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ETC’s mining profitability grows slowly; 2Miners pool records 100% profitability

Ethereum Classic was created in 2016, following a fork of the Ethereum network. Technicals for Ethereum Classic had not been very strong for the past years. Trading at $7.79 with a market cap of $870 million, the 20th largest digital asset failed to post significant gains on the cryptocurrency charts. However, mining activity, thanks to […] The post ETC’s mining profitability grows slowly; 2Miners pool records 100% profitability appeared first on AMBCrypto.

Monero [XMR]’s privacy feature may lead to pressure on countries to address status of privacy coins

Monero [XMR], one of the leading privacy coins in the space, was in the headlines earlier this month because of its hard fork. The coin has now made a comeback due to the same reason. Binance Research posted a research article titled, ‘Examining the Implications Behind Monero’s Latest Fork’ that focuses on the effects of the updates introduced on Monero during the recent hard fork. The hard fork that occurred on 9 March, 2019 was a non-contentious fork, which did not result in the creation of a sidechain. Notably, this fork carried out four main upgrades, dynamic block size algorithm update, change in Proof-of-Work [PoW] algorithm, addition of dummy encrypted payment ID, and “shrinking the size of amount encodings and using deterministic masks,” to simplify amount commits. Interestingly, this hard fork was supposed to take place in the next few months, but was advanced because of the dominance of ASIC miners on the Monero network. The fork successfully decreased its dominance by over 80 percent, according to data by 2miners. The report by Binance Research stated that one of the upgrades, the addition of dummy encrypted payment ID, “made it harder” to discover the origins and destination of a transaction. The report stated the implication to be, “As several countries (e.g., France) and individual US states (e.g., Texas) are discussing whether or not privacy coins should be banned, this additional privacy feature may lead to higher pressure on countries to create legislature to directly address the status of privacy coins.” It further stated, “Regarding the improvement in the countermeasure to prevent a “big bang attack”, the initial issue was that the size of the block could increase exponentially.” Source: Binance Research Additionally, the report stated that the long-term blocksize will be able to increase by “up to 1.4x after 50,000 blocks.” It added that the second addition was pertaining to the change in miner fees “as it is now calculated based on a long-term median block weight versus the previous 100-block median weight.” The report said, “As fees are now set based on the long-term median block weight, fees would not decrease when the amount of transactions keep increasing at a lower pace.” The post Monero [XMR]’s privacy feature may lead to pressure on countries to address status of privacy coins appeared first on AMBCrypto.

Monero [XMR] hashrate witnesses massive drop after hard fork

Monero [XMR], the thirteenth largest cryptocurrency by market cap, was in the headlines ever since news about its first hard fork this year broke out. The upgrade was successfully completed towards the end of last week, March 9, 2019 and March 10, 2019. The hard fork proposed four changes, with a key upgrade pertaining Monero’s Proof of Work algorithm. The change aimed at severing application-specific Integrated Circuit mining as it blocks it from engaging in the network. The other changes pertain to dynamic block size algorithm, which would fix the big bang attack, and also ensure scaling. Addition of dummy encrypted payment ID to each transaction and simplifying amount commits were also included in this upgrade. According to data presented by 2miners, Monero’s hashrate witnessed a significant drop since the upgrade, especially affecting ASIC miners. A report by PaperBlockchain stated that the number was more than 80%. Source: 2miners Monero went through a similar upgrade last year to curb ASIC mining on its network. This upgrade showed similar results, with several members in the community proclaiming that it had won its “first battle” against the ASICs. Bittabet, a redditor said, “My real concern is just that instead of FPGA designers and ASIC farms controlling mining you just have hackers with botnets controlling the entirety of the network every time the algo changes. I’m not convinced that this is safer or more secure.” The Redditor further added that constant change in algorithm would result in hackers taking advantage of the changes to use botnets and dump the coins, even if it compromised the network. He said, “Goes against normal miner incentives where they’re heavily incentivized to protect the network because they’ve invested all this time and money on hardware that literally just mines that one crypto and where miners tend to be heavy hodlers and want to protect the value.” Moreover, according to a Reddit thread by ilheoi, 95% of the privacy coin’s hashrate was controlled by Botnets, FPGA, and ASICs. The Reddit user further stated, “think about this 95% of the network was being mined by people who were prob either not paying for electricity or getting maybe 50x as fast hashrates as those with rigs that cost the same amount to setup as an FPGA costs to buy. 4k rig v 4k fpga and fpga mining nearly 50x faster.” Source: Reddit The post Monero [XMR] hashrate witnesses massive drop after hard fork appeared first on AMBCrypto.

After 51% Attack, High Transaction Fees on Ethereum Classic Keep Investors Cautious

Changes in the cryptocurrency industry as a whole are something that consumers and investors are fairly used to by now. Most platforms habitually add new features and even new coins to their listings, benefiting investors greatly. However, Ethereum Classic recently chose to hike their transaction fees, which has left many investors worried. Speculation has been constant, discussing whether crypto exchanges are at risk of attack, as the average fee rose by 800% from yesterday alone. Based on current information about the market, this is the largest spike in blockchain’s history. Due to this hike, miners for Ethereum Classic managed to bring in 844 ETC during their transaction block verifications on Sunday, which is highly unusual. Considering the speed of the jump in fees, another explanation could be that an attacker is using a common exploit in an effort to zero in on certain exchanges. Doubled hash power on the Discord channel was reported by one user by 11:15 am UTC on Sunday, which was being used towards the verification of transactions and the mining of new blocks. These numbers were verified by multiple blockchain analytics websites. GasTracker, another source of this information, noted that much of the added hashrate came from 2miners, an Ethereum Classic mining pool, totaling 3,054.29 GH/s. This is a major increase from the average before this event of 160 GH/s. At this point, the origins of the transactions have not been identified, and neither has the person responsible. Still, speculation continues. One Twitter user, referred to by CoinDesk as Burns, suggested that the sender of the high-fee transactions wants to create gas tokens with the use of exchanges to avoid the cost. This loophole was discovered by GasToken last year when they developed an application that allowed users to hold and sell the fees charged by networks for their operations. This was particularly useful to users that wanted to reduce their own costs. Level K, a smart contract startup, discovered their own exploit last year in October, finding that crypto exchanges without a limit on “gas” could find themselves thirsty for funds as attackers mine the new tokens. Elaborating, Burns said, “An exploit was found a few months ago where exchanges were paying [gas] for the exchange withdrawal. Unknown users were using this to withdraw and minting gas tokens for free [by] having the exchanges pay large amounts of gas.” While some believe this notion of a GasToken exploit, there are some experts with other ideas. Anthony Lusardi took a moment to look at the circumstances. In his opinion, he believes, “Someone bought some hashrate to mine blocks and then other addresses made very high-value transactions.” Still, he added that there is no evidence of money moving through exchanges. Founder and CEO of Bitfly, Peter Pratcher, added, “I don’t think the high transaction fees are related to the GasToken exploit … It is unknown if this was a mistake or an intentional measure to subsidize ETC mining pool and prevent further 51% attacks.” Based on his analyzations, Pratcher continued by noting that all that he has discovered “are standard A to B value transfers that do not interact with a [smart] contract.” With all of the reorganizations that have happened since the attack that happened last week, one of the most harmful results is the loss of funds for the exchanges. Still, about half of the lost funds have been returned, and Gate.io is taking additional precautions to prevent users’ funds from being stolen again.
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MiningCave Review: High Quality Cryptocurrency Mining Equipment?

MiningCave Review: All-inclusive Crypto Mining Store The business of mining crypto coins has been likened to a sort of arms race where early adopters reap the most rewards. There is a great need for mining resources especially as more digital currencies continue creeping into the global market ever since 2009 when Bitcoin was launched. Crypto mining is all about solving challenging problems to authenticate digital transactions through the use of hardware like a GPU or ASIC miner. MiningCave now provides both enthusiasts and beginners an all-inclusive store where they can get all their mining needs sorted out. About MiningCave MiningCave is a Canadian based company with the simple objective of simplifying the process of cryptocurrency mining. This online store has just about everything a miner needs to set up a high performing crypto mining bench. The featured products on the site include ASIC miners, GPU miners, rig kit, frame rig and other essential mining hardware. Whether you are an expert or starting out with mining digital currencies, you will find the best mining product to use at the MiningCave. What Mining Cave Proposes Access To Mining Pools Besides ensuring that clients have the best mining hardware, MiningCave also offers several mining pools where users can pool their resources together and enhance their computational power. When the mining complexity of a digital currency increases, it can be quite costly for solo miners to deal with the higher computational power requirements, which would mean better-specialized hardware and steeper energy costs. MiningCave understands the need to have these pools, and it offers fur unique mining tools including Nicehash, Ethereum, ZCASH, and 2Miners. Maintenance Services The best benefit of buying your mining rigs from MiningCave is the fact that you can also get the necessary maintenance services at subsidized costs. These supplementary technical services include training and expert advice, where the company’s service team gets in touch with you to respond to all your needs and questions. You can explain your problem in a free quote with the prices for the technical support ranging from CAD 25 to CAD 45 depending on the maintenance and configuration required. Also, you can request for remote support for international orders, which is provided promptly. Great Crypto News Resource To say that the crypto industry is highly volatile is an understatement. The reality is that if you want to succeed in this space, you must be updated on the trending digital assets. Once you have access to the latest data, you can have a better chance of thriving in the blockchain world; otherwise you may just be wasting your time and money. MiningCave understands this need for updated information for its clients as it also features an extensive collection of the current events within the crypto sector. It is an excellent way to monitor the difficulty and price of targeted coins and also learn tips on what other miners are doing to improve their outcomes. Our Conclusion On MiningCave With worldwide delivery via DHL and UPS along with highly competitive rates on mining hardware, MiningCave seeks to lower the barriers to crypto mining across the world. The crypto miners featured on this site have been designed and engineered to provide some of the best levels of performance you can get today within the mining market. They are compact, airy and stackable, which helps to maximize on available space while still maintaining perfect ventilation.
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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