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CFTC Chairman: commodity can become security and vice versa

Commodity Futures Trading Commission (CFTC) chairman Heath Tarbet confirmed that a security can turn into a commodity and vice versa.  Tarbet made this remark on Monday at DC Fintech Week, when asked about a comment he made earlier this month that ether is not a commodity. At the conference, Tarbet emphasized that the Securities and Exchange Commission (SEC) is the entity that determines when something is a security, while the definition of commodities, which fall under the CFTC's jurisdiction, is broader.   Meanwhile, the SEC has dealt out a string of crackdowns on initial coin offerings (ICOs) of tokens that it deems as securities.   Earlier this month, the regulator filed an emergency action against Telegram and TON Issuer for failing to register the sale of their Gram tokens, which the SEC regarded as securities. This filing follows a settlement between the SEC and Block.one, the firm behind the EOS blockchain, for conducting an unregistered ICO. 
The Block Crypto

Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility

The Bitcoin mining giant Bitmain has just announced that it will work with a Canadian startup to help create a facility with potentially 300MW of power in Texas. DMG Blockchain Solutions Inc. will be providing the Chinese firm with project management services. The news comes less than a week after a different startup announced its intentions to also bring Bitcoin mining to Texas. Layer 1 aims to create an all-in-house mining facility and has received funding of $50 million to help it achieve this. Another Massive Mining Operation for Texas According to a press release, Bitmain has partnered with a Canadian startup to help it create a massive mining facility in Texas. The Chinese hardware manufacturer will be working with DMG Blockchain Solutions Inc. – a self-described “diversified blockchain and technology company.” DMG states that it was chosen following an extensive selection process. Bitmain initially started construction of a 25MW mining farm on a 33,000 acre site in Rockdale, Texas, last year. The firm has now announced that it will be at least doubling its size with the help of DMG. The site will be powered with electricity sourced from the Electric Reliability Council of Texas (ERCOT). The CEO of DMG, Dan Reitzik, stated the following of the deal between the two companies: “Being chosen by the world’s leading bitcoin mining company is a great testament to the capabilities of DMG’s mining team. Over the past several months, Bitmain visited many large facilities throughout North America including DMG’s flagship facility in British Columbia, Canada.” The release says that there is currently 50MW of power available for the planned Texas site. There is also the potential to increase this to 300MW. This would make it one of the largest Bitcoin mining facilities on the planet. DMG says that it will be handling management of the new facility but will not be adding to the funding of the project. Sheldon Bennett, COO of DMG, commented on the firm’s suitability for its new management position: “Having led large projects in Alberta and recently completing DMG’s 60MW facility, this 300MW facility is an exciting opportunity for DMG to truly demonstrate economies of scale. While the task of managing what we believe will be the world’s largest bitcoin data centre is daunting, we are confident that together with Bitmain, we will complete on time and on budget.” Don’t Bitcoin Miners Like the Cold? The news follows the recent announcement by another Bitcoin-focused startup. Layer 1, launched in 2018, originally positioned itself as an “activist fund for cryptocurrencies.” However, last week the firm announced that it had just completed a $50 million funding round. Amongst those backing the venture is US entrepreneur Peter Thiel. Layer 1’s plan is to perform almost all tasks relevant to the operation of a Bitcoin mining facility itself. This not only means manufacturing the chips but also creating a power substation and developing advanced cooling methods to deal with the intense Texas heat. Typically, Bitcoin miners have preferred cooler climates for their operations. This allows them to save money on systems systems needed to cool hundreds if not thousands of powerful computer systems working day and night in the same space. Bitmain’s Rockdale Lead Project Manager, Clinton Brown, explained why firms were starting to turn to Texas for Bitcoin mining: “We are excited to launch this facility, which is significant to Bitmain’s global expansion plans. The stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry.”   Related Reading: Russian Scientists Fined for Mining Bitcoin on Hijacked Supercomputer Featured Image from Shutterstock. Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility was last modified: October 21st, 2019 by Rick D.The post Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility appeared first on NewsBTC.
NewsBTC

Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO

At the World Digital Mining Summit in Frankfurt, Germany, Bitcoin.com’s CEO Stefan Rust sat down with Jihan Wu, cofounder of Bitmain Technologies and Matrixport. The two discussed how cryptocurrencies being used for payments is spreading and how Bitmain is doing after the bear market last year. Also read: SEC Wants Second Look at Bitwise Bitcoin ETF Proposal A Virtual Economy at Work Approaching Critical Mass The World Digital Mining Summit (WDMS) is a two-day mining conference that hosts an assembly of industry leaders, mining rig manufacturers, cryptocurrency pool operators, and other individuals passionate about crypto. During the event, Bitcoin.com’s CEO, Stefan Rust, had the privilege of sitting down with Bitmain cofounder Jihan Wu and discussed a wide variety of subjects. At first, Wu explained how he got into Bitcoin and that while working for an investment firm, he happened to read something about Bitcoin and found it “really interesting at that time.” After looking into it for two days straight he decided that bitcoin was a good idea. Wu was actually the first person to translate Satoshi’s Bitcoin white paper into Chinese for residents living in the region. “I was the first one to translate the [white paper]. At that time in the Chinese media said Bitcoin was either a scam or it does not work,” Wu explained to Rust. “I happened to understand economics and some high-level principles of computer science so I knew [Bitcoin] works in both economic ways and in computer science ways. So I translated the white paper and tried to get more positive feedback from Chinese social media.” While recalling his old QT wallet, Wu emphasized that it’s been an amazing journey. “I still remember back then no one knew about bitcoin and right now there are 20 million or 40 million users around the world and almost everyone now more or less have heard about bitcoin — I believe there are actual users getting involved in the cryptocurrency economy and those [individuals] are really starting to use cryptocurrencies for payments. A way to store their cash account — I believe this kind of user base will increase more and more.” Wu continued: This is a virtual economy at work and it’s quite difficult in the beginning but I think we are almost near critical mass. The Bitmain cofounder remarked that he believes the 40 million crypto users globally had initially stemmed from investor types, but nowadays he sees more ordinary people joining the economy and “especially young people.” “[Individuals] are really pushing cryptocurrency into the local payment network and people start to use it,” Wu said. Rust also brought up spending bitcoin cash (BCH) in Slovenia where there are hundreds of merchants that accept digital assets for products and services. “Lots of people still today believe [Bitcoin] is undoable or it’s out of their imagination how cryptocurrency can be really adopted by real life use cases,” Wu replied. “I think it’s a miracle, I think it’s amazing and lots of miracles are happening nowadays.” Bitmain Continues to Produce Next Generation Mining Rigs and Chips After discussing cryptocurrency adoption, Wu also explained how Bitmain was doing this year. “After the bottom of the bearish trend last year we’ve seen a very fast recovery in the money industry and we can see the hashrate growing very fast. Bitmain’s sales volume increased a lot and we released a new generation of mining rigs and mining chips.” Wu detailed that the company also released new artificial intelligence (AI) chips. He further explained that Bitmain’s mining pools mined different cryptocurrencies and remain top-ranking mining pools. Wu stressed: It’s a good year for Bitmain. Additionally, Rust and Wu talked about regulations in China and how roughly 60% of the world’s hashpower is located in the country. The two executives discussed the possibility of China banning bitcoin mining and how the Chinese government is dealing with oversight. The Bitmain cofounder and Bitcoin.com CEO conversed about a slew of other subjects like the ecological impact of bitcoin mining, the reward halving, and a lot more insights from someone who’s seen the cryptocurrency mining industry grow immensely, first hand. If you want to check out our exclusive interview with Bitmain’s Jihan Wu, check out the video below. What do you think about Jihan Wu’s perspective of the mining industry and cryptocurrency ecosystem? Let us know what you think about the interview in the comments section below. Image credits: Bitcoin.com. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO appeared first on Bitcoin News.
Bitcoin News

BANK OF AMERICA: Companies are crushing earnings season so far — but the firms missing forecasts are being punished more than usual (BAC)

Third-quarter earnings season is a couple weeks underway, and Bank of America Merrill Lynch analysts found that companies that missed sales and profit expectations are getting hit more than usual in next-day trading. The companies that fell short of expectations for revenue and earnings underperformed the S&P 500 by 3.9 percentage points, the analysts found, compared to the 2.4 percentage point historical average. The worse-than-usual performance by such companies suggests investors may not be confident enough in long-term outlooks to forgive third-quarter performance, Bank of America said. Visit the Business Insider homepage for more stories. Third-quarter earnings season is underway, and the performance of 75 S&P 500 companies to already report brings fresh insight into investors' economic outlook. Of the companies to report, 43% have beaten analyst expectations for both revenue and earnings, according to Bank of America Merrill Lynch analysts. The figure lands slightly above the second-quarter average of 41% and the year-ago average of 40%. Yet the companies that missed analyst estimates in both categories were clobbered more than usual in public trading, underperforming the S&P 500 by 3.9 percentage points in next-day trading, the analysts found. Historically, companies underperform the index by 2.4 percentage points when they miss sales and earnings estimates. Read more: Goldman Sachs says these 5 trades can help investors make a killing during a crucial earnings season The companies beating both estimates outperformed the index by 1.6 percentage points, falling in line with the historical average. The worse-than-usual punishment could reflect a lack of long-term confidence among traders, with third-quarter misses signaling a prolonged downturn. The analysts also found mentions of words like "better" or "stronger" against "weaker" or "worse" hitting the lowest gap since 2009, which could be a result of continued trade tensions and souring global economic outlook. Earnings of the 75 companies to report were 2% above consensus estimates, with healthcare and consumer discretionary companies delivering strong beats. Banks performed in line with estimates despite macroeconomic indicators warning otherwise and recent Fed rate cuts squeezing profit margins. The current trends are subject to change, especially with 36% of S&P firms slated to report their third-quarter earnings in the week starting Monday. Mega-cap stocks like Microsoft and Amazon will announce their latest figures, and more than half of communication services and energy companies will report as well. Now read more markets coverage from Markets Insider and Business Insider: Wall Street is sounding the alarm as a key source of stock-market buying evaporates The Fed's $60 billion monthly cash injections aren't enough to solve recent money-market stresses, JPMorgan says Billionaire Howard Marks gives his best advice for navigating an anomalous market where 30% of the world's debt has a negative yieldJoin the conversation about this story » NOW WATCH: A 45-year-long study discovered trends in successful hyper-intelligent children
Business Insider
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