Show me the yen (Weekly Digest, Feb 18—22)

Own coins by JPMorgan and Mizuho Financial Group, concerns about the crypto adoption, Solidus Labs to beat crypto manipulation, Bitmain's novelty, yen as the most traded currency for BTC, Visa and Mastercard taxes update, Craig Wright's surprise and MEW crypto-to-fiat swap without KYC

  • Mizuho Financial Group, an entity of 60+ banks with 56 mln users altogether, is going to launch own digital currency in March. The initiative is designed to decrease the role of third-party service providers and, thus, to leverage the tax situations.

The arrival of all these new entrants is eroding the common-sense notion that payment services are provided by financial institutions.

Tatsufumi Sakai, CEO of Mizuho, on Nikkei

  • New Globant report reveals businesses’ adoption of blockchain is still a work in progress. Many firms have considered using blockchain technology to streamline processes in their business; however, a recent study by software development firm Globant shows that most of these companies are not prepared for it.
  • Solidus Labs, a team of former Goldman Sachs engineers, a startup developing SaaS-app to tackle crypto market manipulations, has raised $3 mln.
  • SEC should make a decision on CBOE-VanEck Bitcoin ETF in 41 days. On April 5th, 2019, the SEC will have to announce their decision to either approve, deny or extend the decision-making period on Cboe/VanEck/Solid X’s Bitcoin ETF.
  • Bitmain will release a new 7-nanometer chip for mining Bitcoin. According to Bitmain, the mining chip BM1397 is more than 29% efficient when mining PHO coins (by 29%), and the new chips will be installed in the latest Antminer series devices.

As of 09:53:31 (UTC) Feb 21, Coinhills statistics show that the Japanese Yen remains the most traded national currency for Bitcoin, dominating 48.37% of the global fiat-to-Bitcoin market, followed by the US Dollar (46.41%), the Korean Won (1.97%), the Euro (1.17%), and the Turkish Lira (0.63%).

  • JP Morgan is going to launch own digital currency, even though the CEO used to sniff at crypto. The JPM coin is to be the XRP rival. However, the case is being bashed with critics: from claims that this is pumping the BTC price to concerns whether the asset can be called ‘cryptocurrency’ at all.
  • Visa and Mastercard are planning to increase transaction fees. The extra fees will be levied on the US merchants for processing transactions starting April this year. The community believes this is positive news in terms of crypto adoption.
  • Craig Wright is ready to affirm under oath that he is Satoshi Nakamoto. In his official letter to CFTC, he explained that he decided to expose himself because of ‘amount of misunderstanding and fallacious information’ around bitcoin, but he created ‘his’ invention to combat the mess.
  • MyEtherWallet users now can swap ETH and BTC to euro and Swiss francs directly from their wallet without KYC procedure. It is powered by the Bity platform.

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Bitmain To Be Valued At $12 Billion After New 600,000 Mining Chip Order, Source Affirms

Bitmain is on its way to becoming even more valuable. The Chinese mining giant will increase its manufacture capacity by 50% within the next six months, a source affirms. According to the reports, Bitmain is finally seeing its luck change. Now, the company is set to buy 600,000 mining chips from a Taiwanese manufacturer. According […]
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Bitmain to Increase Hashrate By 50% With 600,000 New Mining Chips

Showing renewed optimism, Bitmain is increasing its investments in the crypto mining industry. Now, Bitmain is reportedly buying 600,000 new crypto mining chips. As a result of this new investment, the company expects to make over $1 billion in profits. Bitmain to Increase its Capacity By 50% Hash rate The battle to produce fast cryptocurrency mining gear is heating up. In this context, Chinese Bitcoin mining giant, Bitmain Technologies Ltd, is placing orders for new mining machines with high hash rate capacity. In this connection, and according to a Chinese news outlet, “Recently, a supply chain person close to TSMC broke the news.” This source reported that Bitmain has recently placed new orders for 600,000 mining chips. As Bitcoinist reported earlier, Taiwan Semiconductor Manufacturing Company (TSMC) is Bitmain’s chip supplying contractor. TSMC ranks as one of the most profitable chipmakers in the world. Moreover, according to the same source, some of these chips include the latest 7nm model, with a single power of 50 Tera hashes per second. The recent Bitmain order also comprises 16nm model chips. Therefore, within a few months, observers believe that Bitmain’s total network computing power could skyrocket by about 50%. Company Hopes to Reach a Valuation of $12 Billion Despite losses in the first quarter of 2019, which reached approximately $625 million, Bitmain remains optimistic about the strengthening of the mining industry. In effect, with this new investment, the company expects to hit a valuation of $12 billion. Last February, Bitmain announced its next-generation 7nm ASIC chip, BM1397, which boasts improvements in performance and energy efficiency. These chips are designed to mine cryptocurrencies using the SHA256 algorithm for proof-of-work purposes, such as Bitcoin and Bitcoin Cash. Moreover, the Antminer models come with enhanced hash rate capacity. Last April, the chipmaker announced the specifications for the latest 7nm Antminer 17 series. For example, the Antminer 17 Pro comes in two variants, a 53 TH/s and a 50 TH/s capacity models. In addition, according to Bloomberg sources, Bitmain is working with specialists to prepare for a U.S. share sale that could occur as soon as the second half of 2019. What do you think about Bitmain’s new investments in crypto mining? Let us know in the comments below! _____________________________________________________________________ Images via Shutterstock The post Bitmain to Increase Hashrate By 50% With 600,000 New Mining Chips appeared first on Bitcoinist.com.
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