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Crypto News: Bitmain $500 million loss, Bitcoin Mining Scam, RippleNet

Let's discuss three recent big crypto news. Bitmain losing $500 million within 3 months, bitcoin mining scam in Thailand and RippleNet adoption.
Let's discuss three recent big crypto news. Bitmain losing $500 million within 3 months, bitcoin mining scam in Thailand and RippleNet adoption.

Bitmain Posts $500 million loss amidst crypto winters:

We all are aware of the bear run that has been impacting the crypto market for the last year. From the hardware elements to the software elements, every element of the crypto space has been affected by this bear run. Recently Bitmain, a mining hardware giant company indirectly posted that it lost $500 million loss in the third quarter of 2018.

Let us analyze the post posted by the Bitmain. It has earlier stated that it gained a profit of $1 billion in the first half of 2018. Further, it posted that total benefits it had by the third quarter of 2018 were $500 million. This means that if we subtract the benefits it had by the third quarter 2018 from the benefits it has by the June 2018, it clarifies that Bitmain undergoes the loss of $500 million within 3 months. This is really a big loss that the company faced from July to September 2018. Also if we talk about the revenue, it has a total revenue of $2.8 billion in the first half of 2018 and $3 billion by the third quarter of 2018. This means that the total increase in revenue of $200 million in three months.

The bear run has affected almost every organizations. The price of bitcoin went down to $2600 from almighty $19783. However, it is expected that the next bull run of the crypto space is on the way and could hit at any nearby time.

 

Bitcoin Mining Scam:

Where is a market, there is a  risk of fraud and scams. Recently, news came into light for a major scam in bitcoin mining. Victims of this big bitcoin mining scam have filed a case in Thailand. As per the sources, around 30 victims were frauded by a scam involving a bitcoin mining company named ‘CryptoMining.Farm’. The firm made fool of the 142 victims and cost them a scam of a total of $1.34 million.

Initially, the company promised to give 70% as annual return and the facility to withdraw at any time but later on, they started avoiding the facility of instant withdraw and said that they would pay in 84 installments. The installments would take 7 years to get the amount and also, the company promised to pay in form of foreign currencies which is completely against the norms of Thailand. This has costed all the victims to lose around $1.34 million. However, the technology crime branch of Thailand has filed the case and the investigation has been started.

One must require to get all the details of the crypto company in which they are investing. One should always read all the terms and conditions mentioned in the paper. And even after that if a company do these kinds of fraud, one must inform the technology crime bureau of the country.

 

RippleNet:

Recently, the second largest bank of Oman, BankDhofar has announced that it has started using the RippleNet technology for performing cross-border payments to countries like India. For the first time in the history of Oman, any bank has accepted the RippleNet for performing transactions. With this feature, the customers will be able to transfer cross-border funds using a mobile application within 2 minutes. This feature would be a great help to the Indians living in this country to transfer payments.

BankDhofar, which started in 1990, in Oman’s second largest bank. It had an amazing revenue of $28.2 million out of which the revenue itself in the year 2017 was around $2.4 million. On the other hand, RippleNet, based on blockchain technology, is an international payment provider for cross-border payment. It is a product of the third largest firm in the crypto space, Ripple XRP. RippleNet has expanded its service all across the globe and is one of the leading service providers for institutional payment.

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Written by Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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