Connect with us

#Bitcoin

Alert: Unknown BTC Miners taking over the Bitcoin Mining Network

Published

on

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.

Continue Reading
16 Comments

16 Comments

  1. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network – A Bit of News

  2. Pingback: Alert: Unknown BTC Miners taking over the Bitcoin Mining Network - Satoshiuncle

  3. Pingback: Alert: Unknown BTC Miners taking over the Bitcoin Mining Network – Coinnounce | Bitcoin & Cryptocurrency

  4. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network - CryptoBlockZone

  5. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network - Techterrene

  6. Pingback: Alert: Unknown BTC Miners taking over the Bitcoin Mining Network – Coinnounce | Bit4Good

  7. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network - Bitcoin FYI

  8. Pingback: Alert: Unknown BTC Miners taking over the Bitcoin Mining Network – Coinnounce |

  9. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network – World 24h Ago

  10. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network – Sky New

  11. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network - Coins On News

  12. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network – Note For Day

  13. Pingback: Unknown BTC Miners taking over the Bitcoin Mining Network – The Show Times

  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

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

Leave a Reply

Your email address will not be published. Required fields are marked *

#Bitcoin

Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

Published

on

These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

Continue Reading

#Bitcoin

Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

Published

on

CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

Continue Reading

#Bitcoin

Tim Draper: Bitcoin Mass Adoption till 2021

Published

on

Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

Continue Reading

Trending