to keep mining bitcoin. All of this might mean nothing when Paraguay’s golden goose project gets up and running as it will be the biggest bitcoin mine in the world.

What are your thoughts on the increasing competition in the bitcoin mining industry? Tell us in the comments section below.

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17 Comments

17 Comments

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  14. Jessa cantomayor

    January 29, 2019 at 7:00 am

    Yes..

  15. Pingback: Alert: Unknown BTC Miners taking over the Bitcoin Mining Network – BitcoinGuide.com News

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#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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