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Bitmain Releases New S17 Bitcoin ASIC Miners

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Bitmain Releases New S17 Bitcoin ASIC Miners
Bitmain Releases New S17 Bitcoin ASIC Miners

Leading mining Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new S17 miners. The two new mining ASICs, the S17e and the T17e, will both be launched on Sept. 9. The company claims that both the new models feature improvements, which should translate to higher efficiency, more stable operation and more longevity.

Bitmain also released the specifications of both the newly announced mining machines. The S17e has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and power efficiency of 55 J/TH. Both the S17e and the T17e feature a dual tube heat dissipation system, reportedly enhancing the longevity of the hardware and its stability. Furthermore, Bitmain also claims that the software embedded into the two new ASICs has higher cybersecurity standards to prevent malicious attacks.

The S17e and T17e will be released in three batches. The first batch will be available for sale on Sept. 9 and is expected to be delivered in the first 10 days of November. The second batch will be sold on Sept. 10 and will be delivered in the period starting on Nov. 11 and ending on Nov. 20. The third and final batch will be sold on Sept. 11, and its delivery is scheduled for the period starting on Nov. 21 and ending on Nov. 30.  Bitmain will reportedly increase its capacity by 50% in the next six months on the back of a giant hardware order.

The company has also announced compensation for delivery delays. As part of this new initiative, customers whose deliveries are delayed will be compensated by Bitmain with coupons for every day their order is late. The compensation is based on pay per share rewards of the mining pool, with the electricity cost deduced.

Bitcoin News

Bitcoin Annual Investment Flow Could Beat Visa Next Halving

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Bitcoin Annual Investment Flow Could Beat Visa Next Halving
Bitcoin Annual Investment Flow Could Beat Visa Next Halving

Bitcoin (BTC) is already processing 1% of the world’s GDP and the number is growing by “an order of magnitude” every halving cycle. According to statistician Willy Woo, who analyzed data from monitoring resource Coin Metrics, Bitcoin’s investment flow is $727 billion annually.

The number is almost 10% of payment processor Visa’s transaction volumes each year — Visa processes $8.8 trillion in transactions. “Bitcoin’s investment flow (aka annual investment velocity) is presently growing an order of magnitude (10x) every 4 years,” Woo summarized. Per the statistics, Bitcoin should “catch up” with Visa at some point after its next halving cycle, which begins in May. Smaller fiat operators such as PayPal are already falling by the wayside — in 2018, PayPal processed a total of $578 billion.

Woo acknowledged the data for Bitcoin was only an estimate and may include movements between cold wallets held by exchanges, which would not constitute true transactions. Circular payments between wallets, as well as multi-hop transactions with multiple steps, were excluded.

Image result for bitcoin visa

The impressive statistics come as fresh highs in the number of low-balance Bitcoin wallets suggest that more and more private investors are experimenting with the cryptocurrency. According to Glassnode, there are now more wallets than ever with a balance greater than or equal to both 0.01 BTC ($101) and 0.1 BTC ($1,080).

Nonetheless, both private and institutional investors have been found to reward convenience over security when it comes to crypto fund storage. A recent survey revealed that more than 9 in 10 institutional investors, for example, used trusted third parties such as exchanges to store their coins. An industry effort, dubbed “Proof of Keys,” aims to raise awareness of the importance of self-ownership of wallet private keys, but its success so far is difficult to estimate.

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Craig Wright Threatens BTC and BCH With Possible Lawsuits

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Craig Wright Threatens BTC and BCH With Possible Lawsuits
Craig Wright Threatens BTC and BCH With Possible Lawsuits

Craig Wright, who claims to be the Bitcoin creator known as Satoshi Nakamoto, has warned the Bitcoin (BTC) and BCH to stop using the Bitcoin database in order to avoid potential lawsuits. He claims that both networks may also violate the laws under the terms of Bitcoin’s original EULA and MIT License. The man behind Bitcoin SV in the recent personal blog post added that he is going to take back control of the system he created, and is ready to fight for his rights this year.

Wrights argues that the distributed Bitcoin database rights are governed by the Copyright, Designs and Patents Act 1988 (CDPA) and the Copyright and Rights in Databases Regulations 1997 (Databases Regulations 1997). So it should be considered as personal property. Dr. Wright claims that representation of 21 million total Bitcoin which each divisible by 100 million Bitcoin is only a verbal deal. The Bitcoin’s creator should have the full rights to claim this unilateral contract with those nodes to issue, adding that:

“As the creator of Bitcoin, I maintain the sui generis rights to any copy of the database created from Genesis in January 2009. I shall not be relinquishing the ownership. I will be licensing it, and have already engaged in a process.”

Ever since 2018 Craig Wright has been the defendant in a lawsuit filed on behalf of the estate of Dave Kleiman, Wright’s late business partner. The claim alleged that following Kleiman’s death in 2013, Wright unlawfully appropriated more than a million Bitcoin (BTC) that the duo had mined jointly in the early years of the cryptocurrency, as well as some related intellectual property. The new trial with Kleiman’s case has been postponed to April 17, and the trial won’t be held till July 2020. But in any case, it shouldn’t take long to find all these claims are legitimate or not.

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Bitcoin News

Chinese Quarantines Cash To Stop Coronavirus – Bitcoin Not An Issue

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Chinese Quarantines Cash To Stop Coronavirus - Bitcoin Not An Issue
Chinese Quarantines Cash To Stop Coronavirus - Bitcoin Not An Issue

It has been reported that China has started a quarantine of its used banknotes to try to stop the spread of the coronavirus. Meanwhile, the crypto community began to pick up on the news commenting that the use of Bitcoin as a means of payment should fix the issue.

Hubei province, where Wuhan is located, recorded a dramatic spike of almost 15,000 new cases and 242 new deaths in just 24 hours after provincial authorities changed their method for diagnosing cases on Feb 13. Dovey Wan, founding partner of Primitive Crypto claimed on twitter earlier today that the government is underreporting the numbers. BBC’s recent report informed of 2,009 new cases and 142 more deaths. According to the official figures, the total number of infected in the nation is above 68,000, and the death toll is at 1,665.

Image result for quarantines

Chinese crypto mining facilities allegedly being shut appears to have had little to no impact on Bitcoin (BTC) network hash rate. The network appears to be performing stronger than ever with hash rates continuing to rise. Mati Greenspan, the founder of Quantum Economics,said that it is hard to estimate the impact on the market right now, “How it will affect Bitcoin’s price, I really couldn’t tell you. At the moment, I don’t feel like it is.” Meanwhile a spokesperson for mining hardware manufacturer Bitmain said that they are seeing no impact at all.

While the crypto community is speculating on twitter whether Bitcoin could have been the answer to the spread of the virus through banknotes, a Coronavirus based ERC-20 corona-coin (NCOV) has been launched according to a Reddit post. According to the website, its aim is to spread awareness about the outbreak.

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