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Chinese Bitcoin Mining Manufacturer To Go Public Nov. 20

China-based bitcoin mining maker Canaan Inc. is going public on the Nasdaq stock market on Nov. 20, a digital assets publication The Block reported on Monday.  What Happened The company filed for an IPO with the U.S. Securities and Exchange Commission (SEC) on Oct. 28. In the filing, Canaan said that it had applied to be listed on Nasdaq with the symbol “CAN.” New York-based Citigroup Inc (NYSE: C), Zurich-based Credit Suisse Group AG (NYSE: CS), ...Full story available on Benzinga.com
Benzinga

Is Chinese Bitcoin Mining Firm Canaan’s $400M IPO a Desperate Move?

Chinese bitcoin mining hardware maker, Canaan, plans to raise $400 million through public sale of its stocks. But will the IPO ride be smooth or bumpy?  Volatility is usual for bitcoin and crypto market participants. However, traditional stock market traders and investors are used to a bit more stability when it comes to their investments. The $400 Million Bitcoin Mining Firm IPO Canaan Creative is an Hangzhou-based firm, engaged in the business of manufacturing professional industry grade equipment required in large scale bitcoin and cryptocurrency mining activities. The Bitmain rival was originally supposed to conduct its first-ever public stock sale on the 28th of last month. But now fresh reports point out that Canaan Creative is set to go live with its big IPO day on November 20. The intended amount to be raised is a humongous $400 million, but there’s some ambiguity as to how the individual shares will be priced for buyers. Canaan’s stock listing on Nasdaq comes after the firm’s fair share of failed attempts to be listed on other stock exchanges in Hong Kong and mainland China. Rival Bitmain, which also faced a similar fate in Hong Kong, is said to have secretly filed a U.S. IPO as well, sponsored by Deutsche Bank. A Desperate IPO?   It seems Canaan has a boot load of debts to clear off its balance sheet. Additionally, the bitcoin mining manufacturer seems to be running out of funds for research, which is why after it approached Nasdaq in desperation. Many were found to be intrigued by this decision as US restrictions for small Chinese firms are quite large. As for the firm’s net revenue, it is definitely not at the top of its game. According to recent data, the company’s net registered revenue of around $137 million (959 mullion yuan), from 2019 beginning to September, was less than half of what it was during the same period in 2018. Even the bottom line sees a major loss, equal to around 223 million yuan. However, the mining equipment manufacturing firm itself is not completely responsible, as BTC price swings had a large impact, too. According to experts, a bitcoin price rebound might lift demands and allow Canaan to perform better. Also, recovery is also predicted due to a surge in prepayments to Taiwan’s TSMC, which is the firm’s official chipmaker. For now, it can only be said, that the IPO seems like a desperate move. What do you think about Canaan’s IPO plans? Let us know your thoughts in the comments below. Image via Shutterstock The post Is Chinese Bitcoin Mining Firm Canaan’s $400M IPO a Desperate Move? appeared first on Bitcoinist.com.
Bitcoinist

Bitcoin Mining Difficulty Indicates that Miners Could get “rekt badly” – Analyst

Bitcoin Mining Difficulty dropped by 7% – the highest drop after a continual rise in 2019. New age miners and the halving due in May next year are making things difficult for existing miners. Crypto-analyst, Dovey Wan tweets about the possibility of miners getting “rekt price does not double.” Bitcoin has had a dominant bull run during Q2 and Q3 of 2019. The price of BTC was well above the break-even cost of mining around $5600-$7000. Nevertheless, while the miners are still making a profit at current prices, the future seems highly uncertain for them.   Bitcoin [BTC] Mining Difficulty of the Network (Source) The network is witnessing a capitulation of old miners due to halving and competition from newer miners. Dovey Wan, a crypto-analyst with insights and sources from Chinese miners tweeted, Bitcoin difficulty sees a major drop first time in 2019, abt 7% Mainly due to price as lower end rig has shut down, partially due to end of raining szn, when cheaper excessive hydro is no longer widely available Many miners will rekt badly if price does not double in halving Current Price Depressing for both New and Old Miners As halving comes closer, the old miners stand the risk of making taking considerable losses as the price is close to break-even cost currently. Moreover, the newer miners are far more efficient and powerful, eliminating the older miners in large numbers. Wan also noted that ‘assuming a per hour electricity cost of $0.05 Kwh, the cost of mining 1 BTC on S9 (current) is ~$7000, S17/M20S (new miners) is $3000‘. Hence, a massive shift in the ecosystem seems inevitable. Moreover, while older miners face profitability issues, new investors have to cover their capital costs and depreciation of miners. Wan noted that “the static payback/break-even for Capex now is over 300 days.” In the current technological environment, a generation of miners lasts only about 3-5 years. Hence, 2020 poses severe risks to the mining business in terms of profitability. Expert Analyst Suggests Price Should Rise Expert on-chain crypto analyst, Willy Woo, has charted the effect of changes mining ecosystem on the price of Bitcoin. The mining difficulty ribbon on moving averages had been compressed for a reasonable amount of time. Mining Difficulty Ribbon (Source: Woobull) As the weaker miners begin to capitulate, the selling pressure in the market will be reduced. This will effectively increase the price. Moreover, with the increase in price, new miners will be able to cover their cost of depreciation as well. Nevertheless, the volatility and the risk of global regulations on Bitcoin is tremendous. Hence, if the price does not make a bullish move and bears continue to push the price lower, the miners will stand to face huge losses. They will be closely watching the price action and try to cover their risk soon. Do you think that the price will support the mining ecosystem, or they will have to bear the cost and stand the risk of shutting down? Please share your views with us.  The post Bitcoin Mining Difficulty Indicates that Miners Could get “rekt badly” – Analyst appeared first on Coingape.
CoinGape

Stroustrup: I Don’t Like That C++ Has Given Way to BTC Mining

It’s awful when something you’ve created is being used in a bad way, and C++ software language creator Bjarne Stroustrup is feeling this firsthand, but how accurate are his thoughts? Stroustrup: Not a Big Bitcoin Fan Stroustrup is the builder of C++, which is a programming system that’s used to power all kinds of new software platforms – including bitcoin mining. In a recent interview, the tech genius explained that while he’s very proud of his creation on an individual level, he has no control over its uses and doesn’t always like what C++ has given rise to. Case in point: bitcoin mining, he says, is extremely hazardous to the environment. He states that the process of extracting new coins utilizes as much energy as Switzerland uses to power every one of its homes. Furthermore, he also explains that bitcoin itself is used primarily to benefit criminals, and he’s none too thrilled about the results he’s been witnessing as of late as bitcoin is built on C++. He explains: You try to improve the tool by looking at how it’s being used, and when people cut their fingers off and try and stop that from happening. But really, you have no control over how something is used… So, I’m very happy and proud of some of the things [that] C++ is being used [for], and some of the things I wish people wouldn’t do. Bitcoin mining being my favorite example. [It] uses as much energy as Switzerland and mostly serves criminals. To an extent, it can be argued that bitcoin is utilized for much more than criminal enterprises, now. For one thing, Bakkt – the new crypto trading platform owned by the Intercontinental Exchange (ICE) – is giving institutional players an opportunity to trade bitcoin futures contracts, which could potentially bring a whole new wave of legitimacy not only to the coin, but to the space it’s in. Granted more professional traders are using cryptocurrency as a means of adding to and growing their wealth, we’re likely to see bitcoin considered a solid trading and investment tool. In addition, Bakkt is also paving the way for retailers such as Starbucks to begin accepting cryptocurrency as a means of payment. There’s More to BTC… This has been crypto’s biggest goal all along. Most digital currencies were designed to be used as means of paying for goods and services. However, their volatility has often gotten in the way and prevented this from happening. If you use BTC to pay for $50-worth of goods, but tomorrow the price goes down, you’ll still walk off with all your items. The business accepting the payment, however, will lose money. Granted bitcoin and other cryptocurrencies can be utilized as much as USD to pay for items in the future, perhaps some of that volatility will finally disappear. The post Stroustrup: I Don’t Like That C++ Has Given Way to BTC Mining appeared first on Live Bitcoin News.
Live Bitcoin News

Stacking Bitcoin may be an alternative to 'hardest business,' Bitcoin mining

Bitcoin, as a decentralized network, has come a long way. If anybody in 2009 had said that a decentralized network would act as a store of value and would emerge as Internet money, nobody would have bThe post Stacking Bitcoin may be an alternative to 'hardest business,' Bitcoin mining appeared first on AMBCrypto.
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DIGEST

Bitfinex introduces a new system, BTCC launches in South Korea, the Bitcoin Unlimited upgrades features, the Maldives denies giving permits, IAMAI attracts big players, Huobi lists stablecoins, Binance opens in Uganda

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HIGHLIGHT

Golem Unlimited Demo Out

Golem publishes a video demonstration of Unlimited, a feature that allows nodes to create an internal trusted network for sharing computing power under their own policy

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ESSENTIAL

Dash aims to be an on-chain scaling and private digital cryptocurrency. Powered by a two-tier network, Dash boasts functionalities such as PrivateSend and InstantSend as well a decentralized governance model called Decentralized Governance by Blockchain

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Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform

Canada’s largest bank, The Royal Bank of Canada having over $965 billion in total assets could soon launch a crypto trading platform. Will RBC Soon offer Crypto Accounts? As per reports, by leading media, The Logic, RBC has applied for four patents in Canada and the US – a hint enough to decude that the bank might integrate cryptos into its operations. When questioned RBC spokesperson Jean Francois Thibault told  The Logic that similar to other organizations, patent applications, and concepts are protected and declined to comment on the platform launch. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” reads the patent. The report further mentions that the bank could offer its customers cryptocurrency accounts. As a matter of fact, RBC has published a minimum of 27-blockchain-related patents in the past three years. These include credit scores, vehicle records, digital rewards and loan offerings. Rising Crypto & Blockchain Adoption in Canada A study by Bank of Canada in early October revealed that 5% of Canadians own bitcoin. Furthermore, the nation has been well-positioned in attracting mining businesses due to its colder climate and low energy costs. Not only is the national interest in cryptocurrencies rising, a survey by Deloitte in 2018 revealed that fifty-one percent of Canadian companies were investing in blockchain. Yesterday, Canada launched its second stablecoin, CUSD. Interestingly, the stablecoin is backed by the US Dollar and not the Canadian Dollar. CUSD similar to its forerunner CADT, (backed by the Canadian Dollar) has been developed by Blockchain Venture Captial Inc., a Canadian blockchain-based company. Will Royal Bank of Canada roll out its own crypto exchange? Let us know, what you think in the comments below!   The post Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform appeared first on Coingape.
CoinGape

Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX

The Initial Exchange Offering (IEO) of a celebrity coin called PAC Token (PAC) has gained the attention of the crypto community. However, this is a token for a “select few” due to the distribution strategy that has been put in place. It is an IEO where a first-come-first-served basis will not apply, but rather, an electronic ballot system will determine who gets the coin. What’s more, PAC is backed by a celebrity, and given how past cryptocurrency ventures launched by stars ended in shambles, a lot of fingers are crossed. Will PAC be a huge success and possibly the next big thing? Or will it like others before its time leave investors holding a bag of worthless tokens? Who knows! What is Pac Token? PAC Token (PAC) is an ERC-20 token that rides on the popularity of Manny Pacquiao, a Senator in the Philippines, and a professional boxer. The cryptocurrency was launched on September 1, 2019, at “A Concert For Champions” held in Manila, Philippines. These tokens are aimed at bringing the Filipino boxer closer to his fans by giving his sizable followers access to fan-celebrity programs powered by Singapore’s GCOX exchange. In the same vein, fans can connect with the pro-fighter on social media. The crypto asset can also be used to redeem products such as Pacquiao’s autographed glove or exclusive VIP box seats at boxing matches. It can be donated to Pacquiao to support his cause. On the other hand, England soccer star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are reportedly private investors of PAC. Who is Manny Pacquiao? Emmanuel Dapidran Pacquiao, popularly known as Manny Pacquiao, is a man of many interests. He is a politician who has been a serving Senator in the Philippines since 2016. Likewise, the 40-year-old is a renowned boxer who has several accolades to his name. According to Wikipedia, he is “one of the greatest professional boxers of all time.” The Boxing Writers Association of America (BWAA) also named Pacquiao, “Fighter of the Decade 2000”. Forbes, on the other hand, ranked him as the second-highest-paid athlete in the world as of 2015. Despite Pacquiao’s interest in politics and sports, he is now dabbling with blockchain technology, which has led to the launch of his cryptocurrency, Pac Token. Pac Token IEO Campaign on GCOX Exchange The Pac Token (PAC) will be distributed in an Initial Exchange Offering (IEO), instead of an Initial Coin Offering (ICO) since it is offered through an exchange. PAC’s IEO has been scheduled to take place on GCOX Sparkle, the IEO platform on GCOX (Global Crypto Offering Exchange). The IEO will start on November 12, 2019, at 9 pm (GMT+8), to end on November 14, 2019. Three rounds of sales have been slated, and each round will last for three hours. Also, 700,000 PAC tokens will be offered, and each token will cost $0.30 USD. Token Balloting System to Aid in Acquiring PAC During IEO The fact that a renowned celebrity backs PAC has earned it much attention, which means there will be more people willing to buy despite the fact that there are just a few tokens to go round. A system has, therefore, been devised to allocate tokens during the campaign. That being the case, it won’t be on a first-come, first-served basis. Instead, GCOX has chosen to use a Token Balloting system to determine who can acquire PAC during then IEO. According to the exchange, each account on the GCOX Sparkle is limited to one subscription as well as a minimum and maximum subscription amount of $30 and $1,200, respectively. At the completion of the IEO, an electronic ballot will allocate tokens to individuals. However, these tokens will be credited to the wallets of participants on November 19, 2019, by 6 pm (GMT+8). Deducing from this logic, not very many people are going to get their hands on this token, given the policy that has been put in place. Nonetheless, it may increase the token’s demand from Pacquiao’s fan base and potentially impact on its price positively. About GCOX GCOX is a decentralized exchange owned by GCOX Group, a group of companies in different industries, including entertainment, finance, and technology. The exchange was founded in 2017, and it became the first cryptocurrency exchange to collaborate with LaLiga, a Spanish football division. GCOX is focused on promoting celebrities and brands using its ACCLAIM blockchain. Stars can develop their popularity, raise funds, etc. using GCOX. As such, it does not come as a surprise that this exchange is chosen for the PAC IEO. However, PAC will be the first celebrity token IEO to launch on the GCOX Sparkle platform. Other celebrities like American singer Jason Derulo, Tennis ace Caroline Wozniacki, and English soccer star Michael Owen are rumored to plan to launch their crypto tokens on GCOX soon. Conclusion PAC Token is the first celebrity coin to go on sale on the GCOX cryptocurrency exchange. It is backed by Manny Pacquiao, a politician, and boxer who has garnered a sizable number of fans that can increase PAC’s demand. And despite the failed attempts of other crypto ventures by celebrities, PAC Token is likely to come out strong. Website: https://pactoken.io/ Telegram: https://t.me/pactoken Facebook: https://www.facebook.com/pactoken.io/ YouTube: https://www.youtube.com/c/GCOXOfficial Twitter: https://twitter.com/GCOX_official Instagram: https://www.instagram.com/gcox_official/ IEO Page of GCOX Exchange: https://gcox.com/cms/detail/218801924428791808 Disclosure/Disclaimer: This article is sponsored and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article. The post Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX appeared first on ZyCrypto.
ZyCrypto

Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers

Yes, you did read that right. The company that refused to let its Chinese users buy bitcoin with Alipay has now teamed up with a New York-based BTC app to offer it for free on ‘Singles Day’. Get Free Bitcoin on Singles Day As part of a drive to motivate shoppers on China’s ‘Singles Day’ yesterday, e-commerce giant Alibaba has partnered will the bitcoin shopping app, Lolli. The unofficial holiday which falls on 11/11 is the Chinese equivalent of America’s Black Friday. According to a company blog post Lolli users were able to earn 5% in bitcoin when they shop with partner Alibaba. The day is massively popular in China where its burgeoning younger generation and nouveau riche want to splash the cash to celebrate their solo status. Lolli’s partnership with Alibaba, which recently warned against crypto payments in China, would allow US-based users who purchase on the Chinese platform to earn a cut in BTC. CEO and co-founder of Lolli, Alex Adelman, stated; “I’m excited to partner with Alibaba on Singles Day and offer the opportunity to earn bitcoin back to its shoppers. This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.” The app works through a browser extension that notifies users when they’re browsing a partner’s online retail outlet. Lolli works with over 500 partners including big names such as Walmart, Groupon, Toms, Hilton, GAP, and Hotels.com. The official website claims that they are ‘on a mission to spread bitcoin to billions of people all around the world with the click of a button.’ Records Smashed in Shopping Frenzy It is clear that Chinese and US-based platforms are trying to capitalize on one of the biggest shopping days in the year. According to CNBC Alibaba broke the Singles Day record with more than $38 billion in sales yesterday. At the end of the 24-hour event, the gross merchandise value stood at 268.4 billion yuan, just under a 26% rise from the figure posted last year. Alibaba offered huge discounts on its global outlets but naturally, shoppers in China were not entitled to earn any bitcoin, even though state media has been trying to educate them on it. Smartphones from Apple and Huawei were some of the top-selling items as online personalities took to the stage to tout their brands. There was a concern in China that sentiment for US brands may have fallen following the ongoing trade war but this was clearly not the case. Maybe free bitcoin for Chinese users would have resulted in an even larger profit margin for Alibaba. Did you go shopping on Singles Day? Add your comments below. Image via Shutterstock The post Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers appeared first on Bitcoinist.com.
Bitcoinist

Singapore: MAS Partners JP Morgan to Develop Blockchain-Enabled Payments Network

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) has entered into a partnership with Wall Street titan JP Morgan Chase and Temasek to develop a distributed ledger technology-powered (DLT) multi-currency payments network. This, according to a report by Finance Magnets, November 11, 2019. Part of Project Ubin In a bid to propel the useRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Omise To Offer PayNow Payment Options In Singapore; Faster And More Secure Transactions

Asia-focused Payment Gateway, Omise announced that it will be offering PayNow to customers in Singapore reports Finance Magnates. Customers, namely small and medium-sized e-commerce businesses can expect this addition to take place sometime next month. PayNow was created by DBS, Development Bank of Singapore. Their foundation involves leveraging digital technologies to ensure that customers are […]
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