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A developer and provider of mining hardware, such as Antminer.

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Employee was Accused of Plugging into Bitmain’s Server to Steal 100 Bitcoins

An Ex-employee of Bitman was sentenced to one year and three months’ imprisonment with a fine of 50,000 Chinese yuan for plugging into Bitmain’s server to steal 100 Bitcoins according to a  local report. As a Chinese cryptocurrency mining giant with a large number of Bitcoins, Bitmain has naturally become the target of lawbreakers,. The employee stole 100 bitcoins remotely The accused Mr. Zhong was appointed as an Operations by Btimain since November 16, 2015. On September 15, 2017, the accused remotely controls his computer in the company by using TEAMVIEWER software, taking advantage of ROOT privilege to access the Bitmain’s rented Alibaba Cloud server. Then he transferred 100 stolen Bitcoins to his personal crypto wallet by inserting code into the Bitmain’s Bitcoin wallet program. On September 16, Bitmain called the police after finding its insufficient Bitcoin balances. After the incident, the accused Zhong voluntarily surrendered himself and was detained on January 2, 2018. He has returned 90 Bitcoins to Bitmain. It was judged that the accused Zhong illegally acquired computer information system data by technical means, resulting in economic losses of more than 10,000 Chinese yuan which constituted the crime of illegally obtaining computer information system data. As a result, the accused Mr. Zhong was sentenced to one year and three months’ imprisonment with a fine of RMB 50,000. Ten bitcoins were sent back to Bitmain. For Bitcoin is a virtual property, so why did the crime was judged as illegally obtaining data rather than a crime of theft? The main basis for defining the nature of Bitcoin as a virtual property is the statement of People’s Bank of China on December 5, 2013. The statement confirms Bitcoin as a property. However, the statement is not the legislative recognition by the legislature. In the absence of legislation to confirm the property nature of Bitcoin, not being sentenced to theft reflecting the seriousness of criminal justice. Stealing bitcoin by technique means is not new in China. Earlier this month, a man was arrested for luring others to use the Bitcoin cold wallet he created.
8BTC

Bitmain to reveal world's first Big Data Analysis Report of Global Mining Farms during World Digital Mining Summit this October

SINGAPORE, Sept. 11, 2019 /CNW/ -- Bitmain - the world's top 10 fabless chipmaker - is set to release the world's first Big Data Analysis Report of Global Mining Farms during the World Digital Mining Summit (WDMS) on 8-10 October in Frankfurt. The report will provide in-depth analysis and insights on the cryptocurrency mining industry - covering mining farms, to global electricity costs, site selection of mining farms and construction expenses - to help decision-makers have a more complete and comprehensive understanding of the market opportunities, risks and hurdles. "Bitmain is proud to be leading research and development efforts in the cryptocurrency mining industry and this comprehensive big data analysis report is a successful outcome of it, thanks to our strength and experience accumulated in this industry," said Matthew Wang, Director of Mining Farm of Bitmain. The agenda for the ...Full story available on Benzinga.com
Benzinga

Bitmain to reveal world's first Big Data Analysis Report of Global Mining Farms during World Digital Mining Summit this October

SINGAPORE, Sept. 11, 2019 /PRNewswire/ -- Bitmain - the world's top 10 fabless chipmaker - is set to release the world's first Big Data Analysis Report of Global Mining Farms during the World Digital Mining Summit (WDMS) on 8-10 October in Frankfurt. The report will provide in-depth analysis and insights on the cryptocurrency mining industry - covering mining farms, to global electricity costs, site selection of mining farms and construction expenses - to help decision-makers have a more complete and comprehensive understanding of the market opportunities, risks and hurdles. "Bitmain is proud to be leading research and development efforts in the cryptocurrency mining industry and this comprehensive big data analysis report is a successful outcome of it, thanks to our strength and experience accumulated in this industry," said Matthew Wang, Director of Mining Farm of ...Full story available on Benzinga.com
Benzinga

Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash

Last Thursday the China-based mining rig manufacturer Bitmain announced the launch of two new Antminers that offer hashrates between 53 to 64 terahash per second (TH/s). When the Antminer sale started on Monday, first batch devices sold extremely fast and Bitmain expects to deliver units by mid-November. Meanwhile, the combined SHA256 hashrate (BCH and BTC) has grown exponentially, touching 100 exahash per second (EH/s) on Tuesday. Also Read: Plans to Build $50M Bitcoin Cash Tech Park Revealed Bitmain Launches Two New Next-Generation Miners With Hashrates of 53-64TH/s Mining coins like BCH and BTC is extremely competitive and recently mining rig manufacturers have been launching next-generation devices making the competition even greater. Last week, on Sep. 5, Bitmain Technologies announced the launch of its newest set of Antminers after releasing multiple versions of SHA256 mining rigs over the last few months. The latest versions include the Antminer S17e and the T17e which will be sold in three batches. According to Bitmain’s specifications, both machines have been optimized to perform with “significant improvements to power efficiency and hashrate.” The S17e has an average hashrate of 64TH/s and 45 joules per terahash (J/TH). The Antminer T17e offers hashrate speeds of up to 53TH/s and power efficiency of roughly 55J/TH. So far both batches of the new Antminers have sold out and the last sale will end Wednesday morning on Sep. 11. In addition to the new Antminers, Bitmain introduced a compensation strategy for delivery delay. So if mining rigs are not shipped on the specified delivery dates then Bitmain will compensate customers with coupons for each day of delay, based on PPS rewards of the mining pool and electricity cost deducted. Bitmain explained that both new models have been created for better efficiency and longevity as well. “Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers,” Bitmain detailed last week. “This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.” Bitmain will also be hosting the second annual World Digital Mining Summit (WDMS) in Frankfurt Germany on Oct. 8-10 2019. The two-day event will bring together some of the biggest entrepreneurs in the mining industry like Genesis Mining Marco Streng and Bitmain’s cofounder Jihan Wu. One specific event at the WDMS conference announced this week will be a contest for the “top ten mining farms around the world.” This will allow the mining industry to vote on the best mining farms out there today. In order to participate, miners need to disclose their location, capacity, mining farm systems, hosting price, length of operations, and submit photos of their crypto mines. Participants must submit all required materials by email before September 13 and winners will receive VIP tickets to WDMS. High-Powered Mining Rigs Push the SHA256 Hashrate Above 100EH/s With 64TH/s and 45J/TH, the new Antminer S17e would be the most profitable mining rig today, according to asicminervalue.com. At the time of writing, calculating current prices and with an electricity cost of $0.13 per kWh, the S17e would profit by $8.86 per day mining BTC (if it was available to the public today). Profits per day might be entirely different depending on the price per coin on Nov. 2019 and network difficulty. The new Antminer models will compete with the Microbt Whatsminer M20S (68TH/s), Ebang Ebit E11++ (44TH/s), and the Strongu STU-U8 pro (60TH/s). Top 12 mining rigs on Sep. 10, 2019. The rest of the competitive mining rigs in the top list are other Bitmain models too such as the S17 pro (53TH/s), and the S17 (56TH/s). In 2019 Bitmain has released a wide assortment of SHA256 compatible miners including the new legacy S9 series, and the T version models. There’s still a bunch of low hashrate miners available on the Bitmain website, but most higher performance machines are selling out quickly. Still, with an electricity cost of $0.13 per kWh, any mining rig on the market that performs at more than 13TH/s is profiting at today’s BTC and BCH prices. On Sep. 10, it is currently 4% more profitable to mine on the Bitcoin Cash blockchain according to prices and Coin Dance statistics. On Sep. 10, 2019, at 12 p.m. EDT, it was 4% more profitable to mine the BCH chain. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Both chains’ SHA256 hashrate combined on Sep. 10 crossed the 100 exahash per second (EH/s) region as BTC captured 98.53EH/s and BCH gathered 2.4EH/s. If and when SHA256 networks can exceed 500 exahash per second, the processing power will penetrate the zetahash era. BTC’s hashrate is 8X more powerful than Dec. 2017 at the height of the bull run, and this past June the BTC hashrate was 55EH/s which nearly doubled in three months. The BCH network hashrate has hovered between 2-2.6EH/s over the last three months with 11 pools processing BCH blocks. There are 10 pools mining BTC with 18.1% of the hashrate being stealth mined by unknown miners. On Sep. 10, 22% of the BCH network hashrate consists of unknown mining pools as well. On Sep. 10, 2019, both SHA256 networks (BTC & BCH) combined crossed 100EH/s. With market prices at what they are today, both BCH and BTC miners are seeing significant profits compared to last year’s prices. At current speeds, both SHA256 networks’ reward halvings will be at different times. The BTC chain is expected to see its reward halving in 248 days on May 16, 2020, while the BCH chain is expected to cut its block reward on April 8, 2020. Both dates are not exact and the time could change if hashrates increase or decline from here. The onslaught of new machines produced by manufacturers like Bitmain, Strongu, Innosilicon, and Microbt should continue to increase the overall SHA256 hashrates on both networks. What do you think about the latest Bitmain miners and the exponential SHA256 hashrate? Let us know what you think about this subject in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned manufacturers and products associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, products, websites, and vendors mentioned in this article. This editorial review is for informational purposes only. Image credits: Shutterstock, Bitmain, asicminervalue.com, Fork.lol, Coin Dance, Wiki Commons, and Pixabay. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash appeared first on Bitcoin News.
Bitcoin News

Bitmain’s Antminer 17 Sold Out in Minutes. Will the Bitcoin Hash Rate Rise?

This article was originally published by 8btc and written by Lylian Teng. Bitcoin mining giant Bitmain launched two new Antminer 17 miners to the eager market on September 9, 2019. A day before the announcement, data from statistics and wallet provider Blockchain showed that the Bitcoin hash rate topped 94 EH/s to hit 100 EH/s. Bitmain’s New Bitcoin Miners The two new mining models, the Antminer S17e and T17e, are purported to offer the best value in the space. The S17e model delivers a hash rate of 64 TH/s and operates with a power efficiency of 45J/TH, while the more budget-friendly T17e offers a hash rate of 53TH/s and power efficiency of 55J/TH.  The new T17e model offers the same hash rate as the S17 (which has a power efficiency of 45J/TH) already on sale but at a lower price offering (with the T17e listed at $1,665 and the S17 at $2,727). Compared to the previously most efficient S9 models launched in 2017, the current S17 series is about three times more efficient. The company also introduced a compensation strategy for delivery delays. It explains that “if mining machines are not shipped after a certain period of the specified delivery date, Bitmain will compensate customers by coupons for each day of delay, based on PPS rewards of the mining pool (electricity cost deducted).” It seems then that the company is confident about its delivery or that it is retaining or attracting customers by coupon compensation once delivery is delayed, considering that the market has been desperate for cryptocurrency mining rigs since the bitcoin rally began in April 2019. According to Bitmain’s website, the first batch of its two new miners, expected to be delivered in the first 10 days of November 2019, was snapped up immediately once available for sale. Regarding this, some insiders said on social media that some big orders were placed to the tune of hundreds of millions of yuan, mostly from mining farms and resellers who might stock up and resell these mining rigs when the price rises. Bitcoin Hash Rate Boom? To cater to the increasing market demand, bitcoin miner manufacturers have been working hard on increasing their output. As previously reported by 8btc, Bitmain has ordered 30,000 7nm wafers from TSMC, which could output 90 million chips for about 625,000 units of 7nm miners (assuming all are Antminer S17 models). It was expected that these miners would be shipped by the end of 2019 or during the first two quarters of 2020, which could increase the Bitcoin network’s total hash rate by 33 EH/s. Apart from Bitmain, other bitcoin miner makers, like MicroBT and Innosilicon, are also increasing production plans on their latest and most powerful miners. In August 2019, an industry insider revealed to 8btc that MicroBT, the Whatsminer maker, has racked in 700 million yuan from miner sales in a single week, which could buy 35,904 units of its most powerful mining machine, the M20S. Recently, Innosilicon has also reportedly received a multimillion-dollar order for miners from cryptocurrency mining farm Hashbox. The post Bitmain’s Antminer 17 Sold Out in Minutes. Will the Bitcoin Hash Rate Rise? appeared first on Bitcoin Magazine.
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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
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Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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