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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.
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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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.
AMBCrypto

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.
CoinGape

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
Bitcoin Central
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