BTCC Indefinite Mining Pool Shutdown

BTCC Indefinite Mining Pool Shutdown

By 15 November BTCC’s mining offshoot will shut down its entire mining servers, and by 30 November operations will halt until further notice

BTCC Pool released an announcement notice on the indefinite shut down of its mining pool. The shutdown of operations is caused by business adjustments needed to be made by the company. Profits will be received by miners ‘in time’.

Though operations will be halted indefinitely, BTCC is resolute that the blockchain industry, together with cryptoassets, will continue to evolve and be improved. Also, BTCC Pool implied they will be back.

There will be echoes, we will see you again!

BTCC Mining Pool

On BTCC Pool

Launched in 2014, the mining offshoot of BTCC cryptocurrency exchange has embarked on supplying miners with transparent, safe, and fair crypto mining service. At the same time, the mining offshoot said it promoted blockchain advancement.

The Highs and Lows of the Mining Business

With the fast movement of technology and the prolonged crypto-bear market, cryptocurrency mining businesses struggled to attain their projected profits throughout the year. Because of this Nvidia decided to leave the manufacturing of mining equipments and Bitmain received mixed publicity on the firm’s financial status.

But some companies, including Bitmain, continues to develop mining-related rigs. Yesterday, 6 November, Finrazor reported that Bitmain released two new Antminers with 7nm Finfet and AMD partnered with eight tech firms to produce a range of new generation mining equipments.

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Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth

While the bitcoin hash rate has taken a downward shift during the latter half of last year, Zcash has been on a constant upward movement that could make it a crypto miners refuge. Miners Flocking to Zcash The reports of Bitcoin miners leaving the crypto mining scene has been doing the rounds since mid-2018 after the crash of 80 to 90 percent in cryptocurrency prices. Bitcoin is down about 82 percent from its all-time high at $20,000 to about $3,500. Around October, Bitcoin hash rate took a dip and only started upward descent in mid-December. According to Diar’s latest report, cryptocurrency miners are flocking to Zcash due its block reward halving period. “Cryptocurrency miners have found refuge in solving for Zcash with the block reward still two halving periods behind Bitcoin (Zcash follows the same controlled supply model with differing block times).” The privacy-focused cryptocurrency, Zcash is a code fork of Bitcoin protocol that uses  zero-knowledge proofs to “enable privacy-preserving transaction data.” It first came into existence in late October 2016. The hash rate of Zcash has been growing on a constant upward movement as can be seen in the 1-year chart above. “With 7200 ZECs up for grabs daily the networks mining hash rate has been able to sustain a 650% growth as other cryptocurrencies lose equipment in the face of the ongoing bear market and stiff competition.” Earlier this month, zooko Took to Twitter to share the ongoing developments in Zcash to share that “As expected, the GitHub thread about radically revamping Zcash mining is heating up. https://github.com/zcash/zcash/issues/3672 … It’s important because at today’s prices there is more than $400K/day of new Zcash issuance” The community is also working on Zcash blossom, a “dual-proof-of-work scheme, where one algorithm is backward compatible with current mining equipment, and another is designed to work well with GPUs on a temporary time scale.” Harmony mining will be affecting the miners as its goal is to make the Zcash ecosystem more resilient by “spreading issuance and political influence among distinct kinds of stakeholders.” The post Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth appeared first on Coingape.
CoinGape

Iceland’s “Bitcoin Bandits” Sentenced in Big Crypto Mining Theft Case Worth Nearly $800,000 USD

It has been reported that the primary suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to prison terms following the much-reported heist that saw them steal over $750,000 worth of crypto mining equipment. What Was The ‘Big Bitcoin Heist’? On January 16, 2018, the four men hired three more individuals in order to rob the Advania mines. The crew was able to steal 225 fully functional Bitmain mining rigs with the help from an ‘inside man’ and allegedly wore security uniforms. This particular heist was the crew’s biggest and the robbery reportedly took hours. The ‘inside man’ gave the thieves a security access code and a layout of Advania’s floor plan. Iceland police arrested two members of the gang on February 1, 2018, with an illegal stun gun and more than a half ounce of cocaine. From that point, one of the suspects purportedly turned on Stefansson and his gang, so the police were able to track down each member of the group following the first two arrests. The first of the individuals arrested include Sindry Thor Stefansson, who was originally arrested in April for the theft of mining equipment in the country. Based on translated court documents, another six individuals were tied into the charges, which is a total of ten criminal counts. The full charges include “possession of weapons, cocaine, and theft of over $2 million USD worth of mining computers and equipment.” What added a twist to the drama was when Stefansson escaped from prison. He was placed in the low-security prison a little over a week ago though he has been in custody. He fled through a window before taking the approximately 60-mile trek to Keflavík International Airport, where he used a stolen passport to board a passenger plane bound for Sweden and where security footage spotted him. Interestingly, he was on the same flight as the Prime Minister of Iceland. The Final Sentance All in all, seven men were sentenced for the heist, with Sindri Þór receiving the heaviest sentence. The computers were never found and the men were sentenced to pay Advania, the company that owned the computers, 33 million ISK(close to $270,634) in damages. Stefansson was not charged additionally for his attempted escape and just four and a half years in Prison. Hafthór Logi Hlynsson will serve 20 months and Matthías Jón Karlsson was sentenced to two-and-a-half years. Both Peter Stanislav Karlsson and Viktor Ingi Jónasson will have to spend 18 months behind bars while the others get lighter punishments.
Bitcoin Exchange Guide

Bitcoin.org founder worried about Jihan Wu’s disappearance post Bitmain ousting

Jihan Wu, the former CEO of Bitmain, the Bitcoin mining manufacturer, has absconded from social media leaving the cryptocurrency community worried, especially the co-owner of Bitcoin.org and Bitcointalk.org, known by his pseudonym Cobra. Trouble began brewing back in November when the Bitcoin Cash community was split between Jihan Wu and Roger Ver’s Bitcoin Cash ABC and Craig Wright’s Bitcoin Cash SV. The two factions had a heated dispute, following which the coin hardforked into two new cryptocurrencies, which both currently occupy spots in the top-10 list. Market forces dipped the prices of cryptos to a yearly low following this split. Bitmain also demoted Jihan Wu from director to supervisor in November and in the following months, rumors regarding the resignation of the co-founders Jihan Wu and Ketuan Zhan began to float. Both Jihan Wu and Ketuan Zhan have been under fire since the close of last year. Wu was lambasted by not just Bitmain but the cryptocurrency community for backing Bitcoin Cash, which has been on a bearish spree since the hardfork, with Zhan criticized for his poor diversification decisions. While both Jihan Wu and Ketuan Zhan will still remain a part of the company as stakeholders, Wu will be ousted as Bitmain’s CEO with an appointment imminent. However, since the news of this replacement surfaced, Jihan Wu has retreated from social media, leaving many worried. Cobra, the co-owner of bitcoin.org and friend of Jihan Wu, voiced his concern about Wu’s “sudden disappearance”, stating: “Jihan has disappeared off Twitter. I’m the last person he replied too on here before his sudden disappearance. Very worried about him. I can’t even imagine the stress he’s going through right now. As one human being to another, I hope you’re OK bro.” Some Twitter users are even dwelling on the borders of lewd theories regarding the former Bitmain CEO’s disappearance, with one user stating: “I could be completely wrong, but my admittedly low-info Westerner understanding of Chinese business culture is, if your large venture fails, there are serious, dangerous personal consequences.” Bitmain has not been doing very well since the “crypto-winter” set in. The company’s research and development department based in Israel were cut by 50 percent. They downsized their Bitcoin Cash development team. Furthermore, back in December 2018, Bitmain was served with a lawsuit by United American Corp., on the grounds of hardfork manipulation during the BCH split. Also, in late-November, 2018, miners filed a lawsuit against Bitmain, claiming that the company’s device mined the cryptocurrencies for the benefit on Bitmain rather than the current user. The post Bitcoin.org founder worried about Jihan Wu’s disappearance post Bitmain ousting appeared first on AMBCrypto.
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